Document:

Unassociated Document

    

    
       
        
          

          

        

         

         

      

    ALLIANCE
      SECURITIES CORP.,

    Depositor,

    

    ALLIANCE
      BANCORP

    Servicer,

    

    

    WELLS
      FARGO BANK, N.A.

    Master
      Servicer and Securities Administrator,

    

    GMAC
      MORTGAGE, LLC

    Back-Up
      Servicer,

    

    and

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

    Trustee

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of May 1, 2007

    

    

    ________________________

    Mortgage
      Backed Pass-Through Certificates

    Series
      2007-OA1

     

     

     

    

    
      

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

    
      	
              ARTICLE
                I

            	
              DEFINITIONS

            
	 	 
	
              Section
                1.01.

            	
              Defined
                Terms.

            
	
              Section
                1.02.

            	
              Determination
                of LIBOR.

            
	
              Section
                1.03.

            	
              Allocation
                of Certain Interest Shortfalls.

            
	 	 
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	 	 
	
              Section
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            
	
              Section
                2.02.

            	
              Acceptance
                of the Trust Fund by the Trustee.

            
	
              Section
                2.03.

            	
              Representations,
                Warranties and Covenants of the Servicer, the Depositor and the Master
                Servicer.

            
	
              Section
                2.04.

            	
              Representations
                and Warranties of the Sponsor; Repurchase and Substitution of the
                Mortgage
                Loans.

            
	
              Section
                2.05.

            	
              Issuance
                of Certificates; Conveyance of REMIC Regular Interests and Acceptance
                of
                REMIC 2 and REMIC 3 by the Trustee.

            
	
              Section
                2.06.

            	
              Purposes
                and Powers of  the Trust.

            
	 	 
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING OF THE TRUST FUND

            
	 	 
	
              Section
                3.01.

            	
              Servicer
                to Act as Servicer.

            
	
              Section
                3.02.

            	
              Sub-Servicing
                Agreements Between Servicer and Subservicers.

            
	
              Section
                3.03.

            	
              Successor
                Subservicers and Back-Up Servicers.

            
	
              Section
                3.04.

            	
              Liability
                of the Servicer.

            
	
              Section
                3.05.

            	
              No
                Contractual Relationship Between Subservicers and the Trustee, the
                Master
                Servicer or Certificateholders.

            
	
              Section
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Master
                Servicer.

            
	
              Section
                3.07.

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              Section
                3.08.

            	
              Sub-Servicing
                Accounts.

            
	
              Section
                3.09.

            	
              Collection
                of Taxes, Assessments and Similar Items; Escrow
                Accounts.

            
	
              Section
                3.10.

            	
              Custodial
                Account.

            
	
              Section
                3.11.

            	
              Withdrawals
                from the Custodial Account.

            
	
              Section
                3.12.

            	
              Investment
                of Funds in the Custodial Account and Escrow Account.

            
	
              Section
                3.13.

            	
              [Reserved].

            
	
              Section
                3.14.

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            
	
              Section
                3.15.

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements.

            
	
              Section
                3.16.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              Section
                3.17.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              Section
                3.18.

            	
              Servicing
                Compensation.

            
	
              Section
                3.19.

            	
              Reports;
                Custodial Account Statements.

            
	
              Section
                3.20.

            	
              [Reserved].

            
	
              Section
                3.21.

            	
              [Reserved].

            
	
              Section
                3.22.

            	
              Access
                to Certain Documentation.

            
	
              Section
                3.23.

            	
              Title,
                Management and Disposition of REO Property.

            
	
              Section
                3.24.

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              Section
                3.25.

            	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            
	
              Section
                3.26.

            	
              Advance
                Facility

            
	
              Section
                3.27.

            	
              [Reserved].

            
	
              Section
                3.28.

            	
              Optional
                Purchase of Defaulted Mortgage Loans.

            
	
              Section
                3.29.

            	
              [Reserved].

            
	
              Section
                3.30.

            	
              [Reserved].

            
	
              Section
                3.31.

            	
              Maintenance
                of PMI Policies.

            
	 	 
	
              ARTICLE
                IIIA

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            
	 	 
	
              Section
                3A.01.

            	
              Master
                Servicer to Act as Master Servicer.

            
	
              Section
                3A.02.

            	
              [Reserved].

            
	
              Section
                3A.03.

            	
              Monitoring
                of Servicer.

            
	
              Section
                3A.04.

            	
              Fidelity
                Bond.

            
	
              Section
                3A.05.

            	
              Power
                to Act; Procedures.

            
	
              Section
                3A.06.

            	
              Due
                on Sale Clauses; Assumption Agreements.

            
	
              Section
                3A.07.

            	
              [Reserved].

            
	
              Section
                3A.08.

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

            
	
              Section
                3A.09.

            	
              Compensation
                for the Master Servicer.

            
	
              Section
                3A.10.

            	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              Section
                3A.11.

            	
              Certificate
                Account.

            
	
              Section
                3A.12.

            	
              Permitted
                Withdrawals and Transfers from the Certificate Account.

            
	 	 
	
              ARTICLE
                IV

            	
              PAYMENTS
                TO CERTIFICATEHOLDERS

            
	 	 
	
              Section
                4.01.

            	
              Distributions.

            
	
              Section
                4.02.

            	
              Statements
                to Certificateholders.

            
	
              Section
                4.03.

            	
              Remittance
                Reports; Advances by the Servicer.

            
	
              Section
                4.04.

            	
              Distributions
                on the REMIC Regular Interests.

            
	
              Section
                4.05.

            	
              Allocation
                of Realized Losses.

            
	
              Section
                4.06.

            	
              Information
                Reports to Be Filed by the Servicer.

            
	
              Section
                4.07.

            	
              Compliance
                with Withholding Requirements.

            
	
              Section
                4.08.

            	
              Available
                Funds Shortfall Reserve Fund.

            
	
              Section
                4.09.

            	
              Allocation
                of Net Deferred Interest.

            
	
              Section
                4.10.

            	
              [Reserved.].

            
	 	 
	
              ARTICLE
                V

            	
              THE
                CERTIFICATES

            
	 	 
	
              Section
                5.01.

            	
              The
                Certificates.

            
	
              Section
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              Section
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              Section
                5.04.

            	
              Persons
                Deemed Owners.

            
	
              Section
                5.05.

            	
              Rule
                144A Information.

            
	 	 
	
              ARTICLE
                VI

            	
              THE
                DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

            
	 	 
	
              Section
                6.01.

            	
              Liability
                of the Depositor, the Servicer and the Master Servicer.

            
	
              Section
                6.02.

            	
              Merger,
                Consolidation or Conversion of the Depositor, the Servicer or the
                Master
                Servicer.

            
	
              Section
                6.03.

            	
              Limitation
                on Liability of the Depositor, the Servicer and Others.

            
	
              Section
                6.04.

            	
              Limitation
                on Resignation of the Servicer.

            
	
              Section
                6.05.

            	
              Sale
                and Assignment of Servicing and Master Servicing.

            
	
              Section
                6.06.

            	
              Successor
                Master Servicer.

            
	 	 
	
              ARTICLE
                VII

            	
              DEFAULT

            
	 	 
	
              Section
                7.01.

            	
              Servicer
                Events of Default and Master Servicer Events of
                Default.

            
	
              Section
                7.02.

            	
              Back-up
                Servicer to Act; Appointment of Successor Servicer.

            
	
              Section
                7.03.

            	
              Trustee
                to Act; Appointment of Successor Master Servicer.

            
	
              Section
                7.04.

            	
              Notification
                to Certificateholders.

            
	
              Section
                7.05.

            	
              Waiver
                of Events of Default and Master Servicer Events of
                Default.

            
	
              Section
                7.06.

            	
              List
                of Certificateholders.

            
	 	 
	
              ARTICLE
                VIII

            	
              CONCERNING
                THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            
	 	 
	
              Section
                8.01.

            	
              Duties
                of Trustee and the Securities Administrator.

            
	
              Section
                8.02.

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            
	
              Section
                8.03.

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

            
	
              Section
                8.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.

            
	
              Section
                8.05.

            	
              Trustee’s,
                Custodian and Securities Administrator’s Fees;
                Indemnification.

            
	
              Section
                8.06.

            	
              Eligibility
                Requirements for Trustee and the Securities
                Administrator.

            
	
              Section
                8.07.

            	
              Resignation
                and Removal of the Trustee and the Securities
                Administrator.

            
	
              Section
                8.08.

            	
              Successor
                Trustee and Successor Securities Administrator.

            
	
              Section
                8.09.

            	
              Merger
                or Consolidation of Trustee of Securities
                Administrator.

            
	
              Section
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	 	 
	
              ARTICLE
                IX

            	
              TERMINATION

            
	 	 
	
              Section
                9.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase
                of
                Certificates.

            
	
              Section
                9.02.

            	
              Termination
                of REMIC 2 and REMIC 3 and Retirement of Class R Certificates and
                the
                Class R-X Certificates.

            
	
              Section
                9.03.

            	
              Additional
                Termination Requirements.

            
	 	 
	
              ARTICLE
                X

            	
              REMIC
                PROVISIONS

            
	 	 
	
              Section
                10.01.

            	
              REMIC
                Administration.

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            
	
              Section
                10.03.

            	
              Master
                Servicer, Securities Administrator and Trustee
                Indemnification.

            
	 	 
	
              ARTICLE
                XI

            	
              MISCELLANEOUS
                PROVISIONS

            
	 	 
	
              Section
                11.01.

            	
              Amendment.

            
	
              Section
                11.02.

            	
              Recordation
                of Agreement; Counterparts.

            
	
              Section
                11.03.

            	
              Limitation
                on Rights of Certificateholders.

            
	
              Section
                11.04.

            	
              Governing
                Law.

            
	
              Section
                11.05.

            	
              Notices.

            
	
              Section
                11.06.

            	
              Severability
                of Provisions.

            
	
              Section
                11.07.

            	
              Successors
                and Assigns.

            
	
              Section
                11.08.

            	
              Article
                and Section Headings.

            
	
              Section
                11.09.

            	
              Notice
                to Rating Agencies.

            
	
              Section
                11.10.

            	
              Third
                Party Rights.

            
	 	 
	
              ARTICLE
                XII

            	
              COMPLIANCE
                WITH REGULATION AB

            
	 	 
	
              Section
                12.01.

            	
              Intent
                of the Parties; Reasonableness.

            
	
              Section
                12.02.

            	
              [Reserved].

            
	
              Section
                12.03.

            	
              [Reserved].

            
	
              Section
                12.04.

            	
              Servicer
                Compliance Statement.

            
	
              Section
                12.05.

            	
              Servicer
                Report on Assessment of Compliance and Attestation.

            
	
              Section
                12.06.

            	
              Use
                of Subservicers and Subcontractors.

            
	
              Section
                12.07.

            	
              Indemnification;
                Remedies.

            
	
              Section
                12.08.

            	
              Annual
                Statement as to Compliance.

            
	
              Section
                12.09.

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              Section
                12.10.

            	
              Reports
                Filed with Securities and Exchange Commission.

            
	
              Section
                12.11.

            	
              Intention
                of the Parties and Interpretation.

            

    

    

    

    
      	
              Exhibit
                A

            	
              Form
                of Class A Certificate

            
	
              Exhibit
                B-1

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                B-2

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                B-3

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                C

            	
              Form
                of Trustee Initial Certification

            
	
              Exhibit
                D

            	
              Form
                of Trustee Final Certification

            
	
              Exhibit
                E-1

            	
              Form
                of Remittance Report

            
	
              Exhibit
                E-2

            	
              Form
                of Delinquency  Report

            
	
              Exhibit
                E-3

            	
              Form
                of Realized Loss/Gain Report

            
	
              Exhibit
                F

            	
              Request
                for Release

            
	
              Exhibit
                G-1

            	
              Form
                of Investor Representation Letter

            
	
              Exhibit
                G-2

            	
              Form
                of Transferor Representation Letter

            
	
              Exhibit
                G-3

            	
              Form
                of Rule 144A Investment Representation

            
	
              Exhibit
                G-4

            	
              Transferor
                Certificate for Transfers of Residual Certificates

            
	
              Exhibit
                G-5

            	
              Transfer
                Affidavit and Agreement for Transfers of Residual
                Certificates

            
	
              Exhibit
                H

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                I

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                J

            	
              Form
                of Custodial Agreement

            
	
              Exhibit
                K

            	
              [Reserved]

            
	
              Exhibit
                L

            	
              Form
                of Subservicing Agreement

            
	
              Exhibit
                M

            	
              Servicing
                Criteria to be Addressed in Assessment of Compliance

            
	
              Exhibit
                N

            	
              Form
                of Annual Certification

            
	
              Exhibit
                O

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

            
	
              Exhibit
                P

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q

            	
              Power
                of Attorney of the Trustee

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement, dated and effective as of May 1, 2007, is
      entered into among Alliance Securities Corp., as depositor (the “Depositor”),
      Alliance Bancorp., as servicer (the “Servicer”), Wells Fargo Bank, N.A., as
      securities administrator (in such capacity, the “Securities Administrator”) and
      as master servicer (in such capacity, the “Master Servicer”), GMAC Mortgage,
      LLC, as back-up servicer (the “Back-Up Servicer”) and Deutsche Bank National
      Trust Company, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

    

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder.  The Certificates will consist of fifteen
      classes of certificates, designated as (i) the Class A-1 Certificates, (ii)
      the
      Class A-2 Certificates, (iii) the Class A-3 Certificates, (iv) the Class M-1
      Certificates, (v) the Class M-2 Certificates, (vi) the Class M-3 Certificates,
      (vii) the Class M-4 Certificates, (viii) the Class M-5 Certificates, (ix) the
      Class M-6 Certificates, (x) the Class M-7 Certificates, (xi) the Class M-8
      Certificates, (xii) the Class M-9 Certificates, (xiv) the Class CE Certificates,
      (xv) the Class R Certificates and (xvi) the Class R-X Certificates.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    REMIC
      1

     

    As
      provided herein, the Securities Administrator will elect to treat the segregated
      pool of assets consisting of the Mortgage Loans and certain other related assets
      (other than the Available Funds Shortfall Reserve Fund and any Servicer
      Prepayment Charge Payment Amounts) subject to this Agreement as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 1.”  The Class R-1 Interest will be the sole
      class of Residual Interests in REMIC 1 for purposes of the REMIC Provisions
      (as
      defined herein).  The following table irrevocably sets forth the
      designation, the Uncertificated REMIC 1 Pass-Through Rate, the initial
      Uncertificated Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the REMIC 1 Regular Interests (as defined herein). None of the REMIC
      1
      Regular Interests will be certificated.

     

    
      
        	
                
                  Designation

                   

                

              	
                
                  Uncertificated
                    REMIC 1 Pass-Through Rate

                   

                

              	
                
                  Initial
                    Uncertificated

                

                
                  Principal
                    Balance

                   

                

              	
                
                  Latest
                    Possible

                

                
                  Maturity
                    Date(1)

                   

                

              
	
                AA

              	
                Variable(2)

              	
                $

              	
                312,746,411.58

              	 	
                July
                  25, 2037

              
	
                A-1

              	
                Variable(2)

              	
                $

              	
                1,528,940.00

              	 	
                July
                  25, 2037

              
	
                A-2

              	
                Variable(2)

              	
                $

              	
                637,060.00

              	 	
                July
                  25, 2037

              
	
                A-3

              	
                Variable(2)

              	
                $

              	
                382,240.00

              	 	
                July
                  25, 2037

              
	
                M-1

              	
                Variable(2)

              	
                $

              	
                193,070.00

              	 	
                July
                  25, 2037

              
	
                M-2

              	
                Variable(2)

              	
                $

              	
                111,700.00

              	 	
                July
                  25, 2037

              
	
                M-3

              	
                Variable(2)

              	
                $

              	
                31,910.00

              	 	
                July
                  25, 2037

              
	
                M-4

              	
                Variable(2)

              	
                $

              	
                51,060.00

              	 	
                July
                  25, 2037

              
	
                M-5

              	
                Variable(2)

              	
                $

              	
                30,320.00

              	 	
                July
                  25, 2037

              
	
                M-6

              	
                Variable(2)

              	
                $

              	
                20,740.00

              	 	
                July
                  25, 2037

              
	
                M-7

              	
                Variable(2)

              	
                $

              	
                30,320.00

              	 	
                July
                  25, 2037

              
	
                M-8

              	
                Variable(2)

              	
                $

              	
                20,740.00

              	 	
                July
                  25, 2037

              
	
                M-9

              	
                Variable(2)

              	
                $

              	
                31,920.00

              	 	
                July
                  25, 2037

              
	
                ZZ

              	
                Variable(2)

              	
                $

              	
                3,312,559.83

              	 	
                July
                  25, 2037

              

      

     

     

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each REMIC 1 Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 1 Pass-Through
                Rate” in this Agreement.

            

    

    

     

    REMIC
      2

    

    As
      provided in this Agreement, the Securities Administrator will make an election
      to treat the segregated pool of assets consisting of the REMIC 1 Regular
      Interests as a REMIC for federal income tax purposes, and such segregated pool
      of assets will be designated as “REMIC 2”.  The Class R-2 Interest
      will represent the sole class of Residual Interests in  REMIC 2 for
      purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Initial Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each class of Certificates and interests that represents ownership of
      one or more of the Regular Interests in REMIC 2 created hereunder.

     

    Each
      Certificate, other than the Class CE Certificates, the Class R Certificates
      and
      the Class R-X Certificates, represents ownership of a Regular Interest in REMIC
      2 and also represents the right to receive certain amounts specified herein
      in
      respect of Available Funds Shortfall Amounts (as defined herein).  The
      entitlement to principal of the Regular Interest which corresponds to each
      such
      Certificate shall be equal in amount and timing to the entitlement to principal
      of such Certificate. The Class CE Interest is uncertificated.

     

    
      	
              
                Designation

              

            	
              
                Initial
                  Certificate Principal Balance 

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible Maturity Date(1)

              

            
	
              A-1(2)

            	
              $

            	
              152,894,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              A-2(2)

            	
              $

            	
              63,706,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              A-3(2)

            	
              $

            	
              38,224,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-1(2)

            	
              $

            	
              19,307,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-2(2)

            	
              $

            	
              11,170,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-3(2)

            	
              $

            	
              3,191,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-4(2)

            	
              $

            	
              5,106,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-5(2)

            	
              $

            	
              3,032,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-6(2)

            	
              $

            	
              2,074,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-7(2)

            	
              $

            	
              3,032,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-8(2)

            	
              $

            	
              2,074,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              M-9(2)

            	
              $

            	
              3,192,000.00

            	 	
              Variable(3)

            	
              July
                25, 2037

            
	
              CE
                Interest

            	
              $

            	
              12,126,991.41(4)

            	 	
              Variable(3)

            	
              July
                25, 2037

            

    

    
      	
               

            	
              ___________________

            

    

     

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each Regular Interest in REMIC 2 the
                ownership of which is represented by the Class A, Class M and Class
                CE
                Interest.

            

    

    
      	
              (2)

            	
              This
                Class of Certificates represents ownership of a Regular Interest
                in REMIC
                2.  Any amount distributed on this Class of Certificates on any
                Distribution Date in excess of the amount distributable on the related
                Regular Interest in REMIC 2 on such Distribution Date shall be treated
                for
                federal income tax purposes as having been paid from the Available
                Funds
                Shortfall Reserve Fund.

            

    

    
      	
              (3)

            	
              Calculated
                in accordance with the definition of “Pass-Through Rate” in this
                Agreement. Each
                Regular Interest in REMIC 2 which corresponds to a Class A Certificates
                or
                Class M Certificate will have the same Pass-Through Rate as such
                Certificate, except with respect to the related Available Funds Cap
                Rate.  The Available Funds Cap Rate for each such Regular
                Interest in REMIC 2 and Certificate is specified in the related definition
                of “Available Funds Cap Rate .”

            

    

    
      	
              (4)

            	
              The
                Class CE Interest will not accrue interest on its Uncertificated
                Principal
                Balance, but will accrue interest at its variable Pass-Through Rate
                on its
                Notional Balance outstanding from time to time, which shall initially
                equal the Cut-off Date Balance of the Mortgage Loans,
                or  $319,128,991.41.

            

    

    
      	
               

            	
              .

            

    

    

     

    REMIC
      3

    

    As
      provided in this Agreement, the Securities Administrator will make an election
      to treat the segregated pool of assets consisting of the Class CE Interest
      as a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC 3”.  The Class R-3 Interest will represent the
      sole class of Residual Interests in REMIC 3 for purposes of the REMIC
      Provisions.

     

    The
      Class
      CE Certificates represent ownership of a Regular Interest in REMIC 3 and also
      represent the obligation to pay certain amounts specified herein in respect
      of
      Available Funds Shortfall Amounts.

     

    

    
      	
              
                Designation

              

            	
              
                Initial
                  Certificate Principal Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible Maturity Date(1)

              

            
	
              CE

            	
              $              12,126,991.41(2)

            	
              Variable(2)

            	
              July
                25, 2037

            

    

    
      	
               

            	
              ___________________

            

    

     

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each Regular Interest in REMIC 3 the
                ownership of which is represented by the Class CE
                Certificates.

            

    

    
      	
              (2)

            	
              The
                Class CE Certificates will
                not accrue interest on its Certificate Principal balance.  The
                Class CE Certificates will have a Notional Balance equal to the Notional
                Balance of the Class CE Interest.  The Class CE Certificates
                will receive 100% of amounts received in respect of the Class CE
                Interest.

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	
              Section
                1.01.  

            	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the meanings specified in this
      Article.  Unless otherwise specified, all calculations in respect of
      interest on the Class A Certificates and Class M Certificates shall accrue
      on
      the basis of a 360-day year and the actual number of days in the related Accrual
      Period. All calculations of interest on Class CE Certificates will be made
      on
      the basis of a 360-day year consisting of twelve 30-day months.  The
      Class R  and Class R-X Certificates do not accrue
      interest.

     

    “10-K
      Filing Deadline”:  As defined in Section
      12.10(a)(iii)(A).

     

    “Accepted
      Master Servicing Practices”:  With respect to any Mortgage Loan, as
      applicable, either (x) those customary mortgage loan master servicing practices
      of prudent mortgage servicing institutions that master service mortgage loans
      of
      the same type and quality as the Mortgage Loan in the jurisdiction where the
      related Mortgage Property is located, to the extent applicable to the Master
      Servicer (except in its capacity as successor to the Servicer), or (y) as
      provided in Section 3A.01 hereof, but in no event below the standard set forth
      in clause (x).

     

    “Accepted
      Servicing Practices”:  With respect to any Mortgage Loan, those
      mortgage servicing practices of institutional residential mortgage loan
      servicers and (a) in accordance with (i) applicable laws, (ii) the terms and
      provisions of the Mortgage Loan Documents and (iii) the express terms hereof
      and
      (b) to the extent consistent with the foregoing requirements, in the same manner
      in which the Servicer services or would service residential mortgage loans
      similar to the Mortgage Loans, but without regard to any relationship which
      the
      Servicer or any Affiliate of the Servicer may have with the related borrower
      or
      any Affiliate of such borrower or to the Servicer’s right to receive
      compensation for its services hereunder.

     

    “Accounts”:  The
      Escrow Accounts and the Custodial Accounts.

     

    “Accrual
      Period”:  With respect to each Class of Certificates (other than the
      Class CE Certificates, Class R Certificates and Class R-X Certificates) and
      (i)
      with respect to the Distribution Date in June 2007, the period commencing on
      the
      Closing Date and ending on the day preceding the Distribution Date in June
      2007,
      and (ii) with respect to any Distribution Date after the Distribution Date
      in
      June 2007, the period commencing on the Distribution Date in the month
      immediately preceding the month in which such Distribution Date occurs and
      ending on the day preceding such Distribution Date.  With respect to
      the Class CE Certificates and any Distribution Date, the calendar month
      immediately preceding such Distribution Date.

     

    “Additional
      Disclosure Notification”:  As defined in Section
      12.10(a)(i)(B).

     

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

     

    “Additional
      Form 10-K Disclosure”:  As defined in Section
      12.10(a)(iii)(A).

     

    “Adjusted
      Cap Rate”: For any Distribution Date, the excess of (A) the related Available
      Funds Cap Rate for that Distribution Date, over (B) a fraction, expressed as
      a
      percentage, (1) the numerator of which is equal to the product of (a) a
      fraction, the numerator of which is 360 and the denominator of which is the
      actual number of days in the related Accrual Period, and (b) the amount of
      Net
      Deferred Interest for the Mortgage Loans for that Distribution Date, and (2)
      the
      denominator of which is the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Due Date occurring in the month preceding the month of that
      Distribution Date (after giving effect to principal prepayments in the
      Prepayment Period related to that prior Due Date).

     

    “Advance”:  As
      to any Mortgage Loan, any advance made by the Servicer, or a Subservicer on
      its
      behalf, on any Distribution Date pursuant to Section 4.03.

     

    “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.

     

    “Aggregate
      Stated Principal Balance”:  As of any date of determination, the
      aggregate Stated Principal Balance of the Mortgage Loans.

     

    “Agreement”:  This
      Pooling and Servicing Agreement and all amendments hereof.

     

    “Allocated
      Realized Loss Amount”:  With respect to any Class of Class A-2, Class
      A-3 and Class M Certificates and any Distribution Date, an amount equal to
      the
      sum of any Realized Loss allocated to that Class of Certificates on that
      Distribution Date and any Allocated Realized Loss Amount for that Class
      remaining unpaid from any previous Distribution Date, minus any Subsequent
      Recoveries applied to such Allocated Realized Loss Amount.

     

    “Applicable
      Law”:  All federal state or local laws or regulations applicable to
      the Mortgage Loans, any Mortgaged Property, any REO Property or the Servicer
      or
      Subservicer’s activities under this Agreement.

     

    “Appraised
      Value”:  The value of the Mortgaged Property at the time of the
      Mortgage Loan’s origination as used by the originating lender in underwriting
      such Mortgage Loan.

     

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

     

    “Available
      Distribution Amount”:  With respect to any Distribution Date, an
      amount equal to the amount received by the Securities Administrator and
      available in the Certificate Account on that Distribution Date.  The
      Available Distribution Amount will be equal to (i) the sum of (1) the aggregate
      amount of scheduled payments on the Mortgage Loans received or advanced that
      were due during the related Due Period and (2) full and partial Principal
      Prepayments received during the related Prepayment Period and any other
      unscheduled payments and receipts, Prepayment Charges, Insurance Proceeds,
      Liquidation Proceeds and Subsequent Recoveries, received during the related
      prior calendar month, in each case net of amounts reimbursable therefrom to
      the
      Securities Administrator, the Servicer, the Master Servicer, the Custodian
      and
      the Trustee, minus (ii) the Master Servicing Fee, the Servicing Fee and any
      amounts (including indemnities) needed to reimburse the Master Servicer,
      Securities Administrator, Trustee, Custodian or Servicer for amounts due under
      this Agreement to the extent such amounts have not been retained by, or paid
      previously to such parties.

     

    “Available
      Funds Cap Rate”:  With respect to the Class A Certificates and Class M
      Certificates and any Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis
      of the outstanding Stated Principal Balances of the Mortgage Loans as of the
      first day of the month preceding the month in which such Distribution Date
      occurs (adjusted to reflect certain unscheduled principal payments made
      thereafter during the related Prepayment Period).  The Available Funds
      Cap Rate will be adjusted for the Class A Certificates and Class M Certificates
      to an effective rate reflecting the accrual of interest on an actual/360
      basis.  With respect to any Distribution Date and the REMIC 2 Regular
      Interests the ownership of which is represented by the Class A Certificates
      and
      Class M Certificates, a per annum rate equal to the weighted average of the
      Uncertificated REMIC 1 Pass-Through Rates on the REMIC 1 Regular Interests,
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC 1 Regular Interest immediately prior to such Distribution Date, multiplied
      by (solely in the case of the REMIC 2 Regular Interests the ownership of which
      is represented by the Class A Certificates and Class M Certificates) a fraction,
      the numerator of which is 30 and the denominator of which is the actual number
      of days in the related Accrual Period.

     

    “Available
      Funds Shortfall Amount”:  With respect to any Distribution Date, the
      sum of (i) if the Pass-Through Rate for any of the Class A Certificates and
      Class M Certificates is limited to the Available Funds Cap Rate, the excess,
      if
      any, of (a) the amount of interest such Class A Certificates and Class M
      Certificates would have been entitled to receive on such Distribution Date
      if
      such Available Funds Cap Rate would not have been applicable to such
      Certificates, over (b) the amount of interest accrued on such Certificates
      at
      such Available Funds Cap Rate, and (ii) the Available Funds Shortfall Amount
      from the prior Distribution Date not previously distributed together with
      interest thereon at the related Pass-Through Rate for the most recently ended
      Accrual Period.

     

    “Available
      Funds Shortfall Reserve Fund”:  A reserve fund established by the
      Securities Administrator for the benefit of the Holders of the Class A
      Certificates and Class M Certificates, and funded on the Closing Date by or
      on
      behalf of the Depositor with an amount equal to the Available Funds Shortfall
      Reserve Fund Deposit.  The Available Funds Shortfall Reserve Fund is
      an “outside reserve fund” within the meaning of Treasury regulation Section
      1.860G-2(h), which is not an asset of any REMIC, the ownership of which is
      evidenced by the Class CE Certificates and which is established and maintained
      pursuant to Section 4.08.

     

    “Available
      Funds Shortfall Reserve Fund Deposit”:  With respect to the Available
      Funds Shortfall Reserve Fund, an amount equal to $5,000, which the Depositor
      shall fund initially pursuant to Section 4.08 hereof.

     

    “Back-Up
      Certification”:  As defined in the Section
      12.10(a)(iii)(D).

     

    “Back-Up
      Servicer”:  GMAC, or any successor back-up servicer appointed as
      herein provided.

     

    “Balloon
      Loan”:  Each of the Mortgage Loans identified in the Mortgage Loan
      Schedule as having an original term to maturity that is shorter than the related
      amortization term.

     

    “Balloon
      Payment”:  With respect to any Balloon Loan, the related Monthly
      Payment payable on the stated maturity date of such Balloon Loan.

     

    “Bankruptcy
      Code”:  The Bankruptcy Code of 1978, as amended.

     

    “Basic
      Principal Distribution Amount”:  With respect to any Distribution
      Date, the excess of (i) the Principal Remittance Amount for such Distribution
      Date over an amount equal to the Deferred Interest that accrued on the mortgage
      loans for the related Due Period up to the Principal Prepayment Amount for
      the
      related Prepayment Period over (ii) the Overcollateralization Release Amount,
      if
      any, for such Distribution Date.

     

    “Book-Entry
      Certificate”:  Each class of the Class A Certificates and Class M
      Certificates for so long as they are issued, maintained and transferred at
      the
      Depository.

     

    “Business
      Day”:  Any day other than a Saturday, a Sunday or a day on which
      banking institutions in California, New York, Maryland and Minnesota (and such
      other state or states in which the Custodial Account or the Certificate Account
      are at the time located) 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 close.

     

    “Cash
      Liquidation”:  As to any defaulted Mortgage Loan other than a Mortgage
      Loan as to which an REO Acquisition occurred, either (i) a determination by
      the
      Servicer that it has received all Insurance Proceeds, Liquidation Proceeds
      and
      other payments or cash recoveries which the Servicer reasonably and in good
      faith expects to be finally recoverable with respect to such Mortgage Loan
      or
      (ii) the related Mortgage Loan is 180 days or more days Delinquent.

     

    “Certificate”:  Any
      Regular Certificate, Class R Certificate or Class R-X Certificate.

     

    “Certificate
      Account”:  The trust account or accounts created and maintained
      pursuant to Section 3A.11, which shall be entitled “Wells Fargo Bank, N.A., as
      Securities Administrator on behalf of Deutsche Bank National Trust Company,
      as
      Trustee, in trust for registered holders of Alliance Bancorp Trust 2007-OA1,
      Mortgage Backed Pass-Through Certificates, Series 2007-OA1”, and which account
      or accounts must each be an Eligible Account.

     

    “Certificate
      Margin”:  The Certificate Margin for the Class A Certificates and
      Class M Certificates shall be:

     

    

    
      	
              Certificate
                Margin

            
	
              Class

            	
                (1)  

            	
                (2)  

            
	
              A-1                                   

            	
              0.240%

            	
              0.480%

            
	
              A-2                                   

            	
              0.280%

            	
              0.560%

            
	
              A-3                                   

            	
              0.410%

            	
              0.820%

            
	
              M-1                                   

            	
              0.550%

            	
              0.825%

            
	
              M-2                                   

            	
              0.650%

            	
              0.975%

            
	
              M-3                                   

            	
              1.000%

            	
              1.500%

            
	
              M-4                                   

            	
              1.150%

            	
              1.725%

            
	
              M-5                                   

            	
              1.500%

            	
              2.250%

            
	
              M-6                                   

            	
              1.500%

            	
              2.250%

            
	
              M-7                                   

            	
              1.500%

            	
              2.250%

            
	
              M-8                                   

            	
              1.500%

            	
              2.250%

            
	
              M-9                                   

            	
              1.500%

            	
              2.250%

            

    

    ______

    (1)                Initially.

    (2)                On
      and after the Step-Up Date.

     

    “Certificate
      Owner”:  With respect to a Book-Entry Certificate, the Person who is
      the beneficial owner of such Certificate, as reflected on the books of an
      indirect participating brokerage firm for which a Depository Participant acts
      as
      agent, if any, and otherwise on the books of a Depository Participant, if any,
      and otherwise on the books of the Depository.

     

    “Certificate
      Principal Balance”:  With respect to any Certificate (other than the
      Class CE Certificates, Class R Certificates and Class R-X Certificates) as
      of
      any date of determination, an amount equal to the sum of (x) any Net Deferred
      Interest allocated thereto on the related Distribution Date and all previous
      Distribution Dates, and (y) the initial Certificate Principal Balance of that
      Certificate, reduced by the aggregate of (a) all amounts allocable to principal
      previously distributed with respect to that Certificate and (b) any reductions
      in the Certificate Principal Balance of that Certificate deemed to have occurred
      in connection with allocations of Realized Losses in the manner described in
      this Agreement, provided, however, that the Certificate Principal Balance of
      any
      Certificate outstanding with the highest payment priority to which Realized
      Losses have been allocated shall be increased by the percentage interest
      evidenced thereby multiplied by the amount of any Subsequent Recoveries not
      previously allocated, but not by more than the amount of Realized Losses
      previously allocated to reduce the Certificate Principal Balance of that
      Certificate, and the Certificate Principal Balance of the Class of Class M
      Certificates, with a Certificate Principal Balance greater than zero with the
      lowest payment priority shall be further reduced by an amount equal to the
      percentage interest evidenced thereby multiplied by the excess, if any, of
      (i)
      the then-aggregate Certificate Principal Balance of the Class A Certificates
      and
      Class M Certificates then outstanding over (ii) the aggregate Stated Principal
      Balance of all of the Mortgage Loans as of such date. With respect to the Class
      CE Certificates as of any date of determination, an amount equal to the excess,
      if any, of (a) the then aggregate Uncertificated Principal Balance of the REMIC
      1 Regular Interests over (b) the then aggregate Certificate Principal Balance
      of
      the Class A Certificates and Class M Certificates then outstanding.

     

    “Certificate
      Register”:  The register maintained pursuant to Section
      5.02.

     

    “Certification
      Parties”:  As defined in the Section 12.10(a)(iii)(D).

     

    “Certifying
      Person”:  As defined in the Section 12.10(a)(iii)(D).

     

    “Certificateholder”
      or “Holder”:  The Person in whose name a Certificate is registered in
      the Certificate Register, except that only a Permitted Transferee shall be
      a
      holder of a Residual Certificate for any purposes hereof and, solely for the
      purposes of giving any consent pursuant to this Agreement, any Certificate
      registered in the name of the Depositor or the Servicer or any affiliate thereof
      shall be deemed not to be outstanding and the Voting Rights to which such
      Certificate is entitled shall not be taken into account in determining whether
      the requisite percentage of Voting Rights necessary to effect any such consent
      has been obtained, except as otherwise provided in Section 11.01.  The
      Trustee and Securities Administrator shall be entitled to rely upon a
      certification of the Depositor or the Servicer in determining if any
      Certificates are registered in the name of the respective
      affiliate.  All references in this Agreement to “Holders” or
“Certificateholders” shall reflect the rights of Certificate Owners as they may
      indirectly exercise such rights through the Depository and participating members
      thereof, except as otherwise specified in this Agreement; provided, however,
      that the Trustee and Securities Administrator shall be required to recognize
      as
      a “Holder” or “Certificateholder” only the Person in whose name a Certificate is
      registered in the Certificate Register.

     

     “Class”:  Collectively,
      all of the Certificates bearing the same designation.

     

    “Class
      A
      Certificates”:  The Class A-1, Class A-2 and Class A-3
      Certificates.

     

    “Class
      A-1 Certificate”:  Any one of the Class A-1 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit A,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      A-2 Certificate”:  Any one of the Class A-2 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit A,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      A-3 Certificate”:  Any one of the Class A-3 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit A,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      A
      Principal Distribution Amount”:  For any Distribution Date, the excess
      of (1) the aggregate Certificate Principal Balance of the Class A Certificates
      immediately prior to such Distribution Date, over (2) the lesser of (x) (i)
      on
      any Distribution Date on or after the Stepdown Date and prior to the
      Distribution Date in June 2013, 49.625% of the Aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      or
      (ii) on or after the Distribution Date in June 2013, 59.700% of the Aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period and (y) the Aggregate Stated Principal Balance of the Mortgage Loans
      as of the last day of the related Due Period minus the Overcollateralization
      Floor.

     

    “Class
      CE
      Certificates”:  Any one of the Class CE Certificates as designated on
      the face thereof substantially in the form annexed hereto as Exhibit B-2,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 3 and (ii)
      the
      obligation to pay Available Funds Shortfall Amounts.

     

    “Class
      CE
      Distribution Amount”:  With respect to any Distribution Date, the sum
      of (i) the Monthly Interest Distributable Amount for the Class CE Certificates
      for such Distribution Date, (ii) any Overcollateralization Release Amount for
      such Distribution Date and (iii) without duplication, any Subsequent Recoveries
      not distributed to the Class A Certificates and Class M Certificates on such
      Distribution Date; provided, however that on any Distribution Date after the
      Distribution Date on which the Certificate Principal Balances of the Class
      A
      Certificates and Class M Certificates have been reduced to zero, the Class
      CE
      Distribution Amount shall include the Overcollateralized Amount.

     

    “Class
      CE
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class CE Certificates, evidencing a Regular
      Interest in REMIC 2 for purposes of the REMIC Provisions.

     

    “Class
      M
      Certificates”:  The Class M-1, Class M-2, Class M-3, Class M-4, Class
      M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates.

     

    “Class
      M-1 Certificate”:  Any one of the Class M-1 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-2 Certificate”:  Any one of the Class M-2 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-3 Certificate”:  Any one of the Class M-3 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-4 Certificate”:  Any one of the Class M-4 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-5 Certificate”:  Any one of the Class M-5 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-6 Certificate”:  Any one of the Class M-6 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-7 Certificate”:  Any one of the Class M-7 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-8 Certificate”:  Any one of the Class M-8 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      M-9 Certificate”:  Any one of the Class M-9 Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-1,
      executed by the Securities Administrator and authenticated and delivered by
      the
      Securities Administrator, representing the right to distributions as set forth
      herein and therein and evidencing (i) a Regular Interest in REMIC 2 and (ii)
      the
      right to receive Available Funds Shortfall Amounts.

     

    “Class
      R
      Certificate”:  Any one of the Class R Certificates as designated on
      the face thereof substantially in the form annexed hereto as Exhibit B-3,
      evidencing the ownership of the Class R-1 Interest and the Class R-2
      Interest.

     

    “Class
      R-X Certificate”:  Any one of the Class R-X Certificates as designated
      on the face thereof substantially in the form annexed hereto as Exhibit B-3,
      evidencing the ownership of the Class R-3 Interest.

     

    “Class
      R-1 Interest”:  The uncertificated Residual Interest in REMIC
      1.

     

    “Class
      R-2 Interest”:  The uncertificated Residual Interest in REMIC
      2.

     

    “Class
      R-3 Interest”:  The uncertificated Residual Interest in REMIC
      3.

     

    “Closing
      Date”:  May 30, 2007.

     

    “Code”:  The
      Internal Revenue Code of 1986.

     

     “Collateral
      Value”:  The appraised value of a Mortgaged Property based upon the
      lesser of (i) the appraisal (as reviewed and approved by the Sponsor) made
      at
      the time of the origination of the related Mortgage Loan, or (ii) the sales
      price of such Mortgaged Property at such time of origination.  With
      respect to a Mortgage Loan the proceeds of which were used to refinance an
      existing mortgage loan, the appraised value of the Mortgaged Property based
      upon
      the appraisal (as reviewed and approved by the Sponsor) obtained at the time
      of
      refinancing.

     

    “Commission”:  The
      United States Securities and Exchange Commission.

     

    “Compensating
      Interest”:  With respect to any Distribution Date, any payments made
      by the Servicer from its own funds, or the Subservicer on its behalf, to cover
      Prepayment Interest Shortfalls, which shall be equal to the lesser of the
      Servicing Fee and for such Due Period, and the Prepayment Interest Shortfall
      for
      such Distribution Date.

     

    “Corporate
      Trust Office”:  The designated office of the Trustee at which at any
      particular time its corporate trust business related to this Agreement is
      administered, which office at the date of the execution of this Agreement is
      located at 1761 East St. Andrew Place, Santa Ana, California 92705,
      Attention:  Trust Administration AB07O1, and with respect to the
      Securities Administrator, for Certificate transfer purposes, Wells Fargo Center,
      Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
      Attn:  Corporate Trust Services – Alliance 2007-OA1, and for all other
      purposes, 9062 Old Annapolis Road, Columbia, Maryland, 21045,
      Attn:  Client Manager – Alliance 2007-OA1.

     

    “Corresponding
      Certificate”:  With respect to each REMIC 1 Regular Interest (other
      than REMIC 1 Regular Interests AA and ZZ), the Certificate with the
      corresponding designation. With respect to each REMIC 2 Regular Interest, the
      related Certificate representing an ownership therein.

     

    “Curtailment”:  Any
      Principal Prepayment made by a Mortgagor which is not a Principal Prepayment
      in
      Full.

     

    “Custodial
      Account”:  The custodial account or accounts created and maintained
      pursuant to Section 3.10 in the name of a depository institution, as custodian
      for the Holders of the Certificates.  Any such account or accounts
      shall be an Eligible Account.

     

    “Custodial
      Agreement”:  An agreement, dated as of the Closing Date among the
      Depositor, the Securities Administrator, the Trustee and the Custodian in
      substantially the form of Exhibit J hereto.

     

    “Custodian”:  Deutsche
      Bank National Trust Company or any successor thereto.

     

    “Cut-off
      Date”:  May 1, 2007.

     

    “Cut-off
      Date Balance”:  The Aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date.

     

    “Defaulted
      Mortgage Loan” means any Mortgage Loan as to which the Mortgagor has failed to
      make unexcused three or more consecutive scheduled Monthly
      Payments.

     

     “Deferred
      Interest”:  With respect to each Mortgage Loan and each related Due
      Period, the excess, if any, of (1) the amount of interest accrued on such
      Mortgage Loan from the Due Date in the preceding Due Period to the Due Date
      in
      the related Due Period, over (2) the monthly payment paid for such Due
      Period.

     

    “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 the Mortgage Loan, or any reduction in
      the
      amount of principal to be paid in connection with any scheduled Monthly Payment
      that constitutes a permanent forgiveness of principal, which valuation or
      reduction results from a proceeding under the Bankruptcy Code.

     

    “Definitive
      Certificate”:  Any definitive, fully registered
      Certificate.

     

    “Deleted
      Mortgage Loan”:  A Mortgage Loan replaced or to be replaced with a
      Qualified Substitute Mortgage Loan.

     

    “Delinquent”:  As
      used herein, a Mortgage Loan is considered to be: “one month” delinquent when a
      payment due on any scheduled due date remains unpaid as of the close of business
      on the last Business Day immediately prior to the next following monthly
      scheduled due date; “two months” delinquent when a payment due on any scheduled
      due date remains unpaid as of the close of business on the last Business Day
      immediately prior to the second following monthly scheduled due date; and so
      on.
      The determination as to whether a Mortgage Loan falls into these categories
      is
      made as of the close of business on the last Business Day of each month. For
      example, a Mortgage Loan with a payment due on July 1 that remained unpaid
      as of
      the close of business on July 31 would then be considered to be one month
      delinquent. Delinquency information as of the Cut-off Date is determined and
      prepared as of the close of business on the last Business Day immediately prior
      to the Cut-off Date.

     

    “Depositor”:  Alliance
      Securities Corp., or its successor in interest.

     

    “Depository”:  The
      Depository Trust Company, or any successor Depository hereafter
      named.  The nominee of the initial Depository for purposes of
      registering those Certificates that are to be Book-Entry Certificates is Cede
      & Co.  The Depository shall at all times be a “clearing
      corporation” as defined in Section 8-102(5) of the Uniform Commercial Code of
      the State of New York and a “clearing agency” registered pursuant to the
      provisions of Section 17A of the Securities Exchange Act of 1934, as
      amended.

     

    “Depository
      Participant”:  A broker, dealer, bank or other financial institutions
      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, the 15th day of the
      month in which such Distribution Date occurs or, if such day is not a Business
      Day, on the immediately preceding Business Day.

     

    “Disqualified
      Organization”:  Any organization defined as a “disqualified
      organization” under Section 860E(e)(5) of the Code, which includes any of the
      following:  (i) the United States, any State or political subdivision
      thereof, any possession of the United States, or any agency or instrumentality
      of any of the foregoing (other than an instrumentality which is a corporation
      if
      all of its activities are subject to tax and, except for the Freddie Mac, a
      majority of its board of directors is not selected by such governmental unit),
      (ii) a foreign government, any international organization, or any agency or
      instrumentality of any of the foregoing, (iii) any organization (other than
      certain farmers' cooperatives described in Section 521 of the Code) which is
      exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
      by Section 511 of the Code on unrelated business taxable income), (iv) rural
      electric and telephone cooperatives described in Section 1381(a)(2)(C) of the
      Code and (v) any other Person so designated by the Securities Administrator
      based upon an Opinion of Counsel that the holding of an Ownership Interest
      in a
      Class R Certificate or Class R-X Certificate by such Person may cause REMIC
      1,
      REMIC 2 or REMIC 3 or any Person having an Ownership Interest in any Class
      of
      Certificates (other than such Person) to incur a liability for any federal
      tax
      imposed under the Code that would not otherwise be imposed but for the Transfer
      of an Ownership Interest in a Class R Certificate or Class R-X Certificate
      to
      such Person.  The terms “United States”, “State” and “international
      organization” shall have the meanings set forth in Section 7701 of the Code or
      successor provisions.

     

    “Distribution
      Date”:  The 25th day of any month, or if such 25th day is not a
      Business Day, the Business Day immediately following such 25th day, commencing
      in June 2007.

     

    “Due
      Date”:  With respect to each Mortgage Loan, the first day of the month
      of the related Distribution Date.

     

    “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 (or, with respect to the first Due Period, the day following the
      Cut-off Date) and ending on the first day of the month in which such
      Distribution Date occurs.

     

    “Eligible
      Account”:  Any of (i) a segregated account maintained with a federal
      or state chartered depository institution (A) the short-term obligations of
      which are rated A-1+ or better by Standard & Poor’s and P-1 by Moody’s at
      the time of any deposit therein or (B) insured by the FDIC (to the limits
      established by such Corporation), the uninsured deposits in which account are
      otherwise secured such that, as evidenced by an Opinion of Counsel (obtained
      by
      the Person requesting that the account be held pursuant to this clause (ii))
      delivered to the Securities Administrator prior to the establishment of such
      account, the Certificateholders will have a claim with respect to the funds
      in
      such account and a perfected first priority security interest against any
      collateral (which shall be limited to Permitted Investments, each of which
      shall
      mature not later than the Business Day immediately preceding the Distribution
      Date next following the date of investment in such collateral or the
      Distribution Date if such Permitted Investment is an obligation of the
      institution that maintains the Certificate Account or Custodial Account)
      securing such funds that is superior to claims of any other depositors or
      general creditors of the depository institution with which such account is
      maintained, (ii) a segregated trust account or accounts maintained with a
      federal or state chartered depository institution or trust company subject
      to
      regulations regarding fiduciary funds on deposit similar to Title 12 of the
      Code
      of Federal Regulations Section 9.10(b), which, in either case, has corporate
      trust powers, acting in its fiduciary capacity or (iii) a segregated account
      or
      accounts of a depository institution acceptable to the Rating Agencies (as
      evidenced in writing by the Rating Agencies that use of any such account as
      the
      Custodial Account or the Certificate Account will not have an adverse effect
      on
      the then-current ratings assigned to the Classes of the Certificates then rated
      by the Rating Agencies).  Eligible Accounts may bear
      interest.

     

    “Escrow
      Account”:  The separate account or accounts created and maintained
      pursuant to Section 3.09.

     

    “Escrow
      Payment”:  With respect to any Mortgage Loan, the amounts constituting
      ground rents, taxes, assessments, water rates, sewer rents, municipal charges,
      mortgage insurance premiums, fire and hazard insurance premiums, condominium
      charges, and any other payments required to be escrowed by the Mortgagor with
      the mortgagee pursuant to the Mortgage or any other document.

     

    “Event
      of
      Default”:  One or more of the events described in Section
      7.01.

     

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

     

    “Exchange
      Act Reports”:  Any reports required to be filed pursuant to Section
      12.10 of this Agreement.

     

    “Extra
      Principal Distribution Amount”:  With respect to any Distribution
      Date, the lesser of (x) the Overcollateralization Deficiency Amount for such
      Distribution Date and (y) the Net Monthly Excess Cashflow Amount for such
      Distribution Date.

     

    “Fannie
      Mae”:  Fannie Mae (formerly, Federal National Mortgage Association) or
      any successor thereto.

     

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

     

    “Final
      Scheduled Distribution Date”:  The Distribution Date occurring in July
      2037.

     

    “Form
      8-K
      Disclosure Information”:  As defined in Section
      12.10(a)(ii)(A).

     

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

     

    “GMAC”:  GMAC
      Mortgage, LLC, or its successor in interest.

     

    “Initial
      Certificate Principal Balance”:  With respect to each Class of Regular
      Certificates, the Initial Certificate Principal Balance of such Class of
      Certificates as set forth in the Preliminary Statement hereto, or with respect
      to any single Certificate, the Initial Certificate Principal Balance as stated
      on the face thereof.

     

    “Initial
      Notional Amount”:  With respect to the Class CE Interest, an amount
      equal to the Notional Balance of the Class CE Interest on the Closing
      Date.  With respect to the Class CE Certificates, an amount equal to
      the Initial Notional Balance of the Class CE Interest, or with respect to any
      single Certificate, the Initial Notional Amount as stated on the face
      thereof.

     

    “Insurance
      Policy”:  With respect to any Mortgage Loan, any insurance policy
      which is required to be maintained from time to time under this Agreement in
      respect of such Mortgage Loan.

     

    “Insurance
      Proceeds”:  Proceeds paid in respect of the Mortgage Loans pursuant to
      any title insurance policy or any other insurance policy covering a Mortgage
      Loan, to the extent such proceeds are not applied to the restoration of the
      related Mortgaged Property or released to the Mortgagor in accordance with
      the
      procedures that the Servicer would follow in servicing mortgage loans held
      for
      its own account.

     

    “Interest
      Funds”: For any Distribution Date, an amount equal to (1) the Interest
      Remittance Amount for that Distribution Date, plus (2) the lesser of the
      aggregate Deferred Interest that accrued on the Mortgage Loans for the related
      Due Period and the Principal Prepayment Amount for the Distribution
      Date.

     

    “Interest
      Remittance Amount”:  With respect to any Distribution
      Date,  that portion of the Available Distribution Amount for such
      Distribution Date that represents interest received or advanced with respect
      to
      the Mortgage Loans.

     

    “Late
      Collections”:  With respect to any Mortgage Loan, all amounts received
      during any Due Period, whether as late payments of Monthly Payments or as
      Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
      payments or collections of Monthly Payments due but delinquent for a previous
      Due Period and not previously recovered.

     

    “LIBOR”:  With
      respect to any Distribution Date and the Pass-Through Rates on the Class A
      Certificates and Subordinate Certificates, the arithmetic mean of the London
      interbank offered rate quotations of reference banks (which will be selected
      by
      the Securities Administrator) for one-month U.S. dollar deposits, expressed
      on a
      per annum basis, determined in accordance with Section 1.02.

     

    “LIBOR
      Business Day”:  Any day other than (i) Saturday or Sunday or (ii) a
      day on which banking institutions in the city of London, England and New York
      City are required or authorized by law to be closed.

     

    “LIBOR
      Rate Adjustment Date”:  With respect to each Distribution Date, the
      second LIBOR Business Day immediately preceding the commencement of the related
      Accrual Period.

     

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

     

    “Liquidation
      Proceeds”:  Amounts (other than Insurance Proceeds) received by the
      Servicer in connection with the taking of an entire Mortgaged Property by
      exercise of the power of eminent domain or condemnation or in connection with
      the liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure
      sale or otherwise, other than amounts received in respect of any REO
      Property.

     

    “Loan-to-Value
      Ratio or LTV”:  With respect to any Mortgage Loan, the most recent
      ratio (expressed as a percentage) of the outstanding principal amount of the
      related Mortgage Loan, to the lesser of (a) the Appraised Value and
      (b) if the Mortgage Loan was made to finance the acquisition of the related
      Mortgaged Property, the purchase price of the Mortgaged Property.

     

    “Lost
      Note Affidavit”:  With respect to any Mortgage Note, an original lost
      note affidavit from the Sponsor stating that the original Mortgage Note was
      lost, misplaced or destroyed, together with a copy of the related Mortgage
      Note.

     

    “LPMI
      Policy”:  A policy of primary mortgage guaranty insurance issued by an
      insurer pursuant to which the related premium is to be paid by the servicer
      of
      the related Mortgage Loan from payments of interest made by the
      Mortgagor.

     

    “Majority
      Class CE Certificateholder”:  The holder of a 50.01% or greater
      Percentage Interest of the Class CE Certificates.

     

    “Marker
      Rate”:  With respect to the Class CE Interest and any Distribution
      Date, a per annum rate equal to two (2) times the weighted average of the
      Uncertificated REMIC 1 Pass-Through Rates for each REMIC 1 Regular Interest
      for
      which a Class A Certificate or Class M Certificate is the Corresponding
      Certificate and REMIC 1 Regular Interest ZZ, with the rate on each such REMIC
      1
      Regular Interest (other than REMIC 1 Regular Interest ZZ) subject to a cap
      equal
      to the lesser of (i) the Pass-Through Rate for the Corresponding Certificate
      determined without regard to the Available Funds Cap Rate for such Distribution
      Date, and (ii) the Available Funds Cap Rate for the REMIC 2 Regular Interest
      the
      ownership of which is represented by the Corresponding Certificate for such
      Distribution Date for the purpose of this calculation, and with the rate on
      REMIC 1 Regular Interest ZZ subject to a cap of zero for the purpose of this
      calculation; provided, however, that solely for this purpose, the related cap
      with respect to each such REMIC 1 Regular Interest (other than REMIC 1 Regular
      Interest A-2, REMIC 1 Regular Interest A-3 and REMIC 1 Regular Interest ZZ)
      shall be multiplied by a fraction, the numerator of which is the actual number
      of days in the related Accrual Period and the denominator of which is
      30.

     

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

     

    “Master
      Servicer Back-Up Fee”:  A fee equal to a per annum rate of .05% (5
      basis points) of the Stated Principal Balance of each Mortgage Loan as of the
      Due Date preceding the calendar month in which the payment of the Master
      Servicer Back-Up Fee is due.

     

    “Master
      Servicer Compensation”:  The meaning specified in Section
      3A.09.

     

    “Master
      Servicing Fees”:  With respect to each Mortgage Loan, an annual fee
      equal to 1/12 of the product of the Master Servicing Fee Rate and the Stated
      Principal Balance of such Mortgage Loan as of the Due Date preceding the
      calendar month in which the payment of the Master Servicing Fee is
      due.  The Master Servicing Fee consists of master servicing
      compensation payable to the Master Servicer in respect of its master servicing
      responsibilities.

     

    “Master
      Servicing Fee Rate”:  With respect to each Mortgage Loan, the per
      annum rate of 0.0125%.

     

    “Master
      Servicing Transfer Costs”: Shall mean all reasonable out-of-pocket costs and
      expenses incurred by the Trustee in connection with the transfer of master
      servicing from a predecessor master servicer, including, without limitation,
      any
      reasonable costs or expenses associated with the complete transfer of all
      servicing data and master servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the Trustee (as
      successor master servicer) to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the Trustee (as successor master servicer)
      to master service the Mortgage Loans properly and effectively.

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”:  With respect to any
      Distribution Date, the excess of (i) the accrued interest at the Uncertificated
      REMIC 1 Pass-Through Rate applicable to REMIC 1 Regular Interest ZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 1 Regular Interest ZZ minus the REMIC 1 Overcollateralized Amount, in
      each
      case for such Distribution Date, over (ii) the aggregate amount of
      Uncertificated Accrued Interest for such Distribution Date on the REMIC 1
      Regular Interests for which the Class A Certificates and Class M Certificates
      are the Corresponding Certificates, with the rate on each such REMIC 1 Regular
      Interest subject to a cap equal to the lesser of (1) the Pass-Through Rate
      for
      the Corresponding Certificate determined without regard to the Available Funds
      Cap Rate for such Distribution Date, and (2) the Available Funds Cap Rate for
      the REMIC 2 Regular Interest the ownership of which is represented by the
      Corresponding Certificate for such Distribution Date for the purpose of this
      calculation; provided, however, that solely for this purpose, the related cap
      with respect to each such REMIC 1 Regular Interest (other than REMIC 1 Regular
      Interest A-2 and REMIC 1 Regular Interest A-3 shall be multiplied by a fraction,
      the numerator of which is the actual number of days in the related Accrual
      Period and the denominator which is 30.

     

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

     

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

     

    “MIN”:  The
      Mortgage Identification Number for Mortgage Loans registered with MERS on the
      MERS® System.

     

    “MOM
      Loan”:  With respect to any Mortgage Loan, MERS acting as the
      mortgagee of such Mortgage Loan, solely as nominee for the originator of such
      Mortgage Loan and its successors and assigns, at the origination
      thereof.

     

    “Monthly
      Interest Distributable Amount”:  For any Distribution Date and each
      Class of Class A, Class M, and Class CE Certificates, is the excess of (x)
      the
      amount of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Certificate Principal Balances or Notional Balances
      of
      such Certificates or interests immediately prior to such Distribution Date,
      over
      (y) the Net Deferred Interest, if any, allocated to that class for such
      Distribution Date; in each case, reduced by any Prepayment Interest Shortfalls
      to the extent not covered by Compensating Interest payable by the Subservicer
      or
      Servicer, as applicable, and any shortfalls resulting from the application
      of
      the Relief Act (in each case to the extent allocated to such Class of
      Certificates or interests as set forth in Section 1.03). The Monthly Interest
      Distributable Amount on the Class A Certificates and Class M Certificates will
      be calculated on the basis of the actual number of days in the related Accrual
      Period and a 360 day-year.

     

    “Monthly
      Minimum Payment”:  With respect to any Mortgage Loan, the minimum
      payment due under the terms of the Mortgage Note.

     

    “Monthly
      Payment”:  With respect to any Mortgage Loan, the scheduled monthly
      payment of principal and interest on such Mortgage Loan which is payable by
      a
      Mortgagor from time to time under the related Mortgage Note as originally
      executed (after adjustment, if any, for Deficient Valuations occurring prior
      to
      such Due Date, and after any adjustment by reason of any bankruptcy or similar
      proceeding or any moratorium or similar waiver or grace period).

     

    “Moody's”:  Moody's
      Investors Service, Inc., or its successor in interest.

     

    “Mortgage”:  The
      mortgage, deed of trust or any other instrument securing the Mortgage
      Loan.

     

    “Mortgage
      File”:  The mortgage documents listed in Section 2.01 pertaining to a
      particular Mortgage Loan and any additional documents required to be added
      to
      the Mortgage File pursuant to this Agreement and the Custodial Agreement;
      provided, that whenever the term “Mortgage File” is used to refer to documents
      actually received by the Custodian as agent for the Trustee, such term shall
      not
      be deemed to include such additional documents required to be added unless
      they
      are actually so added.

     

    “Mortgage
      Loan”:  Each of the mortgage loans, transferred and assigned to the
      Trustee pursuant to Section 2.01 or 2.04 and from time to time held in the
      Trust
      Fund (including any Qualified Substitute Mortgage Loans), the mortgage loans
      so
      transferred, assigned and held being identified in the Mortgage Loan
      Schedule.  As used herein, the term “Mortgage Loan” includes the
      related Mortgage Note and Mortgage.

     

    “Mortgage
      Loan Purchase Agreement”:  The Mortgage Loan Purchase Agreement dated
      as of May 30, 2007, among Alliance Bancorp, as sponsor and the Depositor, as
      purchaser, and all amendments thereof and supplements thereto.

     

    “Mortgage
      Loan Schedule”:  As of any date of determination, the schedule of
      Mortgage Loans included in the Trust Fund.  The schedule of Mortgage
      Loans with accompanying information transferred on the Closing Date to the
      Custodian on behalf of the Trustee as part of the Trust Fund for the
      Certificates, attached hereto as Exhibit H, which list shall set forth the
      following information with respect to each Mortgage Loan:

     

    (i)           the
      mortgage loan number;

     

    (ii)           the
      city, state and zip code of the Mortgaged Property;

     

    (iii)           the
      original term to maturity;

     

    (iv)           the
      original principal balance and the original Mortgage Rate;

     

    (v)           the
      first payment date;

     

    (vi)           [reserved];

     

    (vii)         the
      type of Mortgaged Property;

     

    (viii)       
      the Monthly Payment in effect as of the Cut-off Date;

     

    (ix)          the
      principal balance as of the Cut-off Date;

     

    (x)           the
      Mortgage Rate as of the Cut-off Date;

     

    (xi)          the
      occupancy status;

     

    (xii)          the
      purpose of the Mortgage Loan;

     

    (xiii)        
      the Collateral Value of the Mortgaged Property;

     

    (xiv)        
      the remaining term to maturity;

     

    (xv)           the
      paid-through date of the Mortgage Loan;

     

    
      	
              (xvi)   
                 

            	
              [reserved];

            

    

     

    (xvii)          
      [reserved];

     

    (xviii)         
      [reserved];

     

    (xix)           
      the Net Mortgage Rate for the Mortgage Loan;

     

    (xx)  
               [reserved];

     

    (xxi)         
      the documentation type; and

     

    (xxii)        
      the type and term of the related Prepayment Charge, if any.

     

    The
      Mortgage Loan Schedule may be in the form of more than one schedule,
      collectively setting forth all of the information required.

     

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

     

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

     

    “Mortgaged
      Property”:  The underlying property securing a Mortgage
      Loan.

     

    “Mortgagor”:  The
      obligor or obligors on a Mortgage Note.

     

    “Net
      Deferred Interest”:  With respect to each Distribution Date, the
      excess, if any, of (1) the Deferred Interest that accrued on the Mortgage Loans
      for that Distribution Date over (2) the Principal Remittance Amount for that
      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, Servicing Advances, Servicing
      Fees and any other accrued and unpaid servicing fees received and retained
      in
      connection with the liquidation of such Mortgage Loan or Mortgaged
      Property.

     

    “Net
      Monthly Excess Cashflow”:  With respect to each Distribution Date, the
      sum of (a) any Overcollateralization Release Amount and (b) the excess of (x)
      the Interest Funds for such Distribution Date over (y) the aggregate Monthly
      Interest Distributable Amount for the Class A Certificates and Class M
      Certificates for such Distribution Date and any Unpaid Interest Shortfall Amount
      payable to the Class A Certificateholder for such Distribution
      Date.

     

    “Net
      Mortgage Rate”: With respect to each Mortgage Loan Due Date and the related Due
      Period, the then applicable Mortgage Rate thereon minus the sum of (1) the
      Master Servicing Fee Rate and (2) the Servicing Fee Rate.

     

    “Net
      Prepayment Interest Shortfall”:  With respect to any Distribution
      Date, the excess, if any, of any Prepayment Interest Shortfalls for such date
      over the related Compensating Interest.

     

    “Nonrecoverable
      Advance”:  Any Advance or Servicing Advance previously made or
      proposed to be made in respect of a Mortgage Loan which, in the reasonable
      good
      faith judgment of the Servicer (or a Subservicer on its behalf), will not or,
      in
      the case of a proposed Advance or Servicing Advance, would not be ultimately
      recoverable from Late Collections, Insurance Proceeds, Liquidation Proceeds
      or
      REO Proceeds.  The determination by the Servicer (or a Subservicer on
      its behalf) that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance would constitute a Nonrecoverable Advance, shall
      be
      evidenced by a certificate of a Servicing Officer delivered to the Depositor
      and
      the Master Servicer.

     

    “Non-United
      States Person”:  Any Person other than a United States
      Person.

     

    “Notional
      Balance”:  With respect to the Class CE Interest and any Distribution
      Date, an amount equal to the Stated Principal Balance of the Mortgage Loans
      as
      of the related Due Date. With respect to the Class CE Certificates and any
      Distribution Date, an amount equal to the Notional Balance of the Class CE
      Interest as of such Distribution Date.

     

    “Officers’
      Certificate”:  A certificate signed by the Chairman of the Board, the
      Vice Chairman of the Board, the President or a vice president and by the
      Treasurer, the Secretary, or one of the assistant treasurers or assistant
      secretaries of the Depositor, the Sponsor, the Servicer or of any Subservicer
      and delivered to the Depositor, Trustee and/or Master Servicer.

     

    “One
      Month LIBOR”:  The London interbank offered rate for one-month United
      States dollar deposits, determined as described in Section 1.02 of this
      Agreement.

     

    “Opinion
      of Counsel”:  A written opinion of counsel, who may be counsel for the
      Depositor, the Sponsor, or the Master Servicer, reasonably acceptable to the
      Trustee and Securities Administrator; except that any opinion of counsel
      relating to (a) the qualification of any account required to be maintained
      pursuant to this Agreement as an Eligible Account, (b) the qualification of
      each
      REMIC as a REMIC, (c) compliance with the REMIC Provisions (d) resignation
      of
      the Servicer pursuant to Section 6.04, or (e) resignation of the Servicer or
      the
      Master Servicer pursuant to Section 6.05,  must be an opinion of
      counsel who (i) is in fact independent of the Depositor and the Master Servicer,
      (ii) does not have any direct financial interest or any material indirect
      financial interest in the Depositor or the Master Servicer or in an affiliate
      of
      either and (iii) is not connected with the Depositor or the Master Servicer
      as
      an officer, employee, director or person performing similar
      functions.

     

    “Optional
      Termination Date”:  The first Distribution Date on which the Servicer
      may opt to terminate the Trust Fund pursuant to Section 9.01.

     

    “OTS”:  Office
      of Thrift Supervision or any successor.

     

    “Outstanding
      Mortgage Loan”:  As to any Due Date, a Mortgage Loan (including an REO
      Property) which was not the subject of a Principal Prepayment in Full, Cash
      Liquidation or REO Disposition and which was not purchased prior to such Due
      Date pursuant to Sections 2.02, 2.04 or 3.16.

     

    “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 (after giving effect to
      distributions in respect of the Basic Principal Distribution Amount on such
      Distribution Date), but prior to the application of any Applied Realized Loss
      Amount.

     

    “Overcollateralization
      Floor”:  With respect to any Distribution Date, 0.50% of the Cut-off
      Date Balance.

     

    “Overcollateralization
      Release Amount”:  With respect to any Distribution Date, on or after
      the Stepdown Date on which a Trigger Event is not in effect, the lesser of
      (x)
      the excess, if any, of the Principal Remittance Amount for such Distribution
      Date over an amount equal to Deferred Interest that accrued on the Mortgage
      Loans for the related Due Period and (y) the excess, if any, of (i) the
      Overcollateralized Amount for such Distribution Date (assuming that 100% of
      the
      Principal Remittance Amount, less Deferred Interest, is applied as a principal
      payment on such Distribution Date) over (ii) the Overcollateralization Target
      Amount for such Distribution Date.  With respect to any Distribution
      Date before the Stepdown Date or on which a Trigger Event is in effect, the
      Overcollateralization Release Amount will be zero.

     

    “Overcollateralization
      Target Amount”:  With respect to any Distribution Date (a) prior to
      the Stepdown Date an amount equal to 3.80% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-Off Date and (b) on or after the
      Stepdown Date, the greater of (i) (x) for any Distribution Date on or after
      the
      Stepdown Date but prior to the Distribution Date in June 2013, an amount equal
      to 9.50% of the aggregate Stated Principal Balance of the Mortgage Loans as
      of
      the Due Date in the month of that Distribution Date and (y) for any Distribution
      Date on or after the Stepdown Date and on or after the Distribution Date in
      June
      2013, an amount equal to 7.60% of the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Due Date in the month of that Distribution Date (after
      giving effect to principal prepayments received in the related Prepayment
      Period) and (ii) the Overcollateralization Floor; provided, however, that if
      a
      Trigger Event is in effect on any Distribution Date, the Overcollateralization
      Target Amount will be the same as the Overcollateralization Target Amount for
      the previous Distribution Date.

     

    “Overcollateralized
      Amount”:  For any Distribution Date, the amount, if any, by which (i)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period, exceeds (ii) the aggregate Certificate Principal
      Balance of the Class A Certificates and Class M Certificates as of such
      Distribution Date (after giving effect to distributions to be made on such
      Distribution Date).

     

    “Ownership
      Interest”:  As 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 any Distribution Date and the Class A
      Certificates and Class M Certificates, the lesser of (x) One-Month LIBOR plus
      the related Certificate Margin and (y) the Available Funds Cap
      Rate..

     

    With
      respect to the Class CE Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      the
      sum of the amount determined for each REMIC 1 Regular Interest equal to the
      product of (a) the excess, if any, of the Uncertificated REMIC 1 Pass-Through
      Rate for such REMIC 1 Regular Interest over the Marker Rate and (b) a notional
      amount equal to the Uncertificated Principal Balance of such REMIC 1 Regular
      Interest, and the denominator of which is the aggregate Uncertificated Principal
      Balance of such REMIC 1 Regular Interests.

     

    With
      respect to the Class CE Certificates, 100% of the interest distributable to
      the
      Class CE Interest, expressed as a per annum rate.

     

    “Percentage
      Interest”:  With respect to any Regular Certificate, the undivided
      percentage ownership interest in the related Class evidenced by such
      Certificate, which percentage ownership interest shall be equal to the Initial
      Certificate Principal Balance thereof divided by the aggregate Initial
      Certificate Principal Balance of all of the Certificates of the same
      Class.  With respect to any Class R Certificate or Class R-X
      Certificate, the interest in distributions to be made with respect to such
      Class
      evidenced thereby, expressed as a percentage, as stated on the face of each such
      Certificate.

     

    “Permitted
      Investment”:  One or more of the following:

     

    (i)           obligations
      of or guaranteed as to principal and interest by the United States or any agency
      or instrumentality thereof when such obligations are backed by the full faith
      and credit of the United States;

     

    (ii)           repurchase
      agreements on obligations specified in clause (i) maturing not more than one
      month from the date of acquisition thereof, provided that the unsecured
      obligations of the party agreeing to repurchase such obligations are at the
      time
      rated by each Rating Agency in its highest short-term rating available,
      provided, however, that such repurchase agreements are treated as financings
      under generally accepted accounting principles (“GAAP”);

     

    (iii)           federal
      funds, certificates of deposit, demand deposits, time deposits and bankers'
      acceptances (which shall each have an original maturity of not more than 90
      days
      and, in the case of bankers' acceptances, shall in no event have an original
      maturity of more than 365 days or a remaining maturity of more than 30 days)
      denominated in United States dollars of any U.S. depository institution or
      trust
      company incorporated under the laws of the United States or any state thereof
      or
      of any domestic branch of a foreign depository institution or trust company;
      provided that the debt obligations of such depository institution or trust
      company (or, if the only Rating Agency is Standard & Poor's, in the case of
      the principal depository institution in a depository institution holding
      company, debt obligations of the depository institution holding company) at
      the
      date of acquisition thereof have been rated by each Rating Agency in its highest
      short-term rating available; and provided further that, if the only Rating
      Agency is Standard & Poor's and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of Standard & Poor's if Standard &
Poor's is the Rating Agency;

     

    (iv)           commercial
      paper (having original maturities of not more than 365 days) of any corporation
      incorporated under the laws of the United States or any state thereof which
      on
      the date of acquisition has been rated by Moody's and Standard & Poor's in
      their highest short-term ratings available; provided that such commercial paper
      shall have a remaining maturity of not more than 30 days;

     

    (v)           a
      money market fund or a qualified investment fund rated by Moody’s in its highest
      long-term ratings available and rated AAAm or AAAm-G by Standard & Poor’s,
      including any such funds for which Wells Fargo Bank, N.A. or any affiliate
      thereof serves as an investment advisor, manager, administrator, shareholder,
      servicing agent, and/or custodian or sub-custodian; and

     

    (vi)           other
      obligations or securities that are acceptable to each Rating Agency as a
      Permitted Investment hereunder and will not reduce the rating assigned to any
      Class of Certificates by such Rating Agency below the lower of the then-current
      rating or the rating assigned to such Certificates as of the Closing Date by
      such Rating Agency, as evidenced in writing;

     

    provided,
      however, that no instrument shall be a Permitted Investment if it
      represents, either (1) the right to receive only interest payments with respect
      to the underlying debt instrument or (2) the right to receive 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 greater than 120% of the yield to maturity at par of such underlying
      obligations.

     

    To
      the
      extent that the Securities Administrator receives any materials in connection
      with the holding of any Permitted Investment which require the holder to vote,
      the Securities Administrator shall not exercise its voting rights.

     

    Permitted
      Investments shall not be sold prior to maturity, except that a money market
      fund
      or qualified investment fund may be liquidated at any time.

     

    “Permitted
      Transferee”:  Any transferee of a Residual Certificate other than a
      Disqualified Organization, a Non-United States Person or an “electing large
      partnership” (as defined in Section 775 of the Code).

     

    “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.

     

    “PMI
      Policy”:  A policy of primary mortgage guaranty insurance issued by a
      Qualified Insurer, as required by this Agreement with respect to certain
      Mortgage Loans.

     

    “Prepayment
      Assumption”:  As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”:  With respect to any Mortgage Loan, the charges or premiums,
      if any, due in connection with a full or partial Prepayment of such Mortgage
      Loan in accordance with the terms thereof (other than any Servicer Prepayment
      Charge Payment Amount).

     

    “Prepayment
      Interest Excess”:  With respect to any Distribution Date, for each
      Mortgage Loan that was the subject of a Principal Prepayment during the portion
      of the Prepayment Period from the related Due Date to the end of such Prepayment
      Period, any payment of interest received in connection therewith (net of any
      applicable Servicing Fee) representing interest accrued for any portion of
      such
      month of receipt.

     

    “Prepayment
      Interest Shortfall”:  As to any Distribution Date and any Mortgage
      Loan (other than a Mortgage Loan relating to an REO Property) that was the
      subject of (a) a Principal Prepayment in Full during the related Prepayment
      Period, an amount equal to the excess of one month’s interest at the Net
      Mortgage Rate on the Stated Principal Balance of such Mortgage Loan over the
      amount of interest (adjusted to the Net Mortgage Rate) paid by the Mortgagor
      for
      such Prepayment Period to the date of such Principal Prepayment in Full or
      (b) a
      Curtailment during the related Prepayment Period, an amount equal to one month’s
      interest at the Net Mortgage Rate on the amount of such
      Curtailment.

     

    “Prepayment
      Period”:  With respect to any Distribution Date, and (a)
      Principal Prepayments in Full, is the period between the 16th of the month
      of
      the prior Distribution Date and the 15th of the current month, except
      the initial prepayment period will run from May 1, 2007 through June 15, 2007,
      and (b) Curtailments, is the prior calendar month preceding
      such Distribution Date.

     

     “Principal
      Distribution Amount”:  With respect to any Distribution Date, an
      amount equal to the sum of the Basic Principal Distribution Amount plus the
      Extra Principal Distribution Amount.

     

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

     

    “Principal
      Prepayment Amount”: For any Distribution Date, the sum of (1) all partial and
      full principal prepayments by Mortgagors on the Mortgage Loans received during
      the related Prepayment Period, and (2) any Subsequent Recoveries on the Mortgage
      Loans received during the related Due Period.

     

    “Principal
      Prepayment in Full”:  Any Principal Prepayment made by a Mortgagor of
      the entire unpaid principal balance of the Mortgage Loan.

     

    “Principal
      Remittance Amount”:  With respect to any Distribution Date, the sum of
      the following from the Available Distribution Amount:  (i) the
      principal portion of each Monthly Payment collected or advanced on the Mortgage
      Loans by the Servicer that were due during the related Due Period, (ii) the
      principal portion of all partial and full Principal Prepayments of the Mortgage
      Loans applied by the Servicer during the related Prepayment Period, (iii) the
      principal portion of all Net Liquidation Proceeds, REO Proceeds, Insurance
      Proceeds, and Subsequent Recoveries received during the related Prepayment
      Period, (iv) the principal portion of proceeds of Mortgage Loan purchases made
      pursuant to Section 2.04, 3.16, 3.23 or Section 3.28, in each case received
      or
      made during the prior calendar month, (v) the principal portion of any related
      Substitution Adjustments deposited in the Custodial Account during the related
      prior calendar month and (vi) on the Distribution Date on which the Trust Fund
      is to be terminated pursuant to Section 9.01, the principal portion of the
      termination price received from the Servicer in connection with a termination
      of
      the Trust Fund to occur on such Distribution Date.

     

    “Prospectus
      Supplement”:  That certain Prospectus Supplement dated May 30, 2007
      relating to the public offering of the Class A Certificates and Class M
      Certificates.

     

    “Purchase
      Price”:  With respect to any Mortgage Loan (or REO Property) required
      to be purchased pursuant to Section 2.02, 2.04, 3.16, 3.23, 3.28 or 3.30, an
      amount equal to the sum of (i) 100% of the Stated Principal Balance thereof,
      (ii) unpaid accrued interest (or REO Imputed Interest) at the applicable Net
      Mortgage Rate on the Stated Principal Balance thereof outstanding during each
      Due Period that such interest was not paid or advanced, from the date through
      which interest was last paid by the Mortgagor or advanced and distributed to
      Certificateholders together with unpaid Master Servicing Fees and Servicing
      Fees
      from the date through which interest was last paid by the Mortgagor, in each
      case to the first day of the month in which such Purchase Price is to be
      distributed, (iii) the aggregate of all Advances and Servicing Advances made
      in
      respect thereof that were not previously reimbursed and (iv) costs and damages
      incurred by the Trust Fund in connection with a repurchase pursuant to Section
      2.04 hereof that arises out of a violation of any anti-predatory lending law
      which also constitutes an actual breach of representations (xii), (xxix) or
      (xxx) of Section 3.1(b) of the Mortgage Loan Purchase Agreement.

     

    “Qualified
      Insurer”:  An insurance company duly qualified as such under the laws
      of the states in which the Mortgaged Property is located, duly authorized and
      licensed in such states to transact the applicable insurance business and to
      write the insurance provided, and approved as an insurer by Fannie Mae and
      Freddie Mac.

     

    “Qualified
      Substitute Mortgage Loan”:  A Mortgage Loan substituted by the
      Depositor for a Deleted Mortgage Loan which must, on the date of such
      substitution, as confirmed in an Officers’ Certificate of the Sponsor delivered
      to the Trustee, (i) have an outstanding principal balance, after deduction
      of
      the principal portion of the monthly payment due in the month of substitution
      (or in the case of a substitution of more than one Mortgage Loan for a Deleted
      Mortgage Loan, an aggregate outstanding principal balance, after such
      deduction), not in excess of the Stated Principal Balance of the Deleted
      Mortgage Loan (the amount of any shortfall to be paid to the Servicer for
      deposit in the Custodial Account in the month of substitution); (ii) have a
      Mortgage Rate and a Net Mortgage Rate no lower than and not more than 1% per
      annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of
      the
      Deleted Mortgage Loan as of the date of substitution; (iii) have a Loan-to-Value
      Ratio at the time of substitution no higher than that of the Deleted Mortgage
      Loan at the time of substitution; (iv) have a remaining term to stated maturity
      not greater than (and not more than one year less than) that of the Deleted
      Mortgage Loan; (v) comply with each representation and warranty set forth in
      Section 2.04 hereof; and (vi) comply with each non-statistical representation
      and warranty set forth in the Mortgage Loan Purchase Agreement.

     

    “Rating
      Agency”:  Standard & Poor's or Moody's and each of their
      successors.  If such agencies and their successors are no longer in
      existence, “Rating Agency” shall be such nationally recognized statistical
      rating agency, or other comparable Person, designated by the Depositor, notice
      of which designation shall be given to the Trustee, the Securities
      Administrator, the Master Servicer and the Servicer.  References
      herein to the two highest long term debt rating of a Rating Agency shall mean
      “AA” or better in the case of Standard & Poor's and “Aa2” or better in the
      case of Moody's and references herein to the highest short-term debt rating
      of a
      Rating Agency shall mean “A-1+” in the case of Standard & Poor's and “P-1”
in the case of Moody's, and in the case of any other Rating Agency such
      references shall mean such rating categories without regard to any plus or
      minus.

     

    “Realized
      Loss”:  With respect to each Mortgage Loan or REO Property as to which
      a Cash Liquidation or REO Disposition has occurred, an amount (not less than
      zero) equal to (i) the Stated Principal Balance of the Mortgage Loan as of
      the
      date of Cash Liquidation or REO Disposition, plus (ii) interest (and REO Imputed
      Interest, if any) at the Net Mortgage Rate from the Due Date as to which
      interest was last paid or advanced to Certificateholders up to the date of
      the
      Cash Liquidation or REO Disposition on the Stated Principal Balance of such
      Mortgage Loan outstanding during each Due Period that such interest was not
      paid
      or advanced, minus (iii) the proceeds, if any, received during the month in
      which such Cash Liquidation or REO Disposition occurred, to the extent applied
      as recoveries of interest at the Net Mortgage Rate and to principal of the
      Mortgage Loan, net of the portion thereof reimbursable to the Servicer or any
      Subservicer with respect to Advances or Servicing Advances not previously
      reimbursed.  With respect to each Mortgage Loan which has become the
      subject of a Deficient Valuation, the difference between the principal balance
      of the Mortgage Loan outstanding immediately prior to such Deficient Valuation
      and the principal balance of the Mortgage Loan as reduced by the Deficient
      Valuation.

     

     “Record
      Date”:  With respect to each Distribution Date and the Class A
      Certificates and Class M Certificates, so long as such Certificates are
      Book-Entry Certificates, the Business Day prior to such Distribution
      Date.  With respect to any Class A Certificates and Class M
      Certificates which are not Book-Entry Certificates Class CE Certificates, the
      close of business on the last Business Day of the month preceding the month
      in
      which such Distribution Date occurs.

     

    “Regular
      Certificate”:  Any of the Class A, Class M or Class CE
      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 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 (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.

     

    “Relief
      Act”:  The Servicemembers Relief Act, as amended, and similar
      legislation or regulations.

     

    “Relief
      Act Interest Shortfall”:  With respect to any Distribution Date, for
      any Mortgage Loan with respect 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 by which (i) interest
      collectible on such 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.

     

    “REMIC
      1”:  The segregated pool of assets subject hereto (exclusive of any
      Available Funds Shortfall Reserve Fund and any Servicer Prepayment Charge
      Payment Amounts) with respect to which a REMIC election is to be made, conveyed
      in trust to the Trustee, for the benefit of the holders of the REMIC 1 Regular
      Interests and the Holders of the Class R Certificates (in respect of the Class
      R-1 Interest), consisting of:  (i) each Mortgage Loan (exclusive of
      payments of principal and interest due on or before the Cut-off Date, if any,
      received by the Servicer, which shall not constitute an asset of the Trust
      Fund)
      as from time to time are subject to this Agreement and all payments under and
      proceeds of such Mortgage Loans (exclusive of any late payment charges received
      on the Mortgage Loans), together with all documents included in the related
      Mortgage File, subject to Section 2.01; (ii) such funds or assets as from time
      to time are deposited in the Custodial Account or the Certificate Account and
      belonging to the Trust Fund; (iii) any REO Property; (iv) all Insurance Policies
      with respect to such Mortgage Loans; and (iv) the Depositor’s interest in
      respect of the representations and warranties made by the Sponsor in the
      Mortgage Loan Purchase Agreement as assigned to the Trustee pursuant to Section
      2.04 hereof.

     

    “REMIC
      1
      Regular Interest”:  Any of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto. The
      designations for the respective REMIC 1 Regular Interests are set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      1
      Interest Loss Allocation Amount”:  With respect to any Distribution
      Date, an amount equal to (a) the product of (i) the aggregate Stated Principal
      Balance of the Mortgage Loans and the REO Properties then outstanding and (ii)
      the Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest AA
      minus the Marker Rate, divided by (b) 12.

     

    “REMIC
      1
      Overcollateralized Amount”:  With respect to any date of
      determination, (i) 1.00% of the aggregate Uncertificated Principal Balance
      of
      the REMIC 1 Regular Interests, minus (ii) the aggregate Uncertificated Principal
      Balance of each REMIC 1 Regular Interest for which a Class A Certificate or
      Class M Certificate is a Corresponding Certificate, in each case, as of such
      date of determination.

     

    “REMIC
      1
      Overcollateralization Target Amount”:  1.00% of the
      Overcollateralization Target Amount.

     

    “REMIC
      1
      Principal Loss Allocation Amount”:  With respect to any Distribution
      Date, an amount equal to the product of (i) the aggregate Stated Principal
      Balance of the Mortgage Loans and the REO Properties then outstanding and (ii)
      1
      minus a fraction, the numerator of which is two (2) times the aggregate
      Uncertificated Principal Balance of each REMIC 1 Regular Interest for which
      a
      Class A Certificate or Class M Certificate is a Corresponding Certificate and
      the denominator of which is the aggregate Uncertificated Principal Balance
      of
      each REMIC 1 Regular Interest for which a Class A Certificate or Class M
      Certificate is a Corresponding Certificate and REMIC 1 Regular Interest
      ZZ.

     

    “REMIC
      1
      Regular Interest”:  Any of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto. The
      designations for the respective REMIC 1 Regular Interests are set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      2”:  The segregated pool of assets consisting of all of the REMIC 1
      Regular Interests conveyed in trust to the Trustee, for the benefit of the
      holders of the REMIC 2 Regular Interests and the Holders of the Class R
      Certificates (in respect of the Class R-2 Interest), pursuant to Article II
      hereunder, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      2
      Regular Interest”:  The Class CE Interest or any Regular Interest in
      REMIC 2 the ownership of which is represented by any of the Regular Certificates
      (other than the Class CE Certificates).

     

     “REMIC
      3”:  The segregated pool of assets consisting of the Class CE Interest
      conveyed in trust to the Trustee, for the benefit of the holders of the Class
      CE
      Certificates and the Holders of the Class R-X Certificates (in respect of the
      Class R-3 Interest), pursuant to Article II hereunder, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      Provisions”:  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
      proposed, temporary and final regulations and published rulings, notices and
      announcements promulgated thereunder, as the foregoing may be in effect from
      time to time.

     

    “REMIC
      Regular Interest”:  A REMIC 1 Regular Interest or the Class CE
      Interest.

     

    “Remittance
      Report”:  A report prepared by the Servicer providing the information
      set forth in Exhibit E attached hereto.

     

    “REO
      Acquisition”:  The acquisition by the Servicer on behalf of the
      Trustee for the benefit of the Certificateholders of any REO Property pursuant
      to Section 3.16.

     

    “REO
      Disposition”:  The receipt by the Servicer of Insurance Proceeds,
      Liquidation Proceeds and other payments and recoveries (including proceeds
      of a
      final sale) which the Servicer expects to be finally recoverable from the sale
      or other disposition of the REO Property.

     

    “REO
      Imputed Interest”:  As to any REO Property, for any period, an amount
      equivalent to interest (at the Mortgage Rate that would have been applicable
      to
      the related Mortgage Loan had it been outstanding) on the unpaid principal
      balance of the Mortgage Loan as of the date of acquisition thereof (as such
      balance is reduced pursuant to Section 3.15 by any income from the REO Property
      treated as a recovery of principal).

     

    “REO
      Proceeds”:  Proceeds, net of directly related expenses, received in
      respect of any REO Property (including, without limitation, proceeds from the
      rental of the related Mortgaged Property and of any REO Disposition), which
      proceeds are required to be deposited into the Custodial Account as and when
      received.

     

    “REO
      Property”:  A Mortgaged Property acquired by the Servicer on behalf of
      the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection
      with a defaulted Mortgage Loan.

     

    “Reportable
      Event”:  As defined in Section 12.10(a)(ii)(A).

     

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

     

    “Residual
      Certificate”:  Any of the Class R Certificates or Class R-X
      Certificate.

     

    “Residual
      Interest”:  The sole class of “residual interests” in a REMIC within
      the meaning of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”:  When used with respect to the Securities Administrator, the
      Chairman or Vice Chairman of the Board of Directors or Trustees, the Chairman
      or
      Vice Chairman of the Executive or Standing Committee of the Board of Directors
      or Trustees, the President, the Chairman of the Committee on Trust Matters,
      any
      vice president, any assistant vice president, the Secretary, any assistant
      secretary, the Treasurer, any assistant treasurer, and also, with respect to
      a
      particular matter, any other officer to whom such matter is referred because
      of
      such officer's knowledge of and familiarity with the particular
      subject.  When used with respect to the Trustee, any officer in the
      corporate trust department or similar group of the Trustee with direct
      responsibility for the administration of this Agreement and also, with respect
      to a particular corporate trust matter, any other officer to whom such matter
      is
      referred because of his or her knowledge of and familiarity with the particular
      subject.

     

    “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, 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 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
      Commission from time to time pursuant to the Sarbanes-Oxley Act, 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 that then form of the required
      certification as of the Closing Date, the Sarbanes-Oxley Certification shall
      be
      as agreed to by the Master Servicer and the Depositor following a negotiation
      in
      good faith to determine how to comply with any such new
      requirements.

     

    “Securities
      Act”:  The Securities Act of 1933, as amended.

     

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

     

    “Senior
      Credit Enhancement Percentage”:  For any Distribution Date after the
      Stepdown Date, the percentage equivalent of a fraction, the numerator of which
      is equal to (a) the excess of (i) the Aggregate Stated Principal Balance of
      the
      Mortgage Loans for such Distribution Date (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) over (ii) (1) before the aggregate Certificate
      Principal Balance of the Class A Certificates have been reduced to zero, the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account distribution of the Principal Distribution Amount for such
      Distribution Date), or (2) after such time, the Certificate Principal Balance
      of
      the most senior class of Subordinate Certificates outstanding (after taking
      into
      account distribution of the Principal Distribution Amount for such Distribution
      Date) and the denominator of which is equal to (b) the Aggregate Stated
      Principal Balance of the Mortgage Loans for such Distribution Date (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).

     

    “Servicer”:  Alliance
      Bancorp, or any successor servicer appointed as herein provided.

     

    “Servicer
      Prepayment Charge Payment Amount”:  The amounts payable by the
      Servicer in respect of any waived Prepayment Charges pursuant to Section 2.03,
      and any amount paid to the Trust Fund by any Person to remedy any breach of
      any
      representation, warranty or covenant made with respect to the Prepayment Charges
      to the extent the Trust Fund, as assignee, is the beneficiary of such
      representation, warranty or covenant.

     

    “Servicer
      Remittance Date”:  The 18th day of
      any month,
      or if such 18th
      day is not a Business Day, the Business Day immediately prior such 18th day, commencing
      in
      June 2007.

     

    “Servicing
      Advances”:  All customary, reasonable and necessary “out of pocket”
costs and expenses incurred in connection with a default, delinquency or other
      unanticipated event in the performance by the Servicer or any Subservicer of
      its
      servicing obligations, including, but not limited to, the cost of (i) the
      preservation, restoration and protection of a Mortgaged Property, (ii) any
      enforcement or judicial proceedings, including foreclosures, including any
      expenses incurred in relation to any such proceedings that result from the
      Mortgage Loan being registered on the MERS System, (iii) the management and
      liquidation of any REO Property, including reasonable fees paid to any
      independent contractor in connection therewith, and (iv) compliance with the
      obligations under the second paragraph of Section 3.01, Section 3.09 and Section
      3.14 (other than any deductible described in Section 3.14(b)).

     

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

     

    “Servicing
      Expenses”:  All customary, reasonable and necessary out of pocket
      costs and expenses paid or incurred in connection with the Servicer’s
      obligations hereunder, including without limitation:

     

    (a)
      real
      estate taxes, assessments and similar charges;

     

    (b)
      insurance premiums;

     

    (c)
      any
      expense necessary in order to prevent or cure any violation of applicable laws,
      regulations, codes, ordinances, rules, orders, judgments, decrees, injunctions
      or restrictive covenants;

     

    (d)
      any
      cost or expense necessary in order to maintain or release the lien on each
      Mortgaged Property and related collateral, including any mortgage registration
      taxes, release fees, or recording or filing fees;

     

    (e)
      customary expenses for the collection, enforcement or foreclosure of the
      Mortgage Loans and the collection of deficiency judgments against borrowers
      and
      guarantors (including but not limited to the fees and expenses of any trustee
      under a deed of trust, foreclosure title searches and other lien
      searches);

     

    (f)
      costs
      and expenses of any appraisals, valuations, inspections, environmental
      assessments (including but not limited to the fees and expenses of environmental
      consultants), audits or consultations, engineers, architects, accountants,
      on
      site property managers, market studies, title and survey work and financial
      investigating services;

     

    (g)
      customary expenses for liquidation, restructuring, modification or loan
      workouts, such as sales brokerage expenses and other costs of
      conveyance;

     

    (h)
      costs
      and expenses related to travel and lodging; and

     

    (i)
      any
      other reasonable costs and expenses, including without limitation, legal fees
      and expenses, incurred by the Servicer under this Agreement in connection with
      the enforcement, collection, foreclosure, disposition, condemnation or
      destruction of the Mortgage Loans or related Mortgaged Properties, the
      maintenance, leasing, operation, management and sale of the REO Properties,
      the
      preservation, restoration and protection of Mortgaged Properties and the
      performance of loan servicing by the Servicer under this Agreement.

     

    Notwithstanding
      the foregoing, Servicing Expenses shall not be deemed to include costs and
      expenses incurred by the Servicer in the performance of its loan servicing
      obligations hereunder that are in the nature of internal costs or fixed overhead
      of the Servicer (including, without limitation, costs and expenses relating
      to
      data processing, computer and telephone systems, office space, equipment and
      supplies, and employee salaries and related expenses), which shall be borne
      solely by the Servicer.

     

    “Servicing
      Fees”:  With respect to each Mortgage Loan, an amount equal to
      interest at the Servicing Fee Rate on the Stated Principal Balance of such
      Mortgage Loan as of the Due Date preceding the calendar month in which the
      payment of the Servicing Fee is due.  The Servicing Fee consists of
      servicing compensation payable to the Servicer in respect of its servicing
      responsibilities.

     

    “Servicing
      Fee Rate”:  With respect to each Mortgage Loan, the per annum rate of
      0.375%.

     

     “Servicing
      Officer”:  Any employee of the Servicer involved in, or responsible
      for, the administration and servicing of the Mortgage Loans, whose name appear
      on a list of Servicing Officers furnished by the Servicer to the Master
      Servicer, the Securities Administrator, the Trustee, the Custodian and the
      Depositor, upon request, as such list may from time to time be amended. With
      respect to the Master Servicer, any officer of the Master Servicer involved
      in
      or responsible for, the administration and master servicing of the Mortgage
      Loans whose name appears on a list of master Servicing Officers furnished by
      the
      Master Servicer to the Servicer, the Trustee, the Securities Administrator,
      the
      Custodian and the Depositor upon request, as such list may from time to time
      be
      amended.

     

    “Single
      Certificate”:  A Regular Certificate of any Class evidencing an
      Initial Certificate Principal Balance of $1,000.

     

    “Sponsor”:  Alliance
      Bancorp, or its successor in interest, in its capacity as seller under the
      Mortgage Loan Purchase Agreement.

     

    “Standard
      & Poor’s”:  Standard & Poor's Ratings Services, a division of
      The McGraw Hill Companies, Inc., or its successor in interest.

     

    “Startup
      Day”:  The day designated as such pursuant to Article X
      hereof.

     

    “Stated
      Principal Balance”:  With respect to any Mortgage Loan or related REO
      Property at any given time, (i) the principal balance of the Mortgage Loan
      outstanding as of the Cut-off Date, after application of principal payments
      due
      on or before such date, whether or not received, minus (ii) the sum of (a)
      the
      principal portion of the Monthly Payments due with respect to such Mortgage
      Loan
      or REO Property during each Due Period ending prior to the most recent
      Distribution Date which were received or with respect to which an Advance was
      made, and (b) all Principal Prepayments with respect to such Mortgage Loan
      or
      REO Property, and all Insurance Proceeds, Liquidation Proceeds and REO Proceeds
      to the extent applied by the Servicer as recoveries of principal in accordance
      with Section 3.16 with respect to such Mortgage Loan or REO Property, which
      were
      distributed pursuant to Section 4.01 on any previous Distribution Date, and
      (c)
      any Realized Loss with respect thereto allocated pursuant to Section 4.05 for
      any previous Distribution Date.

     

    “Step-Up
      Date”:  The Distribution Date immediately following the first
      Distribution Date in which the aggregate unpaid principal balance of the
      Mortgage Loans, and properties acquired in respect thereof, remaining in the
      Trust has been reduced to less than or equal to 10% of the Cut-off Date
      Balance.

     

    “Stepdown
      Date”:  The earlier of (i) the first Distribution Date immediately
      following the Distribution Date on which the aggregate Certificate Principal
      Balance of the Class A Certificates has been reduced to zero and (ii) the later
      to occur of (x) the Distribution Date occurring in June 2010 and (y) the first
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates (after calculating anticipated distributions on the
      Distribution Date) is greater than or equal (a) on any Distribution Date prior
      to the Distribution Date in June 2013, approximately 49.625% and (b) on any
      Distribution Date after or to the Distribution Date in June 2013, approximately
      59.700%, in each case, on any of the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period.

     

    “Stepdown
      Target Subordination Percentage”:  For each class of Subordinate
      Certificates, the respective percentages indicated in the following
      table:

     

    
      	 	
              
                Stepdown
                  Target Subordination Percentage on or After the Stepdown Date and
                  Prior to
                  June 2013

              

            	 	
              
                Stepdown
                  Target

                Subordination
                  Percentage on or After June 2013

              

            
	
              Class
                M-1

            	
              35.250%

            	 	
              28.200%

            
	
              Class
                M-2

            	
              26.500%

            	 	
              21.200%

            
	
              Class
                M-3

            	
              24.000%

            	 	
              19.200%

            
	
              Class
                M-4

            	
              20.000%

            	 	
              16.000%

            
	
              Class
                M-5

            	
              17.625%

            	 	
              14.100%

            
	
              Class
                M-6

            	
              16.000%

            	 	
              12.800%

            
	
              Class
                M-7

            	
              13.625%

            	 	
              10.900%

            
	
              Class
                M-8

            	
              12.000%

            	 	
              9.600%

            
	
              Class
                M-9

            	
              9.500%

            	 	
              7.600%

            

    

    

    “Subcontractor”:  Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of 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 the Servicer or a
      Subservicer.

     

    “Subordinate
      Certificates”:  The Class M Certificates.

     

    “Subordinate
      Class Principal Distribution Amount”:  For any class of Subordinate
      Certificates and any Distribution Date, the excess of (1) the sum of (a) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account distribution of the Class A Principal Distribution Amount
      for such Distribution Date), (b) the aggregate Certificate Principal Balance
      of
      any class(es) of Subordinate Certificates that are senior to the subject class
      (in each case, after taking into account distribution of the Subordinate Class
      Principal Distribution Amount(s) for such senior class(es) of Certificates
      for
      such Distribution Date) and (c) the Certificate Principal Balance of the subject
      class of Subordinate Certificates immediately prior to such Distribution Date
      over (2) the lesser of (a) the product of (x) 100% minus the Stepdown Target
      Subordination Percentage for the subject class of Certificates and (y) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period and (b) the aggregate Stated Principal Balance of the
      Mortgage Loans for such Distribution Date minus the Overcollateralization Floor;
      provided, however, that if such class of Subordinate Certificates is the only
      class of Subordinate Certificates outstanding on such Distribution Date, that
      class will be entitled to receive the entire remaining Principal Distribution
      Amount until the Certificate Principal Balance thereof is reduced to
      zero.

     

    “Subsequent
      Recoveries”:  Any Liquidation Proceeds (net of amounts owed to the
      Servicer or any Subservicer with respect to the related Mortgage Loan) received
      after the final liquidation of a Mortgage Loan. If Subsequent Recoveries are
      received, they will be included as part of the Principal Remittance Amount
      for
      the following Distribution Date and distributed in accordance with the
      priorities described in Section 4.01 of this Agreement. In addition, after
      giving effect to all distributions on a Distribution Date, if any Allocated
      Realized Loss Amounts are outstanding, the Allocated Realized Loss Amount for
      the class of Class A-2, Class A-3 or Class M Certificates then outstanding
      with
      the highest distribution priority will be decreased by the amount of such
      Subsequent Recoveries until reduced to zero (with any remaining Subsequent
      Recoveries applied to reduce the Allocated Realized Loss Amount of the class
      with the next highest distribution priority), and the Certificate Principal
      Balance of such class or classes of Class A-2, Class A-3 or Class M Certificates
      will be increased by the same amount. Thereafter, such class or classes of
      Class
      A-2, Class A-3 or Class M Certificates will accrue interest on the increased
      Certificate Principal Balance.

     

    “Subservicer”:  Any
      Person with which the Servicer has entered into a Sub-Servicing Agreement and
      which meets the qualifications of a Subservicer pursuant to Section 3.02.
      Initially, the Subservicer shall be GMAC.

     

    “Subservicer
      Fees”:  The fees due to the Subservicer pursuant to the Sub-Servicing
      Agreement.

     

    “Sub-Servicing
      Account”:  An account established by a Subservicer which meets the
      requirements set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

    “Sub-Servicing
      Agreement”:  The written contract between the Servicer and a
      Subservicer and any successor Subservicer relating to servicing and
      administration of certain Mortgage Loans as provided in Section 3.02, including
      the sub-servicing agreement dated as of May 30, 2007 between the Servicer and
      GMAC.

     

    “Substitution
      Adjustment”:  As defined in Section 2.04 hereof.

     

    “Successor
      Servicer”:  Upon the removal of the Servicer, the entity appointed to
      be the successor servicer hereunder which (a) shall be the Back-Up Servicer
      for
      so long as the Back-Up Servicer is a party hereto, (b) shall be the Master
      Servicer (or such other successor servicer appointed by the Master Servicer
      hereunder) for so long as the Back-Up Servicer is not a party hereto or is
      otherwise ineligible to act as Successor Servicer hereunder, or (c) shall be
      the
      Trustee (or such other successor servicer appointed by the Trustee hereunder)
      if
      the removed Servicer was the Master Servicer.

     

     “Tax
      Matters Person”:  The person designated as “tax matters person” in the
      manner provided under Treasury Regulation Sections 1.860F-4(d) and
      301.6231(a)(7)-1T. The Holder of the greatest Percentage Interest in a class
      of
      Residual Interests in a REMIC shall be the Tax Matters Person for the related
      REMIC. The Securities Administrator, or any successor thereto or assignee
      thereof, shall serve as tax administrator hereunder and as agent for the related
      Tax Matters Person.

     

    “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
      REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be
      filed
      on behalf of REMIC 1, REMIC 2 and REMIC 3 due to their classification as REMICs
      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.

     

    “Transfer”:  Any
      direct or indirect transfer, sale, pledge, hypothecation or other form of
      assignment of any Ownership Interest in a Certificate.

     

    “Transferor”:  Any
      Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Trigger
      Event”:  A Trigger Event is in effect with respect to any Distribution
      Date with respect to the Mortgage Loans if:

     

    (1)           the
      average two-month rolling percentage obtained by dividing (x) Aggregate Stated
      Principal Balance of Mortgage Loans that are 60 or more days Delinquent
      (including for this purpose any such Mortgage Loans in foreclosure, Mortgage
      Loans with respect to which the related Mortgaged Property has been acquired
      by
      the Trust Fund, and Mortgage Loans discharged due to bankruptcy and REO
      Properties) by (y) the Aggregate Stated Principal Balance of the Mortgage Loans,
      in each case, as of the first day of the related Due Period, equals or exceeds
      (i) on or after the Stepdown Date and prior to the Distribution Date in June
      2013, 13.90% multiplied by the Senior Credit Enhancement Percentage on the
      Class
      A Certificates or (ii) on or after the Distribution Date in June 2013, 17.37%
      multiplied by the Senior Credit Enhancement Percentage on the Class A
      Certificates; or

     

    (2)           the
      cumulative amount of Realized Losses incurred on the Mortgage Loans from and
      including the Cut-off Date through the end of the calendar month immediately
      preceding such Distribution Date (reduced by the aggregate amount of Subsequent
      Recoveries received from the Cut-off Date through the end of the prior calendar
      month) divided by the Cut-off Date Balance of the Mortgage Loans exceeds (i)
      approximately 0.65% with respect to the Distribution Date occurring in June
      2009, plus an additional 1/12th of approximately 0.90% for each month thereafter
      up to and including the distribution date in May 2010, (ii) approximately 1.55%
      with respect to the Distribution Date occurring in June 2010, plus an additional
      1/12th of approximately 1.25% for each month thereafter up to and including
      the
      Distribution Date in May 2011, (iii) approximately 2.80% with respect to the
      Distribution Date occurring in June 2011, plus an additional 1/12th of
      approximately 1.25% for each month thereafter up to and including the
      Distribution Date in May 2012, (iv) approximately 4.05% with respect to the
      Distribution Date occurring in June 2012, plus an additional 1/12th of
      approximately 1.55% for each month thereafter up to and including the
      Distribution Date in May 2013, (v) approximately 5.60% with respect to the
      Distribution Date occurring in June 2013, plus an additional 1/12th of
      approximately 0.60% for each month thereafter up to and including the
      Distribution Date in May 2014, (vi) approximately 6.20% with respect to any
      distribution date occurring in June 2014 and thereafter.

     

    For
      purposes of the foregoing calculation, a Mortgage Loan is considered “60 days”
delinquent if a payment due on the first day of a month has not been received
      by
      the second day of the second following month.

     

    “Trust
      Fund”:  REMIC 1, REMIC 2, REMIC 3, the Available Funds Shortfall
      Reserve Fund and Servicer Prepayment Charge Payment Amounts.

     

    “Trustee”:  Deutsche
      Bank National Trust Company, or its successor in interest, or any successor
      trustee appointed as herein provided.

     

    “Uncertificated
      Accrued Interest”:  With respect to each REMIC Regular Interest on
      each Distribution Date, an amount equal to one month's interest at the related
      Uncertificated Pass-Through Rate on the Uncertificated Principal Balance or
      Notional Amount of such REMIC Regular Interest.  In each case,
      Uncertificated Accrued Interest will be reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular
      Interests as set forth in Section 1.03).

     

     “Uncertificated
      Pass-Through Rate”:  The Uncertificated REMIC 1 Pass-Through
      Rate.

     

    “Uncertificated
      Principal Balance”:  With respect to each REMIC Regular Interest, the
      principal amount of such REMIC Regular Interest outstanding as of any date
      of
      determination.  As of the Closing Date, the Uncertificated Principal
      Balance of each REMIC Regular Interest shall equal the amount set forth in
      the
      Preliminary Statement hereto as its initial Uncertificated Principal
      Balance.  On each Distribution Date, the Uncertificated Principal
      Balance of each such REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.04 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.05.  On each Distribution Date, the
      Uncertificated Principal Balance of each such REMIC Regular Interest shall
      be
      increased by all allocations of Net Deferred Interest made to such REMIC Regular
      Interest on such Distribution Date pursuant to Section 4.09.  The
      Uncertificated Principal Balance of REMIC 1 Regular Interest ZZ shall be
      increased by interest deferrals as provided in Section
      4.04(b)(ii).  With respect to the Class CE Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 1 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates and
      the
      Class M Certificates then outstanding.  The Uncertificated Principal
      Balance of each REMIC Regular Interest shall never be less than
      zero.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”:  With respect each REMIC 1 Regular
      Interest and any Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis
      of the outstanding Stated Principal Balances of the Mortgage Loans as of the
      first day of the month preceding the month in which such Distribution Date
      occurs (adjusted to reflect unscheduled principal payments made thereafter
      during the related Prepayment Period that includes such first day).

     

    “Uninsured
      Cause”:  Any cause of damage to property subject to a Mortgage such
      that the complete restoration of such property is not fully reimbursable by
      the
      hazard insurance policies or flood insurance policies required to be maintained
      pursuant to Section 3A.12.

     

    “United
      States Person”:  A citizen or resident of the United States, a
      corporation or a partnership (including an entity treated as a corporation
      or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States or any State thereof or the District
      of Columbia (except, in the case of a partnership, to the extent provided in
      regulations) provided that, for purposes solely of the restrictions on the
      transfer of Residual Certificates, no partnership or other entity treated as
      a
      partnership for United States federal income tax purposes shall be treated
      as a
      United States Person unless all persons that own an interest in such partnership
      either directly or through any entity that is not a corporation for United
      States federal income tax purposes are required by the applicable operative
      agreement to be United States Persons or an estate whose income is subject
      to
      United States federal income tax regardless of its source, or 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 such United States Persons have
      the
      authority to control all substantial decisions of the trust.  To the
      extent prescribed in regulations by the Secretary of the Treasury, which have
      not yet been issued, a trust which was in existence on August 20, 1996 (other
      than a trust treated as owned by the grantor under subpart E of part I of
      subchapter J of chapter 1 of the Code), and which was treated as a United States
      person on August 20, 1996 may elect to continue to be treated as a United States
      person notwithstanding the previous sentence.

     

    “Unpaid
      Interest Shortfall Amount”:  For each Class of Class A Certificates
      and Class M Certificates and any Distribution Date, the amount, if any, by
      which
      (a) the sum of (1) the Monthly Interest Distributable Amount for such Class
      for
      such Distribution Date and (2) the outstanding Unpaid Interest Shortfall Amount,
      if any, for such Class for the immediately preceding Distribution Date exceeds
      (b) the aggregate amount distributed on such Class in respect of interest
      pursuant to clause (a) of this definition on such Distribution Date, plus
      interest on the amount of Unpaid Interest Shortfall Amount due but not paid
      on
      such Class on the immediately preceding Distribution Date, to the extent
      permitted by law, at the Pass-Through Rate for such Class for the related
      Accrual Period.

     

    “Voting
      Rights”:  The portion of the voting rights of all of the Certificates
      which is allocated to any Certificate.  At all times during the term
      of this Agreement, (i) 99% of all Voting Rights will be allocated among the
      Holders of the Class A Certificates, the Subordinate Certificates and the Class
      CE Certificates in proportion to the then outstanding Certificate Principal
      Balances of their respective Certificates and (ii) 1% of all Voting Rights
      will
      be allocated to the Holders of the Residual Certificates.  The Voting
      Rights allocated to any Class of Certificates shall be allocated among all
      Holders of the Certificates of such Class in proportion to the outstanding
      Percentage Interests in such Class represented thereby.

     

    
      	
              Section
                1.02.  

            	
              Determination
                of LIBOR.

            

    

     

    LIBOR
      applicable to the calculation of the Pass-Through Rate on the Class A
      Certificates and Subordinate Certificates for any Accrual Period will be
      determined on each LIBOR Rate Adjustment Date.

     

    On
      each
      LIBOR Rate Adjustment Date, LIBOR shall be established by the Securities
      Administrator and, as to any Accrual Period, will equal the rate for one month
      United States dollar deposits that appears on the Reuters Screen LIBOR 01 as
      of
      11:00 a.m., London time, on such LIBOR Rate Adjustment Date.  “Reuters
      Screen LIBOR 01” means the display designated Reuters Monitor Money Rates
      service (or such other page as may replace that page on that service for the
      purpose of displaying London interbank offered rates of major
      banks).  If such rate does not appear on such page (or such other page
      as may replace that page on that service, or if such service is no longer
      offered, LIBOR shall be so established by use of such other service for
      displaying LIBOR or comparable rates as may be selected by the Securities
      Administrator), the rate will be the Reference Bank Rate.  The
“Reference Bank Rate” will be determined on the basis of the rates at which
      deposits in U.S. Dollars are offered by the reference banks (which shall be
      any
      three major banks that are engaged in transactions in the London interbank
      market, selected by the Securities Administrator) as of 11:00 a.m., London
      time,
      on the LIBOR Rate Adjustment Date to prime banks in the London interbank market
      for a period of one month in amounts approximately equal to the aggregate
      Certificate Principal Balance of the Class A Certificates and Subordinate
      Certificates then outstanding.  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 will be the arithmetic mean of the quotations rounded up to the next
      multiple of 1/16%.  If on such date fewer than two quotations are
      provided as requested, the rate will be the arithmetic mean of the rates quoted
      by one or more major banks in New York City, selected by the Securities
      Administrator, as of 11:00 a.m., New York City time, on such date for loans
      in
      U.S. Dollars to leading European banks for a period of one month.  If
      no such quotations can be obtained, the rate will be LIBOR for the prior
      Distribution Date; provided however, if, under the priorities described above,
      LIBOR for a Distribution Date would be based on LIBOR for the previous
      Distribution Date for the third consecutive Distribution Date, the Securities
      Administrator shall select an alternative comparable index (over which the
      Securities Administrator has no control), used for determining one-month
      Eurodollar lending rates that is calculated and published (or otherwise made
      available) by an independent party.

     

    The
      establishment of LIBOR by the Securities Administrator on any LIBOR Rate
      Adjustment Date and the Securities Administrator’s subsequent calculation of the
      Pass-Through Rate applicable to the Class A Certificates and Class M
      Certificates for the relevant Accrual Period, in the absence of manifest error,
      will be final and binding.

     

    Promptly
      following each LIBOR Rate Adjustment Date the Securities Administrator shall
      supply the Servicer and the Master Servicer with the results of its
      determination of LIBOR on such date.  Furthermore, the Securities
      Administrator will supply to any Certificateholder so requesting by telephone
      the Pass-Through Rate on the Class A Certificates and Class M Certificates
      for
      the current and the immediately preceding Accrual Period.

     

    
      	
              Section
                1.03.  

            	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class A Certificates, the Subordinate Certificates and the Class CE
      Certificates for any Distribution Date, the aggregate amount of any Net
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      first, to the Class CE Certificates, based on, and to the extent of, one month's
      interest at the then applicable Pass-Through Rate on the Notional Balance of
      such Certificates and, thereafter, the Class among the Class A Certificates
      and
      Class M Certificates on a pro rata basis, based on, and to the extent
      of, one month's interest at the then applicable respective Pass-Through Rates
      on
      the respective Certificate Principal Balances of each such
      Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated first, to Uncertificated Accrued Interest payable to REMIC 1 Regular
      Interest AA and REMIC 1 Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and
      thereafter among REMIC 1 Regular Interest AA, each REMIC 1 Regular Interest
      for
      which a Class A Certificate or Class M Certificate is the Corresponding
      Certificate and REMIC 1 Regular Interest ZZ, pro rata, based on, and to
      the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	
              Section
                2.01.  

            	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, as of the Closing Date, and concurrently with the execution and
      delivery hereof, does hereby assign, transfer, sell, set over and otherwise
      convey to the Trustee without recourse all the right, title and interest of
      the
      Depositor in and to the Mortgage Loans identified on the Mortgage Loan Schedule
      (exclusive of any late payment charges received thereon) and all other assets
      included or to be included in the Trust Fund for the benefit of the
      Certificateholders, including the amount to be deposited by or on behalf of
      the
      Depositor into the Available Funds Shortfall Reserve Fund. Such assignment
      includes all principal and interest received by the Servicer on or with respect
      to the Mortgage Loans (other than payment of principal and interest due on
      or
      before the Cut-off Date).

     

    In
      connection with such transfer and assignment, the Depositor has caused the
      Sponsor to deliver to, and deposit with the Trustee, as described in the
      Mortgage Loan Purchase Agreement, with respect to each Mortgage Loan, the
      following documents or instruments:

     

    (i)  the
      original Mortgage Note endorsed without recourse, “Deutsche Bank National Trust
      Company, as trustee under the Pooling and Servicing Agreement relating to
      Alliance Bancorp Trust 2007-OA1, or in blank Mortgage Backed Pass-Through
      Certificates, Series 2007-OA1” with all intervening endorsements showing an
      unbroken chain of endorsements from the originator to the Person endorsing
      it to
      the Trustee, in blank or, with respect to any Mortgage Loan as to which the
      original Mortgage Note has been permanently lost or destroyed and has not been
      replaced, a Lost Note Affidavit;

     

    (ii)  the
      original recorded Mortgage, noting the presence of the MIN of the Mortgage
      Loan
      and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
      Loan is a MOM Loan, with evidence of recording indicated thereon or, if the
      original Mortgage has not been returned from the public recording office, a
      copy
      of the Mortgage certified by the Sponsor or the public recording office in
      which
      such Mortgage has been recorded to be a true and complete copy of the original
      Mortgage submitted for recording;

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, a duly executed original
      Assignment of the Mortgage, without recourse, in recordable form to Deutsche
      Bank National Trust Company, as trustee,” or to “Deutsche Bank National Trust
      Company, as trustee for holders of Alliance Bancorp Trust 2007-OA1, Mortgage
      Backed Pass-Through Certificates, Series 2007-OA1”;

     

    (iv)  the
      original intervening Assignments, if any, of the Mortgage showing an unbroken
      chain of assignment from the originator thereof to the Person assigning it
      to
      the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System
      and noting the presence of a MIN) or, if any such Assignment has not been
      returned from the applicable public recording office, a copy of such Assignment
      certified by the Sponsor to be a true and complete copy of the original
      Assignment submitted to the title insurance company for recording;

     

    (v)  the
      original title insurance policy, or, if such policy has not been issued, any
      one
      of an original or a copy of the preliminary title report, title binder or title
      commitment on the Mortgaged Property with the original policy of the insurance
      to be delivered promptly following the receipt thereof; and

     

    (vi)  a
      true
      and correct copy of any assumption, modification, consolidation or substitution
      agreement.

     

    Within
      30
      days after the Closing Date, the Depositor shall complete or cause to be
      completed the Assignments of Mortgage in the name of “Deutsche Bank National
      Trust Company, as trustee under the Pooling and Servicing Agreement relating
      to
“Alliance Bancorp Trust 2007-OA1, Mortgage Backed Pass-Through Certificates,
      Series 2007-OA1” (or shall prepare or cause to be prepared new forms of
      Assignment of Mortgage so completed in the name of the Trustee) for each
      Mortgage Property in a state, if any, which is specifically excluded from the
      Opinion of Counsel delivered by the Depositor to the Trustee and the Custodian,
      each such assignment shall be recorded in the appropriate public office for
      real
      property records, and returned to the Custodian, at no expense to the
      Custodian.

     

    The
      Sponsor is obligated as described in the Mortgage Loan Purchase Agreement,
      with
      respect to the Mortgage Loans, to deliver to the Custodian as agent for the
      Trustee:  (a) either the original recorded Mortgage, or in the event
      such original cannot be delivered by the Sponsor, a copy of such Mortgage
      certified as true and complete by the appropriate recording office, in those
      instances where a copy thereof certified by the Sponsor was delivered to the
      Custodian as agent for the Trustee pursuant to clause (ii) above; and (b) either
      the original intervening Assignments, if any, of the Mortgage, with evidence
      of
      recording thereon, showing an unbroken chain of assignment from the originator
      to the Sponsor, or in the event such original cannot be delivered by the
      Sponsor, a copy of such intervening Assignments, if any, certified as true
      and
      complete by the appropriate recording office, in those instances where copies
      thereof certified by the Sponsor were delivered to the Custodian as agent for
      the Trustee pursuant to clause (iv) above. However, pursuant to the Mortgage
      Loan Purchase Agreement, the Sponsor need not cause to be recorded any
      assignment in any jurisdiction under the laws of which, as evidenced by an
      Opinion of Counsel delivered by the Sponsor to the Trustee, the Custodian and
      the Rating Agencies, the recordation of such assignment is not necessary to
      protect the Trustee’s interest in the related Mortgage Loan.

     

    Notwithstanding
      anything to the contrary contained in this Section 2.01, in those instances
      where the public recording office retains the original Mortgage after it has
      been recorded, the Sponsor shall be deemed to have satisfied its obligations
      hereunder upon delivery to the Custodian as agent for the Trustee of a copy
      of
      such Mortgage certified by the public recording office to be a true and complete
      copy of the recorded original thereof.

     

    If
      any
      Assignment is lost or returned unrecorded to the Custodian as agent for the
      Trustee because of any defect therein, the Sponsor is required, as described
      in
      the Mortgage Loan Purchase Agreement, to prepare a substitute Assignment or
      cure
      such defect, as the case may be, and the Sponsor shall cause such Assignment
      to
      be recorded in accordance with this section.

     

    The
      Sponsor is required as described in the Mortgage Loan Purchase Agreement, with
      respect to the Mortgage Loans, to exercise its best reasonable efforts to
      deliver or cause to be delivered to the Custodian as agent for the Trustee
      within 120 days of the Closing Date, with respect to the Mortgage Loans, the
      original or a photocopy of the title insurance policy with respect to each
      such
      Mortgage Loan assigned to the Trustee pursuant to this Section
      2.01.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor further agrees that it will cause, at the Sponsor's own
      expense, as of the Closing Date, the MERS® System to indicate that such Mortgage
      Loans have been assigned by the Sponsor to the Trustee in accordance with this
      Agreement for the benefit of the Certificateholders by including (or deleting,
      in the case of Mortgage Loans which are repurchased in accordance with this
      Agreement) in such computer files (a) the code in the field which identifies
      the
      specific Trustee and (b) the code in the field “Pool Field” which identifies the
      series of the Certificates issued in connection with such Mortgage
      Loans.  The Depositor further agrees that it will not, and will not
      permit the Servicer to, and the Servicer agrees that it will not, alter the
      codes referenced in this paragraph with respect to any Mortgage Loan during
      the
      term of this Agreement unless and until such Mortgage Loan is repurchased in
      accordance with the terms of this Agreement.

     

    All
      original documents relating to the Mortgage Loans which are not delivered to
      the
      Custodian as agent for the Trustee are and shall be held by the Sponsor in
      trust
      for the benefit of the Trustee on behalf of the Certificateholders.

     

    Except
      as
      may otherwise expressly be provided herein, none of the Depositor, the Master
      Servicer, the Servicer or the Trustee shall assign, sell, dispose of or transfer
      any interest in the Trust Fund or any portion thereof, or cause the Trust Fund
      or any portion thereof to be subject to any lien, claim, mortgage, security
      interest, pledge or other encumbrance.

     

    It
      is
      intended that the conveyance of the Mortgage Loans by the Depositor to the
      Trustee as provided in this Section be, and be construed as, a sale of the
      Mortgage Loans as provided for in this Section 2.01 by the Depositor to the
      Trustee for the benefit of the Certificateholders.  It is, further,
      not intended that such conveyance be deemed a pledge of the Mortgage Loans
      by
      the Depositor to the Trustee to secure a debt or other obligation of the
      Depositor.  However, in the event that the Mortgage Loans are held to
      be property of the Depositor, or if for any reason this Agreement is held or
      deemed to create a security interest in the Mortgage Loans, then it is intended
      that, (a) this Agreement shall also be deemed to be a security agreement within
      the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and
      the
      Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
      provided for in this Section shall be deemed to be (1) a grant by the Depositor
      to the Trustee of a security interest in all of the Depositor's right (including
      the power to convey title thereto), title and interest, whether now owned or
      hereafter acquired, in and to (A) the Mortgage Loans, including the Mortgage
      Notes, the Mortgages, any related Insurance Policies and all other documents
      in
      the related Mortgage Files, (B) all amounts payable to the holders of the
      Mortgage Loans in accordance with the terms thereof and (C) all proceeds of
      the
      conversion, voluntary or involuntary, of the foregoing into cash, instruments,
      securities or other property, including without limitation all amounts from
      time
      to time held or invested in the Certificate Account or the Custodial Account,
      whether in the form of cash, instruments, securities or other property and
      (2)
      an assignment by the Depositor to the Trustee of any security interest in any
      and all of the Sponsor's right (including the power to convey title thereto),
      title and interest, whether now owned or hereafter acquired, in and to the
      property described in the foregoing clauses (1)(A) through (C); (c) the
      possession by the Custodian as agent for the Trustee or any other agent of
      the
      Trustee of Mortgage Notes and such other items of property as constitute
      instruments, money, negotiable documents or chattel paper shall be deemed to
      be
“possession by the secured party” or possession by a purchaser or a person
      designated by such secured party, for purposes of perfecting the security
      interest pursuant to the New York Uniform Commercial Code and the Uniform
      Commercial Code of any other applicable jurisdiction (including, without
      limitation, Sections 9-115, 9-305, 8-102, 8-301, 8-501 and 8-503 thereof);
      and
      (d) notifications to persons holding such property, and acknowledgments,
      receipts or confirmations from persons holding such property, shall be deemed
      notifications to, or acknowledgments, receipts or confirmations from, financial
      intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
      of perfecting such security interest under applicable law.  The
      Depositor shall, to the extent consistent with this Agreement, take such actions
      as may be necessary to ensure that, if this Agreement were deemed to create
      a
      security interest in the Mortgage Loans, such security interest would be deemed
      to be a perfected security interest of first priority under applicable law
      and
      will be maintained throughout the term of this Agreement.  The Trustee
      agrees to file, at the expense of the Trust, continuation statements for any
      Uniform Commercial Code financing statements which the Depositor has informed
      the Trustee were filed on the Closing Date in connection with the Trust. The
      Depositor shall file any financing statements or amendments thereto required
      by
      the Uniform Commercial Code.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of Mortgage Files, including but not limited to certain insurance
      policies and documents contemplated by this Agreement, and preparation and
      delivery of the certifications shall be performed by the Custodian as its agent
      pursuant to the terms and conditions of the Custodial Agreement.

     

    
      	
              Section
                2.02.  

            	
              Acceptance
                of the Trust Fund by the Trustee.

            

    

     

    The
      Trustee acknowledges receipt (subject to any exceptions noted in the Initial
      Certification described 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 it (or the Custodian on its behalf) holds and will hold such
      documents and the other documents delivered to Custodian as agent for the
      Trustee constituting the Mortgage Files, and that it holds or will hold such
      other assets included in the definition of “Trust Fund” (to the extent delivered
      or assigned to the Custodian as agent for the Trustee), in trust for the
      exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees that, for the benefit of the Certificateholders, the Custodian
      as
      agent for the Trustee will review each Mortgage File on the Closing Date to
      ascertain that all documents required to be delivered to it are in its
      possession, and the Custodian as agent for the Trustee agrees to execute and
      deliver to the Trustee, the Depositor, the Servicer and the Master Servicer
      on
      the Closing Date, with respect to each Mortgage Loan, an Initial Certification
      in the form annexed hereto as Exhibit C to the effect 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 such certification as
      not
      covered by such certification), (i) all documents required to be delivered
      to it
      pursuant to this Agreement with respect to such Mortgage Loan are in its
      possession, (ii) such documents have been reviewed by it and appear regular
      on
      their face and relate to such Mortgage Loan and (iii) based on its examination
      and only as to the foregoing documents, the information set forth in item (iv)
      of the definition of the “Mortgage Loan Schedule” accurately reflects
      information set forth in the Mortgage File.  None of the Custodian,
      the Trustee, the Securities Administrator or the Master Servicer shall be under
      any duty to determine whether any Mortgage File should include any of the
      documents specified in clauses (v) or (vi) of Section 2.01.  None of
      the Custodian, the Trustee, the Securities Administrator or the Master Servicer
      shall be under any duty or obligation to inspect, review or examine said
      documents, instruments, certificates or other papers to determine that the
      same
      are genuine, enforceable or appropriate for the represented purpose or that
      they
      have actually been recorded, or they are in recordable form or that they are
      other than what they purport to be on their face.

     

    Within
      90
      days of the Closing Date, with respect to the Mortgage Loans, the Custodian
      as
      agent for the Trustee shall deliver to the Depositor, the Trustee, the Servicer
      and the Master Servicer a Final Certification in the form annexed hereto as
      Exhibit D evidencing the completeness of the Mortgage Files, with any applicable
      exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and preparing the certifications
      referred to above the Custodian as agent for the Trustee finds any document
      or
      documents constituting a part of a Mortgage File to be missing or defective
      in
      any material respect, the Custodian as agent for the Trustee shall promptly
      notify (which may be by way of an exception report) the Trustee, the Master
      Servicer, the Sponsor and the Depositor.  The Trustee shall promptly
      notify the Sponsor of such defect and request that the Sponsor cure any such
      defect within 60 days from the date on which the Sponsor was notified of such
      defect, and if the Sponsor does not cure such defect in all material respects
      during such period, request on behalf of the Certificateholders that the Sponsor
      purchase such Mortgage Loan from the Trust Fund at the Purchase Price within
      90
      days after the date on which the Sponsor was notified of such defect; provided
      that if such defect would cause the Mortgage Loan to be other than a “qualified
      mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or
      repurchase must occur within 90 days from the date such breach was
      discovered.  It is understood and agreed that the obligation of the
      Sponsor to cure a material defect in, or purchase any Mortgage Loan as to which
      a material defect in a constituent document exists shall constitute the sole
      remedy respecting such defect available to Certificateholders or the Trustee
      on
      behalf of Certificateholders.  The Purchase Price for the purchased
      Mortgage Loan shall be deposited or caused to be deposited upon receipt by
      the
      Servicer in the Custodial Account and, upon receipt by the Custodian as agent
      for the Trustee of written notification (which shall be by way of a Request
      for
      Release) of such deposit signed by a Servicing Officer, the Custodian as agent
      for the Trustee shall release to the Sponsor the related Mortgage File, and
      the
      Trustee shall execute and deliver such instruments of transfer or assignment,
      in
      each case without recourse, as the Sponsor shall require as necessary to vest
      in
      the Sponsor ownership of any Mortgage Loan released pursuant hereto and at
      such
      time neither the Custodian as agent for the Trustee nor the Trustee shall have
      any further responsibility with respect to the related Mortgage
      File.  In furtherance of the foregoing, if the Sponsor is not a member
      of MERS and the Mortgage is registered on the MERS® System, the Trustee, at the
      Sponsor’s expense, shall cause MERS to execute and deliver an assignment of the
      Mortgage in recordable form to transfer the Mortgage from MERS to the Sponsor
      and shall cause such Mortgage to be removed from registration on the MERS®
System in accordance with MERS’ rules and regulations.

     

    
      	
              Section
                2.03.  

            	
              Representations,
                Warranties and Covenants of the Servicer, the Depositor and the Master
                Servicer.

            

    

     

    (a)  The
      Servicer hereby represents and warrants to and covenants with the Depositor,
      the
      Master Servicer, the Securities Administrator and the Trustee for the benefit
      of
      Certificateholders that:

     

    (i)  The
      Servicer is, and throughout the term hereof shall remain, a corporation duly
      organized, validly existing and in good standing under the laws of the state
      of
      its incorporation (except as otherwise permitted pursuant to Section 6.02),
      the
      Servicer is, and shall remain, in compliance with the laws of each state in
      which any Mortgaged Property is located to the extent necessary to perform
      its
      obligations under this Agreement, and the Servicer or the Subservicer is, and
      shall remain, approved to sell mortgage loans to and service mortgage loans
      for
      Fannie Mae and Freddie Mac;

     

    (ii)  The
      execution and delivery of this Agreement by the Servicer, and the performance
      and compliance with the terms of this Agreement by the Servicer, will not
      violate the Servicer's articles of incorporation or bylaws or 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 agreement
      or other instrument to which it is a party or which is applicable to it or
      any
      of its assets;

     

    (iii)  The
      Servicer has the full power and authority to enter into and consummate all
      transactions contemplated by this Agreement, has duly authorized the execution,
      delivery and performance of this Agreement, and has duly executed and delivered
      this Agreement;

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the Depositor,
      the Master Servicer, the Securities Administrator, the Back-up Servicer and
      the
      Trustee, constitutes a valid, legal and binding obligation of the Servicer,
      enforceable against the Servicer in accordance with the terms hereof, subject
      to
      (A) applicable bankruptcy, insolvency, reorganization, moratorium and other
      laws
      affecting the enforcement of creditors' rights generally, and (B) general
      principles of equity, regardless of whether such enforcement is considered
      in a
      proceeding in equity or at law;

     

    (v)  The
      Servicer is not in violation of, and its execution and delivery of this
      Agreement and its performance and compliance with the terms of this Agreement
      will not constitute a violation of, any law, any order or decree of any court
      or
      arbiter, or any order, regulation or demand of any federal, state or local
      governmental or regulatory authority, which violation is likely to affect
      materially and adversely either the ability of the Servicer to perform its
      obligations under this Agreement or the financial condition of the
      Servicer;

     

    (vi)  No
      litigation is pending (other than litigation with respect to which pleadings
      or
      documents have been filed with a court, but not served on the Servicer) or,
      to
      the best of the Servicer's knowledge, threatened against the Servicer which
      would prohibit its entering into this Agreement or performing its obligations
      under this Agreement or is likely to affect materially and adversely either
      the
      ability of the Servicer to perform its obligations under this Agreement or
      the
      financial condition of the Servicer;

     

    (vii)  The
      Servicer will comply in all material respects in the performance of this
      Agreement with all reasonable rules and requirements of each insurer under
      each
      Insurance Policy;

     

    (viii)  The
      execution of this Agreement and the performance of the Servicer's obligations
      hereunder do not require any license, consent or approval of any state or
      federal court, agency, regulatory authority or other governmental body having
      jurisdiction over the Servicer, other than such as have been
      obtained;

     

    (ix)  No
      information, certificate of an officer, statement furnished in writing or report
      delivered to the Depositor, any affiliate of the Depositor, the Master Servicer,
      the Securities Administrator, the Back-up Servicer or the Trustee by the
      Servicer in its capacity as Servicer, and not in its capacity as a Sponsor
      hereunder, will, to the knowledge of the Servicer, contain any untrue statement
      of a material fact;

     

    (x)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01; and

     

    (xi)  The
      Servicer is a member of MERS in good standing, and will comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.03(a) shall survive the execution and delivery of this
      Agreement, and shall inure to the benefit of the Depositor, the Trustee, the
      Securities Administrator, the Master Servicer and the Certificateholders. Upon
      discovery by the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer or the Servicer of a breach of any of the foregoing
      representations, warranties and covenants that materially and adversely affects
      the interests of the Depositor, the Securities Administrator, the Master
      Servicer or the Trustee, the party discovering such breach shall give prompt
      written notice to the other parties.  Notwithstanding the foregoing,
      within 90 days of the earlier of discovery by the Servicer or receipt of notice
      by the Servicer of the breach of the covenant of the Servicer set forth in
      Section 2.03(a)(x) above which materially and adversely affects the interests
      of
      the Holders of the Certificates in any Prepayment Charge, the Servicer shall
      remedy such breach as follows:  the Servicer shall pay the amount of
      such waived Prepayment Charge, for the benefit of the Holders of the
      Certificates, by depositing such amount into the Custodial Account (net of
      any
      amount actually collected by the Servicer in respect of such Prepayment Charge
      and remitted by the Servicer, for the benefit of the Holders of the
      Certificates, in respect of such Prepayment Charge, into the Custodial Account).
      The foregoing shall not, however, limit any remedies available to the
      Certificateholders, the Depositor, the Securities Administrator, the Master
      Servicer or the Trustee on behalf of the Certificateholders, pursuant to the
      Mortgage Loan Purchase Agreement respecting a breach of any of the
      representations, warranties and covenants contained in the Mortgage Loan
      Purchase Agreement.

     

    (b)  The
      Depositor hereby represents and warrants to the Servicer, the Master Servicer,
      the Securities Administrator and the Trustee for the benefit of
      Certificateholders that as of the Closing Date, the representations and
      warranties of the Sponsor with respect to the Mortgage Loans and the remedies
      therefor that are contained in the Mortgage Loan Purchase Agreement are as
      set
      forth in Exhibit I hereto.

     

    (i)  It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.03(b) shall survive delivery of the respective Mortgage Files to
      the
      Trustee.

     

    (ii)  Upon
      discovery by either the Depositor, the Servicer, the Securities Administrator,
      the Master Servicer or the Trustee of a breach of any representation or warranty
      set forth in this Section 2.03 which materially and adversely affects the
      interests of the Certificateholders in any Mortgage Loan, the party discovering
      such breach shall give prompt written notice to the other parties.

     

    (iii)  There
      are
      no actions, suits or proceedings pending or, to the knowledge of the Depositor,
      threatened against the Depositor, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement or (ii) 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
      the Depositor’s ability to enter into this Agreement or perform its obligations
      under this Agreement; and the Depositor is not in default with respect to any
      order of any court, administrative agency, arbitrator or governmental body
      so as
      to materially and adversely affect the transactions contemplated by this
      Agreement.

     

    (iv)  The
      Depositor has filed all reports required to be filed by Section 13 or Section
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the Depositor was required to file such reports) and it has been
      subject to such filing requirements for the past 90 days.

     

    (c)  The
      Master Servicer hereby represents and warrants to and covenants with the
      Depositor and the Trustee for the benefit of Certificateholders
      that:

     

    (i)  The
      Master Servicer is, and throughout the term hereof shall remain, a corporation
      duly organized, validly existing and in good standing under the laws of the
      state of its incorporation and the Master Servicer or an affiliate is, and
      shall
      remain, approved to service mortgage loans for Fannie Mae and Freddie
      Mac;

     

    (ii)  The
      execution and delivery of this Agreement by the Master Servicer, and the
      performance and compliance with the terms of this Agreement by the Master
      Servicer, will not violate the Master Servicer’s articles of incorporation or
      bylaws or 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 agreement or other instrument to which it is a party or which is
      applicable to it or any of its assets;

     

    (iii)  The
      Master Servicer has the full power and authority to enter into and consummate
      all transactions contemplated by this Agreement, has duly authorized the
      execution, delivery and performance of this Agreement, and has duly executed
      and
      delivered this Agreement;

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the Depositor,
      the Back-up Servicer and the Trustee, constitutes a valid, legal and binding
      obligation of the Master Servicer, enforceable against the Master Servicer
      in
      accordance with the terms hereof, subject to (A) applicable bankruptcy,
      insolvency, reorganization, moratorium and other laws affecting the enforcement
      of creditors' rights generally, and (B) general principles of equity, regardless
      of whether such enforcement is considered in a proceeding in equity or at
      law;

     

    (v)  The
      Master Servicer is not in violation of, and its execution and delivery of this
      Agreement and its performance and compliance with the terms of this Agreement
      will not constitute a violation of, any law, any order or decree of any court
      or
      arbiter, or any order, regulation or demand of any federal, state or local
      governmental or regulatory authority, which violation is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vi)  No
      litigation is pending (other than litigation with respect to which pleadings
      or
      documents have been filed with a court, but not served on the Master Servicer)
      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 or is likely to affect
      materially and adversely either the ability of the Master Servicer to perform
      its obligations under this Agreement or the financial condition of the Master
      Servicer;

     

    (vii)  The
      execution of this Agreement and the performance of the Master Servicer's
      obligations hereunder do not require any license, consent or approval of any
      state or federal court, agency, regulatory authority or other governmental
      body
      having jurisdiction over the Master Servicer, other than such as have been
      obtained; and

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.03(c) shall survive the execution and delivery of this
      Agreement, and shall inure to the benefit of the Depositor, the Trustee and
      the
      Certificateholders.  Upon discovery by any of the Depositor, the
      Trustee, the Securities Administrator or the Master Servicer of a breach of
      any
      of the foregoing representations, warranties and covenants that materially
      and
      adversely affects the interests of the Depositor or the Trustee or the value
      of
      any Mortgage Loan or Prepayment Charge, the party discovering such breach shall
      give prompt written notice to the other parties.

     

    
      	
              Section
                2.04.  

            	
              Representations
                and Warranties of the Sponsor; Repurchase and Substitution of the
                Mortgage
                Loans.

            

    

     

    The
      Depositor hereby assigns to the Trustee for the benefit of Certificateholders
      all of its rights (but none of its obligations) in, to and under the Mortgage
      Loan Purchase Agreement.  Insofar as the Mortgage Loan Purchase
      Agreement relates to such representations and warranties and any remedies
      provided thereunder for any breach of such representations and warranties,
      such
      right, title and interest may be enforced by the Trustee on behalf of the
      Certificateholders.  Upon the discovery by the Depositor, the Master
      Servicer, the Securities Administrator or the Trustee of a breach of any of
      the
      representations and warranties made in the Mortgage Loan Purchase Agreement
      in
      respect of any Mortgage Loan which materially and adversely affects the value
      of
      a Mortgage Loan or the interests of the Certificateholders in such Mortgage
      Loan, the party discovering such breach shall give prompt written notice to
      the
      other parties.  The Trustee shall promptly notify the Sponsor of such
      breach and request that the Sponsor shall, within 90 days from the date that
      the
      Sponsor was notified or otherwise obtained knowledge of such breach, either
      (i)
      cure such breach in all material respects or (ii) purchase such Mortgage Loan
      from the Trust Fund at the Purchase Price and in the manner set forth in Section
      2.02; provided that if such breach would cause the Mortgage Loan to be other
      than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code, any
      such cure or repurchase must occur within 90 days from the date such breach
      was
      discovered.  However, in the case of a breach under the Mortgage Loan
      Purchase Agreement, subject to the approval of the Depositor the Sponsor shall
      have the option to substitute a Qualified Substitute Mortgage Loan or Loans
      for
      such Mortgage Loan if such substitution occurs within two years following the
      Closing Date, except that if the breach would cause the Mortgage Loan to be
      other than a “qualified mortgage” as defined in Section 860G(a)(3) of the Code,
      any such substitution must occur within 90 days from the date the breach was
      discovered if such 90 day period expires before two years following the Closing
      Date.  In the event that the Sponsor elects to substitute a Qualified
      Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this
      Section 2.04, the Trustee shall enforce the obligation of the Sponsor under
      the
      Mortgage Loan Purchase Agreement to deliver to the Custodian as agent for the
      Trustee and the Servicer, as appropriate, with respect to such Qualified
      Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,
      an
      Assignment of the Mortgage in recordable form, and such other documents and
      agreements as are required by Section 2.01, with the Mortgage Note endorsed
      as
      required by Section 2.01.  No substitution will be made in any
      calendar month after the Determination Date for such month.  Monthly
      Payments due with respect to Qualified Substitute Mortgage Loans in the month
      of
      substitution, to the extent received by the Servicer or any Subservicer, shall
      not be part of the Trust Fund and will be retained by the Servicer and remitted
      by the Servicer to the Sponsor on the next succeeding Distribution
      Date.  For the month of substitution, distributions to
      Certificateholders will include the Monthly Payment due on a Deleted Mortgage
      Loan for such month and thereafter the Sponsor shall be entitled to retain
      all
      amounts received in respect of such Deleted Mortgage Loan.  The
      Depositor shall amend or cause to be amended the Mortgage Loan Schedule for
      the
      benefit of the Certificateholders to reflect the removal of such Deleted
      Mortgage Loan and the substitution of the Qualified Substitute Mortgage Loan
      or
      Loans and the Depositor shall deliver the amended Mortgage Loan Schedule to
      the
      Custodian as agent for the Trustee.  Upon such substitution, the
      Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of
      this Agreement in all respects, the Sponsor shall be deemed to have made the
      representations and warranties with respect to the Qualified Substitute Mortgage
      Loan contained in the Mortgage Loan Purchase Agreement as of the date of
      substitution, and the Depositor shall be deemed to have made with respect to
      any
      Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
      the
      representations and warranties set forth in the Mortgage Loan Purchase Agreement
      (other than any statistical representations set forth therein).

     

    In
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine
      the amount (the “Substitution Adjustment”), if any, by which the aggregate
      principal balance of all such Qualified Substitute Mortgage Loans as of the
      date
      of substitution is less than the aggregate Stated Principal Balance of all
      such
      Deleted Mortgage Loans (in each case after application of the principal portion
      of the Monthly Payments due in the month of substitution that are to be
      distributed to Certificateholders in the month of substitution).  The
      Trustee shall enforce the obligation of the Sponsor under the Mortgage Loan
      Purchase Agreement to provide the Servicer on the day of substitution for
      immediate deposit into the Custodial Account the amount of such shortfall,
      without any reimbursement therefor. In accordance with the Mortgage Loan
      Purchase Agreement, the Sponsor shall give notice in writing to the Trustee
      of
      such event, which notice shall be accompanied by an Officers’ Certificate as to
      the calculation of such shortfall and by an Opinion of Counsel to the effect
      that such substitution will not cause (a) any federal tax to be imposed on
      any
      trust, REMIC 1, REMIC 2 or REMIC 3, including without limitation, any federal
      tax imposed on “prohibited transactions” under Section 860F(a)(1) of the Code or
      on “contributions after the startup date” under Section 860G(d)(1) of the Code
      or (b) any portion of any Trust of REMIC 1, REMIC 2 or REMIC 3 to fail to
      qualify as a REMIC at any time that any Certificate is
      outstanding.  The costs of any substitution as described above,
      including any related assignments, opinions or other documentation in connection
      therewith shall be borne by the Sponsor.

     

    Except
      as
      expressly set forth herein none of  the Trustee, the Custodian, the
      Securities Administrator or the Master Servicer is under any obligation to
      discover any breach of the above-mentioned representations and
      warranties.  It is understood and agreed that the obligation of the
      Sponsor to cure such breach, purchase or to substitute for such Mortgage Loan
      as
      to which such a breach has occurred and is continuing shall constitute the
      sole
      remedy respecting such breach available to Certificateholders or the Trustee
      on
      behalf of Certificateholders.

     

    
      	
              Section
                2.05.  

            	
              Issuance
                of Certificates; Conveyance of REMIC Regular Interests and Acceptance
                of
                REMIC 2 and REMIC 3 by the Trustee.

            

    

     

    (a)  The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to the Custodian as agent for the Trustee of the Mortgage Files, subject to
      the
      provisions of Sections 2.01 and 2.02, 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 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.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests for the benefit of the holders of the REMIC 2 Regular
      Interests and Holders of the Class R Certificates (in respect of the Class
      R-2
      Interest).  The Trustee acknowledges receipt of the REMIC 1 Regular
      Interests (which are uncertificated) and declares that it holds and will hold
      the same in trust for the exclusive use and benefit of the holders of the REMIC
      2 Regular Interests and  Holders of the Class R Certificates (in
      respect of the Class R-2 Interest).  The interests evidenced by the
      Class R-2 Interest, together with the REMIC 2 Regular Interests, constitute
      the
      entire beneficial ownership interest in REMIC 2.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      CE Interest for the benefit of the holders of the REMIC 3 Regular Interests
      and
      Holders of the Class R-X Certificates (in respect of the Class R-3
      Interest).  The Trustee acknowledges receipt of the Class CE Interest
      (which is uncertificated) and declares that it holds and will hold the same
      in
      trust for the exclusive use and benefit of the holders of the REMIC 3 Regular
      Interests and Holders of the Class R-X Certificates (in respect of the Class
      R-3
      Interest).  The interests evidenced by the Class R-3 Interest,
      together with the REMIC 3 Regular Interests, constitute the entire beneficial
      ownership interest in REMIC 3.

     

    (d)  In
      exchange for the REMIC 2 Regular Interests and, concurrently with the assignment
      to the Trustee thereof, pursuant to the written request of the Depositor
      executed by an officer of the Depositor, the Securities Administrator has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Regular Certificates (other then the Class CE Certificates) in authorized
      denominations evidencing (together with the Class R-2 Interest and the Class
      CE
      Interest) the entire beneficial ownership interest in REMIC 2.

     

    (e)  In
      exchange for the Class CE Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Securities Administrator has executed,
      authenticated and delivered to or upon the order of the Depositor, the Class
      CE
      Certificates in authorized denominations evidencing (together with the Class
      R-3
      Interest) the entire beneficial ownership interest in REMIC 3.

     

    (f)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 (including the
      Residual Interest therein represented by the Class R-1 Interest) and the
      acceptance by the Trustee thereof, (ii) the assignment and delivery to the
      Trustee of REMIC 2 (including the Residual Interest therein represented by
      the
      Class R-2 Interest), and (iii) the assignment and delivery to the Trustee of
      REMIC 3 (including the Residual Interest therein represented by the Class R-3
      Interest), and the acceptance by the Trustee thereof, the Securities
      Administrator, from and pursuant to the written request of the Depositor
      executed by an officer of the Depositor, has executed, authenticated and
      delivered to or upon the order of the Depositor, the Class R Certificates in
      authorized denominations evidencing the Class R-1 Interest and the Class R-2
      Interest and the Class R-X Certificates in authorized denominations evidencing
      the Class R-3 Interest.

     

    
      	
              Section
                2.06.  

            	
              Purposes
                and Powers of  the Trust.

            

    

     

    The
      purpose of the common law trust, as created hereunder, is to engage in the
      following activities:

     

    (a)  acquire
      and hold the Mortgage Loans and the other assets of the Trust Fund and the
      proceeds therefrom;

     

    (b)  to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

     

    (c)  to
      make
      payments on the Certificates;

     

    (d)  to
      engage
      in those activities that are necessary, suitable or convenient to accomplish
      the
      foregoing or are incidental thereto or connected therewith; and

     

    (e)  subject
      to compliance with this Agreement, to engage in such other activities as may
      be
      required in connection with conservation of the Trust Fund and the making of
      distributions to the Certificateholders.

     

    The
      trust
      is hereby authorized to engage in the foregoing activities.  The
      Trustee shall not knowingly and explicitly cause the trust to engage in any
      activity other than in connection with the foregoing or other than as required
      or authorized by the terms of this Agreement while any Certificate is
      outstanding, and this Section 2.06 may not be amended, without the consent
      of
      the Certificateholders evidencing 51% or more of the aggregate voting rights
      of
      the Certificates.

     

    

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      TRUST FUND

     

    
      	
              Section
                3.01.  

            	
              Servicer
                to Act as Servicer.

            

    

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      the terms of this Agreement and the respective Mortgage Loans and, to the extent
      consistent with such terms, in the same manner in which it services and
      administers or would service and administer similar mortgage loans for its
      own
      portfolio, giving due consideration to customary and usual standards of practice
      of prudent mortgage lenders and loan servicers administering similar mortgage
      loans without regard to:

     

    (i)  any
      relationship that the Servicer, any Subservicer or any Affiliate of the Servicer
      or any Subservicer may have with the related Mortgagor;

     

    (ii)  the
      ownership or non-ownership of any Certificate by the Servicer or any Affiliate
      of the Servicer;

     

    (iii)  the
      Servicer’s or any Subservicer’s obligation to make Advances or Servicing
      Advances; or

     

    (iv)  the
      Servicer’s or any Subservicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, in the event of a Principal Prepayment
      in
      Full or in part of a Mortgage Loan, the Servicer shall waive a Prepayment Charge
      only if such waiver would maximize recovery of total proceeds taking into
      account the value of such Prepayment Charge and related Mortgage Loan and doing
      so is in compliance with Accepted Servicing Practices (including any waiver
      of a
      Prepayment Charge in connection with a refinancing of a Mortgage Loan that
      is
      related to a default or a reasonably foreseeable default).  In
      addition, the Servicer may not waive any Prepayment Charge or portion thereof
      required by the terms of the related Mortgage Note unless (i) the Servicer
      determines that such waiver would maximize recovery of Liquidation Proceeds
      for
      such Mortgage Loan, taking into account the value of such Prepayment Charge
      and
      the Mortgage Loan, and the waiver of such Prepayment Charge is standard and
      customary in servicing similar Mortgage Loans (including the waiver of a
      Prepayment Charge in connection with a refinancing of the Mortgage Loan related
      to a default or a reasonably foreseeable default) or (ii) (A) the enforceability
      thereof is limited (1) by bankruptcy, insolvency, moratorium, receivership,
      or
      other similar law relating to creditors’ rights or (2) due to acceleration in
      connection with a foreclosure or other involuntary payment, (B) the
      enforceability is otherwise limited or prohibited by subsequent changes in
      applicable law or (C) the collection of the Prepayment Charge would be in
      violation of applicable laws, such to be evidenced by an officer’s
      certification, relying on the advice of counsel.  Notwithstanding, in
      no event shall the Servicer waive (or permit a Subservicer to waive) a
      Prepayment Charge in connection with a refinancing of a Mortgage Loan that
      is
      not related to a default or a reasonably foreseeable default, and if the
      Servicer fails to collect the Prepayment Charge upon any prepayment of any
      Mortgage Loan which contains a Prepayment Charge, or waives any Prepayment
      Charge other than in accordance with the standards set forth in this agreement,
      the Servicer shall deposit in the Custodial Account the amount of such
      Prepayment Charge.

     

    In
      addition to the terms stated above, with respect to soft Prepayment Charges
      associated with a Mortgage Loan, the Servicer shall not waive any part of any
      Prepayment Charge unless (i) the waiver relates to a default or a reasonably
      foreseeable default, (ii) the Prepayment Charge would cause an undue hardship
      to
      the related borrower, (iii) the Mortgaged Property is sold by the Mortgagor,
      (iv) the collection of any Prepayment Charge would violate any relevant law
      or
      regulation or (v) the waiving of the Prepayment Charge would otherwise benefit
      the Trust Fund.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall seek to maximize the
      timely and complete recovery of principal and interest on the Mortgage
      Notes.  Subject only to the above-described servicing standards and
      the terms of this Agreement and of the Mortgage Loans, the Servicer shall have
      full power and authority, acting alone or through Subservicers as provided
      in
      Section 3.02, to do or cause to be done any and all things in connection with
      such servicing and administration which it may deem necessary or
      desirable.  Without limiting the generality of the foregoing, the
      Servicer in its own name or in the name of a Subservicer or in the name of
      the
      Trustee, solely in its capacity as Trustee of the Trust, is hereby authorized
      and empowered by the Trustee when the Servicer believes it appropriate in its
      best judgment in accordance with the servicing standards set forth above, to
      execute and deliver, on behalf of the Certificateholders and the Trustee, 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 the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders.  The
      Servicer shall service and administer the Mortgage Loans in accordance with
      applicable state and federal law and shall provide to the Mortgagors any reports
      required to be provided to them thereby.  The Servicer shall also
      comply in the performance of this Agreement with all rules and requirements
      of
      each insurer under any standard hazard insurance policy. The Trustee shall
      execute, at the written request of the Servicer, and furnish to the Servicer
      and
      any Subservicer the power of attorney attached hereto as Exhibit Q and other
      documents necessary or appropriate to enable the Servicer or any Subservicer
      to
      carry out their servicing and administrative duties hereunder; provided, such
      limited powers of attorney or other documents shall be prepared by the Servicer
      or Subservicer and submitted to the Trustee for execution.  The
      Trustee shall not be liable for the actions of the Servicer or any Subservicers
      under such powers of attorney.

     

    The
      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 the
      Subservicer, when the Servicer or the Subservicer, as the case may be, believes
      it is appropriate in its best judgment to register any Mortgage Loan on the
      MERS® System, 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. Any reasonable expenses incurred in connection with
      the
      actions described in the preceding sentence or as a result of MERS discontinuing
      or becoming unable to continue operations in connection with the MERS® System,
      shall be reimbursable to the Servicer by withdrawal from the Custodial Account
      pursuant to Section 3.11.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.03)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan that would change the Mortgage Rate, reduce or increase the Stated
      Principal Balance (except for reductions resulting from actual payments of
      principal), change the final maturity date on such Mortgage Loan (unless, as
      provided in Section 3.07, the Mortgagor is in default with respect to the
      Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
      foreseeable) or (ii) permit any modification, waiver or amendment of any term
      of
      any Mortgage Loan that would both (A) effect an exchange or reissuance of such
      Mortgage Loan under Section 1001 of the Code (or Treasury regulations
      promulgated thereunder) and (B) cause any REMIC created hereunder to fail to
      qualify as a REMIC under the Code or the imposition of any tax on “prohibited
      transactions” or “contributions after the startup date” under the REMIC
      Provisions.

     

    Notwithstanding
      anything in this Agreement to the contrary and notwithstanding its ability
      to do
      so pursuant to the terms of the related Mortgage Note, the Servicer shall not
      be
      required to enforce any provision in any Mortgage Note the enforcement of which
      would violate federal, state or local laws or ordinances designed to discourage
      predatory lending practices.

     

    The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however, that no such delegation shall release the Servicer from the
      responsibilities or liabilities arising under this Agreement.

     

    
      	
              Section
                3.02.  

            	
              Sub-Servicing
                Agreements Between Servicer and
                Subservicers.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Subservicers, for the
      servicing and administration of the Mortgage Loans; provided, however, that
      (i)
      such sub-servicing arrangement and the terms of the related Sub-Servicing
      Agreement must provide for the servicing of Mortgage Loans in a manner
      consistent with the servicing arrangement contemplated hereunder.  The
      Servicer has entered into a separate Sub-Servicing Agreement with GMAC (for
      the
      servicing and administration of certain of the Mortgage Loans and may enter
      into
      additional Sub-Servicing Agreements with other Subservicers for the servicing
      and administration of certain of the Mortgage Loans. The Master Servicer
      acknowledges that the Sub-Servicing Agreement with GMAC meets the requirements
      applicable to Sub-Servicing Agreements set forth in this Agreement and that
      is
      otherwise permitted under this Agreement.

     

    (b)  Each
      Subservicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Subservicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer.  Each Sub-Servicing
      Agreement must impose on the Subservicer all applicable requirements conforming
      to the provisions set forth in Section 3.08, Section 3.20 and Section 3.21
      and
      provide for servicing of the Mortgage Loans consistent with the terms of this
      Agreement.  The Servicer will examine each Sub-Servicing Agreement and
      will be familiar with the terms thereof.  The terms of any
      Sub-Servicing Agreement will not be inconsistent with any of the provisions
      of
      this Agreement.  The Servicer and the Subservicers may enter into and
      make amendments to the Sub-Servicing Agreements or enter into different forms
      of
      Sub-Servicing Agreements; provided, however, that any such amendments or
      different forms shall be consistent with and not violate the provisions of
      this
      Agreement, and that no such amendment or different form shall be made or entered
      into which could be reasonably expected to be materially adverse to the
      interests of the Certificateholders without the consent of the Holders of
      Certificates entitled to at least 66% of the Voting Rights; provided, further,
      that the consent of the Holders of Certificates entitled to at least 66% of
      the
      Voting Rights shall not be required (i) to cure any ambiguity or defect in
      a
      Sub-Servicing Agreement, (ii) to correct, modify or supplement any provisions
      of
      a Sub-Servicing Agreement, or (iii) to make any other provisions with respect
      to
      matters or questions arising under a Sub-Servicing Agreement, which, in each
      case, shall not be inconsistent with the provisions of this
      Agreement.  Any variation without the consent of the Holders of
      Certificates entitled to at least 66% of the Voting Rights from the provisions
      set forth in Section 3.08 (relating to insurance or priority requirements of
      Sub-Servicing Accounts, or credits and charges to the Sub-Servicing Accounts
      or
      the timing and amount of remittances by the Subservicers to the Servicer),
      Section 3.20 or Section 3.21, are conclusively deemed to be inconsistent with
      this Agreement and therefore prohibited.  The Servicer shall deliver
      to the Trustee and the Master Servicer all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    (c)  As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trustee
      and the Certificateholders, shall enforce the obligations of each Subservicer
      under the related Sub-Servicing Agreement, including, without limitation, any
      obligation of a Subservicer to make advances in respect of delinquent payments
      as required by a Sub-Servicing Agreement.  Such enforcement,
      including, without limitation, the legal prosecution of claims, termination
      of
      Sub-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
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Servicer shall pay the costs of such
      enforcement at its own expense, and shall be reimbursed therefor only (i) from
      a
      general recovery resulting from such enforcement, to the extent, if any, that
      such recovery exceeds all amounts due in respect of the related Mortgage Loans,
      or (ii) from a specific recovery of costs, expenses or attorneys’ fees against
      the party against whom such enforcement is directed.

     

    
      	
              Section
                3.03.  

            	
              Successor
                Subservicers and Back-Up Servicers.

            

    

     

    Subject
      to the next paragraph, the Servicer shall be entitled to terminate any
      Sub-Servicing Agreement and the rights and obligations of any Subservicer
      pursuant to any Sub-Servicing Agreement in accordance with the terms and
      conditions of such Sub-Servicing Agreement.  In the event of
      termination of any Subservicer who is also the Back-Up Servicer, (i) the
      Subservicer shall no longer be obligated to act as Back-Up Servicer under this
      Agreement and (ii) all servicing obligations of such Subservicer shall be
      assumed simultaneously by the Servicer without any act or deed on the part
      of
      such Subservicer or the Servicer, and the Servicer either shall service directly
      the related Mortgage Loans or shall enter into a Sub-Servicing Agreement with
      a
      successor Subservicer reasonably acceptable to the Master Servicer which
      qualifies under Section 3.02.

     

    In
      the
      event the Servicer terminates a Subservicer with or without cause who is also
      the Back-Up Servicer, such termination shall not become effective until (a)
      the
      Servicer appoints, at its expense, a successor Subservicer reasonably acceptable
      to the Master Servicer and such Successor Servicer shall have assumed the
      Subservicer’s obligations under Section 7.02 of this Agreement to act as Back-Up
      Servicer and such successor subservicer shall serve as Back-Up Servicer under
      this Agreement or (b) the Master Servicer shall have consented to eliminating
      the role of the Subservicer and Back-Up Servicer hereunder in which case the
      Back-Up Servicer shall no longer be deemed a party hereto.

     

    The
      Back-Up Servicer may resign, at its sole option, as Back-Up Servicer with
      respect to some or all of the Mortgage Loans, without cause, upon ninety (90)
      days written notice to the Servicer and the Master Servicer. During the period
      beginning on the Closing Date and ending on the first anniversary after the
      Closing Date (the “First Back-Up Period”), such resignation shall become
      effective upon the earlier to occur of (i) the appointment of a successor
      back-up servicer or (ii) the first anniversary after the Closing
      Date.  In the event that a successor back-up servicer is not appointed
      by the first anniversary after the Closing Date, the Servicer shall pay the
      Master Servicer from its own funds, the Master Servicer Back-Up Fee on a monthly
      basis until such time as a successor back-up servicer, reasonably acceptable
      to
      the Master Servicer, is appointed by the Servicer. During any time after the
      expiration of the First Back-Up Period, such resignation shall become effective
      upon the earlier to occur of (i) the appointment of a successor back-up servicer
      by the Servicer or (ii) 180 days after the date on which written notice of
      termination is provided by the Back-Up Servicer to the Servicer and the Master
      Servicer.  In the event that a successor back-up servicer is not
      appointed within 180 days of the Servicer’s receipt of such notice from the
      Back-Up Servicer, the Servicer shall pay the Master Servicer, from its own
      funds, the Master Servicer Back-Up Fee on a monthly basis until such time as
      a
      back-up servicer, reasonably acceptable to the Master Servicer, shall be
      appointed by the Servicer.

     

    
      	
              Section
                3.04.  

            	
              Liability
                of the Servicer.

            

    

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Subservicer or reference
      to actions taken through a Subservicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or liability
      by
      virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Subservicer and to the same extent and under the same
      terms and conditions as if the Servicer alone were servicing and administering
      the Mortgage Loans.  The Servicer shall be entitled to enter into any
      agreement with a Subservicer for indemnification of the Servicer by such
      Subservicer and nothing contained in this Agreement shall be deemed to limit
      or
      modify such indemnification.

     

    
      	
              Section
                3.05.  

            	
              No
                Contractual Relationship Between Subservicers and the Trustee, the
                Master
                Servicer or Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Subservicer in its capacity
      as such shall be deemed to be between the Subservicer and the Servicer alone,
      and the Trustee, the Master Servicer and the Certificateholders shall not be
      deemed parties thereto and shall have no claims, rights, obligations, duties
      or
      liabilities with respect to the Subservicer except as set forth in Section
      3.06.  The Servicer shall be solely liable for all fees owed by it to
      any Subservicer, irrespective of whether the Servicer’s compensation pursuant to
      this Agreement is sufficient to pay such fees.

     

    
      	
              Section
                3.06.  

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Master
                Servicer.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Successor Servicer
      shall thereupon assume all of the rights and obligations of the Servicer under
      each Sub-Servicing Agreement that the Servicer may have entered into, provided,
      however, if the Successor Servicer is one of the entities enumerated in clause
      (b) of (c) of such defined term, such Successor Servicer shall have the right,
      at its sole option, to terminate the Subservicing Agreement.  Upon
      such assumption, the Successor Servicer shall be deemed, subject to Section
      3.03, to have assumed all of the departing Servicer’s interest therein and to
      have replaced the departing Servicer as a party to each Sub-Servicing Agreement
      to the same extent as if each Sub-Servicing Agreement had been assigned to
      the
      assuming party, except that (i) the departing Servicer shall not thereby be
      relieved of any liability or obligations under any Sub-Servicing Agreement
      that
      arose before it ceased to be the Servicer and (ii) none of the Successor
      Servicer, Back-Up Servicer, the Master Servicer, the Trustee or the Securities
      Administrator, or any of its designees shall be deemed to have assumed any
      liability or obligation of the Servicer that arose before it ceased to be the
      Servicer.

     

    The
      Servicer at its expense shall, upon request of the Master Servicer or the
      Trustee, as applicable, deliver to the assuming party all documents and records
      relating to each Sub-Servicing Agreement and the Mortgage Loans then being
      serviced and an accounting of amounts collected and held by or on behalf of
      it,
      and otherwise use its best efforts to effect the orderly and efficient transfer
      of the Sub-Servicing Agreements to the assuming party.

     

    
      	
              Section
                3.07.  

            	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall diligently collect all payments called for under the terms and
      provisions of the Mortgage Loans, and shall, to the extent such procedures
      shall
      be consistent with this Agreement and the terms and provisions of any applicable
      insurance policies provided to the Servicer, follow such collection procedures
      as it would follow with respect to mortgage loans comparable to the Mortgage
      Loans and held for its own account.  Further, the Servicer shall take
      special care in ascertaining and estimating annual ground rents, taxes,
      assessments, water rates, fire and hazard insurance premiums, mortgage insurance
      premiums, Escrow Payments, and all other charges that will become due and
      payable with respect to the Mortgage Loans and each related Mortgaged Property,
      to the extent that the installments payable by the Mortgagors will be sufficient
      to pay such charges as and when they become due and
      payable.  Consistent with the foregoing, the Servicer may in its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest, (ii) waive any provisions of any Mortgage Loan requiring the related
      Mortgagor to submit to mandatory arbitration with respect to disputes arising
      thereunder or (iii) extend the Due Dates for the Monthly Payments due on a
      Mortgage Note for a period of not greater than 180 days; provided, however,
      that
      any extension pursuant to clause (iii) above shall not affect the amortization
      schedule of any Mortgage Loan for purposes of any computation hereunder, except
      as provided below. In the event of any such arrangement pursuant to clause
      (iii)
      above, the Servicer shall make timely Advances on such Mortgage Loan during
      such
      extension pursuant to Section 4.03 and in accordance with the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      arrangement.  Notwithstanding the foregoing, in the event that any
      Mortgage Loan is in default or, in the judgment of the Servicer, such default
      is
      reasonably foreseeable, the Servicer, consistent with the standards set forth
      in
      Section 3.01, may also waive, modify or vary any term of such Mortgage Loan
      (including modifications that would change the Mortgage Rate, forgive the
      payment of principal or interest or extend the final maturity date of such
      Mortgage Loan), accept payment from the related Mortgagor of an amount less
      than
      the Stated Principal Balance in final satisfaction of such Mortgage Loan (such
      payment, a “Short Pay-off”), or consent to the postponement of strict compliance
      with any such term or otherwise grant indulgence to any Mortgagor.

     

    
      	
              Section
                3.08.  

            	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Subservicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Subservicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing
      Account”).  The Sub-Servicing Account shall be an Eligible Account and
      shall comply with all requirements of this Agreement relating to the Custodial
      Account.  The Subservicer shall deposit on a daily basis in the
      Sub-Servicing Account, all proceeds of Mortgage Loans received by the
      Subservicer less the Servicing Fees to the extent permitted by this Agreement
      and the Sub-Servicing Agreement.

     

    
      	
              Section
                3.09.  

            	
              Collection
                of Taxes, Assessments and Similar Items; Escrow
                Accounts.

            

    

     

    The
      Servicer and the Subservicer shall establish and maintain one or more accounts
      (the “Escrow Accounts”), and shall deposit and retain therein all collections
      from the Mortgagors (or related advances from the Subservicer) for the payment
      of taxes, assessments, hazard insurance policy premiums, and comparable items
      for the account of the Mortgagors, to the extent that the Servicer or the
      Subservicer customarily escrows for such amounts.  Withdrawals of
      amounts so collected from a Escrow Account may be made only to (i) effect timely
      payments of ground rents, taxes, assessments, water rates, mortgage insurance
      premiums, condominium charges, fire and hazard insurance premiums or other
      items
      constituting Escrow Payments for the related Mortgage; (ii) reimburse the
      Servicer (or the Subservicer to the extent provided in the related Sub-Servicing
      Agreement) out of related collections for any payments made pursuant to Sections
      3.01 (with respect to taxes and assessments), and 3.14 (with respect to hazard
      insurance policies); (iii) refund to Mortgagors any sums as may be determined
      to
      be overages; (iv) payment of investment income to the extent provided in the
      mortgage loan documentation or (v) clear and terminate the Escrow Account at
      the
      termination of this Agreement pursuant to Section 9.01.  The Servicer
      or the Subservicer shall, be entitled to retain any interest paid on fund
      deposited in the Escrow Account by a depository institution, other than interest
      on escrowed funds required by Applicable Law to be paid to the
      Mortgagor.  To the extent required by Applicable Law, the Servicer or
      Subservicer shall pay from its own funds interest on escrowed funds to the
      Mortgagor notwithstanding that the Escrow Account may be non-interest bearing
      or
      that interest paid thereon is insufficient for such purposes.

     

    With
      respect to each Mortgage Loan, the Servicer or the Subservicer shall maintain
      accurate records reflecting the status of ground rents, taxes, assessments,
      water rates, sewer rents, and other charges which are or may become a lien
      upon
      the Mortgaged Property and the status of any mortgage insurance policy and
      fire
      and hazard insurance coverage and shall obtain, from time to time, all bills
      for
      the payment of such charges (including renewal premiums) and shall effect
      payment thereof prior to the applicable penalty or termination date, employing
      for such purpose deposits of the Mortgagor in the Escrow Account which shall
      have been estimated and accumulated by the Servicer of the Subservicer in
      amounts sufficient for such purposes, as allowed under the terms of the
      Mortgage.

     

    To
      the
      extent that a Mortgage Loan does not provide for Escrow Payments, the Servicer
      or the Subservicer shall determine that any such payments are made by the
      Mortgagor at the time they first become due.

     

    The
      Servicer or the Subservicer assumes full responsibility for the timely payment
      of all such bills and shall effect payments of all such bills irrespective
      of
      the Mortgagor’s faithful performance in the payment of same or the making of the
      Escrow Payments.  The Servicer or the Subservicer shall make Servicing
      Advances from its own funds to effect such payments within the time period
      required to avoid penalties and interest and no later than the time required
      to
      avoid the loss of the related Mortgaged Property by foreclosure from a tax
      or
      other lien.  The Servicer or the Subservicer will charge the Mortgagor
      for such advances of taxes and any delinquency penalties paid by the Servicer
      or
      the Subservicer in connection  with the Mortgaged
      Property.  Notwithstanding the foregoing, if the Servicer or the
      Subservicer determines that such Servicing Advance would be a Nonrecoverable
      Advance, the Servicer or the Subservicer shall have no obligation to make such
      Servicing Advance.  If Servicer or the Subservicer fails to make a
      Servicing Advance with respect to any payment prior to the date on which any
      late payment penalties or costs related to protecting the lien accrue, except
      in
      the case of a Nonrecoverable Advance, the Servicer or the Subservicer shall
      pay
      from its own funds any such penalties or cost.

     

    
      	
              Section
                3.10.  

            	
              Custodial
                Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more accounts (such account or accounts,
      the
“Custodial Account”), held in trust for the benefit of the Trustee and the
      Certificateholders.  On behalf of the Trust Fund, the Servicer shall
      deposit or cause to be deposited on a daily basis, and retained therein, the
      following payments and collections received or made by it subsequent to the
      Cut-off Date (other than in respect of principal or interest on the Mortgage
      Loans due on or before the Cut-off Date), or payments (other than Principal
      Prepayments) received by it on or prior to the Cut-off Date but allocable to
      a
      Due Period subsequent thereto:

     

    (1)           all
      payments (including advances) on account of principal, including Principal
      Prepayments, on the Mortgage Loans;

     

    (2)           all
      payments (including advances) on account of interest (net of the Servicing Fee
      and any Prepayment Interest Excess) on each Mortgage Loan;

     

    (3)           all
      Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and condemnation
      proceeds (other than proceeds collected in respect of any particular REO
      Property and amounts paid in connection with a purchase of Mortgage Loans and
      REO Properties pursuant to Section 9.01);

     

    (4)           any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Custodial Account;

     

    (5)           any
      amounts required to be deposited by the Servicer pursuant to Section 3.14(b)
      in
      respect of any blanket policy deductibles;

     

    (6)           all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.02, Section 2.04, Section 3.30 or Section 9.01;

     

    (7)           all
      amounts required to be deposited in connection with Substitution Adjustments
      pursuant to Section 2.04; and

     

    (8)           all
      Prepayment Charges collected by the Servicer in connection with the Principal
      Prepayment of any of the Mortgage Loans and any Servicer Prepayment Charge
      Payment Amount.

     

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of Servicing Fees, late payment charges,
      Prepayment Interest Excess, assumption fees, insufficient funds charges and
      ancillary income (other than Prepayment Charges) need not be deposited by the
      Servicer in the Custodial Account and may be retained by the Servicer as
      additional compensation. In the event the Servicer shall deposit in the
      Custodial Account any amount not required to be deposited therein, it may at
      any
      time withdraw such amount from the Custodial Account, any provision herein
      to
      the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Servicer shall deliver to the Securities Administrator
      in
      immediately available funds for deposit in the Certificate Account by 12:00
      noon, New York time (i) on the Servicer Remittance Date, that portion of
      Available Distribution Amount (calculated without regard to the references
      in
      clause (ii) of the definition thereof to amounts that may be withdrawn from
      the
      Certificate Account) for the related Distribution Date then on deposit in the
      Custodial Account and the amount of all Prepayment Charges collected by the
      Servicer in connection with the Principal Prepayment of any of the Mortgage
      Loans during the applicable Prepayment Period then on deposit in the Custodial
      Account.

     

    With
      respect to any remittance received by the Master Servicer after the day on
      which
      such payment was due, the Servicer shall pay to the Master Servicer interest
      on
      any such late payment at an annual rate equal to LIBOR, adjusted as of the
      date
      of each change, plus two (2) percentage points, but in no event greater than
      the
      maximum amount permitted by applicable law. Such interest shall be deposited
      in
      the Custodial Account by the Servicer on the date such late payment is made
      and
      shall cover the period commencing with the day following the Servicer Remittance
      Date and ending with the Business Day on which such payment is made, both
      inclusive. Such interest shall be remitted along with the distribution payable
      on the next succeeding Servicer Remittance Date. The payment by the Servicer
      of
      any such interest shall not be deemed an extension of time for payment or a
      waiver of any Servicer Event of Default.

     

    (c)  Funds
      in
      the Custodial Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12.  The Servicer shall
      give written notice to the Trustee and the Master Servicer of the location
      of
      the Custodial Account maintained by it when established and prior to any change
      thereof.

     

    (d)  In
      the
      event the Servicer shall deliver to the Securities Administrator for deposit
      in
      the Certificate Account any amount not required to be deposited therein, it
      may
      at any time request that the Securities Administrator withdraw such amount
      from
      the Certificate Account and remit to it any such amount, any provision herein
      to
      the contrary notwithstanding.

     

    
      	
              Section
                3.11.  

            	
              Withdrawals
                from the Custodial Account.

            

    

     

    The
      Servicer shall, from time to time, make withdrawals from the Custodial Account
      for any of the following purposes, without priority, or as described in Section
      4.03:

     

    (1)           subject
      to Section 3.36(d), to remit to the Securities Administrator for deposit in
      the
      Certificate Account the amounts required to be so remitted pursuant to Section
      3.10(b) or permitted to be so remitted pursuant to the first sentence of Section
      3.10(d);

     

    (2)           subject
      to Section 3.36(d), to reimburse the Servicer for unreimbursed Advances, but
      only to the extent of amounts received which represent Late Collections (net
      of
      the related Servicing Fees) on Mortgage Loans or REO Properties with respect
      to
      which such Advances were made in accordance with the provisions of Section
      4.03;

     

    (3)           to
      pay the Servicer or any Subservicer (a) any unpaid Servicing Fees, (b) any
      unreimbursed Servicing Advances with respect to each Mortgage Loan, but only
      to
      the extent of any Late Collections, received with respect to such Mortgage
      Loan
      or REO Property and (c) any Nonrecoverable Servicing Advances with respect
      to
      the final liquidation of a Mortgage Loan, but only to the extent that Late
      Collections received with respect to such Mortgage Loan are insufficient to
      reimburse the Servicer or any Subservicer for Servicing Advances;

     

    (4)           to
      pay to the Servicer as servicing compensation (in addition to the Servicing
      Fee)
      on the Servicer Remittance Date any interest or investment income earned on
      funds deposited in the Custodial Account;

     

    (5)           to
      pay to the Servicer, the Originator or the Sponsor, as the case may be, with
      respect to each Mortgage Loan that has previously been purchased or replaced
      pursuant to Section 2.02 all amounts received thereon subsequent to the date
      of
      purchase or substitution, as the case may be;

     

    (6)           (a)
      to reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance in accordance with the provisions of Section
      4.03 and (b) to pay to the Servicer any unpaid Servicing Fees to the extent
      not
      recoverable from Late Collections received with respect to the related Mortgage
      Loan;

     

    (7)           to
      reimburse the Servicer, the Master Servicer or the Depositor for expenses
      incurred by or reimbursable to the Servicer, the Master Servicer or the
      Depositor, as the case may be, pursuant to Section 6.03;

     

    (8)           to
      reimburse the Servicer, the Master Servicer, the Securities Administrator or
      the
      Trustee, as the case may be, for expenses reasonably incurred in connection
      with
      any breach or defect giving rise to the purchase obligation under Section 2.02
      and Section 2.03 of this Agreement, including any expenses arising out of the
      enforcement of the purchase obligation;

     

    (9)           to
      pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses
      incurred in connection with any Mortgage Loan pursuant to Section
      3.16(c);

     

    (10)           to
      withdraw amounts deposited therein in error;

     

    (11)           to
      pay itself any Prepayment Interest Excess (to the extent not
      otherwise  retained); and

     

    (12)           to
      clear and terminate the Custodial Account pursuant to Section 9.01.

     

    In
      addition, the Servicer shall withdraw from the Custodial Account and deliver
      to
      the Securities Administrator from time to time for deposit, and the Securities
      Administrator shall so deposit, in the Certificate Account:

     

    (1)           any
      Advances, as required pursuant to Section 4.03;

     

    (2)           any
      amounts required to be deposited pursuant to Section 3.23 in connection with
      any
      REO Property;

     

    (3)           any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 9.01;

     

    (4)           any
      amounts required to be deposited pursuant to Section 3.24 in connection with
      any
      Prepayment Interest Shortfall; and

     

    (5)           any
      amounts required to be paid to the Back-Up Servicer, Master Servicer or Trustee
      pursuant to the Agreement, including, but not limited to Section 3.06 and
      Section 7.02.

     

    The
      Servicer shall deposit in the Custodial Account any amounts required to be
      deposited pursuant to Section 3.12 in connection with losses realized on
      Permitted Investments with respect to funds held in the Custodial
      Account.

     

    In
      addition, the servicer may reimburse itself for any unreimbursed Advance or
      Servicing Advance to the extent of funds held in the Custodial Account for
      future distribution that were not included in Available Funds for such
      Distribution Date (provided that such amounts must be deposited into the
      Custodial Account prior to the next Servicer Remittance Date on which such
      amounts are to be included in the distribution for the related Distribution
      Date).

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from
      the Custodial Account, to the extent held by or on behalf of it, pursuant to
      subclauses (2), (3), (4), (5), (6), (8) and (9) above.

     

    
      	
              Section
                3.12.  

            	
              Investment
                of Funds in the Custodial Account and Escrow
                Account.

            

    

     

    Any
      institution maintaining the Accounts shall at the direction of the Servicer
      or
      Subservicer, as applicable, invest the funds in such account in Permitted
      Investments, each of which shall mature not later than (i) the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the
      Securities Administrator is the obligor thereon, and (ii) no later than the
      date
      on which such funds are required to be withdrawn from such account pursuant
      to
      this Agreement, if the Securities Administrator is the obligor thereon and
      shall
      not be sold or disposed of prior to its maturity.  All income and gain
      realized from any such investment as well as any interest earned on deposits
      in
      the Accounts shall be for the benefit of the Servicer.  The Servicer
      shall deposit in the Accounts an amount equal to the amount of any loss incurred
      in respect of any such investment immediately upon realization of such loss
      without right of reimbursement.

     

    
      	
              Section
                3.13.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.14.  

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan, fire and hazard
      insurance with extended coverage as is customary in the area where the Mortgaged
      Property is located such that all buildings upon the Mortgaged Property are
      insured by a generally acceptable insurer acceptable under the Fannie Mae Guides
      against loss by fire, hazards of extended coverage and such other hazards as
      are
      required to be insured pursuant to the Fannie Mae Guides, in an amount which
      is
      at least equal to the lesser of (i) the maximum insurable value of the
      improvements securing such Mortgage Loan or (ii) the outstanding principal
      balance of the Mortgage Loan provided that such amount represents at least
      80%
      of the insurable value of the Mortgaged Property.

     

    The
      Servicer shall a place flood service contract on each Mortgage Loan with a
      flood
      service provider acceptable to Servicer.  If the Mortgaged Property is
      in an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate
      Map
      issued by the Flood Emergency Management Agency as having special flood hazards
      and such flood insurance has been made available, the Servicer shall verify
      that
      each Mortgage Loan is, and shall continue to be, covered by a flood insurance
      policy meeting the requirements of the current guidelines of the Federal
      Insurance Administration in effect with a generally acceptable insurance carrier
      acceptable under the Fannie Mae Guides in an amount representing coverage not
      less than the lesser of (i) the aggregate unpaid principal balance of the
      Mortgage Loan, (ii) maximum amount of insurance which is available under the
      Flood Act (regardless of whether the area in which such Mortgaged Property
      is
      located is participating in such program), and (iii) the full replacement value
      of the improvements which are part of such Mortgaged Property.  If a
      Mortgaged Property is located in a special flood hazard area and is not covered
      by flood insurance or is covered in an amount less than the amount required
      by
      the Flood Act, the Servicer shall notify the related Mortgagor that the
      Mortgagor must obtain such flood insurance coverage, and if said Mortgagor
      fails
      to obtain the required flood insurance coverage within twenty (20) days after
      such notification, the Servicer shall promptly force place the required flood
      insurance on the Mortgagor’s behalf.  The Servicer also shall maintain
      on any REO Property, fire and hazard insurance with extended coverage in an
      amount which is at least equal to the lesser of (i) the maximum insurable value
      of the improvements which are a part of such property and (ii) the outstanding
      principal balance of the related Mortgage Loan (including any cumulative related
      negative amortization) at the time it became an REO Property plus accrued
      interest at the Mortgage Interest Rate and related Servicing Advances, liability
      insurance and, to the extent required and available under the National Flood
      Insurance Act of 1968 or the Flood Act, as amended, flood insurance in an amount
      as provided above.  All such policies, except for policies maintained
      for any REO Mortgaged Property, shall be endorsed with standard mortgagee
      clauses with loss payable to the Servicer, and shall be in an amount sufficient
      to avoid the application of any co insurance clause.  The costs of
      maintaining the insurance policies which the Servicer is required to maintain
      pursuant to this Section shall be paid by the Servicer as a Servicing
      Advance.

     

    (b)  The
      Servicer may fulfill its obligation to maintain insurance, as provided in
      Section 3.14(a), through a master force placed insurance policy, the cost of
      which shall be paid by the Servicer as a Servicing Advance, provided that such
      cost is limited to the incremental cost of such policy allocable to such
      Mortgaged Property or REO Property (i.e., other than any minimum or standby
      premium payable for such policy whether or not any Mortgaged Property is then
      covered thereby, which shall be paid by the Servicer).  Such master
      force placed insurance policy may contain a deductible clause, in which case
      the
      Servicer shall, in the event that there shall not have been maintained on the
      related Mortgaged Property or REO Property a policy otherwise complying with
      the
      provisions of Section 3.14(a), and there shall have been one or more losses
      which would have been covered by such a policy had it been maintained,
      immediately deposit into the related Custodial Account from its own funds the
      amount not otherwise payable under the master force placed insurance policy
      because of such deductible to the extent that such deductible exceeds the
      deductible limitation required under the related Mortgage Loan documents, or,
      in
      the absence of such deductible limitation, the deductible limitation which
      is
      consistent with Accepted Servicing Practices.

     

    (c)  The
      Servicer shall maintain with responsible companies in accordance with Accepted
      Servicing Practices, at its own expense, a blanket Fidelity Bond and an Errors
      and Omissions Insurance Policy, with broad coverage on all officers, employees
      or other persons acting in any capacity requiring such persons to handle funds,
      money, documents or papers relating to the Mortgage Loans (“Servicer
      Employees”).  Any such Fidelity Bond and Errors and Omissions
      Insurance Policy shall be in the form of the Mortgage Banker’s Blanket Bond and
      shall protect and insure the Servicer against losses, including forgery, theft,
      embezzlement, fraud, errors and omissions and negligent acts of such Servicer
      Employees.  Such Fidelity Bond and Errors and Omissions Insurance
      Policy also shall protect and insure the Servicer against losses in connection
      with the failure to maintain any insurance policies required pursuant to this
      Agreement and the release or satisfaction of a Mortgage Loan without having
      obtained payment in full of the indebtedness secured thereby.  No
      provision of this Section 3.14 requiring such Fidelity Bond and Errors and
      Omissions Insurance Policy shall diminish or relieve the Servicer from its
      duties and obligations as set forth in this Agreement.  The Servicer
      shall maintain minimum coverage amounts under any such Fidelity Bond and Errors
      and Omissions Insurance Policy in accordance with Accepted Servicing
      Practices.  Upon request of the Master Servicer, the Servicer shall
      cause to be delivered to the Master Servicer a statement evidencing the
      existence of the fidelity bond and insurance policy.

     

    
      	
              Section
                3.15.  

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Servicer shall use its commercially reasonable best efforts to enforce any
      “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny
      assumption by the person to whom the Mortgaged Property has been or is about
      to
      be sold whether by absolute conveyance or by contract of sale, and whether
      or
      not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When
      the
      Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall,
      to
      the extent it has knowledge of such conveyance, exercise its rights to
      accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause
      applicable thereto; provided, however, that the Servicer shall not exercise
      such
      rights if prohibited by law from doing so. If the Servicer reasonably believes
      it is unable under applicable law to enforce such “due-on-sale” clause, the
      Servicer shall enter into (a) an assumption and modification agreement with
      the
      person to whom such property has been conveyed, pursuant to which such person
      becomes liable under the Mortgage Note and the original Mortgagor remains liable
      thereon or (b) in the event the Servicer is unable under applicable law to
      require that the original Mortgagor remain liable under the Mortgage Note a
      substitution of liability agreement with the purchaser of the Mortgaged Property
      pursuant to which the original Mortgagor is released from liability and the
      purchaser of the Mortgaged Property is substituted as Mortgagor and becomes
      liable under the Mortgage Note. If an assumption fee is collected by the
      Servicer for entering into an assumption agreement the fee will be retained
      by
      the Servicer as additional servicing compensation. In connection with any such
      assumption, neither the Mortgage Interest Rate borne by the related Mortgage
      Note, the term of the Mortgage Loan, the outstanding principal amount of the
      Mortgage Loan nor any other material terms shall be changed unless such change
      would be consistent with accepted servicing practices. To the extent that any
      Mortgage Loan is assumable, the Servicer shall inquire diligently into the
      credit-worthiness of the proposed transferee, and shall apply such underwriting
      standards and follow such practices and procedures as shall be normal and usual
      in its general mortgage servicing activities and as it applies to other mortgage
      loans owned solely by it. If the credit-worthiness of the proposed transferee
      does not meet such underwriting standards, the Servicer diligently shall, to
      the
      extent permitted by the Mortgage or the Mortgage Note and by applicable law,
      accelerate the maturity of the Mortgage Loan.  Notwithstanding the
      foregoing paragraph or any other provision of this Agreement, the Servicer
      shall
      not be deemed to be in default, breach or any other violation of its obligations
      hereunder by reason of any assumption of a Mortgage Loan by operation of law
      or
      by the terms of the Mortgage Note or any assumption which the Servicer may
      be
      restricted by law from preventing, for any reason whatsoever.  For
      purposes of this Section 3.15, the term “assumption” is deemed to also include a
      sale (of the Mortgaged Property) subject to the Mortgage that is not accompanied
      by an assumption or substitution of liability agreement.

     

    
      	
              Section
                3.16.  

            	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)           Upon
      the failure of any borrower to make any required payment of principal, interest
      or other amounts due under a Mortgage Loan, or otherwise to perform fully any
      material obligations under any of the related Mortgage Loan documents, in either
      case within any applicable grace period, the Servicer shall issue notices of
      default, declare events of default, declare due the entire outstanding principal
      balance, and otherwise take all reasonable actions under the related Mortgage
      Loan.  Additionally, as potential alternatives to commencing a
      foreclosure action, the Servicer shall pursue with the Borrower loss mitigation
      efforts, including, but not limited to, forbearance, special forbearance, short
      sale and loan modification.

     

    (b)           If
      title to any Mortgaged Property is acquired in foreclosure or by deed in lieu
      of
      foreclosure, the deed or certificate of sale shall be taken in the name of
      the
      Servicer’s nominee, or the nominee of the Trustee, but in no event shall such
      deed or certificate be taken in the name of the
      Servicer.  Notwithstanding any such acquisition of title and
      cancellation of the related Mortgage Loan, such Mortgage Loan shall be
      considered to be an REO Mortgage Loan held by the Trustee until such time as
      the
      related REO Property shall be sold, transferred or
      conveyed.  Consistent with the foregoing, for purposes of all
      calculations hereunder, so long as such REO Mortgage Loan shall be considered
      to
      be an outstanding Mortgage Loan, payments and collections with respect to the
      related REO Property received in any month (net of related  expenses)
      shall be applied to amounts which would have been payable under the related
      Mortgage Note in accordance with the terms of such Mortgage Note.

     

    (c)           Except
      as otherwise set forth in written instructions provided by the Master Servicer
      to the Servicer, the Servicer shall not obtain title to any Mortgaged Property
      as a result or in lieu of foreclosure or otherwise, and shall not otherwise
      acquire possession of, or take other action with respect to, any Mortgaged
      Property, if, as a result of any such action, the Trustee, 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 any Environmental
      Law, or a “discharger” or “responsible party” thereunder, unless the Servicer
      has also previously determined, based on a report prepared by a Person who
      regularly conducts environmental site assessments, that:

     

    (a)  such
      Mortgaged Property is in compliance with applicable Environmental Laws or,
      if
      not, that taking such actions as are necessary to bring such Mortgaged Property
      into compliance therewith is reasonably likely to produce a greater recovery
      on
      a present value basis than not taking such actions; and

     

    (b)  there
      are
      no circumstances present on such Mortgaged Property relating to the use,
      management or disposal of any Hazardous Materials for which investigation,
      testing, monitoring, containment, clean-up or remediation could be required
      under any applicable Environmental Law, or that, if any such Hazardous Materials
      are present for which such action could be required, taking such actions with
      respect to the affected Mortgaged Property is reasonably likely to produce
      a
      greater recovery on a present value basis than not taking such
      actions.

     

    If
      the
      Servicer has so determined based on satisfaction of the criteria in clauses
      (i)
      and (ii) above that it would be in the best economic interest of the Trust,
      to
      take any such actions, the Servicer shall notify the Master Servicer and Trustee
      of such proposed action.  The Servicer shall take such action only if
      authorized by the Master Servicer in writing.  The costs of any such
      compliance, containment, clean-up or remediation shall be paid by the Servicer
      as a Servicing Expense.

     

    If
      the
      environmental assessment first obtained by the Servicer with respect to a
      Mortgaged Property indicates that such Mortgaged Property may not be in
      compliance with applicable Environmental Laws or that Hazardous Materials may
      be
      present but does not definitively establish such fact, the Servicer shall cause
      such further environmental assessments to be conducted.

     

    (d)           The
      environmental site assessments contemplated by Section 3.16(c) shall be prepared
      by any Person who is recommended by the Servicer and the cost of preparation
      of
      any environmental assessment shall be paid by the Servicer as a Servicing
      Expense.

     

    (e)           If
      the Servicer determines, pursuant to Section 3.16(c), that taking such actions
      as are necessary to bring any Mortgaged Property into compliance with applicable
      Environmental Laws, or taking such actions with respect to the containment,
      clean-up, removal or remediation of hazardous substances, hazardous materials,
      hazardous wastes, or petroleum-based materials affecting any such Mortgaged
      Property, is not reasonably likely to produce a greater recovery on a present
      value basis than not taking such actions, then the Servicer shall take such
      action as directed in writing by the Master Servicer, including, without
      limitation, releasing the lien of the related Mortgage with respect to the
      affected Mortgaged Property.

     

    
      	
              Section
                3.17.  

            	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)           Upon
      the payment in full of any Mortgage Loan, or the receipt by the Servicer of
      a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian, on behalf
      of
      the Trustee by a certification and shall deliver to the Custodian, in written
      or
      electronic format, a Request for Release in the form of Exhibit F hereto (which
      certification shall include a statement to the effect that all amounts received
      or to be received in connection with such payment which are required to be
      deposited in the Custodial Account pursuant to Section 3.10 have been or will
      be
      so deposited) signed by a Servicing Officer (or in a mutually agreeable
      electronic format that will, in lieu of a signature on its face, originate
      from
      a Servicing Officer) and shall request delivery to it of the Mortgage
      File.  Upon receipt of such certification and request, the Custodian
      shall  promptly release the related Mortgage File to the Servicer and
      the Servicer is authorized to cause the removal from the registration on the
      MERS® System of any such Mortgage Loan, if applicable.  Except as
      otherwise provided herein, no expenses incurred in connection with any
      instrument of satisfaction or deed of reconveyance shall be chargeable to the
      Custodial Account or the Certificate Account.

     

    (b)           From
      time to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Custodian shall, upon request of the
      Servicer and delivery to the Custodian, in written or electronic format, of
      a
      Request for Release in the form of Exhibit F signed by a Servicing Officer
      (or
      in a mutually agreeable electronic format that will, in lieu of a signature
      on
      its face, originate from a Servicing Officer), release the related Mortgage
      File
      to the Servicer within five Business Days, and the Trustee shall, at the written
      direction of the Servicer, execute such documents as shall be necessary to
      the
      prosecution of any such proceedings.  Such Request for Release shall
      obligate the Servicer to return each and every document previously requested
      from the Mortgage File to the Custodian when the need therefor by the Servicer
      no longer exists, unless the Mortgage Loan has been liquidated or charged off
      and the Liquidation Proceeds relating to the Mortgage Loan have been deposited
      in the Custodial Account or the Mortgage File or such document has been
      delivered 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 Servicer has delivered to the Custodian, on behalf
      of
      the Trustee, a certificate of a Servicing Officer certifying as to the name
      and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery.  Upon receipt of a
      Request for Release, in written or electronic format, from a Servicing Officer
      stating that such Mortgage Loan was liquidated and that all amounts received
      or
      to be received in connection with such liquidation that are required to be
      deposited into the Custodial Account have been so deposited, or that such
      Mortgage Loan has become an REO Property, such Mortgage Loan shall be released
      by the Custodian, on behalf of the Trustee, to the Servicer or its
      designee.

     

    (c)           Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer or the Subservicer, as the case may be, copies of,
      any
      court pleadings, requests for trustee’s sale or other documents necessary to the
      foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal
      action brought to obtain judgment against any Mortgagor on the Mortgage Note
      or
      Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
      or
      rights provided by the Mortgage Note or Mortgage or otherwise available at
      law
      or in equity.  Each such certification shall include a request that
      such pleadings or documents be executed by the Trustee and a statement as to
      the
      reason such documents or pleadings are required and that the execution and
      delivery thereof by the Trustee will not invalidate or otherwise affect the
      lien
      of the Mortgage, except for the termination of such a lien upon completion
      of
      the foreclosure or trustee’s sale.

     

    
      	
              Section
                3.18.  

            	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24.  In addition, the Servicer shall be entitled to recover unpaid
      Servicing Fees (i) out of Insurance Proceeds, Liquidation Proceeds and
      condemnation proceeds to the extent permitted by Section 3.11(3), (ii) out
      of
      amounts derived from the operation and sale of an REO Property to the extent
      permitted by Section 3.23 and (iii) pursuant to Section
      3.11(6).  Except as provided in Section 6.04, the right to receive the
      Servicing Fee may not be transferred in whole or in part except in connection
      with the transfer of all of the Servicer’s responsibilities and obligations
      under this Agreement; provided, however, that the Servicer may pay from the
      Servicing Fee any amounts due to a Subservicer pursuant to a Sub-Servicing
      Agreement entered into under Section 3.02. As part of its servicing
      compensation, the Servicer shall also be entitled to Prepayment Interest
      Excess.

     

    Additional
      servicing compensation in the form of assumption or modification fees, late
      payment charges, insufficient funds charges, ancillary income or otherwise
      (subject to Section 3.24 and other than Prepayment Charges) shall be retained
      by
      the Servicer only to the extent such fees or charges are received by the
      Servicer.  The Servicer shall also be entitled pursuant to Section
      3.11(4) to withdraw from the Custodial Account as additional servicing
      compensation, interest or other income earned on deposits therein, subject
      to
      Section 3.12 and Section 3.24.  The Servicer shall also be entitled to
      withdraw from the Custodial Account Prepayment Interest Excess pursuant to
      Section 3.11(11).  The Servicer shall be required to pay all expenses
      incurred by it in connection with its servicing activities hereunder (including
      premiums for the insurance required by Section 3.14, to the extent such premiums
      are not paid by the related Mortgagors or by a Subservicer and servicing
      compensation of each Subservicer) and shall not be entitled to reimbursement
      therefor except as specifically provided herein.

     

    
      	
              Section
                3.19.  

            	
              Reports;
                Custodial Account Statements.

            

    

     

    Not
      later
      than twenty days after each Distribution Date, the Servicer shall forward,
      upon
      request, to the Master Servicer the most current available bank statement for
      the Custodial Account.  Copies of such statement shall be provided by
      the Master Servicer at the expense of the requesting party to any
      Certificateholder and to any Person identified to the Master Servicer as a
      prospective transferee of a Certificate, subject to the execution by such
      prospective transferee of a confidentiality agreement in form and substance
      satisfactory to the Servicer; provided that such statement and confidentiality
      agreement are delivered by the Servicer to the Master Servicer.

     

    
      	
              Section
                3.20.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.21.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.22.  

            	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of the Comptroller of the Currency, the
      Office of Thrift Supervision, the FDIC, and any other federal or state banking
      or insurance regulatory authority that may exercise authority over any
      Certificateholder, access to documentation in the Servicer’s possession
      regarding the Mortgage Loans required by applicable laws and regulations. Such
      access shall be afforded without charge, but only upon reasonable request and
      during normal business hours at the offices of the Servicer designated by it.
      In
      addition, access to documentation in the Servicer’s possession regarding the
      Mortgage Loans required by applicable laws and regulations will be provided
      to
      such Certificateholder, the Trustee, the Securities Administrator, the Master
      Servicer and to any Person identified to the Servicer as a prospective
      transferee of a Certificate, upon reasonable request during normal business
      hours at the offices of the Servicer designated by it at the expense of the
      Person requesting such access; provided, however, that providing access to
      such
      Person will not violate any applicable laws.  Nothing in this Section
      3.22 shall derogate from the obligation of any such party to observe any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      absent proof that it is in compliance with applicable law and the failure of
      any
      such party to provide access as provided in this Section as a result of such
      obligation shall not constitute a breach of this Section 3.22.

     

    Nothing
      in this Section 3.22 shall require the Servicer to collect, create, collate
      or
      otherwise generate any information that it does not generate in its usual course
      of business.  The Servicer shall not be required to make copies of or
      ship documents to any party unless provisions have been made for the
      reimbursement of the costs thereof.

     

    
      	
              Section
                3.23.  

            	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)           Upon
      the acquisition by the Servicer of any REO Property, the Servicer shall have
      full power and authority, subject to the specific requirements and prohibitions
      of this Agreement, to do or authorize to be done any and all things in
      connection therewith as are consistent with Accepted Servicing Practices, all
      on
      terms and for such period as the Servicer deems to be in the best economic
      interest of the Trust.  The Servicer shall segregate and hold all
      revenues received by it with respect to any REO Property separate and apart
      from
      its own funds and general assets.  The Servicer shall deposit, on a
      daily basis in the Custodial Account all revenues received with respect to
      REO
      Properties, net of any directly related expenses incurred or withdraw therefrom
      funds necessary for the proper operation, management and maintenance of the
      REO
      Property, including:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      taxes
      and assessments in respect of such REO Property that could result or have
      resulted in the imposition of a lien thereon;

     

    (iii)  all
      ground rental payments, if applicable, with respect to such REO Property;
      and

     

    (iv)  all
      costs
      and expenses necessary to maintain, lease, operate, manage and sell such REO
      Property, including the management fee payable to the property manager engaged
      by Servicer pursuant to Section 3.23(b).

     

    If
      as of
      the date of acquisition of title to any REO Property there remain outstanding
      unreimbursed Servicing Advances with respect to such REO Property, the Servicer,
      upon an REO Disposition, shall be entitled to reimbursement for any related
      unreimbursed Servicing Advances as well as any unpaid Servicing Fees from
      proceeds received in connection with the REO Disposition.  The
      Servicer shall not be obligated to advance any amounts with respect to any
      REO
      Property if such advance would constitute a Nonrecoverable Advance.

     

    (b)           The
      Servicer may contract with any Person as a property manager for the operation
      and management of any REO Property; provided, however,
      that:

     

    (i)           the
      terms and conditions of any such contract shall not be inconsistent herewith
      and
      the Servicer has provided its written consent (which shall not be unreasonably
      withheld) with respect to such property manager;

     

    (ii)           none
      of the provisions of this Section relating to any such contract or to actions
      taken through any such Person shall be deemed to relieve the Servicer of any
      of
      its duties and obligations to the Servicer with respect to the operation and
      management of such REO Property; and

     

    (iii)           the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    In
      the
      event that title to any Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be taken in the
      name of the Servicer or in the name of the person designated by the Servicer,
      or
      in the event such person is not authorized or permitted to hold title to real
      property in the state where the REO Property is located, or would be adversely
      affected under the “doing business” or tax laws of such state by so holding
      title, the deed or certificate of sale shall be taken in the name of such Person
      or Persons as shall be consistent with an opinion of counsel obtained by the
      Servicer from an attorney duly licensed to practice law in the state where
      the
      REO Property is located.  Any Person or Persons holding such title
      other than the Servicer shall acknowledge in writing that such title is being
      held as nominee for the benefit of the Servicer.

     

    The
      Servicer shall manage, conserve, protect and operate each REO Property for
      the
      Trust Fund, for the purpose of securing its prompt disposition and
      sale.  The Servicer, either itself or through an agent selected by the
      Servicer, shall manage, conserve, protect and operate the REO Property in the
      same manner that it manages, conserves, protects and operates other foreclosed
      property for its own account.  The Servicer shall attempt to sell the
      same (and may temporarily rent the same for a period not greater than one year,
      except as otherwise provided below) on such terms and conditions as the Servicer
      deems to be in the best interest of the Trust.  The Servicer shall
      notify the Servicer from time to time as to the status of each REO
      Property.

     

    If
      a
      REMIC election is or is to be made with respect to the arrangement under which
      the Mortgage Loans and any REO Property are held, the Servicer shall manage,
      conserve, protect and operate each REO Property in a manner which does not
      cause
      such REO Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Internal Revenue Code or result in the
      receipt by such REMIC of any “income from non-permitted assets” within the
      meaning of Section 860F(a)(2)(B) of the Internal Revenue Code or any “net income
      from foreclosure property” within the meaning of Section 860G(c)(2) of the
      Internal Revenue Code.  The Servicer shall cause each REO Property to
      be inspected promptly upon the acquisition of title thereto and shall cause
      each
      REO Property to be inspected at least monthly thereafter.  The
      Servicer shall make or cause to be made a written report of each such
      inspection.  Such reports shall be retained in the Servicing File and
      copies thereof shall be forwarded by the Servicer to the Master Servicer, upon
      request.

     

    The
      Servicer shall use commercially reasonable efforts to dispose of each REO
      Property as soon as possible and shall sell such REO Property in any event
      within one year after title has been taken to such REO Property, unless the
      Servicer determines, and gives an appropriate notice to the Master Servicer
      to
      such effect, that a longer period is necessary for the orderly liquidation
      of
      such REO Property.  If a period longer than one year is permitted
      under the foregoing sentence and is necessary to sell any REO Property, the
      Servicer shall report monthly to the Master Servicer as to the progress being
      made in selling such REO Property.

     

    Notwithstanding
      the foregoing, if a REMIC election is made with respect to the arrangement
      under
      which the Mortgage Loans and the REO Property are held, such REO Property shall
      be disposed of before the close of the third taxable year following the taxable
      year in which the Mortgage Loan became an REO Property, unless the Servicer
      provides to the trustee under such REMIC an opinion of counsel to the effect
      that the holding of such REO Property subsequent to the close of the third
      taxable year following the taxable year in which the Mortgage Loan became an
      REO
      Property, will not result in the imposition of taxes on "prohibited
      transactions" as defined in Section 860F of the Internal Revenue Code, or cause
      the transaction to fail to qualify as a REMIC at any time that certificates
      are
      outstanding.  Servicer shall manage, conserve, protect and operate
      each such REO Property for the certificateholders solely for the purpose of
      its
      prompt disposition and sale in a manner which does not cause such property
      to
      fail to qualify as "foreclosure property" within the meaning of Section
      860F(a)(2)(E) of the Internal Revenue Code, or any "net income from foreclosure
      property" which is subject to taxation under the REMIC provisions of the
      Internal Revenue Code.  Pursuant to its efforts to sell such property,
      the Servicer shall either itself or through an agent selected by Servicer,
      protect and conserve such property in the same manner and to such an extent
      as
      is customary in the locality where such property is
      located.  Additionally, the Servicer shall perform the tax withholding
      and reporting related to Sections 1445 and 6050J of the Internal Revenue
      Code.

     

    The
      Servicer shall also maintain on each REO Property fire and hazard insurance
      with
      extended coverage in an amount which is at least equal to the maximum insurable
      value of the improvements which are a part of such property, liability insurance
      and, to the extent required and available under the Flood Act, flood insurance,
      all in the amounts required under Section 3.14 hereof.

     

    
      	
              Section
                3.24.  

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    The
      Servicer shall deliver to the Securities Administrator for deposit into the
      Certificate Account by 12:00 noon, New York time on the Servicer Remittance
      Date
      from its own funds an amount  (“Compensating Interest”) equal to the
      lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the
      related Distribution Date resulting from full Principal Prepayments during
      the
      related Prepayment Period and (ii) the aggregate Servicing Fee received in
      the
      related Due Period.  The Servicer shall not be obligated to pay
      Compensating Interest with respect to Relief Act Interest Shortfalls. Any
      amounts paid by the Servicer pursuant to this Section 3.24 shall not be
      reimbursed.

     

    
      	
              Section
                3.25.  

            	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate results from or is attributable to adjustments
      to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
      made
      by the Servicer in a manner not consistent with the terms of the related
      Mortgage Note and this Agreement, the Servicer, upon discovery or receipt of
      notice thereof, immediately shall deposit in the Custodial Account from its
      own
      funds the amount of any such shortfall and shall indemnify and hold harmless
      the
      Trust Fund, the Trustee, the Securities Administrator, the Master Servicer,
      the
      Depositor and any successor servicer in respect of any such
      liability.  Such indemnities shall survive the termination or
      discharge of this Agreement.  Notwithstanding the foregoing, this
      Section 3.25 shall not limit the ability of the Servicer to seek recovery of
      any
      such amounts from the related Mortgagor under the terms of the related Mortgage
      Note, as permitted by law.

     

    
      	
              Section
                3.26.  

            	
              Advance
                Facility

            

    

     

    (a)           Notwithstanding
      anything to the contrary contained herein, (i) the Servicer is hereby authorized
      to enter into an advance facility (“Advance Facility”) under which (A)the
      Servicer sells, assigns or pledges to another Person (together with such
      person’s successors and assigns, an “Advancing Person”) the Servicer’s rights
      under this Agreement to be reimbursed for any Advances or Servicing Advances
      and/or (B)an Advancing Person agrees to fund some or all Advances or Servicing
      Advances required to be made by the Servicer pursuant to this Agreement and
      (ii)the Servicer is hereby authorized to assign its rights to the Servicing
      Fee
      and to pledge any related purchased mortgage servicing rights; it being
      understood that neither the Trust Fund nor any party hereto shall have a right
      or claim (including without limitation any right of offset)to the portion of
      the
      Servicing Fee so assigned.  No consent of the Trustee, Securities
      Administrator, Master Servicer, Certificateholders or any other party is
      required before the Servicer may enter into an Advance
      Facility.  Notwithstanding the existence of any Advance Facility under
      which an Advancing Person agrees to fund Advances and/or Servicing Advances
      on
      the Servicer’s behalf, the Servicer shall remain obligated pursuant to this
      Agreement to make Advances and Servicing Advances pursuant to and as required
      by
      this Agreement, and shall not be relieved of such obligations by virtue of
      such
      Advance Facility.  If the Servicer enters into an Advance Facility,
      and for so long as an Advancing Person remains entitled to receive reimbursement
      for any Advances including Nonrecoverable Advances related thereto (“Advance
      Reimbursement Amounts”) and/or Servicing Advances, including Nonrecoverable
      Servicing Advances related thereto (“Servicing Advance Reimbursement Amounts”
and, together with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in
      each case to the extent that such type of Reimbursement Amount is included
      in
      the Advance Facility), then the Servicer shall identify such Reimbursement
      Amounts as received, consistently with the reimbursement rights set forth in
      this Agreement, and shall remit such Reimbursement Amounts in accordance with
      the documentation establishing the Advance Facility to such Advancing Person
      or
      to a trustee, agent or custodian (an “Advance Facility Trustee”) designated by
      such Advancing Person.  Notwithstanding the foregoing, if so required
      pursuant to the terms of the Advance Facility, the Servicer may direct the
      Securities Administrator to, and if so directed the Securities Administrator
      is
      hereby authorized to and shall, to the extent of amounts on deposit in the
      Certificate Account, pay to the Advancing Person or the Advance Facility Trustee
      the Reimbursement Amounts identified pursuant to the preceding
      sentence.  Notwithstanding anything to the contrary herein, in no
      event shall Reimbursement Amounts be included in Available Funds or distributed
      to Certificateholders.

     

    If
      the
      Servicer enters into an Advance Facility, the Servicer and the related Advancing
      Person shall deliver to the Trustee and the Securities Administrator a written
      notice of the existence of such Advance Facility (an “Advance Facility Notice”),
      stating the identity of the Advancing Person and any related Advance Facility
      Trustee.  An Advance Facility Notice may only be terminated by the
      joint written direction of the Servicer and the related Advancing Person as
      described in Section 3.26(h) below.

     

    (b)           Reimbursement
      Amounts shall consist solely of amounts in respect of Advances and/or Servicing
      Advances made with respect to the Mortgage Loans for which the Servicer would
      be
      permitted to reimburse itself in accordance with this Agreement, assuming the
      Servicer had made the related Advance(s)and/or Servicing
      Advance(s).  Neither the Trustee nor the Securities Administrator
      shall have any duty or liability with respect to the calculation of any
      Reimbursement Amount, nor shall the Trustee or Securities Administrator have
      any
      responsibility to track or monitor the administration of the Advance Facility
      or
      the payment of Reimbursement Amounts to the related Advancing Person or Advance
      Facility Trustee.  The Servicer shall maintain and provide to any
      successor servicer, a detailed accounting on a loan by loan basis as to amounts
      advanced by, pledged or assigned to, and reimbursed to any Advancing
      Person.  The successor servicer shall be entitled to rely on any such
      information provided by the predecessor Servicer, and the successor servicer
      shall not be liable for any errors in such information.

     

    (c)           An
      Advancing Person who receives an assignment or pledge of the rights to be
      reimbursed for Advances and/or Servicing Advances, and/or whose obligations
      are
      limited to the making or funding of Advances will not be deemed to be a
      Subservicer under this Agreement or be required to meet the criteria for
      qualification as a Subservicer under this Agreement.

     

    (d)           Reimbursement
      Amounts allocated to reimburse Advances or Servicing Advances made with respect
      to any particular Mortgage Loan shall be allocated to the reimbursement of
      the
      unreimbursed Advances or Servicing Advances (as the case may be) made with
      respect to that Mortgage Loan on a “first-in, first out” (“FIFO”) basis, such
      that the Reimbursement Amounts shall be applied to reimburse the Advance or
      Servicing Advance (as the case may be)for that Mortgage Loan that was disbursed
      earliest in time first, and to reimburse the Advance or Servicing Advance (as
      the case may be) for that Mortgage Loan that was disbursed latest in time
      last.  Liquidation Proceeds with respect to a Mortgage Loan shall be
      applied to reimburse Servicing Advances outstanding with respect to that
      Mortgage Loan before being applied to reimburse Advances outstanding with
      respect to that Mortgage Loan.  The Servicer shall provide to the
      related Advancing Person or Advance Facility Trustee loan-by-loan information
      with respect to each Reimbursement Amount remitted to such Advancing Person
      or
      Advance Facility Trustee, to enable the Advancing Person or Advance Facility
      Trustee to make the FIFO allocation of each such Reimbursement Amount with
      respect to each Mortgage Loan.

     

    (e)           The
      Servicer who enters into an Advance Facility shall indemnify the Trustee, the
      Securities Administrator, the Master Servicer, the Trust Fund, the Depositor
      and
      any successor servicer for any claim, loss, liability or damage resulting from
      any claim by the related Advancing Person, except to the extent that such claim,
      loss, liability or damage (i) in the case of the Depositor, was incurred by
      reason of the Depositor’s willful misfeasance, bad faith or negligence in the
      performance of duties hereunder or by reason of its reckless disregard of
      obligations and duties hereunder, (ii) in the case of a successor servicer,
      was
      incurred by reason of such successor servicer’s willful misfeasance, bad faith
      or negligence in the performance of duties hereunder or by reason of its
      reckless disregard of obligations and duties hereunder or by reason of a breach
      of such successor servicer’s obligations and duties under this Agreement or
      (iii) in the case of each of the Trustee, the Securities Administrator, the
      Master Servicer or the Trust Fund, (A) resulted from a breach of the Servicer’s
      or a successor servicer’s obligations and duties under this Agreement for which
      any such party is indemnified under Section 6.03 or (B) was incurred by reason
      of willful misfeasance, bad faith or negligence of such party in the performance
      of its duties hereunder or by reason of such party’s reckless disregard of
      obligations and duties hereunder or as a result of a breach of such party’s
      obligations under Article VII hereof.  Notwithstanding the foregoing,
      the exclusions set forth in clauses (i), (ii) and (iii) above from the
      Servicer’s obligation to indemnify the Depositor, any successor servicer, the
      Trustee, the Securities Administrator, the Master Servicer and the Trust Fund
      shall not be applicable, in any case, to the extent the applicable claim, loss,
      liability or damage was incurred by reason of the Servicer’s willful
      misfeasance, bad faith or negligence in the performance of duties hereunder
      or
      by reason of its reckless disregard of obligations and duties hereunder or
      by
      reason of a breach of the Servicer’s obligations and duties under this
      Agreement.

     

    (f)           Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Depositor, the
      Trustee, the Securities Administrator, the Master Servicer and the Servicer
      without the consent of any Certificateholder, notwithstanding anything to the
      contrary in this Agreement.

     

    (g)           Any
      rights of set-off that the Trust Fund, the Trustee, the Securities
      Administrator, the Master Servicer, the Depositor, any successor servicer or
      any
      other Person might otherwise have against the Servicer under this Agreement
      shall not attach to any rights to be reimbursed for Advances or Servicing
      Advances that have been sold, transferred, pledged, conveyed or assigned to
      any
      Advancing Person.

     

    (h)           At
      any time when an Advancing Person shall have ceased funding Advances and/or
      Servicing Advances (as the case may be) and the Advancing Person or related
      Advance Facility Trustee shall have received Reimbursement Amounts sufficient
      in
      the aggregate to reimburse all Advances and/or Servicing Advances (as the case
      may be) the right to reimbursement for which were assigned to the Advancing
      Person, then upon the delivery of a written notice signed by the Advancing
      Person and the Servicer to the Trustee and the Securities Administrator
      terminating the Advance Facility Notice (the “Notice of Facility Termination”),
      the Servicer shall again be entitled to withdraw and retain the related
      Reimbursement Amounts from the Custodial Account pursuant to the applicable
      Sections of this Agreement.

     

    (i)           After
      delivery of any Advance Facility Notice, and until any such Advance Facility
      Notice has been terminated by a Notice of Facility Termination, this Section
      3.26 may not be amended or otherwise modified without the prior written consent
      of the related Advancing Person.

     

    
      	
              Section
                3.27.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.28.  

            	
              Optional
                Purchase of Defaulted Mortgage
                Loans.

            

    

     

    During
      the first full calendar month (but excluding the last Business Day thereof)
      following a Mortgage Loan or related REO Property becoming 90 days or more
      Delinquent, the Servicer shall have the option as set forth in the Mortgage
      Loan
      Purchase Agreement, but not the obligation to purchase from the Trust Fund
      any
      such Mortgage Loan or related REO Property that is then still 90 days or more
      Delinquent, which the Servicer determines in good faith will otherwise become
      subject to foreclosure proceedings (evidence of such determination to be
      delivered in writing to the Master Servicer and the Trustee prior to purchase),
      at a price equal to the Purchase Price. The Purchase Price for any Mortgage
      Loan
      or related REO Property purchased hereunder shall be deposited in the
      Certificate Account, and the Custodian, upon receipt of written certification
      from the Servicer of such deposit, shall release or cause to be released to
      the
      Servicer the related Mortgage File and the Trustee shall execute and deliver
      such instruments of transfer or assignment, in each case without recourse,
      as
      the Servicer shall furnish and as shall be necessary to vest in the Servicer
      title to any Mortgage Loan or related REO Property released pursuant
      hereto.

     

    If
      with
      respect to any Delinquent Mortgage Loan or related REO Property, the option
      of
      the Servicer set forth in the preceding paragraph shall have arisen but the
      Servicer shall have failed to exercise such option on or before the Business
      Day
      preceding the last Business Day of the calendar month following the calendar
      month during which such Mortgage Loan or related REO Property first became
      90
      days or more Delinquent, then such option shall automatically expire; provided,
      however, that if any such Mortgage Loan or related REO Property shall cease
      to
      be 90 days or more Delinquent but then subsequently shall again become 90 days
      or more Delinquent, then the Servicer shall be entitled to another repurchase
      option with respect to such Mortgage Loan or REO Property as provided in the
      preceding paragraph.

     

    
      	
              Section
                3.29.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.30.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.31.  

            	
              Maintenance
                of PMI Policies.

            

    

     

    With
      respect to each Mortgage Loan subject to a PMI Policy, the Servicer shall
      maintain or cause the Mortgagor to maintain (to the extent that the Mortgage
      Loan requires the Mortgagor to maintain such insurance) in full force and effect
      a PMI Policy, and shall pay or shall cause the Mortgagor to pay the premium
      thereon on a timely basis, until the LTV of such Mortgage Loan is reduced to
      80%
      or such PMI Policy can no longer be required by applicable law.  The
      Servicer will not cancel or refuse to renew any PMI Policy in effect on the
      Closing Date that is required to be kept in force under this Agreement unless
      a
      replacement PMI Policy for such cancelled or non-renewed policy is obtained
      from
      and maintained with a Qualified Insurer.  The Servicer shall not take
      any action which would result in noncoverage under any applicable PMI Policy
      of
      any loss which, but for the actions of the Servicer would have been covered
      thereunder.  In connection with any assumption or substitution
      agreements entered into or to be entered into with respect to a Mortgage Loan,
      the Servicer shall promptly notify the insurer under the related PMI Policy,
      if
      any, of such assumption or substitution of liability in accordance with the
      terms of such PMI Policy and shall take all actions which may be required by
      such insurer as a condition to the continuation of coverage under such PMI
      Policy.  If such PMI Policy is terminated as a result of such
      assumption or substitution of liability, the Servicer shall obtain a replacement
      PMI Policy as provided above.

     

    The
      Servicer shall comply with all provisions of applicable law relating to the
      cancellation of, or collection of premiums with respect to, PMI Policies,
      including, but not limited to, the provisions of the Homeowners Protection
      Act
      of 1998, and all regulations promulgated thereunder, as amended from time to
      time.  The Servicer shall be obligated to make premium payments with
      respect to (i) LPMI Policies, which shall be paid out of the interest portion
      of
      the related Monthly Payment or, if a Monthly Payment is not made, from the
      Servicer’s own funds and (ii) PMI Policies required to be maintained by the
      Mortgagor, if the Mortgagor is required but fails to pay any PMI Policy premium,
      which shall be paid from the Subservicer’s own funds.  Any premium
      payments made by the Servicer from its own funds pursuant to this Section 3.31
      shall be recoverable by the Servicer as a Servicing Advance.

     

    With
      respect to each Mortgage Loan covered by a PMI Policy or LPMI Policy, the
      Servicer shall take all such actions on behalf of the Trust as are necessary
      to
      service, maintain and administer the related Mortgage Loan in accordance with
      such policy and to enforce the rights under such policy.  Except as
      expressly set forth herein, the Servicer shall have full authority on behalf
      of
      the Trust to do anything it deems appropriate or desirable in connection with
      the servicing, maintenance and administration of such PMI Policy or LPMI Policy;
      provided that the Servicer shall not take any action to permit any modification
      or assumption of a Mortgage Loan covered by a PMI Policy or LPMI Policy, or
      take
      any other action with respect to such Mortgage Loan, which would result in
      non-coverage under such PMI Policy or LPMI Policy of any loss which, but for
      actions of the Servicer, would have been covered thereunder.  The
      Servicer shall cooperate with the PMI Policy and LMPI Policy insurers and shall
      furnish all reasonable evidence and information in the possession of the
      Servicer to which the Servicer has access with respect to the related Mortgage
      Loan.

     

    In
      connection with its activities as servicer, the Servicer agrees to prepare
      and
      present, on behalf of itself and the Trust, claims to the insurer under any
      PMI
      Policy or LPMI Policy in a timely fashion in accordance with the terms of such
      PMI Policy or LPMI Policy and, in this regard, to take such action as shall
      be
      necessary to permit recovery under any PMI Policy or LPMI Policy respecting
      a
      defaulted Mortgage Loan.  Any amounts collected by the Servicer under
      any PMI Policy or LPMI Policy shall be deposited in the Custodial
      Account.

     

    ARTICLE
      IIIA

     

    ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS

     

    
      	
               

            	
              Section
                3A.01.

            	
              Master
                Servicer to Act as Master Servicer.

            

    

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicer to service and administer the Mortgage Loans in accordance with the
      terms of this 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 the Servicer as reasonably 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 the
      Servicer and shall cause the Servicer to perform and observe the covenants,
      obligations and conditions to be performed or observed by the Servicer under
      this Agreement. The Master Servicer shall independently monitor the Servicer’s
      servicing activities with respect to each 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 Servicer’s and Master
      Servicer’s records, and based on such reconciled and corrected information, the
      Master Servicer shall provide such information to the Securities Administrator
      as shall be necessary in order for it to prepare the statements specified in
      Section 4.02, and prepare any other information and statements required to
      be
      forwarded by the Master Servicer hereunder. The Master Servicer shall reconcile
      the results of its Mortgage Loan monitoring with the actual remittances of
      the
      Servicer to the Custodial Account pursuant to Section 3.10.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any powers
      of
      attorney in the form attached hereto as Exhibit Q and other documents in form
      as
      provided to it necessary or appropriate to enable the Servicer and the Master
      Servicer to service and administer the Mortgage Loans and REO
      Properties.

     

    The
      Trustee and the Securities Administrator shall provide access to the records
      and
      documentation in possession of the Trustee or the Securities Administrator,
      as
      applicable, regarding the Mortgage Loans and REO Properties 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
      or
      the Securities Administrator, as applicable; provided, however, that, unless
      otherwise required by law, neither the Trustee nor the Securities Administrator
      shall 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 and the Securities Administrator 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 or
      Securities Administrator’s, as applicable, actual costs.

     

    The
      Trustee shall, upon written request, execute and deliver to the 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; (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.

     

    
      	
               

            	
              Section
                3A.02.

            	
              [Reserved].

            

    

     

    
      	
               

            	
              Section
                3A.03.

            	
              Monitoring
                of Servicer.

            

    

     

    The
      Master Servicer shall be responsible for reporting to the Trustee (as successor
      master servicer), the Securities Administrator, the Back-Up Servicer and the
      Depositor the non-compliance by the Servicer with its duties under this
      Agreement. In the review of the Servicer’s activities, the Master Servicer may
      rely upon an Officers’ Certificate of the Servicer (or similar document signed
      by a Servicing Officer of the Servicer) with regard to the Servicer’s compliance
      with the terms of this Agreement. In the event that the Master Servicer, in
      its
      good faith judgment, determines that the Servicer should be terminated in
      accordance with the terms hereof, or that a notice should be sent pursuant
      to
      the terms hereof with respect to the occurrence of an event that, unless cured,
      would constitute grounds for such termination, the Master Servicer shall notify
      the Depositor, the Securities Administrator, the Back-Up Servicer and the
      Trustee thereof and the Master Servicer shall issue such notice or take such
      other action as it deems appropriate.

     

    The
      Master Servicer (or if the Master Servicer is the Servicer, the Trustee as
      successor master servicer), for the benefit of the Certificateholders shall
      enforce the obligations of the Servicer under this Agreement, and shall, in
      the
      event that it receives notice and confirms that the Servicer has failed to
      perform its obligations in accordance with this Agreement, subject to the
      preceding paragraph, terminate the rights and obligations of the Servicer
      hereunder and in accordance with the provisions of Article VII of this
      Agreement, pursuant to which the Successor Servicer will act as servicer
      hereunder. Such enforcement, including, without limitation, the legal
      prosecution of claims 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 or Trustee (as successor master servicer), as applicable, in its good
      faith business judgment, would require were it the owner of the Mortgage Loans.
      The Master Servicer or the Trustee (as successor master servicer), as
      applicable, shall pay the costs of such enforcement at its own expense, provided
      that the Master Servicer or the Trustee (as successor master servicer), as
      applicable, shall not be required to prosecute or defend any legal action except
      to the extent that the Master Servicer or the Trustee (as successor master
      servicer), as applicable, shall have received indemnity satisfactory to it
      for
      its costs and expenses in pursuing such action.

     

    To
      the
      extent that the costs and expenses of the Back-Up Servicer, Master Servicer
      or
      Trustee (as successor master servicer), as applicable, related to any
      termination of the Servicer, enforcement of the Servicer’s obligations,
      appointment of a successor servicer or the transfer and assumption of servicing
      by the Successor Servicer, with respect to this Agreement (including, without
      limitation, (i) all 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 a Servicer Event of Default and (ii) all 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
      this Agreement) are not fully and timely reimbursed by the terminated Servicer,
      Successor Servicer, the Back-Up Servicer, Master Servicer or the Trustee (as
      successor master servicer), as applicable, shall be entitled to reimbursement
      of
      such costs and expenses from the Certificate Account.

     

    The
      Master Servicer (or if the Master Servicer is the Servicer, the Trustee (as
      successor master servicer)) shall, upon receipt from the Servicer or the
      Securities Administrator, of notice of any failure of the Servicer to comply
      with the remittance requirements and other obligations set forth in this
      Agreement, enforce such obligations.

     

    If
      the
      Master Servicer or the Trustee, as applicable, acts as Servicer, it will not
      assume liability for the representations and warranties of the Servicer that
      it
      replaces.

     

    
      	
               

            	
              Section
                3A.04.

            	
              Fidelity
                Bond.

            

    

     

    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 servicer.

     

    
      	
               

            	
              Section
                3A.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 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; provided, however,
      that the Master Servicer shall not (and, consistent with its responsibilities
      under Article X, 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 cause the Trust REMIC to fail to qualify as a REMIC or result
      in the imposition of a tax upon the Trust Fund (including but not limited to
      the
      tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
      and
      the tax on contributions to a REMIC set forth in Section 860G(d) of the Code)
      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
      would
      not cause any REMIC to fail to qualify as a REMIC or result in the imposition
      of
      a tax upon any REMIC.  The Trustee shall furnish the Master Servicer
      or the Servicer, upon written request from a Servicing Officer, with any powers
      of attorney empowering the Master Servicer or the 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 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 carryout 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
      the 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, the Master Servicer shall join with the Trustee
      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.

     

    
      	
               

            	
              Section
                3A.06.

            	
              Due
                on Sale Clauses; Assumption
                Agreements.

            

    

     

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

     

    
      	
               

            	
              Section
                3A.07.

            	
              [Reserved].

            

    

     

    
      	
               

            	
              Section
                3A.08.

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

            

    

     

    The
      Master Servicer and the Servicer shall transmit to the Trustee (or the Custodian
      on behalf of the Trustee) such documents and instruments coming into the
      possession of the Master Servicer or the Servicer from time to time as are
      required by the terms hereof to be delivered to the Trustee, the Securities
      Administrator or the Custodian. Any funds received by the Master Servicer or
      by
      the Servicer in respect of any Mortgage Loan or which otherwise are collected
      by
      the Master Servicer or by the Servicer as Liquidation Proceeds or Insurance
      Proceeds in respect of any Mortgage Loan shall be held for the benefit of the
      Trustee and the Certificateholders subject to the Master Servicer’s right to
      retain its Master Servicing Fee or withdraw from the Certificate Account the
      Master Servicing Compensation and other amounts provided in this Agreement,
      and
      to the right of the Servicer to retain its Servicing Fee and other amounts
      as
      provided in this Agreement. The Master Servicer shall, and subject to Section
      3.22 shall cause the Servicer to, provide access to information and
      documentation regarding the Mortgage Loans to the Securities Administrator,
      its
      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.

     

    All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer or the Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from Liquidation Proceeds
      or Insurance Proceeds, shall be held by the Servicer or the Master Servicer,
      as
      applicable, 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 the 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 the Servicer under this
      Agreement.

     

    
      	
               

            	
              Section
                3A.09.

            	
              Compensation
                for the Master Servicer.

            

    

     

    The
      Master Servicer shall be entitled to the Master Servicing Fee with respect
      to
      each Mortgage Loan.  The Master Servicer will also be entitled to all
      income and gain realized from any investment of funds in the Certificate
      Account, pursuant to Section 3A.11 and Section 3A.12, for the performance of
      its
      activities hereunder (the “Master Servicing Compensation”).  Servicing
      compensation in the form of assumption fees, if any, late payment charges,
      as
      collected, if any, or otherwise shall be retained by the Servicer in accordance
      with Section 3.18. The Master Servicer shall be required to pay all expenses
      incurred by it in connection with the performance of its duties hereunder and
      shall not be entitled to reimbursement therefor except as provided in this
      Agreement.

     

    
      	
               

            	
              Section
                3A.10.

            	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    In
      the
      event of a Prepayment Interest Shortfall, the Master Servicer shall remit to
      the
      Securities Administrator, from its own funds and without right of reimbursement
      (except as described below), not later than the related Distribution Date,
      Compensating Interest in an amount equal to the lesser of (i) the aggregate
      amounts in respect of Compensating Interest required to be paid by the Servicer
      pursuant to Section 3.24 with respect to Prepayment Interest Shortfalls
      attributable to Principal Prepayments on the Mortgage Loans for the related
      Distribution Date and not so paid by the Servicer and (ii) the aggregate
      compensation payable to the Master Servicer for the related collection period
      under this Agreement.  In the event the Master Servicer pays any
      amount in respect of such Compensating Interest prior to the time it shall
      have
      succeeded as successor servicer, the Master Servicer shall be subrogated to
      the
      Trust Fund’s right to receive such amount from the Servicer.  In the
      event the Trust Fund receives from the Servicer all or any portion of amounts
      in
      respect of Compensating Interest required to be paid by the Servicer pursuant
      to
      Section 3.24, not so paid by the Servicer when required, and paid by the Master
      Servicer pursuant to this Section 3A.10, then the Master Servicer may reimburse
      itself for the amount of Compensating Interest paid by the Master Servicer
      from
      such receipts by the Trust Fund.

     

    
      	
               

            	
              Section
                3A.11.

            	
              Certificate
                Account.

            

    

     

    On
      behalf
      of the Trust Fund, the Securities Administrator shall establish and maintain
      one
      or more accounts (such account or accounts, the “Certificate Account”), held in
      trust for the benefit of the Trustee and the Certificateholders.  The
      Certificate Account shall be an Eligible Account. The Master Servicer will
      deposit in the Certificate Account as identified by the Master Servicer and
      as
      received by the Master Servicer, the following amounts:

     

    (1)           Any
      amounts remitted to the Master Servicer by the Servicer or any Subservicer
      from
      the Custodial Account;

     

    (2)           Any
      Advances received from the Servicer or any Subservicer or made by the Master
      Servicer or (if the Master Servicer is the Servicer) the Trustee (in its
      capacity as successor master servicer), and any payments of Compensating
      Interest received from the Servicer or any Subservicer or made by the Master
      Servicer (unless, in the case of the Master Servicer, such amounts are deposited
      by the Master Servicer directly into the Certificate Account);

     

    (3)           Any
      Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
      the
      Master Servicer or which were not deposited in the Custodial
      Account;

     

    (4)           Any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Certificate Account; and

     

    (5)           Any
      other amounts received by or on behalf of the Master Servicer and required
      to be
      deposited in the Certificate Account pursuant to this Agreement.

     

    All
      amounts deposited to the Certificate Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Certificate Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (A) the Master Servicing Fee, (B)
      late payment charges or assumption, tax service, statement account or payoff,
      substitution, satisfaction, release and other like fees and charges and (C)
      the
      items enumerated in Section 3A.12(a) (with respect the clearing and termination
      of the Certificate Account and with respect to amounts deposited in error),
      in
      Section 3A.12(b) or in clauses (i), (ii), (iii) and (iv), (v) of Section
      3A.12(c), need not be credited by the Master Servicer to the Certificate
      Account.  In the event that the Master Servicer shall deposit or cause
      to be deposited to the Certificate 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.

     

    The
      Master Servicer may direct any depository institution maintaining the
      Certificate Account to invest the funds on deposit in such account or to hold
      such funds uninvested.  All investments pursuant to this Section 3A.11
      shall be in one or more Permitted Investments bearing interest or sold at a
      discount, and maturing, unless payable on demand, (i) no later than the Business
      Day immediately preceding the date on which such funds are required to be
      withdrawn from such account pursuant to this Agreement, if a Person other than
      the Securities Administrator is the obligor thereon or if such investment is
      managed or advised by a Person other than the Securities Administrator or an
      Affiliate of the Securities Administrator, and (ii) no later than the date
      on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, if the Securities Administrator is the obligor thereon or if such
      investment is managed or advised by the Securities Administrator or any
      Affiliate thereof.  All such Permitted Investments shall be held to
      maturity, unless payable on demand.  Any investment of funds in the
      Certificate Account shall be made in the name of the Trustee, or in the name
      of
      a nominee of the Master Servicer.  The Master Servicer shall be
      entitled to sole possession over each such investment, and any certificate
      or
      other instrument evidencing any such investment shall be delivered directly
      to
      the Master Servicer or its agent, together with any document of transfer
      necessary to transfer title to such investment to the Master Servicer or its
      nominee. In the event amounts on deposit in the Certificate Account are at
      any
      time invested in a Permitted Investment payable on demand, the Master Servicer
      shall:

     

    (x)           consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y)           demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Securities Administrator that such Permitted
      Investment would not constitute a Permitted Investment in respect of funds
      thereafter on deposit in the Certificate Account.

     

    All
      income and gain realized from the investment of funds deposited in the
      Certificate Account shall be for the benefit of the Master
      Servicer.  The Securities Administrator shall deposit in the
      Certificate Account the amount of any loss of principal incurred in respect
      of
      any such Permitted Investment made with funds in such Account immediately upon
      realization of such loss.

     

    
      	
               

            	
              Section
                3A.12.

            	
              Permitted
                Withdrawals and Transfers from the Certificate
                Account.

            

    

     

    (a)           The
      Securities Administrator will, from time to time on demand of the Master
      Servicer, the Servicer or the Trustee, make or cause to be made such withdrawals
      or transfers from the Certificate Account pursuant to this
      Agreement.  The Securities Administrator may clear and terminate the
      Certificate Account pursuant to Section 9.01 and remove amounts from time to
      time deposited in error.

     

    (b)           On
      an ongoing basis, the Securities Administrator shall withdraw funds from the
      Certificate Account to pay (i) any extraordinary Trust Fund expenses including
      but not limited to amounts payable to the Servicer or the Depositor pursuant
      to
      Section 6.03(a), to the Trustee and the Securities Administrator pursuant to
      Section 3.06 or Section 8.05 or to the Master Servicer pursuant to Section
      3A.03
      or Section 6.03(b), and (ii) any amounts expressly payable to the Master
      Servicer as set forth in Section 3A.09.

     

    (c)           The
      Securities Administrator may withdraw from the Certificate Account any of the
      following amounts (in the case of any such amount payable or reimbursable to
      the
      Servicer, only to the extent the Servicer shall not have paid or reimbursed
      itself such amount prior to making any remittance to the Master Servicer
      pursuant to the terms of this Agreement):

     

    (i)           (a)
      to pay to the Master Servicer (or successor master servicer, as applicable)
      any
      unpaid Master Servicing Fees and (b) to reimburse the Master Servicer or (if
      the
      Master Servicer is the Servicer) the Trustee (to the extent either of them
      is
      obligated to do so as Successor Servicer) for any Advance of its own funds,
      the
      right of the Master Servicer or the Trustee (as successor master servicer),
      as
      applicable, 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, Liquidation Proceeds and Subsequent
      Recoveries) 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 from Insurance Proceeds, Liquidation Proceeds
      or
      Subsequent Recoveries relating to a particular Mortgage Loan for amounts
      expended by the Master 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 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 from Liquidation Proceeds and Subsequent
      Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred
      with respect to such Mortgage Loan;

     

    (iv)           to
      reimburse the Master Servicer for advances of funds (other than Advances) made
      with respect to the Mortgage Loans, and 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,
      Liquidation Proceeds and Subsequent Recoveries) which represent late recoveries
      of the payments for which such advances were made;

     

    (v)           to
      reimburse the Master Servicer (if the Master Servicer is the Servicer) or the
      Trustee (to the extent either of them is obligated to do so as Successor
      Servicer) for any Advance or Servicing Advance, after a Realized Loss has been
      allocated with respect to the related Mortgage Loan if the Advance or Servicing
      Advance has not been reimbursed pursuant to clauses (i) through
      (iv);

     

    (vi)           to
      make distributions in accordance with Section 4.01;

     

    (vii)           to
      pay compensation to the Securities Administrator on each Distribution
      Date;

     

    (viii)         
      to pay any amounts in respect of taxes pursuant to Section
      10.01(g);

     

    (ix)           
      without duplication of the amount set forth in clause (iii) above, to pay any
      extraordinary Trust Fund expenses to the extent not paid by the Master Servicer
      from the Certificate Account;

     

    (x)           
      without duplication of any of the foregoing, to reimburse or pay the Servicer
      any such amounts as are due thereto under this Agreement and have not been
      retained by or paid to the Servicer, to the extent provided in this Agreement
      and to refund to the Servicer any amount remitted by the Servicer to the Master
      Servicer in error;

     

    (xi)           to
      pay to the Master Servicer, any interest or investment income earned on funds
      deposited in the Certificate Account;

     

    (xii)           to
      withdraw any amount deposited in the Certificate Account in error;
      and

     

    (xiv)         to
      clear and terminate the Certificate Account pursuant to Section
      9.01.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Certificate Account pursuant to clauses (i) through (v) above or with
      respect to any such amounts which would have been covered by such clauses had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Certificate Account.

     

    On
      or
      before the Business Day prior to each Distribution Date, the Master Servicer
      or
      (if the Master Servicer is the Servicer) the Trustee (to the extent either
      of
      them is obligated to do so as Successor Servicer) shall remit to the Securities
      Administrator for deposit in the Certificate Account any Advances required
      to be
      made and the Master Servicer shall deposit in the Certificate Account any
      Compensating Interest required to be paid, in either such case by the Master
      Servicer or the Trustee (as successor master servicer), as applicable, with
      respect to the Mortgage Loans.

     

    

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	
              Section
                4.01.  

            	
              Distributions.

            

    

     

    (a)  The
      Securities Administrator shall establish and maintain a Certificate Account,
      in
      which the Servicer shall cause to be deposited on or before 5:00 P.M. New York
      time on each Servicer Remittance Date by wire transfer of immediately available
      funds an amount equal to the sum of (i) any Advance for the immediately
      succeeding Distribution Date, (ii) any amount required to be deposited in the
      Certificate Account pursuant to Sections 3.10, 3.12 or 3.24, (iii) all other
      amounts constituting the Available Distribution Amount for the immediately
      succeeding Distribution Date and (iv) any amounts on deposit in the Custodial
      Account representing Prepayment Charges collected by the Servicer (and any
      Servicer Prepayment Charge Payment Amounts paid by, or collected on behalf
      of
      the Trust Fund by, the Servicer or any Subservicer), other than any such
      Prepayment Charges or Servicer Prepayment Charge Payment Amounts relating to
      Principal Prepayments that occurred after the end of the related Prepayment
      Period.

     

    On
      each
      Distribution Date, prior to making any other distributions referred to in
      Section 4.01 herein, the Securities Administrator shall withdraw from the
      Certificate Account and pay itself any income earned on retention of amounts
      on
      deposit in the Certificate Account for such Distribution Date and any other
      amounts payable to it hereunder.

     

    On
      each
      Distribution Date the Securities Administrator shall distribute to each
      Certificateholder of record as of the next preceding Record Date (other than
      as
      provided in Section 9.01 respecting the final distribution) either in
      immediately available funds (by wire transfer or otherwise) to the account
      of
      such Certificateholder at a bank or other entity having appropriate facilities
      therefor, if such Certificateholder has so notified the Securities Administrator
      at least 5 Business Days prior to the related Record Date, or otherwise by
      check
      mailed to such Certificateholder at the address of such Holder appearing in
      the
      Certificate Register, such Certificateholder’s share (based on the aggregate of
      the Percentage Interests represented by Certificates of the applicable Class
      held by such Holder) of the amounts required to be distributed to such Holder
      pursuant to this Section 4.01.

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Certificate Account that portion of Available Distribution Amount for such
      Distribution Date consisting of the Interest Funds, if any, for such
      Distribution Date, and make the following disbursements and transfers in the
      order of priority described below, in each case to the extent of the Interest
      Funds for such Class for such Distribution Date:

     

    (i)  to
      the
      Holders of the Class A Certificates, pro rata based on entitlement, the Monthly
      Interest Distributable Amount and any Unpaid Interest Shortfall Amount for
      each
      such Class for such Distribution Date; and

     

    (ii)  from
      the
      remaining Interest Funds, sequentially to the Class M-1, Class M-2, Class M-3,
      Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9
      Certificates, in that order, the Monthly Interest Distributable Amount for
      each
      such Class for such Distribution Date.

     

    (c)  On
      each
      Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger
      Event is in effect, the Securities Administrator shall withdraw from the
      Certificate Account that portion of Available Distribution Amount for such
      Distribution Date consisting of an amount equal to the Principal Distribution
      Amount and distribute to the Holders of the Class A Certificates and Class
      M
      Certificates, distributions in respect of principal to the extent of the
      Principal Distribution Amount remaining for such Distribution Date in the
      following amounts and order of priority:

     

    (i)  first,
      concurrently to the Class A-1, Class A-2 and Class A-3 Certificates, on a pro
      rata basis, based on the Certificate Principal Balances thereof, until the
      Certificate Principal Balances of each such class are reduced to zero;
      and;

     

    (ii)  from
      the
      remaining Principal Distribution Amount, sequentially, to the Class M-1, Class
      M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class
      M-9 Certificates, in that order, in each case until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Holders of each class of Class A Certificates and
      Class M Certificates shall be entitled to receive distributions in respect
      of
      principal to the extent of the Principal Distribution Amount in the following
      amounts and order of priority:

     

    (i)  first,
      concurrently to the Class A-1, Class A-2 and Class A-3 Certificates, the Class
      A
      Principal Distribution Amount, on a pro rata basis, based on the respective
      Certificate Principal Balances thereof, until their Certificate Principal
      Balances are reduced to zero; and;

     

    (ii)   from
      the remaining Principal Distribution Amount, sequentially, to the Class M-1,
      Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8
      and
      Class M-9 Certificates, in that order, in an amount equal to the related
      Subordinate Class Principal Distribution Amount for each such Class in each
      case
      until its Certificate Principal Balance has been reduced to zero.

     

    (d)  [reserved.]

     

    (e)           On
      each Distribution Date the Net Monthly Excess Cashflow shall be distributed
      in
      the following order of priority:

     

    (i)  to
      the
      Holders of the Class A Certificates and Class M Certificates then entitled
      to
      receive distributions in respect of principal, up to an amount equal to any
      Extra Principal Distribution Amount, payable to such Holders as part of the
      Principal Distribution Amount as described under Section 4.01(c) above, as
      applicable;

     

    (ii)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order,
      up to
      an amount equal to the Unpaid Interest Shortfall Amount for each such
      Class;

     

    (iii)  sequentially,
      to the Holders of the Class A-2, Class A-3, Class M-1, Class M-2, Class M-3,
      Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9
      Certificates, in that order, up to an amount equal to the Allocated Realized
      Loss Amount for each such Class

     

    (iv)  to
      the
      Available Funds Shortfall Reserve Fund, (i) first, to pay the Class A
      Certificates, on a pro rata basis, based on entitlement, to the extent needed
      to
      pay any Available Funds Shortfall Amount for each such Class and to the extent
      such amount exceeds the amounts then on deposit in the Available Funds Shortfall
      Reserve Fund; such amount deposited shall be distributed to the Class A
      Certificates, pro rata, based on the amount of such unpaid Available Funds
      Shortfall Amount, and (ii) second, to maintain a balance in the Available Funds
      Shortfall Reserve Fund equal to the Available Funds Shortfall Reserve Fund
      Deposit

     

    (v)  to
      the
      Available Funds Shortfall Reserve Fund to the extent needed to pay any Available
      Funds Shortfall Amount for the Class M-1, Class M-2, Class M-3, Class M-4,
      Class
      M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order,
      based on the entitlement of each such class; provided that any Net Monthly
      Excess Cashflow so allocated to Available Funds Shortfall Reserve Fund shall
      be
      allocated to pay the Available Funds Shortfall Amounts owed to these
      certificates and will be distributed to each such class of certificates with
      respect to which there remains any unpaid Available Funds Shortfall Amount,
      sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order,
      in
      each case up to an amount of such unpaid Available Funds Shortfall Amount;
      and

     

    (vi)  to
      the
      Holders of the Class CE Certificates, an amount equal to the Class CE
      Distribution Amount, reduced by amounts distributed in clauses (i) through
      (v)
      above; and

     

    (vii)           to
      the Class R Certificates (in respect of the Class R-1 Interest or Class R-2
      Interest) or the Class R-X Certificates (in respect of the Class R-3 Interest),
      any remaining amounts.

     

    (f)           [Reserved].

     

    (g)           [Reserved].

     

    (h)           Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting 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.  None
      of the Trustee, the Master Servicer, the Securities Administrator, the
      Depositor, the Servicer or the Subservicer shall have any responsibility
      therefor except as otherwise provided by this Agreement or applicable
      law.

     

    (i)           The
      Securities Administrator, upon written direction of the Master Servicer, shall
      invest or cause the institution maintaining the Certificate Account to invest
      the funds in the Certificate Account in Permitted Investments designated in
      the
      name of the Trustee for the benefit of the Certificateholders, which shall
      mature not later than the Distribution Date next following the date of such
      investment and shall not be sold or disposed of prior to
      maturity.  All income and gain realized from any such investment shall
      be for the benefit of the Master Servicer and shall be subject to its withdrawal
      or order from time to time.  The amount of any losses incurred in
      respect of any such investments shall be deposited in the Certificate Account
      by
      the Master Servicer out of its own funds immediately as realized without any
      right of reimbursement.

     

    (j)           Except
      as otherwise provided in Section 9.01, if the Servicer anticipates that a final
      distribution with respect to any Class of Certificates will be made on the
      next
      Distribution Date, the Servicer shall, no later than the 15th day of the month
      in the month of such final distribution (or if such 15th day is not a Business
      Day, the Business Day immediately preceding such 15th day), notify the
      Securities Administrator and the Securities Administrator shall, no later than
      two (2) Business Days after such date, mail on such date to each Holder of
      such
      Class of Certificates a notice to the effect that:  (i) the Securities
      Administrator anticipates that the final distribution with respect to such
      Class
      of Certificates will be made on such Distribution Date but only upon
      presentation and surrender of such Certificates at the office of the Securities
      Administrator or as otherwise specified therein, and (ii) no interest shall
      accrue on such Certificates from and after the end of the prior calendar
      month.

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust and
      credited to the account of the appropriate non-tendering Holder or
      Holders.  If any Certificates as to which notice has been given
      pursuant to this Section 4.01(j) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Securities Administrator shall mail a second notice to the remaining
      non-tendering Certificateholders to surrender their Certificates for
      cancellation in order to receive the final distribution with respect thereto.
      If
      within six months after the second notice all such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall take
      reasonable steps as directed by the Depositor, or appoint an agent to take
      reasonable steps, to contact the remaining non-tendering Certificateholders
      concerning surrender of their Certificates. The costs and expenses of
      maintaining the funds in trust and of contacting such Certificateholders shall
      be paid out of the assets remaining in the Trust Fund. If within nine months
      after the second notice any such Certificates shall not have been surrendered
      for cancellation, the Class R Certificateholders (with respect to the Class
      R-1
      Interest and the Class R-2 Interest) and the Class R-X Certificateholders (with
      respect to the Class R-3 Interest) shall be entitled to all unclaimed funds
      and
      other assets which remain subject hereto. No interest shall accrue or be payable
      to any Certificateholder on any amount held in trust as a result of such
      Certificateholder's failure to surrender its Certificate(s) for final payment
      thereof in accordance with this Section 4.01(j).

     

    (k)           On
      each Distribution Date, other than the final Distribution Date, the Securities
      Administrator shall distribute to each Certificateholder of record as of the
      immediately preceding Record Date the Certificateholder’s pro rata share of its
      Class (based on the aggregate Percentage Interest represented by such Holder’s
      Certificates) of all amounts required to be distributed on such Distribution
      Date to such Class. The Securities Administrator shall calculate the amount
      to
      be distributed to each Class and, based on such amounts, the Securities
      Administrator shall determine the amount to be distributed to each
      Certificateholder. All of the Securities Administrator’s calculations of
      payments shall be based solely on information provided to the Securities
      Administrator by the Master Servicer and to the Master Servicer by the Servicer
      and Subservicer. The Securities Administrator shall not be required to confirm,
      verify or recompute any such information but shall be entitled to rely
      conclusively on such information.

     

    
      	
              Section
                4.02.  

            	
              Statements
                to Certificateholders.

            

    

     

    (a)           On
      each Distribution Date, based, as applicable, on information provided to it
      by
      the Servicer, the Securities Administrator shall prepare and make available
      on
      the Securities Administrator’s website, as set forth below, to each Holder of
      the Regular Certificates, the Trustee, the Master Servicer, the Servicer, the
      Back-up Servicer and the Rating Agencies, a statement as to the distributions
      made on such Distribution Date setting forth the following:

     

    (i)  the
      applicable record dates, accrual periods, determination dates for calculating
      distributions and general distribution dates;

     

    (ii)  the
      total
      cash flows received and the general sources thereof;

     

    (iii)   (A)
      the amount of the distribution made on such Distribution Date to the Holders
      of
      each Class of Regular Certificates, separately identified, allocable to
      principal and (B) the amount of the distribution made on such Distribution
      Date
      to the Holders of the Class M-2, Class M-3 or Class CE Certificates allocable
      to
      Prepayment Charges and Servicer Prepayment Charge Payment Amounts;

     

    (iv)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates allocable to interest, separately
      identified;

     

    (v)  the
      Pass-Through Rate on each Class of Regular Certificates for such Distribution
      Date;

     

    (vi)  the
      aggregate amount of Advances for such Distribution Date (including the general
      purpose of such Advances), the aggregate amount of unreimbursed Advances at
      the
      close of business on the Distribution Date, and the general source of funds
      for
      reimbursements;

     

    (vii)  the
      number and Aggregate Stated Principal Balance of the Mortgage Loans as of the
      end of the related Due Period;

     

    (viii)  the
      Overcollateralization Release Amount and the Overcollateralization Deficiency
      Amount for such Distribution Date;

     

    (ix)  the
      aggregate Certificate Principal Balance of each Class of Regular Certificates
      after giving effect to the amounts distributed on such Distribution Date (in
      the
      case of the Class A-2 Certificates and Class A-3 Certificates and each of the
      Class M Certificates, separately identifying any reduction thereof due to the
      allocation of Realized Losses thereto);

     

    (x)  the
      number and Stated Principal Balance of Mortgage Loans in respect of which (a)
      one Scheduled Payment is Delinquent (MBA),  (b) two Scheduled Payments
      are Delinquent (MBA), (c) three or more Scheduled Payments are Delinquent (MBA)
      and (d) foreclosure proceedings have been commenced, in each case as of the
      end
      of the calendar month prior to such Distribution Date;

     

    (xi)  the
      number, aggregate principal balance and book value of any REO Properties as
      of
      the close of business on the last day of the calendar month preceding the month
      in which such Distribution Date occurs;

     

    (xii)  the
      weighted average remaining term to maturity, weighted average Mortgage Rate
      and
      weighted average Net Mortgage Rate of the Mortgage Loans as of the close of
      business on the first day of the calendar month in which such Distribution
      Date
      occurs;

     

    (xiii)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period;

     

    (xiv)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses;

     

    (xv)  if
      applicable, material modifications, extensions or waivers to Mortgage Loan
      terms, fees, penalties or payments during the preceding calendar month or that
      have become material over time;

     

    (xvi)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Custodial Account or the Certificate Account for such Distribution
      Date;

     

    (xvii)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer or a Subservicer
      pursuant to Section 3.24, and the aggregate amount of Relief Act Interest
      Shortfalls for such Distribution Date;

     

    (xviii)  the
      Monthly Interest Distributable Amount in respect of each Class of the Class
      A
      Certificates and Class M Certificates for such Distribution Date and the Unpaid
      Interest Shortfall Amount, if any, with respect to each Class of Class A
      Certificates and Class M Certificates for such Distribution Date;

     

    (xix)  (A)
      the
      Overcollateralization Target Amount, (B) the Overcollateralized Amount and
      (C)
      the amount, if any, by which the Overcollateralization Target Amount exceeds
      the
      Overcollateralized Amount, in each case after giving effect to the distribution
      made on the Certificates on such Distribution Date;

     

    (xx)  the
      aggregate amount of servicing compensation received by the Servicer with respect
      to the related Due Period;

     

    (xxi)  the
      aggregate of any deposits to and withdrawals from the Available Funds Shortfall
      Reserve Fund for such Distribution Date and the remaining amount on deposit
      in
      the Available Funds Shortfall Reserve Fund after such deposits and
      withdrawals;

     

    (xxii)  the
      Available Distribution Amount for such Distribution Date; and

     

    (xxiii)  information
      about any additions of, substitutions for or removal of any Mortgage Loans
      from
      the Trust Fund.

     

    In
      the
      case of information furnished pursuant to subclauses (iii) and (iv) above,
      the
      amounts shall also be expressed as a dollar amount per Single
      Certificate.

     

    On
      each
      Distribution Date the Securities Administrator shall provide Bloomberg Financial
      Markets, L.P. (“Bloomberg”) CUSIP level factors for each Class of Certificates
      as of such Distribution Date, using a format and media mutually acceptable
      to
      the Securities Administrator and Bloomberg.

     

    The
      information set forth above shall be calculated or reported, as the case may
      be,
      by the Securities Administrator, based solely on, and to the extent of,
      information provided to the Securities Administrator by the Master Servicer
      and
      to the Master Servicer by the Servicer and the Subservicer.  The
      Securities Administrator may conclusively rely on such information and shall
      not
      be required to confirm, verify or recalculate any such information.

     

    The
      Securities Administrator may make available each month, to any interested party,
      the monthly statement to Certificateholders via the Securities Administrator’s
      website initially 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 Securities Administrator’s 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.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and forward, to each Person who at any time during
      the calendar year was a Holder of a Certificate, a statement containing the
      information set forth in subclauses (ii) and (iv) above, aggregated for such
      calendar year or applicable portion thereof during which such person was a
      Certificateholder.  Such obligation of the Securities Administrator
      shall be deemed to have been satisfied to the extent that substantially
      comparable information shall be provided by the Securities Administrator
      pursuant to any requirements of the Code and regulations thereunder as from
      time
      to time are in force.

     

    On
      each
      Distribution Date the Securities Administrator shall prepare and make available
      on the Securities Administrator’s website (or deliver at the recipient's
      option), to each Holder of a Residual Certificate a copy of the reports
      forwarded to the other Certificateholders on such Distribution
      Date.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and forward, to each Person who at any time during
      the calendar year was a Holder of a Residual Certificate a statement containing
      the information provided pursuant to the previous paragraph aggregated for
      such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder.  Such obligation of the Securities Administrator
      shall be deemed to have been satisfied to the extent that substantially
      comparable information shall be provided by the Securities Administrator
      pursuant to any requirements of the Code as from time to time are in
      force.

     

    
      	
              Section
                4.03.  

            	
              Remittance
                Reports; Advances by the Servicer.

            

    

     

    (a)  On
      the
      10th calendar
      day of the month (or if such calendar day is not a  Business Day, the
      immediately succeeding Business Day), the Servicer shall deliver to the Master
      Servicer a report, prepared as of the close of business on the Business Day
      preceding such Determination Date (the “Remittance Report”), in the form of an
      electronic format mutually acceptable to each party and containing the
      information and the format provided in Exhibit E-1, Exhibit E-2 and Exhibit
      E-3.
      Not later than the 18th calendar
      day of
      each month (or if such calendar day is not a Business Day, the immediately
      succeeding Business Day) the Servicer shall render to the Master Servicer a
      Prepayment in Full report regarding Prepayments in Full, in an electronic file
      or other similar media reasonably acceptable to the Master Servicer. The
      Remittance Report and any written information supplemental thereto shall include
      such information with respect to the Mortgage Loans that is required by the
      Securities Administrator for purposes of making the calculations and preparing
      the statement described in Sections 4.01 and 4.02, as set forth in written
      specifications or guidelines issued by the Securities Administrator from time
      to
      time.  The Master Servicer shall have no obligation to recompute,
      recalculate or verify any information provided to it by the
      Servicer.

     

    (b)  The
      Servicer shall determine the aggregate amount of Advances required to be made
      for the related Distribution Date, which shall be in an aggregate amount equal
      to the sum of (1) the aggregate amount of Monthly Payments, other than Balloon
      Payments, (with each interest portion thereof adjusted to the Mortgage Rate
      less
      the Servicing Fee Rate and less the amount of any reductions in the amount
      of
      interest collectable from the Mortgagor pursuant to the Relief Act, on the
      Outstanding Mortgage Loans as of the related Due Date, which Monthly Payments
      were delinquent as of the close of business as of the related Determination
      Date) plus (2) with respect to each Balloon Loan delinquent in respect of its
      Balloon Payment as of the close of business on the related Determination Date,
      an amount equal to the assumed Monthly Payment (net of the related Servicing
      Fees) that would have been due on the related Due Date based on the original
      principal amortization scheduled for such Balloon Loan until such Balloon Loan
      is finally liquidated; provided that no Advance shall be made if it would be
      a
      Nonrecoverable Advance.  On or before 4:00 P.M. New York time on each
      Servicer Remittance Date, the Servicer shall either (i) deposit in the
      Certificate Account from its own funds, or funds received therefor from the
      Subservicers, an amount equal to the Advances to be made by the Servicer or
      any
      Subservicers in respect of the related Distribution Date, (ii) withdraw from
      amounts on deposit in the Custodial Account and deposit in the Certificate
      Account all or a portion of the amounts held for future distribution in
      discharge of any such Advance, or (iii) make advances in the form of any
      combination of (i) and (ii) aggregating the amount of such
      Advance.  Any portion of the amounts held for future distribution so
      used shall be replaced by the Servicer (to the extent not previously replaced
      by
      late collections of Monthly Payments in respect of which such Advance was made)
      by deposit in the Certificate Account on or before 1:00 P.M. New York time
      on
      any future Servicer Remittance Date to the extent that funds attributable to
      the
      Mortgage Loans that are available in the Custodial Account for deposit in the
      Certificate Account on such Servicer Remittance Date shall be less than payments
      to Certificateholders required to be made on the following Distribution
      Date.  The amount of any reimbursement pursuant to Section 3.11 in
      respect of outstanding Advances on any Distribution Date shall be allocated
      to
      specific Monthly Payments due but delinquent for previous Due Periods, which
      allocation shall be made, to the extent practicable, to Monthly Payments which
      have been delinquent for the longest period of time.  Such allocations
      shall be conclusive for purposes of reimbursement to the Servicer from
      recoveries on related Mortgage Loans pursuant to Section 3.11.  The
      determination by the Servicer that it has made a Nonrecoverable Advance or
      that
      any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall
      be evidenced by a certificate of a Servicing Officer delivered to the Sponsor
      and the Master Servicer with the Remittance Report.  The Securities
      Administrator shall deposit all funds it receives pursuant to this Section
      4.03
      into the Certificate Account.

     

    (c)  In
      the
      event that the Servicer determines as of any Servicer Remittance Date that
      it
      will be unable to deposit in the Certificate Account an amount equal to the
      Advance required to be made for the immediately succeeding Distribution Date
      in
      the amount determined by the Servicer pursuant to paragraph (b) above, it shall
      give notice to the Master Servicer of its inability to Advance (such notice
      may
      be given by telecopy), not later than 4:00 P.M., New York time, on such date,
      specifying the portion of such amount that it will be unable to
      deposit.  Not later than 4:00 P.M., New York time, on the earlier of
      (x) two Business Days following such Servicer Remittance Date or (y) the
      Business Day preceding the related Distribution Date, unless by such time the
      Servicer shall have directly or indirectly deposited in the Certificate Account
      the entire amount of the Advances required to be made for the related
      Distribution Date, pursuant to Section 7.01, the Master Servicer shall (a)
      terminate all of the rights and obligations of the Servicer under this Agreement
      in accordance with Section 7.01 and (b) the Successor Servicer shall immediately
      assume the rights and obligations of the Servicer hereunder, including the
      obligation to deposit in the Certificate Account an amount equal to the Advance
      for the immediately succeeding Distribution Date.

     

    The
      Servicer and the Subservicer shall in all cases have a right prior to the
      Certificateholders to any particular funds on deposit in the Custodial Account
      from time to time for the reimbursement or payment of its Servicing Fee,
      Advances, Servicing Advances and any amounts reimbursable thereto in accordance
      with Section 3.11 of this Agreement, but only if and to the extent such amounts
      are to be reimbursed or paid from such particular funds on deposit in the
      Custodial Account pursuant to the express terms of this Agreement.

     

    
      	
              Section
                4.04.  

            	
              Distributions
                on the REMIC Regular Interests.

            

    

     

    (a)           On
      each Distribution Date, the Securities Administrator shall be deemed to
      distribute, in the following order of priority, from REMIC 1 to REMIC 2 on
      account of the REMIC 1 Regular Interests or withdraw from the Certificate
      Account and distributed to the Holders of the Class R Certificates (in respect
      of the Class R-1 Interest), as the case may be:

     

    (i)           to
      the extent of the Available Distribution Amount for such Distribution Date,
      determined without regard to clause (ii)(2) of the definition thereof, to
      holders of each REMIC 1 Regular Interest, pro rata, in an amount equal
      to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interest for
      such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from previous Distribution Dates. Amounts payable as Uncertificated Accrued
      Interest in respect of REMIC 1 Regular Interest ZZ shall be reduced when the
      REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization
      Target Amount, by the lesser of (x) the amount of such difference and (y) the
      Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will
      be
      payable to holders of each REMIC 1 Regular Interest for which a Class A
      Certificate or Class M Certificate is the Corresponding Certificate in the
      same
      proportion as the Extra Principal Distribution Amount is allocated to the
      Corresponding Certificates for each such REMIC 1 Regular Interest, and the
      Uncertificated Principal Balance of REMIC 1 Regular Interest ZZ shall be
      increased by such amount;

     

    (iii)           to
      the extent of the Available Distribution Amount for such Distribution Date,
      determined without regard to clause (ii)(2) of the definition thereof, remaining
      after the distributions pursuant to clauses (i) and (ii), to holders of REMIC
      1
      Regular Interests, allocated as follows:

     

    (A)           98.00%
      of such remainder to holders of REMIC 1 Regular Interest AA, until the
      Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced
      to
      zero; and

     

    (B)           2.00%
      of such remainder, first, to holders of each REMIC 1  Regular Interest
      for which a Class A Certificate or Class M Certificate is the Corresponding
      Certificate, in an aggregate amount equal to 1% of and in the same proportion
      as
      principal payments are allocated to the Corresponding Certificates for each
      such
      REMIC 1 Regular Interest, until the Uncertificated Principal Balances of such
      REMIC 1 Regular Interests are reduced to zero; and second, to the holders of
      REMIC 1 Regular Interest ZZ, until the Uncertificated Principal Balance of
      such
      REMIC 1 Regular Interest is reduced to zero; and

     

    (iv)           any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest).

     

    (c)           On
      each Distribution Date, interest shall be deemed payable from REMIC 2 to the
      holders of each REMIC 2 Regular Interest the ownership of which is represented
      by the Class A Certificates and Class M Certificates at a pass-through rate
      equal to the lesser of (i) the Pass-Through Rate for the Corresponding
      Certificate determined without regard to the related Available Funds Cap Rate
      and (ii) the Available Funds Cap Rate for the REMIC 2 Regular Interest the
      ownership of which is represented by the Corresponding Certificate for such
      Distribution Date, in each case on a principal balance equal to the Certificate
      Principal Balance of the Corresponding Certificate for such Distribution Date.
      Principal shall be payable to, and shortfalls, losses and Prepayments shall
      be
      allocable to, the REMIC 2 Regular Interests the ownership of which is
      represented by the Class A Certificates and Class M Certificates as such amounts
      are payable and allocable to the Corresponding Certificates.

     

    (d)           On
      each Distribution Date, a portion of the amounts distributed pursuant to
      Sections 4.01(e)(i), (iv) and (vi) on such date shall be deemed distributed
      from
      REMIC 2 to REMIC 3 as Holder of the Class CE Interest in respect of the Class
      CE
      Distribution Amount.

     

    (e)           On
      each Distribution Date, 100% of the amounts deemed distributed on the Class
      CE
      Interest shall be deemed distributed by REMIC 3 in respect of the Class CE
      Interest.

     

    
      	
              Section
                4.05.  

            	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Securities
      Administrator on each Distribution Date as follows:  first, to Net
      Monthly Excess Cashflow, through a distribution of the Extra Principal
      Distribution Amount for that Distribution Date; second, to the
      Overcollateralized Amount by a reduction of the Certificate Principal Balance
      of
      the Class CE Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; third, to the Class M-9 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fourth, to
      the
      Class M-8 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; fifth, to the Class M-7 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; sixth, to the Class M-6
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; seventh, to the Class M-5 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; eighth, to the Class M-4 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to the Class M-3 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; tenth, to the Class M-2 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-1 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; twelfth, to the Class A-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; and thirteenth to the Class
      A-2 Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero. Realized Losses shall not be allocated to the Class A-1
      Certificates.

     

    (b)  Any
      allocation of Realized Losses to a Class A-2, Class A-3 or Class M Certificate
      on any Distribution Date shall be made by reducing the Certificate Principal
      Balance thereof by the amount so allocated.  Any allocation of
      Realized Losses to Net Monthly Excess Cashflow shall be made by reducing the
      amount otherwise payable in respect of the Class CE Certificates pursuant to
      Section 4.01(e)(vii), and any allocation of Realized Losses to the
      Overcollateralized Amount shall be made by reducing the Certificate Principal
      Balance of the Class CE Certificates by the amount so allocated.

     

    (c)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Securities
      Administrator on each Distribution Date to the following REMIC 1 Regular
      Interests in the specified percentages, as follows:  first, to
      Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest AA
      and
      REMIC 1 Regular Interest ZZ up to an aggregate amount equal to the REMIC 1
      Interest Loss Allocation Amount (without duplication of shortfalls allocated
      pursuant to Section 1.03), 98.00% and 2.00%, respectively; second, to the
      Uncertificated Principal Balances of the REMIC 1 Regular Interest AA and REMIC
      1
      Regular Interest ZZ up to an aggregate amount equal to the REMIC 1 Principal
      Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to the
      Uncertificated Principal Balances of REMIC 1 Regular Interest AA, REMIC 1
      Regular Interest M-9 and REMIC 1 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
      Interest M-9 has been reduced to zero; fourth, to the Uncertificated Principal
      Balances of REMIC 1 Regular Interest AA, REMIC 1 Regular Interest M-8 and REMIC
      1 Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC 1 Regular Interest M-8 has been
      reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 1
      Regular Interest AA, REMIC 1 Regular Interest M-7 and REMIC 1 Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC 1 Regular Interest M-7 has been reduced to zero; sixth, to
      the
      Uncertificated Principal Balances of REMIC 1 Regular Interest AA, REMIC 1
      Regular Interest M-6 and REMIC 1 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
      Interest M-6 has been reduced to zero; seventh, to the Uncertificated Principal
      Balances of REMIC 1 Regular Interest AA, REMIC 1 Regular Interest M-5 and REMIC
      1 Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC 1 Regular Interest M-5 has been
      reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC
      1
      Regular Interest AA, REMIC 1 Regular Interest M-4 and REMIC 1 Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC 1 Regular Interest M-4 has been reduced to zero; ninth, to
      the
      Uncertificated Principal Balances of REMIC 1 Regular Interest AA, REMIC 1
      Regular Interest M-3 and REMIC 1 Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC 1 Regular
      Interest M-3 has been reduced to zero; tenth, to the Uncertificated Principal
      Balances of REMIC 1 Regular Interest AA, REMIC 1 Regular Interest M-2 and REMIC
      1 Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC 1 Regular Interest M-2 has been
      reduced to zero; and eleventh, to the Uncertificated Principal Balances of
      REMIC
      1 Regular Interest AA, REMIC 1 Regular Interest M-1 and REMIC 1 Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC 1 Regular Interest M-1 has been reduced to zero.

     

    
      	
              Section
                4.06.  

            	
              Information
                Reports to Be Filed by the
                Servicer.

            

    

     

    The
      Servicer or the Subservicers shall file information reports with respect to
      the
      receipt of mortgage interest received in a trade or business, foreclosures
      and
      abandonments of any Mortgaged Property and the information returns relating
      to
      cancellation of indebtedness income with respect to any Mortgaged Property
      required by Sections 6050H, 6050J and 6050P of the Code,
      respectively.  Such reports shall be in form and substance sufficient
      to meet the reporting requirements imposed by such Sections 6050H, 6050J and
      6050P of the Code.

     

    
      	
              Section
                4.07.  

            	
              Compliance
                with Withholding Requirements.

            

    

     

    Notwithstanding
      any other provision of this Agreement, the Securities Administrator shall comply
      with all federal withholding requirements respecting payments to
      Certificateholders of interest or original issue discount on the Mortgage Loans
      that the Securities Administrator reasonably believes are applicable under
      the
      Code.  The consent of Certificateholders shall not be required for
      such withholding.  In the event the Securities Administrator withholds
      any amount from interest or original issue discount payments or advances thereof
      to any Certificateholder pursuant to federal withholding requirements, the
      Securities Administrator shall, together with its monthly report to such
      Certificateholders pursuant to Section 4.02 hereof, indicate such amount
      withheld.

     

    
      	
              Section
                4.08.  

            	
              Available
                Funds Shortfall Reserve Fund.

            

    

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      its
      name, in trust for the benefit of Class A Certificates and Class M Certificates,
      the Available Funds Shortfall Reserve Fund. In addition, on the Closing Date,
      the Depositor shall deposit into the Available Funds Shortfall Reserve Fund
      an
      amount equal to the Available Funds Shortfall Reserve Fund
      Deposit.  On each Distribution Date as to which there is a Available
      Funds Shortfall Amount payable to any Class of Class A Certificates and Class
      M
      Certificates, the Securities Administrator shall deposit the amounts
      distributable pursuant to clauses (iv) and (v), respectively of Section 4.01(e)
      into the Available Funds Shortfall Reserve Fund, and the Securities
      Administrator has been directed by the Holders of the Class CE Certificates
      to
      distribute amounts then on deposit in the Available Funds Shortfall Reserve
      Fund
      to the Holders of the Class A Certificates and Class M Certificates in respect
      of the Available Funds Shortfall Amounts in the priorities set forth in clauses
      (iv) and (v), respectively, of Section 4.01(e).  Any amount paid to
      the Holders of any Class A Certificates and Class M Certificates pursuant to
      the
      preceding sentence in respect of Available Funds Shortfall Amounts from amounts
      distributable pursuant to clauses (iv) and (v), respectively of Section 4.01(e)
      shall be treated as distributed by REMIC 2 to the Holder of the Class CE
      Interest and by REMIC 3 to the Holders of the Class CE Certificates and paid
      by
      such Holders to the Holders of such Class A Certificates and Class M
      Certificates.  Any payments to the Holders of the Class A Certificates
      and Class M Certificates in respect of Available Funds Shortfall Amounts
      pursuant to the second preceding sentence shall not be payments with respect
      to
      a Regular Interest in a REMIC within the meaning of Code Section
      860G(a)(1).

     

    (b)  The
      Available Funds Shortfall Reserve Fund is an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of
      the
      Trust Fund but not an asset of any REMIC.  The Securities
      Administrator on behalf of the Trust shall be the nominal owner of the Available
      Funds Shortfall Reserve Fund.  The Holders of the Class CE
      Certificates shall be the beneficial owners of the Available Funds Shortfall
      Reserve Fund, subject to the power of the Securities Administrator to transfer
      amounts under Section 4.01. Amounts in the Available Funds Shortfall Reserve
      Fund shall remain uninvested.

     

    
      	
              Section
                4.09.  

            	
              Allocation
                of Net Deferred Interest.

            

    

     

    For
      any
      Distribution Date, Net Deferred Interest will be allocated among each class
      of
      Class A Certificates and Class M Certificates, in an amount equal to the excess,
      if any, of (i) the amount of interest that accrued on such Class of Certificates
      or Underlying Interest at its respective Pass-Through Rate during the Accrual
      Period related to that Distribution Date over (ii) the amount of interest that
      accrued on such Class of Certificates at its respective Adjusted Cap Rate during
      the Accrual Period related to that Distribution Date. Any Net Deferred Interest
      not allocated to the Class A Certificates or the Class M Certificates shall
      be
      allocated to the Class CE Certificates.  Any Net Deferred Interest
      allocated to a Class of Certificates will be added to the Certificate Principal
      Balance of that Class of Certificates.

     

    On
      each
      Distribution Date, the Securities Administrator shall be deemed to allocate
      Net
      Deferred Interest among each class of REMIC 1 Regular Interests as follows:
      (1)
      98.00% of such Net Deferred Interest to holders of REMIC 1 Regular Interest
      AA;
      and (2) 2.00% of such Net Deferred Interest, first, to holders of each REMIC
      1
      Regular Interest for which a Class A Certificate or Class M Certificate is
      the
      Corresponding Certificate, in an aggregate amount equal to 1% of and in the
      same
      proportion as Net Deferred Interest is allocated to the Corresponding
      Certificates for each such REMIC 1 Regular Interest; and second, to the holders
      of REMIC 1 Regular Interest ZZ.  Any Net Deferred Interest allocated
      to a REMIC 1 Regular Interest will be added to the Uncertificated Principal
      Balance of such REMIC 1 Regular Interest.

     

    On
      each
      Distribution Date, the Securities Administrator shall be deemed to allocate
      an
      amount of Net Deferred Interest to the Class CE Interest equal to the amount
      of
      Net Deferred Interest allocated to the Class CE Certificates. Any Net Deferred
      Interest allocated to the Class CE Interest will be added to the Uncertificated
      Principal Balance of the Class CE Interest.

     

    Section
      4.10.  [Reserved.].

     

    

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	
              Section
                5.01.  

            	
              The
                Certificates.

            

    

     

    (a)  The
      Certificates will be substantially in the respective forms annexed hereto as
      Exhibits A and B-1 through B-3.  The Certificates will be issuable in
      registered form only.  The Certificates (other than the Class CE
      Certificates and Residual Certificates) will be issued in minimum denominations
      of $25,000 Initial Certificate Principal Balance and integral multiples of
      $1 in
      excess thereof. The Class CE Certificates will be issued in minimum
      denominations of $1.00 Initial Notional Amount and integral multiples of $1.00
      in excess thereof.  The Residual Certificates will each be issuable in
      minimum denominations of any Percentage Interest representing 10.00% and
      multiples of 0.01% in excess thereof.

     

    Upon
      original issue, the Certificates shall, upon the written request of the
      Depositor executed by an officer of the Depositor, be executed and delivered
      by
      the Securities Administrator, authenticated by the Securities Administrator
      and
      delivered to or upon the order of the Depositor upon receipt by the Securities
      Administrator of the documents specified in Section 2.01.  The
      Certificates shall be executed 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
      they signed the proper officers of the Securities Administrator shall bind
      the
      Securities Administrator, notwithstanding that such individuals or any of them
      have ceased to hold such offices prior to the authentication and delivery of
      such Certificates or did not hold such offices at the date of such
      Certificates.  No Certificate shall be entitled to any benefit under
      this Agreement, or be valid for any purpose, unless there appears on such
      Certificate a certificate of authentication substantially in the form provided
      for herein executed by the Securities Administrator by manual signature, and
      such certificate upon any Certificate shall be conclusive evidence, and the
      only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder.  All Certificates issued on the Closing Date shall be dated
      the Closing Date and any Certificates delivered thereafter shall be dated the
      date of their authentication.

     

    (b)  The
      Class
      A Certificates and Class M Certificates shall initially be issued as one or
      more
      Certificates registered in the name of the Depository or its nominee and, except
      as provided below, registration of such Certificates may not be transferred
      by
      the Securities Administrator except to another Depository that agrees to hold
      such Certificates for the respective Certificate Owners with Ownership Interests
      therein.  The Certificate Owners shall hold their respective Ownership
      Interests in and to each of such Book-Entry Certificates through the book-entry
      facilities of the Depository and, except as provided below, shall not be
      entitled to Definitive Certificates in respect of such Ownership
      Interests.  All transfers by Certificate Owners of their respective
      Ownership Interests in the Book-Entry Certificates shall be made in accordance
      with the procedures established by the Depository Participant or brokerage
      firm
      representing such Certificate Owner.  Each Depository Participant
      shall transfer the Ownership Interests only in the Book-Entry Certificates
      of
      Certificate Owners it represents or of brokerage firms for which it acts as
      agent in accordance with the Depository's normal procedures. The Securities
      Administrator shall not be required to monitor, determine or inquire as to
      compliance with the transfer restrictions with respect to the Book-Entry
      Certificates, and the Securities Administrator shall have no liability for
      transfers of Ownership Interests in the Book Entry Certificates made through
      the
      book-entry facilities of the Depositary or between or among Depositary
      Participants or Certificate Owners, made in violation of the applicable
      restrictions.

     

    The
      Trustee, the Securities Administrator, the Master Servicer, the Servicer and
      the
      Depositor may for all purposes (including the making of payments due on the
      respective Classes of Book-Entry Certificates) deal with the Depository as
      the
      authorized representative of the Certificate Owners with respect to the
      respective Classes of Book-Entry Certificates for the purposes of exercising
      the
      rights of Certificateholders hereunder.  The rights of Certificate
      Owners with respect to the respective Classes of Book-Entry Certificates shall
      be limited to those established by law and agreements between such Certificate
      Owners and the Depository Participants and brokerage firms representing such
      Certificate Owners.  Multiple requests and directions from, and votes
      of, the Depository as Holder of any Class of Book-Entry Certificates with
      respect to any particular matter shall not be deemed inconsistent if they are
      made with respect to different Certificate Owners.  The Securities
      Administrator may establish a reasonable record date in connection with
      solicitations of consents from or voting by Certificateholders and shall give
      notice to the Depository of such record date.

     

    If
      (i)(A)
      the Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository and (B) the Depositor is unable to locate a
      qualified successor or (ii) the Depositor at its option advises the Securities
      Administrator in writing that it elects to terminate the book-entry system
      through the Depository, the Securities Administrator shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to Certificate Owners
      requesting the same.  Upon surrender to the Securities Administrator
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration of transfer, the Securities
      Administrator shall, at the expense of the Depositor, issue the Definitive
      Certificates.  Neither the Depositor, the Servicer nor the Securities
      Administrator shall be liable for any actions taken by the Depository or its
      nominee, including, without limitation, 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
      Securities Administrator and the Servicer shall recognize the Holders of the
      Definitive Certificates as Certificateholders hereunder.

     

    (c)  Each
      Certificate is intended to be a “security” governed by Article 8 of the Uniform
      Commercial Code as in effect in the State of New York and any other applicable
      jurisdiction, to the extent that any of such laws may be
      applicable.

     

    
      	
              Section
                5.02.  

            	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Securities Administrator shall maintain a Certificate Register in which, subject
      to such reasonable regulations as it may prescribe, the Securities Administrator
      shall provide for the registration of Certificates and of transfers and
      exchanges of Certificates as herein provided.

     

    (b)  Except
      as
      provided in Section 5.02(c), no transfer, sale, pledge or other disposition
      of a
      Class CE Certificate or Residual Certificate shall be made unless such transfer,
      sale, pledge or other disposition is exempt from the registration requirements
      of the Securities Act of 1933, as amended (the “Act”), and any applicable state
      securities laws or is made in accordance with said Act and laws.  In
      the event that a transfer of a Class CE Certificate or Residual Certificate
      is
      to be made under this Section 5.02(b), (i) the Securities Administrator shall
      require an Opinion of Counsel acceptable to and in form and substance
      satisfactory to the Securities Administrator that such transfer shall be made
      pursuant to an exemption, describing the applicable exemption and the basis
      therefor, from said Act and laws or is being made pursuant to said Act and
      laws,
      which Opinion of Counsel shall not be an expense of the Securities
      Administrator, the Trustee, the Master Servicer, the Depositor or the Servicer,
      provided that such Opinion of Counsel will not be required in connection with
      the initial transfer of any such Certificate by the Depositor or any affiliate
      thereof, to a non-affiliate of the Depositor or (ii) the Securities
      Administrator shall require the transferee to execute (or in the case of a
      Book-Entry Certificate shall be deemed to have executed) a representation
      letter, substantially in the form of Exhibit G-1 hereto, and the Securities
      Administrator shall require the transferor to execute (or in the case of a
      Book-Entry Certificate shall be deemed to have executed) a representation
      letter, substantially in the form of Exhibit G-2 hereto, each acceptable to
      and
      in form and substance satisfactory to the Securities Administrator certifying
      to
      the Depositor and the Securities Administrator the facts surrounding such
      transfer, which representation letters shall not be an expense of the Trustee,
      the Securities Administrator, the Master Servicer, the Depositor or the
      Servicer; provided, however, that such representation letters will
      not be required in connection with any transfer of any such Certificate by
      the
      Depositor to an affiliate of the Depositor, the Securities Administrator and
      the
      Trustee shall be entitled to conclusively rely upon a representation (which,
      upon the request of the Securities Administrator, shall be a written
      representation) from the Depositor of the status of such transferee as an
      affiliate of the Depositor.  Any such Certificateholder desiring to
      effect such transfer shall, and does hereby agree to, indemnify the Securities
      Administrator, the Trustee, the Depositor and the Servicer against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such applicable federal and state laws.

     

    (c)  Notwithstanding
      the requirements set forth in the first paragraph of Section 5.02(b), transfers
      of the Class CE Certificate or Residual Certificate may be made in accordance
      with this Section 5.02(c) if the prospective transferee of a Certificate
      provides the Securities Administrator and the Depositor with an investment
      letter substantially in the form of Exhibit G-3 attached hereto, which
      investment letter shall not be an expense of the Trustee, the Securities
      Administrator, the Master Servicer, the Depositor or the Servicer, and which
      investment letter states that, among other things, such transferee is a
“qualified institutional buyer” as defined under Rule 144A.  Such
      transfers shall be deemed to have complied with the requirements set forth
      in
      Section 5.02(b) hereof.  Any such Certificateholder desiring to effect
      such transfer shall, and does hereby agree to, indemnify the Trustee, the
      Securities Administrator, the Master Servicer, the Depositor and the Servicer
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such applicable federal and state laws.

     

    No
      Transfer of a Class CE or Residual Certificate shall be made unless (i) the
      prospective transferee of such Certificate provides a representation to the
      Securities Administrator acceptable to and in form and substance satisfactory
      to
      the Securities Administrator, to the effect that such transferee is not an
      employee benefit plan or other retirement arrangement, including individual
      retirement accounts and Keogh plans, that is subject to the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
      (any of the foregoing, a “Plan”), to a trustee or other Person acting on behalf
      of any Plan, or to any other person who is using “plan assets” (within the
      meaning of Department of Labor Regulation 29 CFR §2510.3-101, as modified by
      Section 3(42) of ERISA) of any Plan to effect such acquisition (including any
      insurance company using funds in its general or separate accounts that may
      constitute “plan assets” of a Plan), or (ii) in the case of any such Certificate
      presented for registration in the name of a Plan, or a trustee of a Plan or
      any
      other person acting on behalf of a Plan, or to any person using “plan assets” of
      any Plan to effect such acquisition (including any insurance company using
      funds
      in its general or separate accounts that may constitute “plan assets” of a Plan)
      the Securities Administrator shall have received an Opinion of Counsel, on
      which
      the Trustee, Depositor, the Securities Administrator, the Master Servicer and
      Servicer may rely, which is satisfactory to the Securities Administrator, that
      such transfer is permissible under applicable law, will not constitute or result
      in a prohibited transaction under Section 406 of ERISA and Section 4975 of
      the
      Code, and will not subject the Securities Administrator, the Servicer or the
      Depositor to any obligation in addition to those undertaken in this
      Agreement.  Neither the Depositor, the Securities Administrator, the
      Master Servicer, the Servicer nor the Trustee, will be required to obtain such
      Opinion of Counsel on behalf of any prospective transferee.

     

    Each
      beneficial owner of a Subordinate Certificate or any interest therein which
      is
      acquired shall be deemed to have represented, by virtue of its acquisition
      or
      holding of that Certificate or interest therein, that either (i) it is not
      a
      Plan or a trustee or other Person acting on behalf of a Plan or using “plan
      assets” of a Plan to effect such acquisition (including any insurance company
      using funds in its general or separate accounts that may constitute “plan
      assets”), (ii) it has acquired and is holding such Certificate in reliance on
      the Exemption, it is an “accredited investor” within the meaning of the
      Exemption and that it understands that there are certain conditions to the
      availability of the Exemption, including that the Certificate must be rated,
      at
      the time of purchase, not lower than “BBB-” (or its equivalent) by Standard
& Poor’s, Fitch Ratings, Inc., Moody’s, Dominion Bond Rating Service Limited
      (known as DBRS Limited), Dominion  Bond Rating Service, Inc. (known as
      DBRS, Inc.) and the Certificate is so rated or (iii) (1) it is an insurance
      company, (2) the source of funds used to acquire or hold the Certificate or
      interest therein is an “insurance company general account,” as such term is
      defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE
      95-60 have been satisfied.

     

    (d)  [Reserved]

     

    (e)  (i)
      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
      authorized the Securities Administrator or its designee under clause (iii)(A)
      below to deliver payments to a Person other than such Person and to negotiate
      the terms of any mandatory sale under clause (iii)(B) below and to execute
      all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale.  The rights of each Person acquiring any Ownership
      Interest in a Residual Certificate are expressly subject to the following
      provisions:

     

    (A)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Securities
      Administrator of any change or impending change in its status as a Permitted
      Transferee.

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt,
      of (I) an affidavit and agreement (a “Transfer Affidavit and Agreement” in the
      form attached hereto as Exhibit G-5) from the proposed Transferee, in form
      and
      substance satisfactory to the Securities Administrator representing and
      warranting, among other things, that it is a Permitted Transferee, that it
      is
      not acquiring its Ownership Interest in the Residual Certificate that is the
      subject of the proposed Transfer as a nominee, trustee or agent for any Person
      who is not a Permitted Transferee, that for so long as it retains its Ownership
      Interest in a Residual Certificate, it will endeavor to remain a Permitted
      Transferee, and that it has reviewed the provisions of this Section 5.02 and
      agrees to be bound by them, and (II) a certificate, in the form attached hereto
      as Exhibit G-4, from the Holder wishing to transfer the Residual Certificate,
      in
      form and substance satisfactory to the Securities Administrator representing
      and
      warranting, among other things, that no purpose of the proposed Transfer is
      to
      impede the assessment or collection of tax and that it has no knowledge that
      the
      proposed transferee is not a Permitted Transferee.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Securities Administrator
      assigned to this transaction has actual knowledge that the proposed Transferee
      is not a Permitted Transferee, no Transfer of an Ownership Interest in a
      Residual Certificate to such proposed Transferee shall be effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (y) not to transfer its Ownership Interest unless
      it
      provides a certificate to the Securities Administrator in the form attached
      hereto as Exhibit G-4.

     

    (E)  Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Securities Administrator written notice that it is a “pass-through interest
      holder” within the meaning of Temporary Treasury Regulations Section
      1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest in a
      Residual Certificate, if it is “a pass-through interest holder”, or is holding
      an Ownership Interest in a Residual Certificate on behalf of a “pass-through
      interest holder.”

     

    (ii)  The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement in the
      form
      attached hereto as Exhibit G-5, a certificate of the Holder requesting such
      transfer in the form attached hereto as Exhibit G-4 and all of such other
      documents as shall have been reasonably required by the Securities Administrator
      as a condition to such registration.  Transfers of the Residual
      Certificates other than to Permitted Transferees are prohibited.

     

    (iii)  (A)  If
      any Person other than a Permitted Transferee shall become a Holder of a Residual
      Certificate, then the last preceding Permitted Transferee shall be restored,
      to
      the extent permitted by law, to all rights and obligations as Holder thereof
      retroactive to the date of registration of such Transfer of such Residual
      Certificate.  If a transfer of a Residual Certificate is disregarded
      pursuant to the provisions of Treasury Regulations Section 1.860E-1 or Section
      1.860G-3, then the last preceding Permitted Transferee shall be restored, to
      the
      extent permitted by law, to all rights and obligations as Holder thereof
      retroactive to the date of registration of such transfer of such Residual
      Certificate. The prior Holder shall be entitled to recover from any purported
      Holder of a Residual Certificate that was in fact not a Permitted Transferee
      under this Section 5.02(e) at the time it became a Holder all payments made
      on
      such Residual Certificate.  Each Holder of a Residual Certificate, by
      acceptance thereof, shall be deemed for all purposes to have consented to the
      provisions of this Section 5.02(e) and to any amendment of this Agreement deemed
      necessary (whether as a result of new legislation or otherwise) by counsel
      of
      the Depositor to ensure that the Residual Certificates are not transferred
      to
      any Person who is not a Permitted Transferee and that any transfer of such
      Residual Certificates will not cause the imposition of a tax upon the Trust
      or
      cause any such REMIC to fail to qualify as a REMIC.  Neither the
      Securities Administrator nor the Trustee shall be under any liability to any
      Person for any registration of Transfer of a Residual Certificate that is in
      fact not permitted by this Section 5.02 or for making any payments due on such
      Certificate to the Holder thereof or for taking any other action with respect
      to
      such Holder under the provisions of this Agreement.

     

    (B)  If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the restrictions in this Section 5.02 and to the extent that the
      retroactive restoration of the rights of the Holder of such Residual Certificate
      as described in clause (iii)(A) above shall be invalid, illegal or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the Holder or any prior Holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may
      choose.  Such purported Transferee shall promptly endorse and deliver
      each Residual Certificate in accordance with the instructions of the Securities
      Administrator.  Such purchaser may be the Securities Administrator
      itself.  The proceeds of such sale, net of the commissions (which may
      include commissions payable to the Securities Administrator), expenses and
      taxes
      due, if any, will be remitted by the Securities Administrator to such purported
      Transferee.  The terms and conditions of any sale under this clause
      (iii)(B) shall be determined in the sole discretion of the Securities
      Administrator, and the Trustee shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (iv)  The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions, all information necessary
      to compute any tax imposed (A) as a result of the transfer of an ownership
      interest in a Residual Certificate to any Person who is a Disqualified
      Organization, including the information regarding “excess inclusions” of such
      Residual Certificates required to be provided to the Internal Revenue Service
      and certain Persons as described in Treasury Regulations Sections 1.860D-1(b)(5)
      and 1.860E-2(a)(5), and (B) as a result of any regulated investment company,
      real estate investment trust, common trust fund, partnership, trust, estate
      or
      organization described in Section 1381 of the Code that holds an Ownership
      Interest in a Residual Certificate having as among its record Holders at any
      time any Person who is a Disqualified Organization.  The Securities
      Administrator may charge and shall be entitled to reasonable compensation for
      providing such information as may be required from those Persons which may
      have
      had a tax imposed upon them as specified in clauses (A) and (B) of this
      paragraph for providing such information.

     

    (f)  Subject
      to the preceding paragraphs, upon surrender for registration of transfer of
      any
      Certificate at the office of the Securities Administrator maintained for such
      purpose, the Securities Administrator shall execute and the Securities
      Administrator shall authenticate and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.  Every Certificate surrendered for
      transfer shall be accompanied by notification of the account of the designated
      transferee or transferees for the purpose of receiving distributions pursuant
      to
      Section 4.01 by wire transfer, if any such transferee desires and is eligible
      for distribution by wire transfer.

     

    (g)  At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates of authorized denominations of the same Class of a like aggregate
      Percentage Interest, upon surrender of the Certificates to be exchanged at
      the
      office of the Securities Administrator. Whenever any Certificates are so
      surrendered for exchange the Securities Administrator shall execute,
      authenticate and deliver the Certificates which the Certificateholder making
      the
      exchange is entitled to receive.  Every Certificate presented or
      surrendered for transfer or exchange shall (if so required by the Securities
      Administrator) be duly endorsed by, or be accompanied by a written instrument
      of
      transfer in the form satisfactory to the Securities Administrator duly executed
      by, the Holder thereof or his attorney duly authorized in writing.  In
      addition, with respect to each Class R Certificate, the Holder thereof may
      exchange, in the manner described above, such Class R Certificate for two
      separate Certificates, each representing such Holder's respective Percentage
      Interest in the Class R-1 Interest and the Class R-2 Interest.

     

    (h)  No
      service charge shall be made to the Certificateholders for any transfer or
      exchange of Certificates, but the Securities Administrator 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.

     

    (i)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      retained by the Securities Administrator in accordance with the Securities
      Administrator’s standard procedures.

     

    (j)  Notwithstanding
      anything to the contrary herein, the transfer restrictions in this Section
      5.02
      shall not apply to any transfer of the Class CE Certificates or Residual
      Certificates to an affiliate of the Depositor (either directly or through a
      nominee) in connection with the initial issuance of the Securities.

     

    
      	
              Section
                5.03.  

            	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Securities Administrator and
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate, and (ii) there is delivered
      to
      the Securities Administrator such security or indemnity as may be required
      by it
      to save it harmless, then, in the absence of notice to the Securities
      Administrator that such Certificate has been acquired by a bona fide purchaser,
      the Securities Administrator shall execute, authenticate and deliver, in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of the same Class and Percentage
      Interest.  Upon the issuance of any new Certificate under this
      Section, the Securities Administrator 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
      Securities Administrator) connected therewith.  Any replacement
      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.

     

    
      	
              Section
                5.04.  

            	
              Persons
                Deemed Owners.

            

    

     

    The
      Depositor, the Servicer, the Master Servicer, the Securities Administrator,
      the
      Trustee and any agent of any of them may treat the person in whose name any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions pursuant to Section 4.01 and for all other purposes
      whatsoever, and neither the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator, the Trustee nor any agent of any of them shall be
      affected by notice to the contrary.

     

    
      	
              Section
                5.05.  

            	
              Rule
                144A Information.

            

    

     

    For
      so
      long as any Class of Class CE Certificates and Residual Certificates are
      outstanding and are “restricted securities” within the meaning of Rule 144(a)(3)
      of the Securities Act, (1) the Depositor shall provide or cause to be provided
      to any Holder of such Certificates and any prospective purchaser thereof
      designated by such a Holder, upon the request of such Holder or prospective
      purchaser, the information required to be provided to such Holder or prospective
      purchaser by Rule 144A(d)(4) under the Securities Act; and (2) the Depositor
      shall update such information from time to time in order to prevent such
      information from becoming false and misleading and will take such other actions
      as are necessary to ensure that the safe harbor exemption from the registration
      requirements of the Securities Act under Rule 144A is and will be available
      for
      resales of such Certificates conducted in accordance with Rule
      144A.  The Servicer shall cooperate with the Depositor and furnish the
      Depositor such information in the Servicer's possession as the Depositor may
      reasonably request.

     

    

    ARTICLE
      VI

     

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    
      	
              Section
                6.01.  

            	
              Liability
                of the Depositor, the Servicer and the Master
                Servicer.

            

    

     

    The
      Depositor, the Servicer and the Master Servicer each shall be liable in
      accordance herewith only to the extent of the obligations specifically imposed
      upon and undertaken by the Depositor, the Servicer and the Master Servicer
      herein.  Only the Servicer or the Successor Servicer shall be liable
      with respect to the servicing of the Mortgage Loans and the REO Property for
      actions taken by any such Person in contravention of the Servicer's duties
      hereunder.

     

    
      	
              Section
                6.02.  

            	
              Merger,
                Consolidation or Conversion of the Depositor, the Servicer or the
                Master
                Servicer.

            

    

     

    The
      Depositor, the Servicer and the Master Servicer each will keep in full effect
      its existence, rights and franchises as a corporation under the laws of the
      state of its incorporation, and each 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 respective duties under this Agreement.

     

    Any
      Person into which the Depositor, the Servicer or the Master Servicer may be
      merged, consolidated or converted, or any corporation resulting from any merger
      or consolidation to which the Depositor, the Servicer or the Master Servicer
      shall be a party, or any Person succeeding to the business of the Depositor,
      the
      Servicer or the Master Servicer, shall be the successor of the Depositor, the
      Servicer or the Master Servicer, as the case may be, 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 surviving Person to the Servicer shall be
      qualified to sell mortgage loans to and service mortgage loans for Fannie Mae
      or
      Freddie Mac.

     

    
      	
              Section
                6.03.  

            	
              Limitation
                on Liability of the Depositor, the Servicer and
                Others.

            

    

     

    None
      the
      Depositor, the Servicer, the Master Servicer nor any of the directors, officers,
      employees or agents of the Depositor, the Servicer or the Master Servicer shall
      be under any liability to the Trust Fund 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 Depositor, the Servicer or the Master
      Servicer (but this provision shall protect the above described persons) against
      any breach of warranties or representations made herein, or against any specific
      liability imposed on the Servicer pursuant to Section 3.01 or any other Section
      hereof or imposed on the Master Servicer pursuant to Section 3A.01 or any other
      Section herein; and provided further that this provision shall not protect
      the
      Depositor, the Servicer, the Master Servicer or any such person, against any
      liability which would otherwise be imposed by reason of willful misfeasance,
      bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder.  The Depositor, the
      Servicer, the Master Servicer and any director, officer, employee or agent
      of
      the Depositor, the Servicer or 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.  The Depositor, the
      Servicer, the Master Servicer and any director, officer, employee or agent
      of
      the Depositor, the Servicer or the Master Servicer shall be indemnified and
      held
      harmless by the Trust Fund against any loss, liability or expense incurred
      in
      connection with any legal action relating to this Agreement or the Certificates
      (including reasonable legal fees and disbursements of counsel), other than
      (a)
      any loss, liability or expense related to Servicer's servicing obligations
      or
      the Master Servicer’s master servicing obligations with respect to any specific
      Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or related to the
      Servicer's or the Master Servicer’s obligations under this Agreement, or (b) any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or gross negligence in the performance of duties hereunder or by reason of
      reckless disregard of obligations and duties hereunder.  None of the
      Depositor, the Servicer or the Master Servicer shall be under any obligation
      to
      appear in, prosecute or defend any legal action which is not incidental to
      its
      respective duties under this Agreement and which in its opinion may involve
      it
      in any expense or liability; provided, however, that the
      Depositor, the Servicer or the Master Servicer may in its sole 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 Certificateholders hereunder.  In such event, the
      legal expenses and costs of such action and any liability resulting therefrom
      (except any action or liability related to the Servicer's or the Master
      Servicer’s obligations under this Agreement) shall be expenses, costs and
      liabilities of the Trust Fund, and the Depositor, the Servicer and the Master
      Servicer shall be entitled to be reimbursed therefor from the Certificate
      Account as provided in Section 3.11, any such right of reimbursement being
      prior
      to the rights of Certificateholders to receive any amount in the Certificate
      Account.

     

    The
      Servicer shall indemnify the Depositor, the Trustee, the Custodian, the Master
      Servicer and the Securities Administrator and any director, officer, employee
      or
      agent of the Depositor, the Trustee, the Custodian, the Master Servicer or
      the
      Securities Administrator against any such claim or legal action (including
      any
      pending or threatened claim or legal action), loss, liability, fee or expense
      that may be sustained in connection with this Agreement related to the willful
      misfeasance, bad faith, or negligence in the performance of the Servicer’s
      duties hereunder.

     

    The
      Master Servicer shall indemnify the Depositor, the Trustee, the Custodian,
      the
      Servicer and the Securities Administrator and any director, officer, employee
      or
      agent of the Depositor, the Trustee, the Custodian, the Servicer or the
      Securities Administrator against any such claim or legal action (including
      any
      pending or threatened claim or legal action), loss, liability, fee or expense
      that may be sustained in connection with this Agreement related to the willful
      misfeasance, bad faith, or negligence in the performance of the Master
      Servicer’s duties hereunder.

     

    The
      Securities Administrator shall indemnify the Depositor, the Trustee, the
      Custodian, the Servicer and the Master Servicer and any director, officer,
      employee or agent of the Depositor, the Trustee, the Custodian, the Servicer
      or
      the Master Servicer against any such claim or legal action (including any
      pending or threatened claim or legal action), loss, liability, fee or expense
      that may be sustained in connection with this Agreement related to the willful
      misfeasance, bad faith, or negligence in the performance of the Securities
      Administrator’s duties hereunder.

     

    
      	
              Section
                6.04.  

            	
              Limitation
                on Resignation of the Servicer.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (a) upon appointment of a successor servicer reasonably acceptable to
      the
      Trustee and Master Servicer upon receipt by the Trustee and Master Servicer
      of a
      letter from each Rating Agency (obtained by the Servicer and at its expense)
      that such a resignation and appointment will not, in and of itself, result
      in a
      downgrading of the Certificates or (b) upon determination that its duties
      hereunder are no longer permissible under applicable law.  Any such
      determination permitting the resignation of the Servicer shall be evidenced
      by
      an Opinion of Counsel (at the expense of the resigning Servicer) to such effect
      delivered to the Trustee and Master Servicer.  No such resignation
      shall become effective until the Successor Servicer shall have assumed the
      Servicer's responsibilities, duties, liabilities and obligations
      hereunder.

     

    
      	
              Section
                6.05.  

            	
              Sale
                and Assignment of Servicing and Master
                Servicing.

            

    

     

    The
      Servicer may sell and assign its rights and delegate its duties and obligations
      in their entirety as Servicer under this Agreement; provided,
however, 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, in the case
      of
      successor servicers only, 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 Master Servicer (as evidenced in a
      writing signed by the Master Servicer) as having a comparable servicing ability
      to that of the Servicer on the Closing Date; (d) shall execute and deliver
      to
      the Master Servicer an agreement, in form and substance reasonably satisfactory
      to the Master Servicer, 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 Servicer under this Agreement and 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 Servicer and each Rating Agency's rating of the Certificates
      in
      effect immediately prior to such assignment, sale and delegation will not be
      downgraded or withdrawn as a result of such assignment, sale and delegation,
      as
      evidenced by a letter to such effect obtained by the Servicer at its expense
      and
      delivered to the Master Servicer; and (iii) the Servicer assigning and selling
      the servicing shall deliver to the Master Servicer an Officer's Certificate
      and
      an Opinion of Counsel (at the expense of the Servicer), 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 Servicer arising
      prior to the effective date thereof. In the event the Servicer transfers its
      rights and obligations to a successor Servicer pursuant to this Section 6.05,
      all rights and obligations of the Back-Up Servicer under this Agreement shall,
      subject to the prior consent of the Master Servicer, immediately terminate
      and
      the Back-Up Servicer shall have no rights or obligations under this Agreement
      thereafter.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement; provided,
      however, 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, in the case
      of
      successor master servicers only, 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 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, 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 rating of the
      Certificates in effect immediately prior to such assignment, sale and delegation
      will not be downgraded or withdrawn as a result of such assignment, sale and
      delegation, as evidenced by a letter to such effect obtained by the Master
      Servicer at its expense and delivered to the Trustee; and (iii) the Master
      Servicer assigning and selling the master servicing shall deliver to the Trustee
      an Officer's Certificate and an Opinion of Counsel (at the expense of the Master
      Servicer), 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
                6.06.  

            	
              Successor
                Master Servicer.

            

    

     

    In
      connection with the appointment of any successor Master Servicer or the
      assumption of the duties of the Master Servicer, the Depositor or the Trustee
      may make such arrangements for the compensation of such successor Master
      Servicer out of payments on the Mortgage Loans as the Depositor or the Trustee
      and such successor Master Servicer shall agree. If the successor Master Servicer
      does not agree that such market value is a fair price, such successor Master
      Servicer shall obtain two quotations of market value from third parties actively
      engaged in the master servicing of single family mortgage loans. Notwithstanding
      the foregoing, the compensation payable to a successor Master Servicer may
      not
      exceed the compensation which the Master Servicer would have been entitled
      to
      retain if the Master Servicer had continued to act as Master Servicer
      hereunder.

     

    

    ARTICLE
      VII

     

    DEFAULT

     

    
      	
              Section
                7.01.  

            	
              Servicer
                Events of Default and Master Servicer Events of
                Default.

            

    

     

    (a)           “Servicer
      Event of Default”, wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure by the Servicer to deposit into the Certificate Account on each Servicer
      Remittance Date the amounts required to be deposited therein (other than an
      Advance) under the terms of this Agreement which continues unremedied for two
      (2) Business Days after such amount was required to be remitted; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in the Certificates or in this Agreement (including any breach of
      the
      Servicer's representations and warranties pursuant to Section 2.03(a) which
      materially and adversely affects the interests of the Certificateholders) which
      continues unremedied for a period of 60 days after the date on which written
      notice of such failure, requiring the same to be remedied, shall have been
      given
      to the Servicer by the Master Servicer or the Trustee, or to the Servicer,
      the
      Trustee and the Master Servicer by the Holders of Certificates entitled to
      at
      least 25% of the Voting Rights; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in an
      involuntary case under any present or future federal or state bankruptcy,
      insolvency or similar law or the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings, or for the winding-up or liquidation of
      its
      affairs, shall have been entered against the Servicer and such decree or order
      shall have remained in force undischarged or unstayed for a period of 60
      consecutive days; or

     

    (iv)  the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Servicer or of or
      relating to all or substantially all of its property; or

     

    (v)  the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of or otherwise voluntarily
      commence a case or proceeding under any applicable bankruptcy, insolvency,
      reorganization or other similar statute, make an assignment for the benefit
      of
      its creditors, or voluntarily suspend payment of its obligations;
      or

     

    (vi)  failure
      of the Servicer to comply with the requirements of Article XII, as further
      described in Section 12.07; or

     

    (vii)  the
      Servicer shall fail to deposit in the Certificate Account on any Servicer
      Remittance Date an amount equal to any required Advance which continues
      unremedied for the earlier of (a) a period of two (2) Business Days or (b)
      the
      Business Day immediately preceding the Distribution Date.

     

    If
      an
      Event of Default described in clauses (i) - (v) of this Section shall occur,
      then, and in each and every such case, so long as such Event of Default shall
      not have been remedied, the Master Servicer, or the Holders of Certificates
      entitled to at least 51% of the Voting Rights, by notice in writing to the
      Servicer (and to the Master Servicer if given by such Holders of Certificates),
      with a copy to the Rating Agencies, may terminate all of the rights and
      obligations (but not the liabilities) of the Servicer under this Agreement
      and
      in and to the Trust Fund, other than its rights as a Certificateholder
      hereunder; provided, however, that the Successor Servicer
      appointed pursuant to Section 7.02 shall have accepted the duties of Servicer
      effective upon the resignation or termination of the Servicer.  If an
      Event of Default described in clause (vi) hereof shall occur, the Master
      Servicer shall, by notice to the Servicer and the Depositor, terminate all
      of
      the rights and obligations of the Servicer under this Agreement and in and
      to
      the Trust Fund, other than its rights as a Certificateholder hereunder;
provided, however, that if the Master Servicer determines (in its
      sole discretion) that the failure by the Servicer to make any required Advance
      was due to circumstances beyond its control, and the required Advance was
      otherwise made, the Master Servicer may not terminate the
      Servicer.  On or after the receipt by the Servicer of such notice, all
      authority and power of the Servicer under this Agreement, whether with respect
      to the Certificates (other than as a Holder thereof) or the Mortgage Loans
      or
      otherwise, shall pass to and be vested in the Successor Servicer pursuant to
      and
      under this Section, and, without limitation, the Successor Servicer is hereby
      authorized and empowered to execute and deliver, on behalf of the 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 at the expense of the Servicer. The Servicer agrees to cooperate
      with
      (and pay any related costs and expenses of) the Master Servicer in effecting
      the
      termination of the Servicer's responsibilities and rights hereunder, including,
      without limitation, the transfer to the Successor Servicer for administration
      by
      it of (i) the property and amounts which are then or should be part of the
      Trust
      Fund or which thereafter become part of the Trust Fund; (ii) originals or copies
      of all documents of the Servicer reasonably requested by the Successor Servicer
      to enable it to assume the Servicer's duties thereunder; (iii) the rights and
      obligations of the Servicer under the Sub-Servicing Agreements, if any, with
      respect to the Mortgage Loans; and (iv) all cash amounts which shall at the
      time
      be deposited by the Servicer or should have been deposited to the Custodial
      or
      the Certificate Account or thereafter be received with respect to the Mortgage
      Loans.  The Successor Servicer shall not be deemed to have breached
      any obligation hereunder as a result of a failure to make or delay in making
      any
      distribution as and when required hereunder caused by the failure of the
      Servicer to remit any amounts received by it or to deliver any documents held
      by
      it with respect to the Mortgage Loans.  For purposes of this Section
      7.01, the Master Servicer shall not be deemed to have knowledge of an Event
      of
      Default unless a Responsible Officer of the Master Servicer has actual knowledge
      thereof or unless notice of any event which is in fact such an Event of Default
      is received by the Master Servicer as provided in Section 11.05 and such notice
      references the Certificates, the Trust Fund or this Agreement.

     

    (b)
      “Master Servicer Event of Default,” wherever used herein, means any one of the
      following events:

     

    (i)
      the
      Master Servicer fails to cause to be deposited in the Certificate Account any
      amount so required to be deposited pursuant to this Agreement (other than an
      Advance), and such failure continues unremedied for a period of three Business
      Days 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

     

    (ii)
      the
      Master Servicer fails to observe or perform in any material respect any other
      material covenants and agreements set forth in this Agreement to be performed
      by
      it, which covenants and agreements materially affect the rights of
      Certificateholders, and such failure continues unremedied for a period of 60
      days after the date on which written notice of such failure, properly requiring
      the same to be remedied, shall have been given to the Master Servicer by the
      Trustee or to the Master Servicer and the Trustee by the Holders of Certificates
      evidencing not less than 25% of the Voting Rights; or

     

    (iii)
      there is entered against the Master Servicer a decree or order by a court or
      agency or supervisory authority having jurisdiction in the premises for the
      appointment of a conservator, receiver or liquidator in any insolvency,
      readjustment of debt, marshaling 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 is unstayed and in effect for a period
      of 60 consecutive days, or an involuntary case is commenced against the Master
      Servicer under any applicable insolvency or reorganization statute and the
      petition is not dismissed within 60 days after the commencement of the case;
      or

     

    (iv)
      the
      Master Servicer consents to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      substantially all of its property; or the Master Servicer admits in writing
      its
      inability to pay its debts generally as they become due, files a petition to
      take advantage of any applicable insolvency or reorganization statute, makes
      an
      assignment for the benefit of its creditors, or voluntarily suspends payment
      of
      its obligations; or

     

     (v)
      the Master Servicer assigns or delegates its duties or rights under this
      Agreement in contravention of the provisions permitting such assignment or
      delegation under Section 6.05; or

     

    (vi)
      any
      failure of the Master Servicer to make any Advance (other than a Nonrecoverable
      Advance) required to be made from its own funds pursuant to Section 4.03 by
      5:00
      p.m. New York time on the Business Day prior to the applicable Distribution
      Date.

     

    In
      each
      and every such case, so long as such Master Servicer Event of Default with
      respect to the Master Servicer shall not have been remedied, the Trustee or
      the
      Holders of Certificates evidencing not less than 51% of the Voting Rights,
      by
      notice in writing to the Depositor, the Master Servicer (and to the Trustee
      if
      given by such Certificateholders), with a copy to the Rating Agencies, may
      terminate all of the rights and obligations (but not the liabilities) of the
      Master Servicer under this Agreement and in and to the Mortgage Loans and/or
      the
      REO Property master serviced by the Master Servicer and the proceeds thereof.
      Upon the receipt by the Master Servicer of the written notice, all authority
      and
      power of the Master Servicer under this Agreement, whether with respect to
      the
      Certificates, the Mortgage Loans, REO Property or under any other related
      agreements (but only to the extent that such other agreements relate to the
      Mortgage Loans or related REO Property) shall, subject to Section 7.03,
      automatically and without further action pass to and be vested in the Trustee
      pursuant to this Section 7.01(b); and, without limitation, 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 or assignment of the Mortgage Loans and
      related documents, or otherwise. The Master Servicer agrees to cooperate with
      the Trustee in effecting the termination of the Master Servicer’s rights and
      obligations hereunder, including, without limitation, the transfer to the
      Trustee of (i) the property and amounts which are then or should be part of
      the
      Trust Fund or which thereafter become part of the Trust Fund; (ii) originals
      or
      copies of all documents of the Master Servicer reasonably requested by the
      Trustee to enable it to assume the Master Servicer’s duties thereunder; (iii)
      the rights and obligations of the Master Servicer under the Subservicing
      Agreements with respect to the Mortgage Loans; and (iv) all cash amounts which
      shall at the time be deposited by the Master Servicer or should have been
      deposited to the Distribution Account or thereafter be received with respect
      to
      the Mortgage Loans. The Trustee shall not be deemed to have breached any
      obligation hereunder as a result of a failure to make or delay in making any
      distribution as and when required hereunder caused by the failure of the Master
      Servicer to remit any amounts received by it or to deliver any documents held
      by
      it with respect to the Mortgage Loans. For purposes of this Article VII, the
      Trustee shall not be deemed to have knowledge of an Event of Default unless
      a
      Responsible Officer of the Trustee has actual knowledge thereof or unless
      written notice of any event which is in fact such an Event of Default is
      received by the Trustee as provided in Section 11.05 and such notice references
      the Certificates, the Trust Fund or this Agreement. In addition to any other
      amounts which are then, or, notwithstanding the termination of its activities
      under this Agreement, may become payable to the Master Servicer under this
      Agreement, the Master Servicer shall be entitled to receive, out of any amount
      received on account of a Mortgage Loan or related REO Property, that portion
      of
      such payments which it would have received as reimbursement under this Agreement
      if notice of termination had not been given. The termination of the rights
      and
      obligations of the Master Servicer shall not affect any obligations incurred
      by
      the Master Servicer prior to such termination.

     

    Notwithstanding
      the foregoing, if a Master Servicer Event of Default described in clause (vi)
      of
      this Section 7.01(b) shall occur, the Trustee shall, by notice in writing to
      the
      Master Servicer, which may be delivered by telecopy, immediately terminate
      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 Advances and other advances of its
      own
      funds, and the Trustee shall act as provided in Section 7.03 to carry out the
      duties of the Master Servicer, including the obligation to make any Advance
      the
      nonpayment of which was a Master Servicer Event of Default described in clause
      (vi) of this Section 7.01(b).  Any such action taken by the Trustee
      must be prior to the distribution on the relevant Distribution
      Date.

     

    
      	
              Section
                7.02.  

            	
              Back-up
                Servicer to Act; Appointment of Successor
                Servicer.

            

    

     

    Within
      90
      days of the time the Servicer receives a notice of termination pursuant to
      Section 7.01(i) - (vi), the Successor Servicer shall be the successor in all
      respects to the Servicer in its capacity as Servicer under this Agreement and
      the transactions set forth or provided for herein and shall be subject
      thereafter to all the responsibilities, duties and liabilities relating thereto
      placed on the Servicer including the obligation to make Advances which have
      been
      or will be required to be made (except for the responsibilities, duties and
      liabilities contained in Section 2.03 and its obligations to deposit amounts
      in
      respect of losses pursuant to Section 3.12 and 4.01(i)) by the terms and
      provisions hereof; and provided further, that any failure to perform such duties
      or responsibilities caused by the Servicer's failure to provide information
      required by Section 4.03 shall not be considered a default by the Successor
      Servicer hereunder.  As compensation therefor, the Successor Servicer
      shall be entitled to all funds relating to the Mortgage Loans which the Servicer
      would have been entitled to charge to the Custodial Account if the Servicer
      had
      continued to act hereunder.  If the Back-Up Servicer has become the
      Successor to the Servicer in accordance with Section 6.04 or Section 7.02,
      then
      notwithstanding the above, if the Back-Up Servicer shall be ineligible to so
      act, the Master Servicer may appoint a successor servicer or shall be the
      successor in all respects to the Servicer, or petition a court of competent
      jurisdiction or appoint, any established housing and home finance institution,
      which is also a Fannie Mae- or Freddie Mac-approved mortgage servicing
      institution, having a net worth of not less than $10,000,000 as the successor
      to
      the Servicer hereunder in the assumption of all or any part of the
      responsibilities, duties or liabilities of the Servicer
      hereunder.  Pending appointment of a successor to the Servicer
      hereunder, where the Back-up Servicer cannot assume the Servicing because it
      is
      ineligible to do so the Master Servicer shall act in such capacity as herein
      above provided.  In connection with such appointment and assumption,
      the Master Servicer 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 the Servicer hereunder.  Each of the Servicer, the Master
      Servicer and the Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such
      succession.  In no event shall the Successor Servicer be liable for
      the acts or omissions of the predecessor Servicer.

     

    In
      connection with the termination or resignation of the Servicer hereunder, either
      (i) the Successor Servicer shall represent and warrant that it is a member
      of
      MERS in good standing and shall agree to comply in all material respects with
      the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS, in which case the predecessor
      Servicer shall cooperate with the Successor Servicer in causing MERS to revise
      its records to reflect the transfer of servicing to the Successor Servicer
      as
      necessary under MERS' rules and regulations, or (ii) the predecessor Servicer
      shall cooperate with the Successor Servicer in causing MERS to execute and
      deliver an assignment of Mortgage in recordable form to transfer the Mortgage
      from MERS to the Master Servicer and to execute and deliver such other notices,
      documents and other instruments as may be necessary or desirable to effect
      a
      transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS®
System to the Successor Servicer.  The predecessor Servicer shall file
      or cause to be filed any such assignment in the appropriate recording
      office.  The predecessor Servicer shall bear any and all fees of MERS,
      costs of preparing any assignments of Mortgage, and fees and costs of filing
      any
      assignments of Mortgage that may be required under this Section 7.02. The
      Successor Servicer shall cause such assignment to be delivered to the Master
      Servicer promptly upon receipt of the original with evidence of recording
      thereon or a copy certified by the public recording office in which such
      assignment was recorded.

     

    Any
      Successor Servicer shall maintain in force during its term as Servicer hereunder
      policies and fidelity bonds to the same extent as the Servicer is so required
      pursuant to Section 3.14.

     

    Notwithstanding
      anything else herein to the contrary, in no event shall the Master Servicer
      be
      liable for any Servicing Fee or Sub-Servicing Fee or for any differential in
      the
      amount of the Servicing Fee or Sub-Servicing Fee paid hereunder and the amount
      necessary to induce any Successor Servicer or Subservicer, as applicable, to
      act
      as Successor Servicer or Subservicer, as applicable, under this Agreement and
      the transactions set forth or provided for herein.

     

    
      	
              Section
                7.03.  

            	
              Trustee
                to Act; Appointment of Successor Master
                Servicer.

            

    

     

    Upon
      the
      receipt by the Master Servicer of a notice of termination pursuant to Section
      7.01(b) or an Opinion of Counsel rendered by independent counsel pursuant to
      Section 6.05(b) to the effect that the Master Servicer is legally unable to
      act
      or to delegate its duties to a Person which is legally able to act, the Trustee
      shall automatically become the successor in all respects to the Master Servicer
      in its capacity under this Agreement and the transactions set forth or provided
      for herein and shall thereafter be subject to all the responsibilities, duties,
      liabilities and limitations on liabilities relating thereto placed on the Master
      Servicer by the terms and provisions hereof; provided, however, that the Trustee
      shall have no obligation whatsoever with respect to any liability (other than
      Advances deemed recoverable and not previously made) incurred by the Master
      Servicer at or prior to the time of termination and provided further, that
      any
      failure by a successor master servicer to perform such duties or
      responsibilities caused by the Servicer’s failure to provide information
      required by Section 4.03 shall not be considered a default by the successor
      master servicer.  As compensation therefor, but subject to Section
      6.06, the Trustee shall be entitled to compensation which the Master Servicer
      would have been entitled to retain if the Master Servicer had continued to
      act
      hereunder, except for those amounts due the Master Servicer as reimbursement
      permitted under this Agreement for advances previously made or expenses
      previously incurred. Notwithstanding the above, the Trustee may, if it shall
      be
      unwilling so to act, or shall, if it is legally unable so to act, appoint or
      petition a court of competent jurisdiction to appoint, any established housing
      and home finance institution which is a Fannie Mae- or Freddie Mac-approved
      servicer, and with respect to a successor to the Master Servicer only, having
      a
      net worth of not less than $50,000,000, 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 Trustee
      shall obtain a letter, at the cost of the Trust, or other evidence each Rating
      Agency that the ratings, if any, on each of the Certificates will not be lowered
      as a result of the selection of the successor to the Master Servicer. Pending
      appointment of a successor to the Master Servicer hereunder, the Trustee shall
      act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the Trustee may make such arrangements for the
      compensation of such successor out of payments on the Mortgage Loans as it
      and
      such successor shall agree; provided, however, that the provisions of Section
      6.05 shall apply, the compensation shall not be in excess of that which the
      Master Servicer would have been entitled to if the Master Servicer had continued
      to act hereunder, and that such successor shall undertake and assume the
      obligations of the Trustee to pay compensation to any third Person acting as
      an
      agent or independent contractor in the performance of master servicing
      responsibilities hereunder. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.  If the Master Servicer and the Securities
      Administrator are the same entity, then at any time the Master Servicer resigns
      or is removed as Master Servicer, the Securities Administrator shall also be
      removed hereunder. All reasonable Master Servicing Transfer Costs shall be
      paid
      by the predecessor Master Servicer upon presentation of reasonable documentation
      of such costs, and if such predecessor Master Servicer defaults in its
      obligation to pay such costs, such costs shall be paid by the successor Master
      Servicer or the Trustee, as successor master servicer (in which case the
      successor Master Servicer or the Trustee, as applicable, shall be entitled
      to
      reimbursement of such costs from the Certificate Account).

     

    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee, be liable for
      any Servicing Fee or Master Servicing Fee or for any differential in the amount
      of the Servicing Fee or Master Servicing Fee paid hereunder or under the
      applicable Servicing Agreement and the amount necessary to induce any successor
      servicer or successor master servicer to act as successor servicer or successor
      master servicer, as applicable, under this Agreement or the applicable Servicing
      Agreement and the transactions set forth or provided for herein or in the
      applicable Servicing Agreement.

     

    
      	
              Section
                7.04.  

            	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      such termination or appointment of a successor to the Servicer, the Securities
      Administrator shall give prompt notice thereof to Certificateholders and to
      the
      Rating Agencies.

     

    (b)  Within
      60
      days after the occurrence of any Event of Default or Master Servicer Event
      of
      Default, the Securities Administrator or the Trustee shall transmit by mail
      to
      all Holders of Certificates notice of each such Event of Default or Master
      Servicer Event of Default hereunder known to the Securities Administrator,
      unless such Event of Default  or Master Servicer Event of Default
      shall have been cured or waived.

     

    
      	
              Section
                7.05.  

            	
              Waiver
                of Events of Default and Master Servicer Events of
                Default.

            

    

     

    The
      Holders representing at least 51% of the Voting Rights of Certificates affected
      by a default or Event of Default or Master Servicer Event of Default hereunder,
      may waive such default or Event of Default (other than an Event of Default
      set
      forth in Section 7.01(a)(vi) or a Master Servicer Event of Default set forth
      in
      Section 7.01(b)(vi)); provided, however, that (a) a default or
      Event of Default under clause (i) of Section 7.01(a) or a default or Master
      Servicer Event of Default under clause (i) of Section 7.01(b) may be waived
      only
      by all of the Holders of Certificates affected by such default or Event of
      Default or Master Servicer Event of Default and (b) no waiver pursuant to this
      Section 7.05 shall affect the Holders of Certificates in the manner set forth
      in
      the second paragraph of Section 11.01 or materially adversely affect any
      non-consenting Certificateholder.  Upon any such waiver of a default,
      Event of Default or Master Servicer Event of Default by the Holders representing
      the requisite percentage of Voting Rights of Certificates affected by such
      default, Event of Default  or Master Servicer Event of Default, such
      default, Event of Default  or Master Servicer Event of Default shall
      cease to exist and shall be deemed to have been remedied for every purpose
      hereunder.  No such waiver shall extend to any subsequent or other
      default, Event of Default or Master Servicer Event of Default or impair any
      right consequent thereon except to the extent expressly so
      waived.  The Servicer shall give notice of any such waiver to the
      Rating Agencies.

     

    
      	
              Section
                7.06.  

            	
              List
                of Certificateholders.

            

    

     

    Upon
      written request of three or more Certificateholders of record, for purposes
      of
      communicating with other Certificateholders with respect to their rights under
      this Agreement, the Securities Administrator will afford such Certificateholders
      access during business hours to the most recent list of Certificateholders
      held
      by the Securities Administrator.

    

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    
      	
              Section
                8.01.  

            	
              Duties
                of Trustee and the Securities
                Administrator.

            

    

     

    The
      Trustee, prior to the occurrence of an Event of Default or a Master Servicer
      Event of Default and after the curing or waiver of all Events of Defaults or
      Master Servicer Events of Default of 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 as duties of the Trustee and the
      Securities Administrator, respectively.  If an Event of Default or a
      Master Servicer Event of Default occurs, is continuing and has not been 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 man would exercise or use under the circumstances in the conduct of
      his
      own affairs.  Any permissive right of the Trustee enumerated in this
      Agreement shall not be construed as a duty.

     

    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 to the Trustee and the Securities Administrator, respectively, shall
      examine them in accordance with the requirements of this
      Agreement.  If any such instrument is found not to conform to the
      requirements of this Agreement in a material manner, the Trustee or the
      Securities Administrator, as applicable, shall take such action as it deems
      appropriate to have the instrument corrected, and if the instrument is not
      corrected to the Trustee’s or the Securities Administrator’s, as applicable,
      satisfaction, the Trustee or the Securities Administrator, as applicable, will
      provide notice thereof to the Certificateholders. Notwithstanding the foregoing,
      neither the Trustee nor the Securities Administrator shall be responsible for
      the accuracy or content of any resolution, certificate, statement, opinion,
      report, document, order or other instrument furnished by the Master Servicer
      hereunder or any Opinion of Counsel required hereunder.

     

    The
      Securities Administrator shall prepare and file or cause to be filed on behalf
      of the Trust Fund any tax return that is required with respect to REMIC 1,
      REMIC
      2 and REMIC 3 pursuant to applicable federal, state or local tax
      laws.

     

    The
      Securities Administrator covenants and agrees that it shall perform its
      obligations hereunder in a manner so as to maintain the status of REMIC 1,
      REMIC
      2 and REMIC 3 under the REMIC Provisions and to prevent the imposition of any
      federal, state or local income, prohibited transaction, contribution or other
      tax on any of REMIC 1, REMIC 2 or REMIC 3 to the extent that maintaining such
      status and avoiding such taxes are within the control of the Securities
      Administrator and are reasonably within the scope of its duties under this
      Agreement.

     

    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)  The
      duties and obligations of the Trustee prior to the occurrence of an Event of
      Default or a Master Servicer Event of Default, and after the curing or waiver
      of
      all such Events of Default or a Master Servicer Events of Default which may
      have
      occurred and of the Securities Administrator, at all times, 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 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 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 or Responsible Officers
      of
      the Trustee or of the Securities Administrator, as applicable, unless it shall
      be proved that the Trustee or Securities Administrator, respectively, was
      negligent in ascertaining the pertinent facts; and

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator, respectively, or exercising any trust or power conferred upon
      the
      Trustee or the Securities Administrator, respectively, under this
      Agreement.

     

    
      	
              Section
                8.02.  

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            

    

     

    Except
      as
      otherwise provided in Section 8.01:

     

    (a)  The
      Trustee and the Securities Administrator may conclusively rely upon and shall
      be
      fully protected in acting or refraining from acting in reliance 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;

     

    (b)  The
      Trustee and the Securities Administrator may consult with counsel and any advice
      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 therewith;

     

    (c)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement, other
      than
      its obligation to give notice pursuant to 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, pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee or Securities Administrator security or indemnity satisfactory to it
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; nothing contained herein shall, however, relieve the Trustee of the
      obligation, upon the occurrence of an Event of Default or a Master Servicer
      Event of Default of which a Responsible Officer of the Trustee’s corporate trust
      department has actual knowledge (which has not been waived or cured), to
      exercise such of the rights and powers vested in it by this Agreement, and
      to
      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;

     

    (d)  Neither
      the Trustee nor the Securities Administrator shall 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;

     

    (e)  Neither
      the Trustee prior to the occurrence of an Event of Default or a Master Servicer
      Event of Default hereunder and after the curing or waiver of all Events of
      Default and Master Servicer Events of Default which may have occurred, nor
      the
      Securities Administrator, at any time, shall be bound to make any investigation
      into the facts or matters stated in any resolution, certificate, statement,
      instrument, opinion, report, notice, request, consent, order, approval, bond
      or
      other paper or document, unless requested in writing to do so by the Holders
      of
      Certificates entitled to at least 25% of the Voting Rights; provided, however,
      that if the payment within a reasonable time to the Trustee or Securities
      Administrator, as applicable, of the costs, expenses or liabilities likely
      to be
      incurred by it in the making of such investigation is, in the opinion of the
      Trustee or Securities Administrator, as applicable, reasonably assured to the
      Trustee or the Securities Administrator, as applicable, by the security afforded
      to it by the terms of this Agreement reasonable expense of every such
      examination shall be paid by the Certificateholders requesting the
      investigation;

     

    (f)  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, custodians or attorneys appointed with due care, and shall
      not
      be responsible for any willful misconduct or negligence on the part of any
      agent, attorney, custodian or nominee so appointed;

     

    (g)  Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety with respect to the execution of the trust created hereby or the
      powers granted hereunder;

     

    (h)  Whenever
      in the administration of the provisions of this Agreement the Trustee and the
      Securities Administrator shall deem it necessary or desirable that a matter
      be
      proved or established prior to taking or suffering any action to be taken
      hereunder, such matter (unless other evidence in respect thereof be herein
      specifically prescribed) may, in the absence of gross negligence or bad faith
      on
      the part of the Trustee or the Securities Administrator, as applicable, be
      deemed to be conclusively proved and established by an Officer’s Certificate
      signed and delivered to the Trustee or Securities Administrator, as applicable,
      and such certificate, in the absence of gross negligence or bad faith on the
      part of the Trustee or Securities Administrator, as applicable, shall be full
      warrant to the Trustee or Securities Administrator, as applicable, for any
      action taken, suffered or omitted by it under the provisions of this Agreement
      upon the faith thereof;

     

    (i)  No
      provisions of this Agreement shall require the Trustee or the Securities
      Administrator (regardless of the capacity in which it is acting) to expend
      or
      risk its own funds or otherwise incur any financial liability in the performance
      of any of its duties hereunder, or in the exercise of any of its rights or
      powers, if it shall have reasonable grounds for believing that repayment of
      such
      funds or adequate indemnity against such risk or liability is not reasonably
      assured to it;

     

    (j)  In
      no
      event shall the Trustee or the Securities Administrator be liable, directly
      or
      indirectly, for any special, indirect or consequential damages, even if the
      Trustee has been advised of the possibility of such damages;

     

    (k)  Neither
      the Trustee nor the Securities Administrator shall have any duty to conduct
      any
      affirmative investigation as to the occurrence of any condition requiring the
      repurchase of any Mortgage Loan by the Sponsor pursuant to this Agreement or
      the
      Mortgage Loan Purchase Agreement, as applicable, or the eligibility of any
      Mortgage Loan for purposes of this Agreement; and

     

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

     

    In
      order
      to comply with the laws, rules, regulations and executive orders in effect
      from
      time to time applicable to banking institutions, including those relating to
      the
      funding of terrorist activities and money laundering (“Lending Laws”), the
      Securities Administrator is required to obtain, verify and record certain
      information relating to individuals and entities which maintain a business
      relationship with the Securities Administrator.  Accordingly, each of
      the parties agrees to provide to 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 Securities Administrator to
      comply with the Lending Laws.

     

    In
      order
      to comply with laws, rules and regulations applicable to banking institutions,
      including those relating to the funding of terrorist activities and money
      laundering, the Trustee is required to obtain, verify and record certain
      information relating to individuals and entities which maintain a business
      relationship with the Trustee.  Accordingly, each of the parties
      agrees to provide to the Trustee upon its request from time to time such party’s
      complete name, address, tax identification number and such other identifying
      information together with copies of such party’s constituting documentation,
      securities disclosure documentation and such other identifying documentation
      as
      may be available for such party.

     

    
      	
              Section
                8.03.  

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

            

    

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Trustee contained in Article
      II)
      shall be taken as the statements of the Depositor and neither the Trustee nor
      the Securities Administrator assumes any responsibility for their
      correctness.  Neither the Trustee nor the Securities Administrator
      makes any representations or warranties as to the validity or sufficiency of
      this Agreement or of the Certificates (other than 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.  None of the Trustee, the Master Servicer or the Securities
      Administrator shall be accountable for the use or application by the Depositor
      of any of the Certificates or of the proceeds of such Certificates, or for
      the
      use or application of any funds paid to the Depositor or the Servicer in respect
      of the Mortgage Loans or deposited in or withdrawn from the Custodial Account
      by
      the Servicer.

     

    
      	
              Section
                8.04.  

            	
              Trustee
                and Securities Administrator May Own
                Certificates.

            

    

     

    Each
      of
      the Trustee and the Securities Administrator in its individual or any other
      capacity (other than as Trustee or Securities Administrator hereunder) may
      become the owner or pledgee of Certificates with the same rights it would have
      if it were not Trustee or the Securities Administrator, as applicable, and
      may
      otherwise deal with the parties hereto.

     

    
      	
              Section
                8.05.  

            	
              Trustee’s,
                Custodian’s and Securities Administrator’s Fees;
                Indemnification.

            

    

     

    Each
      of
      the Trustee, the Custodian and Securities Administrator shall be compensated
      by
      the Master Servicer. Such compensation (which shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express trust)
      shall be paid to each of the Trustee, the Custodian and the Securities
      Administrator for all services rendered by it in the execution of the trusts
      hereby created and in the exercise and performance of any of the powers and
      duties hereunder or of the Trustee and the Securities Administrator. Except
      as
      otherwise provided in this Agreement, the Trustee, the Custodian and the
      Securities Administrator and any director, officer, employee or agent of the
      Trustee, the Custodian and the Securities Administrator, as applicable, shall
      be
      indemnified and held harmless by the Trust Fund against any claim, loss,
      liability, fee or expense incurred in connection with any Event of Default,
      any
      Master Servicer Event of Default, any breach of this Agreement or any claim
      or
      legal action (including any pending or threatened claim or legal action)
      relating to its acceptance or administration of the trusts hereunder or in
      connection with the Trustee’s performance, the Custodian’s performance and the
      Securities Administrator’s performance of its obligation under this Agreement or
      the Custodial Agreement, as applicable, or relating to the Mortgage Loans or
      the
      Certificates, other than any claim, loss, liability or expense (i) sustained
      in
      connection with this Agreement related to the willful misfeasance, bad faith
      or
      negligence of the Trustee, the Custodian or the Securities Administrator, as
      applicable, in the performance of its duties hereunder or (ii) incurred in
      connection with a breach constituting willful misfeasance, bad faith or
      negligence of the Trustee or the Custodian in the performance of its duties
      hereunder or by reason of reckless disregard of its obligations and duties
      hereunder.

     

    The
      provisions of this Section 8.05 shall survive the resignation or removal of
      the
      Trustee, the Custodian or the Securities Administrator or the termination of
      this Agreement.

     

    
      	
              Section
                8.06.  

            	
              Eligibility
                Requirements for Trustee and the Securities
                Administrator.

            

    

     

    The
      Trustee and the Securities Administrator hereunder shall at all times be a
      corporation or a national banking association organized and doing business
      under
      the laws of any state or the United States of America or the District of
      Columbia, authorized under such laws to exercise corporate trust powers, having
      a combined capital and surplus of at least $50,000,000 and subject to
      supervision or examination by federal or state authority.  In
      addition, the Trustee and the Securities Administrator shall at all times be
      acceptable to the Rating Agency rating the Certificates.  If such
      corporation 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 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 or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 8.07.  The corporation or national
      banking association serving as Trustee or Securities Administrator may have
      normal banking and trust relationships with the Master Servicer and its
      affiliates; provided, however, that such corporation cannot be an
      affiliate of the Servicer.

     

    
      	
              Section
                8.07.  

            	
              Resignation
                and Removal of the Trustee and the Securities
                Administrator.

            

    

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trusts hereby created by giving written notice thereof
      to
      the Master Servicer (in the case of the Trustee) and the Trustee (in the case
      of
      the Securities Administrator) with a copy to the Rating Agencies; provided,
      that
      such resignation shall not be effective until a successor trustee or successor
      Securities Administrator, as applicable is appointed and accepts appointment
      in
      accordance with the following provisions; provided, however, that the resigning
      Trustee or Securities Administrator, as applicable, shall not resign and be
      discharged from the trusts hereby created until such time as the Rating Agency
      rating the Certificates approves the successor trustee or successor securities
      administrator.  Any resignation or removal of the Securities
      Administrator shall result in the automatic removal of the Master Servicer
      to
      the extent that Wells Fargo Bank, N.A. is both the Securities Administrator
      and
      the Master Servicer.  Upon receiving such notice of resignation of the
      Trustee, the Master Servicer shall promptly appoint a successor trustee who
      meets the eligibility requirements of Section 8.06 by written instrument, in
      triplicate, one copy of which instrument shall be delivered to the resigning
      Trustee, and to the successor trustee.  Upon receiving notice of the
      resignation of the Securities Administrator, the Trustee shall promptly appoint
      a successor securities administrator who meets the eligibility requirements
      of
      Section 8.06 by written instrument, in triplicate, copies of which instrument
      shall be delivered to the resigning securities administrator and the successor
      securities administrator.  If no successor trustee or successor
      securities administrator shall have been so appointed and have accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee or resigning Securities Administrator, as applicable may
      petition any court of competent jurisdiction for the appointment of a successor
      trustee or successor securities administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 8.06 and shall fail to resign after
      written request therefor by the Master Servicer, or if at any time the Trustee
      or the Securities Administrator shall become incapable of acting, or shall
      be
      adjudged bankrupt or insolvent, or a receiver of the Trustee or Securities
      Administrator, as applicable, or of its property shall be appointed, or any
      public officer shall take charge or control of the Trustee or Securities
      Administrator, as applicable, or of its property or affairs for the purpose
      of
      rehabilitation, conservation or liquidation, the Master Servicer may remove
      the
      Trustee, or the Trustee shall remove the Securities Administrator, as
      applicable, unless prohibited by an order of or ruling by a court of competent
      jurisdiction, and appoint a successor trustee or successor securities
      administrator, as applicable, who meets the eligibility requirements of Section
      8.06 by written instrument, in triplicate, which instrument shall be delivered
      to the Trustee or Securities Administrator, as applicable, so removed and to
      the
      successor trustee or successor securities administrator, as
      applicable.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or Securities Administrator and appoint a successor
      trustee or successor securities administrator by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Master Servicer (if the Trustee is removed), the Securities Administrator (if
      the Trustee is removed), and the Trustee (if the Securities Administrator is
      removed), one complete set to the Trustee or Securities Administrator so removed
      and one complete set to the successor so appointed.  A copy of such
      instrument shall be delivered to the Certificateholders and the Depositor by
      the
      Master Servicer (if the Trustee is removed) and by the Trustee (if the
      Securities Administrator is removed)

     

    Any
      resignation or removal of the Trustee or Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become effective
      until acceptance of appointment by the successor trustee or successor securities
      administrator as provided in Section 8.08.

     

    
      	
              Section
                8.08.  

            	
              Successor
                Trustee and Successor Securities
                Administrator.

            

    

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 8.07 shall execute, acknowledge and deliver to the Master Servicer
      and
      to its predecessor trustee or predecessor securities administrator an instrument
      accepting such appointment hereunder, and thereupon the resignation or removal
      of the predecessor trustee or predecessor securities administrator 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
      the like effect as if originally named as trustee herein.  The
      predecessor trustee or predecessor securities administrator shall after payment
      of its outstanding fees and expenses, promptly deliver to the successor trustee
      or successor securities administrator all assets and records of the Trust Fund
      held by it hereunder, and the Master Servicer and the predecessor trustee or
      predecessor securities administrator shall execute and deliver all such
      instruments and do such other things as may reasonably be required for more
      fully and certainly vesting and confirming in the successor trustee or successor
      securities administrator all such rights, powers, duties and
      obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such successor
      trustee or successor securities administrator shall be eligible under the
      provisions of Section 8.06.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section, the Master Servicer (in the case
      of a
      successor trustee) and the Trustee (in the case of a successor securities
      administrator) shall mail notice of the succession of such trustee or securities
      administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register.  If the Master Servicer (in the
      case of a successor trustee) and the Trustee (in the case of a successor
      securities administrator) fails to mail such notice within ten days after
      acceptance of appointment by the successor trustee successor securities
      administrator, the successor trustee successor securities administrator shall
      cause such notice to be mailed at the expense of the Master Servicer or Trustee,
      as the case may be.

     

    
      	
              Section
                8.09.  

            	
              Merger
                or Consolidation of Trustee of Securities
                Administrator.

            

    

     

    Any
      state
      bank or trust company or corporation or national banking association into which
      the Trustee or Securities Administrator may be merged or converted or with
      which
      it may be consolidated or any state bank or trust company or national banking
      association resulting from any merger, conversion or consolidation to which
      the
      Trustee or Securities Administrator shall be a party, or any state bank or trust
      company or corporation or national banking association succeeding to all or
      substantially all of the corporate trust business of the Trustee or Securities
      Administrator, shall be the successor of the Trustee or Securities Administrator
      hereunder, provided such state bank or trust company or corporation or national
      banking association shall be eligible under the provisions of Section 8.06
      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 hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the Trust Fund or property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee 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, 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
      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 hereunder and no notice to Holders of
      Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
      be
      required under Section 8.08 hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 8.10, all rights, powers, duties and obligations conferred or imposed
      upon the Trustee and required to be conferred or such co-trustee shall be
      conferred or imposed upon and exercised or performed by the Trustee and such
      separate trustee or co-trustee jointly, 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 by such separate trustee or co-trustee at
      the
      direction of the 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.

     

    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.

     

    

    ARTICLE
      IX

     

    TERMINATION

     

    
      	
              Section
                9.01.  

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase
                of
                Certificates.

            

    

     

    (a)  Subject
      to Section 9.03, the respective obligations and responsibilities of the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      created hereby (other than the obligations of the Master Servicer to the Trustee
      pursuant to Section 8.05 and of the Master Servicer to provide for and the
      Securities Administrator to make payments to Certificateholders as hereafter
      set
      forth) shall terminate upon payment to the Certificateholders of all amounts
      held by or on behalf of the Trustee and required to be paid to them hereunder
      following the earlier to occur of (i) the repurchase by the Servicer, or its
      designee (or if the Servicer fails to exercise such option, the Master Servicer)
      of all Mortgage Loans and each REO Property in respect thereof remaining in
      the
      Trust Fund at a price equal to the sum of (a) 100% of the unpaid principal
      balance of each Mortgage Loan (other than one as to which a REO Property was
      acquired) on the day of repurchase together with accrued interest on such unpaid
      principal balance at the Net Mortgage Rate to the first day of the month in
      which the proceeds of such repurchase are to be distributed and (b) the
      appraised value of any REO Property (but not more than the unpaid principal
      balance of the related Mortgage Loan, together with accrued interest on that
      balance at the Net Mortgage Rate to the first day of the month such repurchase
      price is distributed) less the good faith estimate of the Servicer or the Master
      Servicer, as applicable, of liquidation expenses to be incurred in connection
      with its disposal thereof, such appraisal to be conducted by an appraiser
      mutually agreed upon by the Servicer or the Master Servicer, as applicable,
      and
      the Master Servicer on behalf of the Trustee at the expense of the terminating
      party, and (ii) the final payment or other liquidation (or any Advance with
      respect thereto) of the last Mortgage Loan remaining in the Trust Fund (or
      the
      disposition of all REO Property in respect thereof); provided,
however, that in no event shall the trust created hereby continue
      beyond
      the earlier of (i) the Distribution Date occurring in July 2037 (ii) 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, living on the date hereof and (iii) the “latest possible maturity date”
specified in the Preliminary Statements with respect to the related Regular
      Interests and Certificates, and providedfurther, that the purchase
      price set forth above shall be increased as is necessary, as determined by
      the
      Servicer or the Master Servicer, as applicable, to avoid disqualification of
      any
      of REMIC 1, REMIC 2 or REMIC 3 as a REMIC.  In the case of any
      repurchase by the Servicer or the Maser Servicer, as applicable, pursuant to
      clause (i), the Servicer shall exercise reasonable efforts to cooperate fully
      with the Trustee in effecting such repurchase and the transfer of the Mortgage
      Loans and related Mortgage Files and related records to the
      Servicer.

     

    The
      right
      of the Servicer or its designee to repurchase all Mortgage Loans pursuant to
      (i)
      above shall be conditioned upon the Aggregate Stated Principal Balance of such
      Mortgage Loans at the time of any such repurchase aggregating to an amount
      equal
      to or less than 10% of the Cut-off Date Balance. If such right is exercised,
      the
      Servicer upon such repurchase shall provide to the Trustee, Master Servicer
      and
      Securities Administrator notice of such exercise prior to the Determination
      Date
      in the month preceding the month of purchase and the certification required
      by
      Section 3.16.

     

    The
      right
      of the Master Servicer, or its designee to repurchase all Mortgage Loans
      pursuant to (i) in the second preceding paragraph shall be conditioned upon
      the
      Aggregate Stated Principal Balance of such Mortgage Loans at the time of any
      such repurchase aggregating an amount equal to or less than 1% of the Aggregate
      Stated Principal Balance of the Mortgage Loans at the Cut-off
      Date.  If such right is exercised, the Master Servicer, upon such
      repurchase shall provide to the Trustee and Securities Administrator, notice
      of
      such exercise prior to the Determination Date in the month preceding the month
      of purchase.

     

    In
      the
      case of a repurchase of Mortgage Loans and REO Property pursuant to clause
      (a)(i) above, only an amount equal to the repurchase price specified in such
      clause (a)(i) above for such Mortgage Loans and REO Property shall be made
      available for distribution to the Regular Certificates.

     

    (b)  If
      the
      Servicer or the Master Servicer, as applicable, elects to terminate the Trust
      pursuant to this Section 9.01 (such termination, an “Optional Termination”), the
      Servicer or the Master Servicer, as applicable, shall, at least 20 days prior
      to
      the last date on which notice of such Optional Termination is required to be
      mailed to the Certificateholders pursuant to 9.01(f), notify in writing (which
      may be done in electronic format) the Depositor, the Master Servicer, and the
      Securities Administrator of the final Distribution Date on which the Servicer
      intends to terminate the Trust Fund.

     

    (c)  [Reserved].

     

    (d)  Two
      Business Days prior to the final Distribution Date specified in the notice
      required pursuant to Section 9.01(f), (i) the Servicer or the Master Servicer
      shall, no later than 1:00 pm New York City time on such day, deposit funds
      in
      the Certificate Account in an amount equal to the sum of the purchase price,
      and
      (ii) if Securities Administrator is notified in writing that the aggregate
      Stated Principal Balance of all of the Mortgage Loans in the Trust Fund as
      of
      the related Determination Date is not more than 10% or 1%, as applicable, of
      the
      Cut-off Date Balance, and the requirements of the Optional Termination set
      forth
      in this Section 9.01 and Section 9.03 have been met, including the deposit
      required pursuant to the immediately preceding clause (i) then the Securities
      Administrator shall, on the same Business Day, provide written notice to the
      Depositor, the Servicer, the Master Servicer and the Trustee confirming its
      receipt of the purchase price.  Upon the Securities Administrator’s
      providing the notice described in the preceding sentence, the Optional
      Termination shall become irrevocable, the notice to the related
      Certificateholders of such Optional Termination provided pursuant to the second
      paragraph of Section 9.01(f) shall become unrescindable, and in the event the
      Securities Administrator fails to provide the notice described in the preceding
      sentence, any notice provided under Section 9.01(f) shall be deemed
      rescinded.

     

    (e)  [Reserved].

     

    (f)           Written
      notice of any termination, specifying the Distribution Date upon which the
      Certificateholders may surrender their Certificates to the Securities
      Administrator for payment of the final distribution and cancellation, shall
      be
      given promptly by the Securities Administrator by letter to the
      Certificateholders mailed (a) in the event such notice is given in connection
      with the Servicer’s or the Master Servicer’s, as applicable, election to
      repurchase, not earlier than the 15th day and not later than the 25th day of
      the
      month next preceding the month of such final distribution or (b) otherwise
      during the month of such final distribution on or before the Determination
      Date
      in such month, in each case specifying (i) the Distribution Date upon which
      final payment of the Certificates will be made upon presentation and surrender
      of Certificates at the office of the Securities Administrator therein
      designated, (ii) the amount of any such final payment and (iii) that the Record
      Date otherwise applicable to such Distribution Date is not applicable, payments
      being made only upon presentation and surrender of the Certificates at the
      office of the Securities Administrator therein specified.  In the
      event such notice is given in connection with the Servicer or the Master
      Servicer, as applicable, or its designee’s election to repurchase, the Servicer
      or the Master Servicer, as applicable, or its designee shall deliver to the
      Securities Administrator for deposit in the Certificate Account on the Business
      Day immediately preceding the Distribution Date specified in such notice an
      amount equal to the above-described repurchase price payable out of its own
      funds.  Upon presentation and surrender of the Certificates by the
      Certificateholders, the Securities Administrator shall first pay any amounts
      owing to the Trustee, Master Servicer, Custodian, Servicer and Securities
      Administrator, as applicable, under this Agreement, and second, distribute
      to
      the Certificateholders (i) the amount otherwise distributable on such
      Distribution Date, if not in connection with the Servicer’s or  the
      Master Servicer’s, as applicable, election to repurchase, or (ii) if the
      Servicer or the Master Servicer, as applicable, elected to so repurchase, an
      amount determined as follows:  with respect to each Regular
      Certificate, the outstanding Certificate Principal Balance thereof, plus with
      respect to each Class A, Class M or Class CE Certificate, one month’s interest
      thereon at the applicable Pass-Through Rate, plus any previously accrued but
      unpaid Accrued Certificate Interest, plus with respect to each Class M
      Certificate, any unpaid Allocated Realized Loss Amount; and with respect to
      each
      Residual Certificate, the Percentage Interest evidenced thereby multiplied
      by
      the difference, if any, between the above described repurchase price and the
      aggregate amount to be distributed to the Holders of the Regular Certificates,
      subject to the priorities set forth in Section 4.01.  Notwithstanding
      the foregoing, by acceptance of the Residual Certificates, the Holders of such
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts received in respect of such termination to the Holders
      of
      the Class CE Certificates and to pay any such amounts to the Holders of the
      Class CE Certificates.  Upon receipt of a Request for Release from a
      Servicing Officer, following such final deposit, the Custodian shall promptly
      release the Mortgage Files as directed by the Servicer or the Master Servicer,
      as applicable, for the remaining Mortgage Loans, and the Trustee shall execute
      all assignments, endorsements and other instruments required by the Servicer
      or
      the Master Servicer, as applicable, as being necessary to effectuate such
      transfer.

     

    In
      the
      event that all of the Certificateholders shall not surrender their Certificates
      for cancellation within six months after the time specified in the
      above-mentioned notice, the Securities Administrator shall give a second notice
      to the remaining Certificateholders to surrender their Certificates for
      cancellation and receive the final distribution with respect
      thereto.  If within six months after the second notice all of the
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall take reasonable steps as directed by the Depositor in
      writing, or appoint an agent to take reasonable steps, to contact the remaining
      Certificateholders concerning surrender of their Certificates, and the cost
      thereof shall be paid out of the funds and other assets which remain subject
      hereto.  If within nine months after the second notice all the
      Certificates shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto.

     

    
      	
              Section
                9.02.  

            	
              Termination
                of REMIC 2 and REMIC 3 and Retirement of Class R Certificates and
                the
                Class R-X Certificates.

            

    

     

    REMIC
      2
      and REMIC 3 shall be terminated on the earlier of (i) the date on which the
      last
      distribution due on each of the REMIC 3 Regular Interests, the REMIC 4 Regular
      Interests, the Class R Certificates (in respect of the Class R-2 Interest)
      and
      the Class R-X Certificates (in respect of the Class R-3 Interest) is made and
      (ii) the date on which they are terminated pursuant to an optional repurchase
      of
      all of the Mortgage Loans in accordance with Section 9.03. Notwithstanding
      anything to the contrary herein, the Class R Certificates and the Class R-X
      Certificates will not be retired until the retirement of all the other
      Certificates.

     

    
      	
              Section
                9.03.  

            	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event the Servicer or Master Servicer, as applicable, repurchases the Mortgage
      Loans or REO Property as provided in Section 9.01, the Trust Fund shall be
      terminated in accordance with the following additional requirements, unless
      the
      Servicer or Master Servicer, as applicable, at its own expense, obtains for
      the
      Securities Administrator an Opinion of Counsel (which shall be provided to
      the
      Securities Administrator at least two Business Days prior to the related
      Distribution Date) to the effect that the failure of the Trust Fund to comply
      with the requirements of this Section 9.03 will not (i) result in the imposition
      on the Trust of taxes on “prohibited transactions,” as described in Section 860F
      of the Code, or (ii) cause either REMIC 1, REMIC 2 or REMIC 3 to fail to qualify
      as a REMIC at any time that any Certificate is outstanding:

     

    (i)  The
      Servicer or Master Servicer, as applicable, shall establish a 90-day liquidation
      period and notify the Securities Administrator in writing thereof, and the
      Securities Administrator shall in turn specify the first day of such period
      in a
      statement attached to the Tax Return for each of REMIC 1, REMIC 2 and REMIC
      3
      pursuant to Treasury Regulation Section 1.860F-1.  The Servicer or
      Master Servicer, as applicable, and the Securities Administrator also shall
      satisfy all of the requirements of a qualified liquidation for REMIC 1, REMIC
      2
      and REMIC 3 under Section 860F of the Code and regulations thereunder, as
      evidenced by an Opinion of Counsel obtained at the expense of the Servicer
      or
      Master Servicer, as applicable;

     

    (ii)  During
      such 90-day liquidation period, and at or prior to the time of making the final
      payment on the Certificates, the Securities Administrator shall sell all of
      the
      assets of REMIC 1 for cash; and

     

    (iii)           At
      the time of the making of the final payment on the Certificates, the Securities
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Class R Certificates, all cash on hand (other
      than cash retained to meet claims), and REMIC 1 shall terminate at that
      time.

     

    (b)  By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a 90-day liquidation period and the adoption of a plan of complete
      liquidation for the REMICs, which authorization shall be binding upon all
      successor Certificateholders.

     

    (c)           The
      Securities Administrator as agent for each REMIC hereby agrees to adopt and
      sign
      the related plan of complete liquidation meeting the requirements for a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder upon the written request of the Servicer or Master Servicer, as
      applicable, and the receipt of the Opinion of Counsel referred to in clause
      (a)(i) above and to take such other action in connection therewith as may be
      reasonably requested by the Servicer or Master Servicer, as
      applicable.

     

    

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	
              Section
                10.01.  

            	
              REMIC
                Administration.

            

    

     

    (a)  The
      Securities Administrator shall make an election to treat the Trust Fund as
      three
      REMICs under the Code and, if necessary, under applicable state
      law.  Each such election will be made on Form 1066 or other
      appropriate federal tax or information return (including Form 8811) or any
      appropriate state return for the taxable year ending on the last day of the
      calendar year in which the Certificates are issued.  For the purposes
      of the REMIC elections in respect of the Trust Fund, (i) the Class R-1 Interest
      will constitute the sole class of Residual Interests in REMIC 1, the REMIC
      1
      Regular Interests shall be designated as the Regular Interests in REMIC 1 (ii)
      the Class R-2 Interest will constitute the sole class of Residual Interests
      in
      REMIC 2, the REMIC 2 Regular Interests shall be designated as the Regular
      Interests in REMIC 2, and (iii) the Class R-3 Interest will constitute the
      sole
      class of Residual Interests in REMIC 3, and the REMIC 3 Regular Interests shall
      be designated as the Regular Interests in REMIC 3.  The Servicer and
      the Securities Administrator shall not permit the creation of any “interests”
(within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2 or REMIC
      3
      other than the REMIC 1 Regular Interests,  REMIC 2 Regular Interests,
      REMIC 3 Regular Interests, the Class R-1 Interest, the Class R-2 Interest and
      the Class R-3 Interest.  The Securities Administrator will apply for
      an Employee Identification Number from the Internal Revenue Service via Form
      SS-4 or any other acceptable method for each of REMIC 1, REMIC 2 and REMIC
      3.

     

    (b)  The
      Closing Date is hereby designated as the “startup day” of the Trust Fund within
      the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Securities Administrator shall pay out of its own funds, without any right
      of
      reimbursement, any and all expenses relating to any tax audit of the REMICs
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to the REMICs that involve the Internal
      Revenue Service or state tax authorities), other than the expense of obtaining
      any tax-related Opinion of Counsel except as specified herein.  The
      Securities Administrator, as agent for the REMICs' Tax Matters Person, shall
      (i)
      act on behalf of the REMICs in relation to any tax matter or controversy
      involving the Trust Fund and (ii) represent the Trust Fund in any administrative
      or judicial proceeding relating to an examination or audit by any governmental
      taxing authority with respect thereto.

     

    (d)  The
      Securities Administrator shall prepare, sign and file all of the Tax Returns
      (including Form 8811, which must be filed within 30 days of the Closing Date)
      in
      respect of the REMICs created hereunder.  The expenses of preparing
      and filing such returns shall be borne by the Securities Administrator without
      any right of reimbursement therefor.  The Servicer shall provide on a
      timely basis to the Securities Administrator or its designee such information
      with respect to the assets of the REMICs as is in its possession and reasonably
      required by the Securities Administrator to enable it to perform its obligations
      under this Article X.

     

    (e)  The
      Securities Administrator shall perform on behalf of the REMICs all reporting
      and
      other tax compliance duties that are the responsibility of the REMICs 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, as required by the Code, the REMIC Provisions or other such
      compliance guidance, the Securities Administrator shall provide (i) to any
      Transferor of a Residual Certificate such information as is necessary for the
      application of any tax relating to the transfer of a Residual Certificate to
      any
      Person who is not a Permitted Transferee, (ii) to the Certificateholders such
      information or reports as are required by the Code or the REMIC Provisions
      including reports relating to interest, original issue discount and market
      discount or premium (using the Prepayment Assumption as required) and (iii)
      to
      the Internal Revenue Service the name, title, address and telephone number
      of
      the Person who will serve as the representative of the REMICs.  The
      Servicer shall provide on a timely basis to the Securities Administrator such
      information with respect to the assets of the REMICs, including, without
      limitation, the Mortgage Loans, as is in its possession and reasonably required
      by the Securities Administrator to enable it to perform its obligations under
      this subsection.  In addition, the Depositor shall provide or cause to
      be provided to the Securities Administrator, within ten (10) days after the
      Closing Date, all information or data that the Securities Administrator
      reasonably determines to be relevant for tax purposes as to the valuations
      and
      issue prices of the Certificates, including, without limitation, the price,
      yield, Prepayment Assumption and projected cash flow of the
      Certificates.

     

    (f)  The
      Securities Administrator shall take such action and shall cause the REMICs
      created hereunder to take such action as shall be necessary to create or
      maintain the status thereof as REMICs under the REMIC Provisions (and the
      Servicer shall assist it, to the extent reasonably requested by
      it).  The Securities Administrator shall not take any action or cause
      the Trust Fund 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 (i) endanger the status of the REMIC 1, REMIC 2 or REMIC
      3 as REMICs or (ii) result in the imposition of a tax upon the REMICs (including
      but not limited to the tax on prohibited transactions as defined in Section
      860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
      Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
      unless the Securities Administrator has received an Opinion of Counsel,
      addressed to the Securities Administrator (at the expense of the party seeking
      to take or not take such action, but in no event at the expense of the
      Securities Administrator) to the effect that the contemplated action or omission
      will not, with respect to the REMICs created hereunder, endanger such status
      or
      result in the imposition of such a tax; nor shall the Servicer take, or fail
      to
      take, any action (whether or not authorized hereunder) as to which the
      Securities Administrator has advised it in writing that it has received an
      Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
      respect to the taking, or omission of, such action.  In addition,
      prior to taking, or failing to take, any action with respect to the REMICs
      or
      the assets of the REMICs, or causing, or failing to cause, the REMICs to take
      any action, which is not contemplated under the terms of this Agreement, the
      Servicer will consult with the Securities Administrator or its designee, in
      writing, with respect to whether the taking, or omission of, such action could
      cause an Adverse REMIC Event to occur with respect to any REMIC, and the
      Servicer shall not take, or fail to take, any such action, or cause, or fail
      to
      cause, any REMIC to take, any such action as to which the Securities
      Administrator has advised it in writing that an Adverse REMIC Event could
      occur.  The Securities Administrator may consult with counsel to
      provide such written advice, and the cost of same shall be borne by the party
      seeking to take or not take the action other than as permitted by this
      Agreement, but in no event shall such cost be an expense of the Securities
      Administrator.  At all times as may be required by the Code, the
      Securities Administrator will ensure that substantially all of the assets of
      the
      REMICs created hereunder will consist of “qualified mortgages” as defined in
      Section 860G(a)(3) of the Code and “permitted investments” as defined in Section
      860G(a)(5) of the Code.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of any REMIC as defined in Section 860G(c) of the Code, on
      any contributions to any REMIC after the Startup Day therefor pursuant to
      Section 860G(d) of the Code, or any other tax is imposed by the Code or any
      applicable provisions of state or local tax laws, such tax shall be charged
      (i)
      to the Securities Administrator pursuant to Section 10.03 hereof, if such tax
      arises out of or results from a breach by the Securities Administrator of any
      of
      its obligations under this Article X, (ii) to the Servicer pursuant to Section
      10.03 hereof, if such tax arises out of or results from a breach by the Servicer
      of any of its obligations under Article III or this Article X or otherwise,
      (iii) to the Servicer as provided in Section 3.05 and (iv) against amounts
      on
      deposit in the Certificate Account and shall be paid by withdrawal therefrom
      to
      the extent not required to be paid by the Servicer or the Securities
      Administrator pursuant to another provision of this Agreement.

     

    (h)  [reserved].

     

    (i)  The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to the REMICs on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, the Securities Administrator shall not accept any contributions
      of assets to the REMICs other than in connection with any Qualified Substitute
      Mortgage Loan delivered in accordance with Section 2.04 unless it shall have
      received an Opinion of Counsel to the effect that the inclusion of such assets
      in the REMICs will not cause REMIC 1, REMIC 2 or REMIC 3 to fail to qualify
      as
      REMICs at any time that any Certificates are outstanding or subject any of
      REMIC
      1, REMIC 2 or REMIC 3 to any tax under the REMIC Provisions or other applicable
      provisions of federal, state and local law or ordinances.

     

    (k)  Neither
      the Securities Administrator nor the Servicer shall enter into any arrangement
      under which the REMICs will receive a fee or other compensation for services
      nor
      permit the REMICs to receive any income from assets other than “qualified
      mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
      investments” as defined in Section 860G(a)(5) of the Code.

     

    
      	
              Section
                10.02.  

            	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Master Servicer, the Trustee or the Securities Administrator
      shall (except as otherwise expressly permitted under the terms of this
      Agreement) (1) sell, dispose of, or substitute any property for any of, the
      Mortgage Loans (except in connection with (i) the foreclosure of a Mortgage
      Loan, including but not limited to, the acquisition or sale of a Mortgaged
      Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the
      Trust Fund, (iii) the termination of REMIC 1, REMIC 2 or REMIC 3 pursuant to
      Article IX of this Agreement, (iv) a substitution pursuant to Article II of
      this
      Agreement or (v) a purchase of defective or defaulted Mortgage Loans pursuant
      to
      Article II or III of this Agreement), (2) acquire any assets for the Trust
      Fund
      (other than REO Property acquired in respect of a defaulted Mortgage Loan),
      (3)
      sell or dispose of any investments in the Custodial Account or the Certificate
      Account for gain, (4) accept any contributions to the REMICs after the Closing
      Date (other than a Qualified Substitute Mortgage Loan delivered in accordance
      with Section 2.04), in each case, unless it has received an Opinion of Counsel,
      addressed to the Securities Administrator (at the expense of the party seeking
      to cause such sale, disposition, substitution, acquisition or contribution,
      but
      in no event at the expense of the Trustee or Securities Administrator) that
      such
      sale, disposition, substitution, acquisition or contribution will not (a) affect
      adversely the status of REMIC 1, REMIC 2 or REMIC 3 as REMICs or (b) cause
      the
      Trust Fund to be subject to a tax on “prohibited transactions” or
“contributions” pursuant to the REMIC Provisions.

     

    
      	
              Section
                10.03.  

            	
              Master
                Servicer, Securities Administrator and Trustee
                Indemnification.

            

    

     

    (a)  The
      Securities Administrator agrees to indemnify the Trust Fund and the Depositor
      for any taxes and costs including, without limitation, any reasonable attorneys’
fees imposed on or incurred by the Trust Fund and the Depositor, as a result
      of
      (i) a breach of the Securities Administrator’s covenants set forth in this
      Article X or (ii) any state, local or franchise taxes imposed upon the Trust
      Fund as a result of the location of the Securities Administrator.

     

    (b)  The
      Servicer agrees to indemnify the Trust Fund, the Trustee, the Depositor and
      the
      Securities Administrator for any taxes and costs including, without limitation,
      any reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
      Depositor or the Securities Administrator, as a result of (i) a breach of the
      Servicer’s covenants set forth in Article III or this Article X with respect to
      compliance with the REMIC Provisions or (ii) any state, local or franchise
      taxes
      imposed upon the Trust Fund as a result of the location of the
      Servicer.

     

    

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	
              Section
                11.01.  

            	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Securities
      Administrator, the Master Servicer, the Servicer, the Back-up Servicer and
      the
      Trustee and without the consent of any of the Certificateholders, (i) to cure
      any ambiguity, (ii) to correct, modify or supplement any provisions herein
      which
      may be defective or inconsistent with any other provisions herein or to correct
      any error, (iii) to amend this Agreement in any respect subject to the
      provisions in clauses (A) and (B) below, or (iv) if such amendment, as evidenced
      by an Opinion of Counsel (provided by the Person requesting such amendment)
      delivered to the Trustee, is reasonably necessary to comply with any
      requirements imposed by the Code or any successor or amendatory statute or
      any
      temporary or final regulation, revenue ruling, revenue procedure or other
      written official announcement or interpretation relating to federal income
      tax
      laws or any proposed such action which, if made effective, would apply
      retroactively to the Trust Fund at least from the effective date of such
      amendment; provided that such action (except any amendment described in
      (iv) above) shall not adversely affect in any material respect the interests
      of
      any Certificateholder (other than Certificateholders who shall consent to such
      amendment), as evidenced by (A) an Opinion of Counsel (provided by the Person
      requesting such amendment) delivered to the Trustee or (B) a letter from each
      Rating Agency, confirming that such amendment shall not cause it to lower its
      rating on any of the Certificates. The Trustee shall not consent to any such
      amendment to the Agreement unless the Trustee receives an Officer's Certificate
      from the Sponsor stating that the Sponsor, after consultation with its
      accountants, does not believe that the amendment will result in the Trust
      failing to qualify as a "qualifying special-purpose entity" as defined in
      Statement of Financial Accounting Standards Number 140.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Securities Administrator, the Servicer, the Back-up Servicer
      and
      the Trustee with the consent of the Holders of Certificates entitled to at
      least
      66-2/3% of the Voting Rights 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; provided,
      however, that no such amendment shall (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, (ii) adversely affect in any material respect the interests of
      the
      Holders of any Class of Certificates in a manner other than as described in
      (i),
      without the consent of the Holders of Certificates of such Class evidencing
      at
      least 66-2/3% of the Voting Rights of such Class or (iii) reduce the aforesaid
      percentage of Certificates the Holders of which are required to consent to
      any
      such amendment, without the consent of the Holders of all Certificates then
      outstanding.  Notwithstanding any other provision of this Agreement,
      for purposes of the giving or withholding of consents pursuant to this Section
      11.01, Certificates registered in the name of the Sponsor, the Trustee, the
      Securities Administrator or the Master Servicer or any affiliate thereof shall
      be entitled to Voting Rights with respect to matters described in (i), (ii)
      and
      (iii) of this paragraph.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel (provided by the Person requesting such amendment) and addressed to
      the
      Trustee and the Securities Administrator to the effect that such amendment
      will
      not result in the imposition of any tax on any of REMIC 1, REMIC 2 or REMIC
      3
      pursuant to the REMIC Provisions or cause any of REMIC 1, REMIC 2 or REMIC
      3 to
      fail to qualify as a REMIC at any time that any Certificates are
      outstanding.

     

    Notwithstanding
      the foregoing, without the consent of the Certificateholders, the parties hereto
      may at any time and from time to time amend this Agreement to modify, eliminate
      or add to any of its provisions to such extent as shall be necessary or
      appropriate to maintain the qualification of any of REMIC 1, REMIC 2 or REMIC
      3
      as a REMIC under the Code or to avoid or minimize the risk of the imposition
      of
      any tax on any of REMIC 1, REMIC 2 or REMIC 3 pursuant to the Code that would
      be
      a claim against any of REMIC 1, REMIC 2 or REMIC 3 at any time prior to the
      final redemption of the Certificates, provided that the Trustee and the
      Securities Administrator have been provided an Opinion of Counsel addressed
      to
      the Trustee and the Securities Administrator, which opinion shall be an expense
      of the party requesting such opinion but in any case shall not be an expense
      of
      the Trustee, the Securities Administrator or the Trust Fund, to the effect
      that
      such action is necessary or appropriate to maintain such qualification or to
      avoid or minimize the risk of the imposition of such a tax.

     

    Promptly
      after the execution of any such amendment the Securities Administrator shall
      furnish a copy of such amendment or a written statement describing the amendment
      to each Certificateholder, with a copy to the Rating Agencies.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      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 Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    Prior
      to
      executing any amendment pursuant to this Section, the Trustee shall be entitled
      to receive an Opinion of Counsel (provided by the Person requesting such
      amendment) to the effect that such amendment is authorized or permitted by
      this
      Agreement and that all conditions precedent to the execution of such amendment
      have been complied with.  The cost of any Opinion of Counsel delivered
      pursuant to this Section 11.01 shall be an expense of the party requesting
      such
      amendment, but in any case shall not be an expense of the Trustee.

     

    Each
      of
      the Trustee and the Securities Administrator may, but shall not be obligated
      to,
      enter into any amendment pursuant to this Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    
      	
              Section
                11.02.  

            	
              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 properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Master Servicer at the
      expense of the Certificateholders, but only upon direction of the Depositor
      accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the
      Certificateholders.

     

    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 constitute but one and the same
      instrument.

     

    
      	
              Section
                11.03.  

            	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor 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, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as expressly provided
      for
      herein) 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
      party 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 notice of an Event of Default, or of a default
      by
      the Sponsor or the Trustee, or a Master Servicer Event of Default by the Master
      Servicer, in the performance of any obligation hereunder, and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 51% of the Voting Rights 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 costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 60 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.  It is understood and
      intended, and 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 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 equal, ratable and common 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.

     

    
      	
              Section
                11.04.  

            	
              Governing
                Law.

            

    

     

    This
      Agreement and the Certificates shall be construed in accordance with the laws
      of
      the State of New York and the obligations, rights and remedies of the parties
      hereunder shall be determined in accordance with such laws.

     

    
      	
              Section
                11.05.  

            	
              Notices.

            

    

     

    All
      demands, notices and direction hereunder shall be in writing and shall be deemed
      effective upon receipt when delivered to (a) in the case of the Depositor,
      1000
      Marina Blvd., Suite 450, Brisbane, CA 94005, Attention: General Counsel, or
      such
      other address as may hereafter be furnished to the other parties hereto in
      writing; (b) in the case of Alliance Securities Corp., 1000 Marina Blvd, Suite
      100, Brisbane, CA 94005, Attention:  Leon Daniels, or such other
      address as may hereafter be furnished to the other parties hereto in writing;
      (c) in the case of the Trustee, to its Corporate Trust Offices, or such other
      address as may hereafter be furnished to the other parties hereto in writing;
      (d) in the case of the Master Servicer and the Securities Administrator, to
      9062
      Old Annapolis Road, Columbia, Maryland 21045, Attention Client Manager –
Alliance 2007-OA1; and (e) in the case of the Rating Agencies, Standard &
Poor’s, 55 Water Street, 41st Floor,
      New York,
      New York  10041, Attention:  Asset Backed Surveillance
      Department; and Moody’s, Moody’s Investors Service, Inc., Residential Mortgage
      Monitoring Department, 99 Church Street, New York, New
      York  10007.  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.  Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given, whether or not the
      Certificateholder receives such notice.

     

    
      	
              Section
                11.06.  

            	
              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
                11.07.  

            	
              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, and all such
      provisions shall inure to the benefit of the Trustee and the
      Certificateholders.

     

    
      	
              Section
                11.08.  

            	
              Article
                and Section Headings.

            

    

     

    The
      article and Section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    
      	
              Section
                11.09.  

            	
              Notice
                to Rating Agencies.

            

    

     

    The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency referred to below with respect to each of the following of which it
      has
      actual knowledge:

     

    Any
      material change or amendment to this Agreement;

     

    The
      occurrence of any Event of Default or a Master Servicer Event of Default that
      has not been cured;

     

    The
      resignation or termination of the Servicer, the Master Servicer, the Securities
      Administrator or the Trustee;

     

    The
      repurchase or substitution of Mortgage Loans pursuant to Section
      2.04;

     

    The
      final
      payment to Certificateholders; and

     

    Any
      change in the location of the Custodial Account or the Certificate
      Account.

     

    In
      addition, the Securities Administrator shall make available to the Rating Agency
      copies of each report to Certificateholders described in Section 4.02; and
      the
      Master Servicer shall make available to the Rating Agency copies of each annual
      independent public accountants’ servicing report received as described in
      Section 3.21.

     

    Any
      such
      notice pursuant to this Section 11.09 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) in the case of Standard
      & Poor's, 55 Water Street, 41st Floor,
      New York,
      New York 10041, Attention:  Asset Backed Surveillance Department and
      (ii) in the case of Moody's, Residential Mortgage Monitoring Department, 99
      Church Street, New York, New York 10007, or, in each case, such other address
      as
      either such Rating Agency may designate in writing to the parties
      thereto.

     

    
      	
              Section
                11.10.  

            	
              Third
                Party Rights.

            

    

     

    The
      Custodian shall be an express third-party beneficiary of this Agreement to
      the
      extent of its express rights to receive payments under this Agreement or any
      other express rights of the Custodian explicitly stated in this Agreement,
      and
      shall have the right to enforce such rights under this Agreement as if the
      Custodian was a party hereto.  All protections, rights, immunities,
      privileges, and indemnities set forth herein shall be afforded to the Custodian
      to the full extent as provided to the Trustee.  The parties hereto
      further acknowledge that any duties or actions of Deutsche Bank National Trust
      Company as custodian are subject to the terms and conditions of the Custodial
      Agreement.

     

    ARTICLE
      XII

     

    COMPLIANCE
      WITH REGULATION AB

     

    
      	
              Section
                12.01.  

            	
              Intent
                of the Parties; Reasonableness.

            

    

     

    The
      Master Servicer, the Securities Administrator and the Servicer acknowledge
      and
      agree that the purpose of Article XII of this Agreement is to facilitate
      compliance by the Depositor with the provisions of Regulation AB and related
      rules and regulations of the Commission. Neither the Master Servicer nor the
      Depositor shall exercise its right to request delivery of information or other
      performance under these provisions other than in good faith, or for purposes
      other than compliance with the Securities Act, the Exchange Act and the rules
      and regulations of the Commission thereunder. Each of the Servicer, the Master
      Servicer and the Securities Administrator acknowledges that interpretations
      of
      the requirements of Regulation AB may change over time, whether due to
      interpretive guidance provided by the Commission or its staff, consensus among
      participants in the asset-backed securities markets, advice of counsel, or
      otherwise, and agrees to comply with requests made by the Master Servicer or
      the
      Depositor in good faith for delivery of information under these provisions
      on
      the basis of evolving interpretations of Regulation AB.  In connection
      with this Agreement, the Servicer and Securities Administrator shall cooperate
      fully with the Master Servicer to deliver to the Master Servicer (including
      any
      of its assignees or designees), and the Depositor, any and all statements,
      reports, certifications, records and any other information necessary in the
      good
      faith determination of the Master Servicer or the Depositor to permit the Master
      Servicer or the Depositor to comply with the provisions of Regulation AB,
      together with such disclosures relating to the Servicer, the Securities
      Administrator, the Trustee any Subservicer and the Mortgage Loans, or the
      servicing of the Mortgage Loans, reasonably believed by the Master Servicer
      or
      any Depositor to be necessary in order to effect such compliance.

     

    
      	
              Section
                12.02.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                12.03.  

            	
              [Reserved].

            

    

     

    
      	
              Section
                12.04.  

            	
              Servicer
                Compliance Statement.

            

    

     

    On
      or
      before March 15th of each
      calendar
      year with no cure period, commencing in 2008, the Servicer shall deliver to
      the
      Master Servicer and any Depositor a statement of compliance addressed to the
      Master Servicer and such Depositor and signed by an authorized officer of the
      Servicer, to the effect that (i) a review of the Servicer’s activities during
      the immediately preceding calendar year (or applicable portion thereof) and
      of
      its performance under this Agreement during such period has been made under
      such
      officer’s supervision, and (ii) to the best of such officers’ knowledge, based
      on such review, the Servicer has fulfilled all of its obligations under this
      Agreement in all material respects throughout such calendar year (or applicable
      portion thereof) or, if there has been a failure to fulfill any such obligation
      in any material respect, specifically identifying each such failure known to
      such officer and the nature and the status thereof.

     

    
      	
              Section
                12.05.  

            	
              Servicer
                Report on Assessment of Compliance and
                Attestation.

            

    

     

    On
      or
      before March 15th of each
      calendar
      year with no cure period, commencing in 2008, the Servicer shall:

     

    (i)           deliver
      to the Master Servicer and any Depositor a report (in form and substance
      reasonably satisfactory to the Master Servicer and such Depositor) regarding
      the
      Servicer’s assessment of compliance with the Servicing Criteria during the
      immediately preceding calendar year, as required under Rules 13a-18 and 15d-18
      of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
      addressed to the Master Servicer and such Depositor and signed by an authorized
      officer of the Servicer, and shall address each of the “Applicable Servicing
      Criteria” specified on Exhibit M hereto;

     

    (ii)           deliver
      to the Master Servicer and any Depositor a report of a registered public
      accounting firm reasonably acceptable to the Master Servicer and such Depositor
      that attests to, and reports on, the assessment of compliance made by the
      Servicer and delivered pursuant to the preceding paragraph. Such attestation
      shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X
      under
      the Securities Act and the Exchange Act;

     

    (iii)           cause
      each Subservicer, and each Subcontractor determined by the Servicer pursuant
      to
      Section 12.06(b) to be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB and deliver to the Master Servicer and
      any
      Depositor an assessment of compliance and accountants’ attestation as and when
      provided in paragraphs (a) and (b) of this Section; and

     

    (iv)           deliver,
      and cause each Subservicer and Subcontractor described in clause (iii) to
      provide, to the Master Servicer and the Depositor a certification, signed by
      the
      appropriate officer of the Servicer, in the form attached hereto as Exhibit
      N.

     

    The
      Servicer acknowledges that the parties identified in clause (a)(iv) above may
      rely on the certification provided by the Servicer pursuant to such clause
      in
      signing a Sarbanes Certification and filing such with the
      Commission.

     

    Each
      assessment of compliance provided by a Subservicer pursuant to Section
      12.05(a)(i) shall address each of the Servicing Criteria specified on Exhibit
      M
      hereto or, in the case of a Subservicer subsequently appointed as such, on
      or
      prior to the date of such appointment. An assessment of compliance provided
      by a
      Subcontractor pursuant to Section 12.05(a)(iii) need not address any elements
      of
      the Servicing Criteria other than those specified by the Servicer pursuant
      to
      Section 12.06.

     

    Notwithstanding
      anything in this Agreement to the contrary, to the extent that the Servicer’s
      obligations under this Agreement are being performed by a Subservicer, and
      the
      assessment of compliance and attestation report delivered by the Subservicer
      addresses all of the Servicing Criteria applicable to the Servicer, then the
      Servicer will not be required to deliver an assessment of compliance and
      attestation report pertaining to the Servicing Criteria.  However, if
      any Subservicer engaged by the Servicer fails to address all of the Servicing
      Criteria applicable to the Servicer in its assessment of compliance and
      attestation report, the Servicer will provide as assessment of compliance and
      attestation report in accordance with this Section 12.05 covering the remaining
      Servicing Criteria applicable to the Servicer and not addressed by the
      Subservicer’s assessment of compliance and attestation report.

     

    
      	
              Section
                12.06.  

            	
              Use
                of Subservicers and Subcontractors.

            

    

     

    The
      Servicer shall not hire or otherwise utilize the services of any Subservicer
      to
      fulfill any of the obligations of the Servicer as servicer under this Agreement
      unless the Servicer complies with the provisions of paragraph (a) of this
      Section. The Servicer shall not hire or otherwise utilize the services of any
      Subcontractor, and shall not permit any Subservicer to hire or otherwise utilize
      the services of any Subcontractor, to fulfill any of the obligations of the
      Servicer under this Agreement unless the Servicer complies with the provisions
      of paragraph (b) of this Section.

     

    It
      shall
      not be necessary for the Servicer to seek the consent of the Master Servicer
      or
      any Depositor to the utilization of any Subservicer. The Servicer shall cause
      any Subservicer used by the Servicer (or by any Subservicer) for the benefit
      of
      any Depositor to comply with the provisions of this Section and with Sections
      12.02, 12.03(a), (c), (d) and (e), 12.04, 12.05 and 12.07 of this Agreement
      to
      the same extent as if such Subservicer were the Servicer, and to provide the
      information required with respect to such Subservicer under Section 12.03(b)
      of
      this Agreement. The Servicer shall be responsible for obtaining from each
      Subservicer and delivering to the Master Servicer and any Depositor any servicer
      compliance statement required to be delivered by such Subservicer under Section
      12.04, any assessment of compliance and attestation required to be delivered
      by
      such Subservicer under Section 12.05 and any certification required to be
      delivered to the Master Servicer and the Depositor under Section 12.05 as and
      when required to be delivered.

     

    It
      shall
      not be necessary for the Servicer to seek the consent of the Master Servicer
      or
      any Depositor to the utilization of any Subcontractor. The Servicer shall
      promptly upon request provide to the Master Servicer and any Depositor (or
      any
      designee of the Depositor, such as an administrator) a written description
      (in
      form and substance satisfactory to the Master Servicer and such Depositor)
      of
      the role and function of each Subcontractor utilized by the Servicer or any
      Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which
      (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
      of
      the Servicing Criteria will be addressed in assessments of compliance provided
      by each Subcontractor identified pursuant to clause (ii) of this
      paragraph.

     

    As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by the
      Servicer (or by any Subservicer) for the benefit of any Depositor to comply
      with
      the provisions of Sections 12.05 and 12.07 of this Agreement to the same extent
      as if such Subcontractor were the Servicer.  The Servicer shall be
      responsible for obtaining from each Subcontractor and delivering to the Master
      Servicer and any Depositor any assessment of compliance and attestation and
      the
      other certifications required to be delivered by such Subservicer and such
      Subcontractor under Section 12.05, in each case as and when required to be
      delivered.

     

    
      	
              Section
                12.07.  

            	
              Indemnification;
                Remedies.

            

    

     

    The
      Servicer shall indemnify the Master Servicer, each affiliate of the Master
      Servicer, the Sponsor and issuing entity, each Person who controls any of such
      parties or the Depositor (within the meaning of Section 15 of the Securities
      Act
      and Section 20 of the Exchange Act); and the respective present and former
      directors, officers, employees, agents and affiliates of each of the foregoing
      and of the Depositor (each, an “Indemnified Party”), and shall hold each of them
      harmless from and against any claims, 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:

     

    (A)
      any
      untrue statement of a material fact contained or alleged to be contained in
      any
      information, report, certification, data, accountants’ letter or other material
      provided under this Article X by or on behalf of the Servicer, or provided
      under
      this Article XII by or on behalf of any Subservicer or Subcontractor
      (collectively, the “Servicer Information”), or (B) the omission or alleged
      omission to state in the Servicer Information a material fact required to be
      stated in the Servicer Information or necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading; provided, by way of clarification, that clause (B) of this paragraph
      shall be construed solely by reference to the Servicer Information and not
      to
      any other information communicated in connection with a sale or purchase of
      securities, without regard to whether the Servicer Information or any portion
      thereof is presented together with or separately from such other
      information;

     

    any
      breach by the Servicer of its obligations under this Article XII, including
      particularly any failure by the Servicer, any Subservicer or any Subcontractor
      to deliver any information, report, certification, accountants’ letter or other
      material when and as required under this Article XII, including any failure
      by
      the Servicer to identify pursuant to Section 12.06(b) any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB; or

     

    the
      negligence, bad faith or willful misconduct of the Servicer in connection with
      its performance under this Article XII.

     

    the
      negligence, bad faith or willful misconduct of the Subservicer in connection
      with its performance of the requirements of Article X of the Sub-Servicing
      Agreement.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless an Indemnified Party, then the Servicer agrees that it shall contribute
      to the amount paid or payable by such Indemnified Party as a result of any
      claims, losses, damages or liabilities incurred by such Indemnified Party in
      such proportion as is appropriate to reflect the relative fault of such
      Indemnified Party on the one hand and the Servicer on the other.

     

    In
      the
      case of any failure of performance described in clause (a)(ii) of this Section,
      the Servicer shall promptly reimburse the Master Servicer, any Depositor, as
      applicable, and each Person responsible for the preparation, execution or filing
      of any report required to be filed with the Commission with respect to such
      Pass-Through Transfer, or for execution of a certification pursuant to Rule
      13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
      Pass-Through Transfer, for all costs reasonably incurred by each such party
      in
      order to obtain the information, report, certification, accountants’ letter or
      other material not delivered as required by the Servicer, any Subservicer or
      any
      Subcontractor.

     

    This
      indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

     

    (10)  Any
      failure by the Servicer, any Subservicer or any Subcontractor to deliver any
      information, report, certification, accountants’ letter or other material when
      and as required under this Article XII, to the extent that such breach is not
      cured by such Closing Date, shall immediately and automatically, without notice
      or grace period, constitute an Event of Default with respect to the Servicer
      under this Agreement, and shall entitle the Master Servicer or the Depositor,
      as
      applicable, in its sole discretion to terminate the rights and obligations
      of
      the Servicer as servicer under this Agreement without payment (notwithstanding
      anything in this Agreement to the contrary) of any compensation to the Servicer
      (and appoint a successor servicer reasonably acceptable to any Master Servicer);
      provided that to the extent that any provision of this Agreement expressly
      provides for the survival of certain rights or obligations following termination
      of the Servicer, such provision shall be given effect.

     

    Any
      failure by the Servicer, any Subservicer or any Subcontractor to deliver any
      information, report, certification or accountants’ letter when and as required
      under Section 12.04 or 12.05, including any failure by the Servicer to identify
      pursuant to Section 12.06(b) any Subcontractor “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB, shall constitute an
      Event of Default with respect to the Servicer under this Agreement, and shall
      entitle the Master Servicer or the Depositor, as applicable, in its sole
      discretion to terminate the rights and obligations of the Servicer under this
      Agreement without payment (notwithstanding anything in this Agreement to the
      contrary) of any compensation to the Servicer; provided that to the extent
      that
      any provision of this Agreement expressly provides for the survival of certain
      rights or obligations following termination of the Servicer, such provision
      shall be given effect.

     

    The
      Servicer shall promptly reimburse the Master Servicer (or any designee of the
      Master Servicer) and any Depositor, as applicable, for all reasonable expenses
      incurred by the Master Servicer (or such designee) or such Depositor, as such
      are incurred, in connection with the termination of the Servicer and the
      transfer of servicing of the Mortgage Loans to a successor servicer. The
      provisions of this paragraph shall not limit whatever rights the Master Servicer
      or any Depositor may have under other provisions of this Agreement or otherwise,
      whether in equity or at law, such as an action for damages, specific performance
      or injunctive relief.

     

    
      	
              Section
                12.08.  

            	
              Annual
                Statement as to Compliance.

            

    

     

    The
      Master Servicer and the Securities Administrator shall deliver (or otherwise
      make available) to the Depositor and the Securities Administrator, not later
      than March 15th of each calendar year beginning in 2008, an Officer’s
      Certificate (an “Annual Statement of Compliance”) stating, as to each signatory
      thereof, that (i) a review of the activities of each such party during the
      preceding calendar year or portion thereof and of its performance under this
      Agreement has been made under such officer’s supervision and (ii) to the best of
      such officer’s knowledge, based on such review, such party has fulfilled all of
      its obligations under this Agreement in all material respects throughout such
      year, 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 of the cure provisions thereof.  Such Annual
      Statement of Compliance shall contain no restrictions or limitations on its
      use.  .

     

    In
      the
      event the Master Servicer, the Securities Administrator, the Servicer or any
      Subservicer or Subcontractor engaged by any such party is terminated or resigns
      pursuant to the terms of this Agreement, such party shall provide an Annual
      Statement of Compliance pursuant to this Section 12.08 or to such applicable
      agreement, as the case may be, notwithstanding any such termination, assignment
      or resignation. Failure of the Securities Administrator to comply with this
      Section 12.08 (including with respect to the timeframes required in this
      Section) which failure results in a failure to timely file the related Form
      10-K, shall be deemed a default and the Trustee at the written direction of
      the
      Depositor shall, in addition to whatever rights the Trustee may have under
      this
      Agreement and at law or equity or to damages, including injunctive relief and
      specific performance, upon notice immediately terminate all of the rights and
      obligations of the Securities Administrator under this Agreement and in and
      to
      the Mortgage Loans and the proceeds thereof without compensating the Securities
      Administrator for the same. This paragraph shall supersede any other provision
      in this Agreement or any other agreement to the contrary.

     

    
      	
              Section
                12.09.  

            	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      the Master Servicer and the Securities Administrator (to the extent set forth
      in
      this Section) (each, an “Attesting Party”) shall deliver (or otherwise make
      available) and each Attesting Party shall cause any Subservicer or Subcontractor
      engaged by it to furnish, each at its own expense to the Securities
      Administrator and the Depositor on or before March 15th of each
      calendar
      year beginning in 2008 (without a cure period), a report regarding such
      Attesting Party’s assessment of compliance (an “Assessment of Compliance”) with
      the Servicing Criteria during the preceding calendar year.  The
      Assessment of Compliance, as set forth in Regulation AB, must contain the
      following:

     

    (a)  A
      statement by an authorized officer of such Attesting Party of its authority
      and
      responsibility for assessing compliance with the Servicing Criteria applicable
      to the related Attesting Party;

     

    (b)  A
      statement by an authorized officer that such Attesting Party used the Servicing
      Criteria attached as Exhibit M hereto, and which will also be attached to the
      Assessment of Compliance, to assess compliance with the Servicing Criteria
      applicable to the related Attesting Party;

     

    (c)  An
      assessment by such officer of the related Attesting Party’s compliance with the
      applicable Servicing Criteria for the period consisting of the preceding
      calendar year, including disclosure of any material instance of noncompliance
      with respect thereto during such period, which assessment shall be based on
      the
      activities such Attesting Party performs with respect to asset-backed securities
      transactions taken as a whole involving the related Attesting Party, that are
      backed by the same asset type as the Mortgage Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an Attestation
      Report on the related Attesting Party’s Assessment of Compliance for the period
      consisting of the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the related Attesting Party, which statement shall be based on the activities
      such Attesting Party performs with respect to asset-backed securities
      transactions taken as a whole involving such Attesting Party, that are backed
      by
      the same asset type as the Mortgage Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit M hereto which are indicated as applicable to the related Attesting
      Party.

     

    In
      the
      event the Master Servicer, the Securities Administrator, the Servicer or any
      Subservicer or Subcontractor engaged by any such party is terminated or resigns
      pursuant to the terms of this Agreement, such party shall provide an Assessment
      of Compliance pursuant to this Section 12.09 or to such applicable agreement,
      as
      the case may be, notwithstanding any such termination, assignment or
      resignation.

     

    On
      or
      before March 15th of each
      calendar
      year beginning in 2008, each Attesting Party shall cause a registered public
      accounting firm to furnish to the Master Servicer, the Depositor and the
      Securities Administrator a report (an “Attestation Report”) that attests to, and
      reports on, the Assessment of Compliance made by the related Attesting Party,
      as
      required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of
      Regulation AB, which Attestation Report must be made in accordance with
      standards for attestation reports issued or adopted by the Public Company
      Accounting Oversight Board.

     

    Promptly
      after receipt of each such assessment of compliance and attestation report,
      the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to Section 12.09 is coupled with an attestation meeting the requirements of
      this
      Section and notify the Depositor of any exceptions.

     

    The
      Master Servicer shall enforce the obligation of the Subservicer to deliver
      to
      the Master Servicer and the Depositor an Assessment of Compliance and
      Attestation Report as and when provided in the Sub-Servicing Agreement. Each
      of
      the Master Servicer and the Securities Administrator shall cause and the Master
      Servicer shall enforce the obligation (as and when provided in the Servicing
      Agreement) of the Servicer to cause, any subservicer and each subcontractor,
      engaged by the Master Servicer, the Servicer or the Securities Administrator,
      as
      applicable, to deliver to the Securities Administrator, the Master Servicer
      and
      the Depositor, as applicable, an Assessment of Compliance and Attestation Report
      as and when provided above. Such Assessment of Compliance, as to any subservicer
      or subcontractor, shall at a minimum address the applicable Servicing Criteria
      specified on Exhibit M hereto which are indicated as applicable to any “primary
      servicer”  to the extent such subservicer or subcontractor is
      performing any servicing function for the party who engages it and to the extent
      such party is not itself addressing the Servicing Criteria related to such
      servicing function in its own Assessment of Compliance. The Securities
      Administrator shall confirm that each of the Assessments of Compliance delivered
      to it, taken as a whole, address all of the Servicing Criteria and taken
      individually address the Servicing Criteria for each party as set forth in
      Exhibit M and notify the Depositor of any exceptions. Notwithstanding the
      foregoing, as to any subcontractor, an Assessment of Compliance is not required
      to be delivered unless it is required as part of a Form 10-K with respect to
      the
      Trust Fund.

     

    No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer and the Custodian shall each forward to the
      Securities Administrator and the Depositor the name of each subservicer or
      subcontractor engaged by it and what Servicing Criteria will be addressed in
      the
      report on assessment of compliance prepared by such entity (provided, however,
      that the Master Servicer need not provide such information to the Securities
      Administrator so long as the Master Servicer and the Securities Administrator
      are the same Person).

     

    In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, the
      Servicer or any subservicer or subcontractor engaged by any 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 cause a registered public accounting firm to provide an
      Attestation Report to the extent it was required to do pursuant  to
      this Section 12.09, or to such other applicable agreement, notwithstanding
      any
      such termination, assignment or resignation.

     

    
      	
              Section
                12.10.  

            	
              Reports
                Filed with Securities and Exchange
                Commission.

            

    

     

    (a)  (i)
      (A)
      Within 15 days after each Distribution Date, the Securities Administrator shall,
      in accordance with industry standards, prepare and file with the Commission
      via
      the Electronic Data Gathering and Retrieval System (“EDGAR”), a Distribution
      Report on Form 10-D, signed by the Master Servicer, with a copy of the monthly
      statement to Certificateholders to be furnished by the Securities Administrator
      to the Certificateholders for such Distribution Date; provided that, the
      Securities Administrator shall have received no later than five (5) calendar
      days after the related Distribution Date all information required to be provided
      to the Securities Administrator as described in clause (a)(iv) below. Any
      disclosure that is in addition to the monthly statement to Certificateholders
      and that is required to be included on Form 10-D (“Additional Form 10-D
      Disclosure”) shall be, pursuant to the paragraph immediately below, reported by
      the parties set forth on Exhibit O to the Securities Administrator and the
      Depositor and approved for inclusion by the Depositor, and the Securities
      Administrator will have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-D Disclosure absent such reporting
      (other than in the case where the Securities Administrator is the reporting
      party as set forth in Exhibit O) and approval.

     

    (B)
      Within five (5) calendar days after
      the related Distribution Date, (i) the parties set forth in Exhibit O shall
      be
      required to provide, pursuant to Section 12.10(a)(v) below, to the Securities
      Administrator and the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible format, or in such other format 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 P hereto (“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 Securities Administrator has no duty under this
      Agreement or monitor or enforce the performance by the parties listed on Exhibit
      O of their duties under this paragraph or proactively solicit or procure from
      such parties any Additional Form 10-D Disclosure information. The Depositor
      shall be responsible for any reasonable fees and expenses assessed or incurred
      by the Securities Administrator in connection with including any Additional
      Form
      10-D Disclosure on Form 10-D pursuant to this Section.

    

    (C)
      After preparing the Form 10-D, the
      Securities Administrator shall forward electronically a copy of the Form 10-D
      to
      the Depositor (in the case of any Additional 10-D Disclosure and otherwise
      if
      requested by the Depositor) and the Master Servicer for review. Within two
      Business Days after receipt of such copy, but no later than the 12th calendar
      day after the Distribution Date (provided that, the Securities Administrator
      forwards a copy of the Form 10-D no later than the 10th calendar after the
      Distribution Date), the Depositor shall notify the Securities Administrator
      in
      writing (which may be furnished electronically) 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 the Form 10-D. No later than the 13th calendar day
      after
      the related Distribution Date, a duly authorized officer of the Master Servicer
      shall sign the Form 10-D, and in the case where the Master Servicer and the
      Securities Administrator are not affiliated, no later than two (2) Business
      Days
      prior to the 1st calendar day after the related Distribution Date (with a 10
      calendar day cure period), a duly authorized officer of the Master Servicer
      sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Securities Administrator.  If a Form 10-D cannot be filed on time or
      if a previously filed Form 10-D needs to be amended, the Securities
      Administrator shall follow the procedures set forth in Section
      12.10(a)(v).  Promptly (but no later than one (1) Business Day) after
      filing with the Commission, the Securities Administrator shall make available
      on
      its internet website identified in Section 6.06 a final executed copy of each
      Form 10-D filed by the Securities Administrator.  The signing party at
      the Master Servicer can be contacted as set forth in Section
      11.05.  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. 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 the
      representations in Section 2.03(b)(iii) and in any such notice in preparing,
      executing and/or filing any such report. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of their respective duties under Section 12.10(a)(iv) and (v)
      related to the timely preparation, execution and filing of Form 10-D is
      contingent upon such parties, the Servicer, the Custodian, the Trustee and
      any
      subservicer or subcontractor strictly observing all applicable deadlines in
      the
      performance of their duties under such Sections or under any servicing agreement
      or custodial agreement, as applicable. 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 a party’s
      inability or failure to deliver, on a timely basis, any information from such
      party needed to prepare, arrange for execution or file such Form 10-D, not
      resulting from its own negligence, bad faith or willful misconduct.

    

    (ii)
      (A) Within four (4) Business Days
      after the occurrence of an event requiring disclosure on Form 8-K (each such
      event, a “Reportable Event”), the Securities Administrator shall prepare and
      file, at the direction of the Depositor, on behalf of the Trust, 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 other than the
      initial Form 8-K (“Form 8-K Disclosure Information”) shall be, pursuant to the
      paragraph immediately below, reported by the parties set forth on Exhibit O
      to
      the Securities Administrator and the Depositor and approved for inclusion by
      the
      Depositor, and the Securities Administrator will have no duty or liability
      for
      any failure hereunder to determine or prepare any Form 8-K Disclosure
      Information absent such reporting (other than in the case where the Securities
      Administrator is the reporting party as set forth in Exhibit O) and
      approval.

    

    (B)
      For so long as the Trust is subject
      to the Exchange Act reporting requirements, no later than close of business
      New
      York City time on the 2nd Business Day after the occurrence of a Reportable
      Event  (i) the parties set forth in Exhibit O shall be required
      pursuant to Section 12.10(a)(v) below to provide, to the Securities
      Administrator and the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible format, or in such other format as otherwise agreed
      upon by the Securities Administrator and the Depositor and such party, the
      form
      and substance of any Form 8-K Disclosure Information, if applicable, together
      with an Additional Disclosure Notification and (ii) the Depositor shall approve,
      as to form and substance, or disapprove, as the case may be, the inclusion
      of
      the Form 8-K Disclosure Information on Form 8-K. The Securities Administrator
      has no duty under this Agreement to monitor or enforce the performance by the
      parties listed on Exhibit O of their duties under this paragraph or proactively
      solicit or procure from such parties any Form 8-K Disclosure Information. The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any Form
      8-K Disclosure Information on Form 8-K pursuant to this Section.

    

    (C)
      After preparing the Form 8-K, the
      Securities Administrator, shall forward electronically a copy of the Form 8-K
      to
      the Depositor and the Master Servicer for review.  No later than the
      close of business New York City time on the 3rd Business Day after the
      Reportable Event, or in the case where the Master Servicer and Securities
      Administrator are affiliated, no later than noon New York City time on the
      4th
      Business Day after the Reportable Event, a duly authorized representative of
      the
      Master Servicer shall sign the Form 8-K and, in the case where the Master
      Servicer and the Securities Administrator are not affiliated, return an
      electronic or fax copy of such signed Form 8-K (with an original executed hard
      copy to follow by overnight mail) to the Securities
      Administrator.  Promptly, but no later than the close of business on
      the 3rd Business Day after the Reportable Event (provided that, the Securities
      Administrator forwards a copy of the Form 8-K no later than noon New York time
      on the third Business Day after the Reportable Event), the Depositor shall
      notify the Securities Administrator in writing (which may be furnished
      electronically) of any changes 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.  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
      shall follow the procedures set forth in Section
      12.10(a)(v).  Promptly (but no later than one (1) Business Day) after
      filing with the Commission, the Securities Administrator shall, make available
      on its internet website a final executed copy of each Form 8-K prepared and
      filed by the Securities Administrator.  The signing party at the
      Master Servicer can be contacted as set forth in Section 11.05.  The
      Securities Administrator shall be entitled to rely on the representations in
      Section 2.03(b)(iv) and in any such notice in preparing, executing and/or filing
      any such report. The parties to this Agreement acknowledge that the performance
      by the Master Servicer and the Securities Administrator of its duties under
      this
      Section 12.10(a)(ii) related to the timely preparation, execution and filing
      of
      Form 8-K is contingent upon such parties, the Servicer, the Custodian, the
      Trustee and any subservicer or subcontractor strictly observing all applicable
      deadlines in the performance of their duties under this Section 12.10(a)(ii)
      or
      under any servicing agreement or custodial agreement as
      applicable.  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 8-K, where such failure results from a party’s
      failure to deliver, on a timely basis, any information from any such party
      needed to prepare, arrange for execution or file such Form 8-K, not resulting
      from its own negligence, bad faith or willful misconduct.

    

    (iii)
      (A) Within 90 days after the end
      of each fiscal year of the Trust 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 ends on December 31st of each year), commencing in March
      2008, the Securities Administrator shall prepare and file on behalf of the
      Trust
      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, the Servicing
      Agreement and the Custodial Agreement, (I) an annual compliance statement for
      the Servicer, Master Servicer, the Securities Administrator and any subservicer
      or subcontractor, as applicable, as described under Section 12.08, of this
      Agreement, the Servicing Agreement and Custodial Agreement, provided, however,
      that the Securities Administrator, at its discretion, may omit from the Form
      10-K any annual compliance statement that is not required to be filed with
      such
      Form 10-K pursuant to Regulation AB, (II)(A) the annual reports on assessment
      of
      compliance with Servicing Criteria for the Servicer, the Master Servicer, each
      subservicer and subcontractor participating in the servicing function, the
      Securities Administrator and the Custodian, as described under Section 12.09
      of
      this Agreement, the Servicing Agreement and the Custodial Agreement, and (B)
      if
      any such report on assessment of compliance with Servicing Criteria described
      under Section 12.09 identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such report
      on
      assessment of compliance with Servicing Criteria described under Section 12.09
      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, provided,
      however, that the Securities Administrator, at its discretion, may omit from
      the
      Form 10-K any assessment of compliance or attestation report described in clause
      (III) below that is not required to be filed with such Form 10-K pursuant to
      Regulation AB, (III)(A) the registered public accounting firm Attestation Report
      for the Servicer, the Master Servicer, the Securities Administrator, the
      Custodian and each subservicer and subcontractor participating in a servicing
      function, as described under Section 12.09 of this Agreement, the Servicing
      Agreement and the Custodial Agreement, and (B) if any registered public
      accounting firm Attestation Report described under Section 12.09 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 12.10 (a)(iii)(D)
      below (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, pursuant to the paragraph immediately below,
      reported by the parties set forth on Exhibit O to the Securities Administrator
      and the Depositor and approved for inclusion by the Depositor, and the
      Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-K Disclosure absent
      such reporting (other than in the case where the Securities Administrator is
      the
      reporting party as set forth in Exhibit O) and approval.

    

    (B)
      No later than March 15th of each
      year that the Trust is subject to the Exchange Act reporting requirements,
      commencing in 2008, (i) the parties set forth in Exhibit O shall be required
      to
      provide, pursuant to Section 12.10(a)(v) below, to the Securities Administrator
      and the Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Securities Administrator and the Depositor and such party, the form and
      substance of any Additional Form 10-K Disclosure, if applicable, together with
      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 Securities Administrator
      has
      no duty under this Agreement or monitor or enforce the performance by the
      parties listed on Exhibit O of their duties under this paragraph or proactively
      solicit or procure from such parties any Additional Form 10-K Disclosure
      information. The Depositor shall be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Form 10-K Disclosure information on Form 10-K pursuant to this
      Section.

    

    (C)
      After preparing the Form 10-K, the
      Securities Administrator shall forward electronically a copy of the Form 10-K
      to
      the Depositor (only in the case where such Form 10-K includes Additional Form
      10-K Disclosure) and the Master Servicer for review. Within three Business
      Days
      after receipt of such copy, but no later than March 25th (provided that, the
      Securities Administrator forwards a copy of the Form 10-K no later than the
      third Business Day prior to March 25th), the Depositor shall notify the
      Securities Administrator in writing (which may be furnished electronically)
      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 the Form 10-K. No later than 12:00 p.m. Eastern Standard time on
      the
      4th Business Day prior to the 10-K Filing Deadline, an officer of the Master
      Servicer in charge of the master servicing function shall sign the Form 10-K,
      in
      the case where the Master Servicer and the Securities Administrator are
      unaffiliated, and return an electronic or fax copy of such signed Form 10-K
      (with an original executed hard copy to follow by overnight mail) to the
      Securities Administrator.  If a Form 10-K cannot be filed on time or
      if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in Section
      12.10(a)(v).  Promptly (but no later than one (1) Business Day) after
      filing with the Commission, the Securities Administrator shall make available
      on
      its internet website a final executed copy of each Form 10-K signed by the
      Master Servicer and filed by the Securities Administrator.  The
      signing party at the Master Servicer can be contacted as set forth in Section
      11.05.  Form 10-K requires the registrant to indicate (by checking
“yes” or “no”) that it (1) has filed all reports required to be filed by Section
      13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
      shorter period that the registrant was required to file such reports), and
      (2)
      has been subject to such filing requirements for the past 90
      days.  The Depositor shall notify the Securities Administrator in
      writing, no later than March 15th after the related Distribution Date with
      respect to the filing of a report on Form 10-K, if the answer to the questions
      should be “no”.  The parties to this Agreement acknowledge that the
      performance by the Master Servicer and the Securities Administrator of their
      respective duties under Section 12.10(a)(iv) and (v) related to the timely
      preparation, execution and filing of Form 10-K is contingent upon such parties,
      the Servicer, the Custodian, the Trustee and any subservicer or subcontractor
      strictly observing all applicable deadlines in the performance of their duties
      under such Sections and Section 12.08 and Section 12.09 or under any servicing
      agreement or custodial agreement, as applicable. 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-K, where such failure results from
      the
      Master Servicer’s or the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto or the Servicer, the Custodian, the Trustee or any subservicer or
      subcontractor needed to prepare, arrange for execution or file such Form 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

    

    (D)
      Each Form 10-K shall include a
      certification (the “Sarbanes-Oxley Certification”) required to be included
      therewith pursuant to the Sarbanes-Oxley Act which shall be signed by the
      Certifying Person and delivered to the Securities Administrator no later than
      March 15th of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act.  The Master Servicer shall cause the
      Servicer to provide to the Person who signs the Sarbanes-Oxley Certification
      (the “Certifying Person”), by March 15th of each year in which the Trust 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 attached hereto as Exhibit L, 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, provided,
      however, that the Securities Administrator shall not be required to undertake
      an
      analysis of any accountant’s report attached as an exhibit to the Form
      10-K.  The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In the
      event any such party or any subcontractor or subservicer engaged by such party
      is terminated or resigns pursuant to the terms of this Agreement, or any
      applicable sub-servicing agreement, as the case may be, such party shall provide
      a Back-Up Certification to the Certifying Person pursuant to this Section 12.10
      (a)(iii) with respect to the period of time it was subject to this Agreement
      or
      any applicable sub-servicing 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
      the Custodial Agreement.

    

    (iv)
      With respect to any Additional
      Form 10-D Disclosure, Additional Form 10-K Disclosure or any Form 8-K Disclosure
      Information (collectively, the “Additional Disclosure”) relating to the Trust
      Fund, the Securities Administrator’s obligation to include such Additional
      Information in the applicable Exchange Act report is subject to receipt from
      the
      entity that is indicated in Exhibit O as the responsible party for providing
      that information, if other than the Securities Administrator, as and when
      required as described in Section 12.10(a)(i) through (iii) above. Such
      Additional Disclosure shall be accompanied by a notice substantially in the
      form
      of Exhibit P. Each of the Master Servicer, the Securities Administrator, the
      Trustee, the Servicer, the Back-up Servicer and the Depositor hereby agrees
      to
      notify and provide, to the extent known to the Master Servicer, the Securities
      Administrator, the Trustee, the Servicer, the Back-up Servicer and the Depositor
      all Additional Disclosure relating to the Trust Fund, with respect to which
      such
      party is indicated in Exhibit O as the responsible party for providing that
      information. The Depositor shall be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Additional Disclosure information pursuant to this
      Section.

    

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

    

    (B)
      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 shall promptly notify
      electronically the Depositor.  In the case of Form 10-D and 10-K, the
      Depositor, the Master Servicer and the Securities Administrator shall cooperate
      to prepare and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable,
      pursuant to Rule 12b-25 of the Exchange Act.  In the case of Form 8-K,
      the Securities Administrator will, upon receipt of all required Form 8-K
      Disclosure Information and upon the approval and direction of the Depositor,
      include such disclosure information on the next Form 10-D.  In the
      event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
      and
      such amendment relates to any Additional Disclosure (other than, in the case
      of
      the Form 10-D, for the purpose of restating any monthly statement to
      Certificateholders), the Securities Administrator shall notify electronically
      the Depositor and the parties affected thereby and such parties will cooperate
      to prepare any necessary Form 8-K/A, 10-D/A or 10-K/A.  Any Form 15,
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a
      duly
      authorized representative or senior officer, as applicable, of the Master
      Servicer.  The parties hereto acknowledge that the performance by the
      Master Servicer and the Securities Administrator of their respective duties
      under this Section 12.10(a)(v) 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 the each such party timely performing their 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 Form 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 or the Servicer, the Custodian or any subservicer or subcontractor needed
      to prepare, arrange for execution or file such Form 15, Form 12b-25 or any
      amendments to Form 8-K, 10-D or 10-K, not resulting from its own negligence,
      bad
      faith or willful misconduct.

    

    The
      parties hereto agrees to promptly
      furnish to the Securities Administrator, from time to time upon request, such
      further information, reports and financial statements within its control related
      to this Agreement, the Mortgage Loans as the Securities Administrator reasonably
      deems appropriate to prepare and file all necessary reports with the Commission.
      The Securities Administrator shall have no responsibility to file any items
      other than those specified in this Section 12.10; provided, however, the
      Securities Administrator shall cooperate with the Depositor in connection with
      any additional filings with respect to the Trust Fund as the Depositor deems
      necessary under the Exchange Act. Copies of all reports filed by the Securities
      Administrator under the Exchange Act will be made available on the Securities
      Administrator’s website. Fees and expenses incurred by the Securities
      Administrator in connection with this Section 12.10 shall not be reimbursable
      from the Trust Fund.

    

    (b)           The
      Securities Administrator shall indemnify and hold harmless the Depositor and
      the
      Master Servicer and each of its officers, directors and control persons from
      and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach of the Securities Administrator’s
      obligations under Sections 12.08, 12.09 and 12.10 or the Securities
      Administrator’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Securities Administrator shall indemnify and hold
      harmless the Depositor and the Master Servicer and each of their respective
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Back-Up Certification, any Annual Statement of Compliance, any Assessment
      of Compliance or any Additional Disclosure provided by the Securities
      Administrator on its behalf or on behalf of any subservicer or subcontractor
      pursuant to Sections 12.08, 12.09 and 12.10 (the “Securities Administrator
      Information”), or (ii) any omission or alleged omission to state therein a
      material fact required to be stated therein or necessary to make the statements
      therein, in light of the circumstances in which they were made, not misleading;
      provided, by way of clarification, that this paragraph shall be construed solely
      by reference to the Securities Administrator Information and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Securities Administrator Information or any portion thereof is
      presented together with or separately from such other information.

    

    The
      Depositor shall indemnify and hold
      harmless the Securities Administrator and the Master Servicer and each of its
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      a
      breach of the obligations of the Depositor under Sections 12.08, 12.09 and
      12.10
      or the Depositor’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Depositor shall indemnify and hold harmless the
      Master Servicer, the Securities Administrator and each of their respective
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      any
      untrue statement or alleged untrue statement of any material fact contained
      in
      any Additional Disclosure provided by the Depositor that is required to be
      filed
      pursuant to Section 12.10 (the “Depositor Information”), or (ii) any omission or
      alleged omission to state therein a material fact required to be stated therein
      or necessary to make the statements therein, in light of the circumstances
      in
      which they were made, not misleading; provided, by way of clarification, that
      this paragraph shall be construed solely by reference to the Depositor
      Information that is required to be filed and not to any other information
      communicated in connection with the Certificates, without regard to whether
      the
      Depositor Information or any portion thereof is presented together with or
      separately from such other information.

    

    The
      Master Servicer shall indemnify and
      hold harmless the Securities Administrator and the Depositor and each of its
      respective officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the obligations of the Master Servicer under Sections 12.08,
      12.09 and 12.10 or the Master Servicer’s negligence, bad faith or willful
      misconduct in connection therewith.  In addition, the Master Servicer
      shall indemnify and hold harmless the Depositor and each of its officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) any untrue
      statement or alleged untrue statement of any material fact contained in any
      Annual Statement of Compliance, any Assessment of Compliance or any Additional
      Disclosure provided by the Master Servicer on its behalf or on behalf of any
      subservicer or subcontractor pursuant to Sections 12.08, 12.09 and 12.10 (the
      “Master Servicer Information”), or (ii) any omission or alleged omission to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein, in light of the circumstances in which they were made,
      not misleading; provided, by way of clarification, that this paragraph shall
      be
      construed solely by reference to the Master Servicer Information and not to
      any
      other information communicated in connection with the Certificates, without
      regard to whether the Master Servicer Information or any portion thereof is
      presented together with or separately from such other information.

    

    If
      the indemnification provided for
      herein is unavailable or insufficient to hold harmless the Depositor, the
      Securities Administrator or the Master Servicer, as applicable, then the
      defaulting party, in connection with any conduct for which it is providing
      indemnification under this Section 12.10(b), agrees that it shall contribute
      to
      the amount paid or payable by the other parties as a result of the losses,
      claims, damages or liabilities of the other party in such proportion as is
      appropriate to reflect the relative fault and the relative benefit of the
      respective parties.

    

    The
      indemnification provisions set
      forth in this Section 12.10(b) shall survive the termination of this Agreement
      or the termination of any party to this Agreement.

    

    (c)           Notwithstanding
      the provisions of Section 11.01, this Section 12.10 may be amended without
      the
      consent of the Certificateholders.

    

    (d)           Any
      notice or notification required to be delivered by the Securities Administrator
      or Master Servicer to the Depositor pursuant to this Section 12.10, may be
      delivered via email at tspriggs@alliancebancorp.net with a follow-up telephone
      call to the Depositor at (847) 383-4238.

    

    Failure
      of the Securities Administrator
      to comply with this Section 12.10 (including with respect to the timeframes
      required in this Section) which failure results in a failure to timely file
      the
      related Form 10-K, shall be deemed a default and the Trustee at the written
      direction of the Depositor shall, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or equity or to damages, including
      injunctive relief and specific performance, upon notice immediately terminate
      all of the rights and obligations of the Securities Administrator under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Securities Administrator for the same.  This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary.

    

    
      	
              Section
                12.11.  

            	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 12.08, 12.09
      and 12.10 of this Agreement is to facilitate compliance by the Depositor, the
      Securities Administrator and the Master Servicer with the provisions of
      Regulation AB.  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 reasonable requests made by the Depositor, the Master Servicer
      or the Securities Administrator for delivery of additional or different
      information as the Depositor, the Master Servicer or the Securities
      Administrator 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 obligations of the parties to this
      transaction as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator, the Trustee and the Back-Up Servicer 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.

     

    
      	
              ALLIANCE
                SECURITIES CORP.,

              Depositor

            
	 	 
	
              By:

            	/s/
              Lisa A. Duehring
	
              Name:

            	Lisa
              A. Duehring
	
              Title:

            	President
	 
	 
	
              ALLIANCE
                BANCORP,

              Servicer

            
	 	 
	
              By:

            	/s/
              Lisa A. Duehring
	
              Name:

            	Lisa
              A. Duehring
	
              Title:

            	President
	 
	 
	
              WELLS
                FARGO BANK, N.A.,

              Master
                Servicer and Securities Administrator

            
	 	 
	
              By:

            	/s/
              Raymond Delli Colli
	
              Name:

            	Raymond
              Delli Colli
	
              Title:

            	Vice
              President
	 
	 
	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              Trustee

            
	 	 
	
              By:

            	/s/
              Ronaldo Reyes
	
              Name:

            	Ronaldo
              Reyes
	
              Title:

            	Vice
              President
	 
	 	 
	
              By:

            	/s/
              Mei Ngnia
	
              Name:

            	Mei
              Ngnia
	
              Title:

            	Authorized
              Signer
	 
	 
	
              GMAC
                MORTGAGE, LLC

              Back-Up
                Servicer

            
	 	 
	
              By:

            	/s/
              Wesley B. Howland
	
              Name:

            	Wesley
              B. Howland
	
              Title:

            	Vice
              President

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      30th day of
      May, 2007, before me, a notary public in and for said State, personally appeared
      ________________, known to me to be the ________________________ of Alliance
      Securities Corp., one of the corporations that executed the within instrument,
      and also known to me to be the person who executed it on behalf of said
      corporation, and acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	
              Notary
                Public

            	 

    

    

     

    [Notarial
      Seal]

     

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

     

    On
      the
      30th day of
      May, 2007, before me, a notary public in and for said State, personally appeared
      ______________, known to me to be the ____________________________ of Alliance
      Bancorp, one of the corporations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said corporation,
      and
      acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	
              Notary
                Public

            	 

    

    

     

    [Notarial
      Seal]

     

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

     

    On
      the
      30th day of
      May, 2007, before me, a notary public in and for said State, personally appeared
      _________________, known to me to be the _________________________ of GMAC
      Mortgage, LLC, one of the entities that executed the within instrument, and
      also
      known to me to be the person who executed it on behalf of said entity, and
      acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	
              Notary
                Public

            	 

    

    

    [Notarial
      Seal]

    
       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

     

    On
      the
      30th day of
      May, 2007, before me, a notary public in and for said State, personally appeared
      ______________, known to me to be a ____________________________ of Wells Fargo
      Bank, N.A., one of the entities that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said entity, and
      acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	
              Notary
                Public

            	 

    

    

    [Notarial
      Seal]

    
       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

    

     

    On
      the
      30th day of
      May, 2007, before me, a notary public in and for said State, personally appeared
      ______________________ known to me to be the ____________________ of Deutsche
      Bank National Trust Company, one of the corporations that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	
              Notary
                Public

            	 

    

     

     [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF
      CLASS A-[ ] CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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 (THE “CODE”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY,
      FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL
      BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW.
      ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL
      BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR NAMED
      HEREIN.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    

    
      	
              Certificate
                No. 1

            	
              [For
                the Class A-1, Class A-2 and Class A-3 Certificates: Adjustable
                Rate]

            
	
              Class
                A-[1][2][3] Senior

            	 
	
              Date
                of Pooling and Servicing Agreement and
                Cut-off Date: 

              May
                1, 2007

            	
              Percentage
                Interest: 100%

            
	
              First
                Distribution Date:

              June
                25, 2007

            	
              Aggregate
                Initial Certificate Principal Balance of the Class
                A-[1][2][3]Certificates: $[_____________]

            
	
              Master
                Servicer and Securities Administrator:

              Wells
                Fargo Bank, N.A.

            	
              Initial
                Certificate Principal Balance of this Certificate:
                $[____________]

            
	
              Assumed
                Final Distribution Date: July 25, 2037

            	
              CUSIP:
                [_________]

            

    

    

    

    MORTGAGE
      BACKED PASS-THROUGH CERTIFICATE

    SERIES
      2007-OA1

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                A-[1][2][3]Certificates with respect to a Trust Fund consisting primarily
                of a pool of one- to four-family adjustable-rate first lien mortgage
                loans
                formed and sold by ALLIANCE SECURITIES
                CORP.

            

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund and does not
      represent an obligation of or interest in Alliance Securities Corp., the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee referred to below or any of their affiliates. Neither
      this Certificate nor the underlying Mortgage Loans are guaranteed or insured
      by
      any governmental agency or instrumentality or by Alliance Securities Corp.,
      the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee or any of their affiliates.  None of the
      Company, Servicer, the Master Servicer, the Securities Administrator, the
      Back-Up Servicer or the Trustee or any of their affiliates will have any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Initial Certificate
      Principal Balance of this Certificate by the aggregate Initial Certificate
      Principal Balance of all Class A-[1][2][3] Certificates, both as specified
      above) in certain distributions with respect to the Trust Fund consisting
      primarily of an interest in a pool of one- to four-family adjustable-rate first
      lien mortgage loans (the “Mortgage Loans”), formed and sold by Alliance
      Securities Corp. (the “Company,” which term includes any successor entity under
      the Agreement referred to below).  The Trust Fund was created pursuant
      to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among the Company, as depositor, Alliance Bancorp, as servicer
      (the “Servicer”), Well Fargo Bank, N.A., as master servicer (in such capacity,
      the “Master Servicer”) and securities administrator (in such capacity, the
“Securities Administrator”), GMAC Mortgage, LLC, as back-up servicer (the
“Back-Up Servicer”), and Deutsche Bank National Trust Company, as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter.  To the extent not defined herein, the capitalized
      terms used herein shall 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the "Distribution Date”), commencing as described in the
      Agreement, to the Person in whose name this Certificate is registered on the
      Business Day immediately preceding such Distribution Date (the “Record Date”),
      from the Available Funds in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount of interest and principal,
      if any, required to be distributed to the Holders of Class A-[1][2][3]
      Certificates on such Distribution Date.

     

    Distributions
      on this Certificate will be made by the Securities Administrator either in
      immediately available funds (by wire transfer or otherwise) for the account
      of
      the Person entitled thereto if such Person shall have so notified the Securities
      Administrator at least 5 Business Days prior to the related Record Date, or
      by
      check mailed to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register.

     

    Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the
      Securities Administrator for that purpose in the City and State of Minneapolis,
      Minnesota.  The Initial Certificate Principal Balance of this
      Certificate is set forth above.  The Certificate Principal Balance
      hereof will be reduced to the extent of distributions allocable to
      principal.

     

    This
      Certificate is one of a duly authorized issue of Certificates issued in several
      Classes designated as Mortgage Backed Pass-Through Certificates of the Series
      specified hereon (herein collectively called the “Certificates”).

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement.  In the event the Master Servicer
      advances funds with respect to any Mortgage Loan, such advance is reimbursable
      to the Master Servicer, to the extent provided in the Agreement, from related
      recoveries on such Mortgage Loan or from other cash that would have been
      distributable to Certificateholders.

     

    As
      provided in the Agreement, withdrawals from the Custodial Account and/or the
      Certificate Account created for the benefit of Certificateholders may be made
      by
      the Master Servicer from time to time for purposes other than distributions
      to
      Certificateholders, such purposes including without limitation reimbursement
      to
      the Trustee, the Company, the Servicer, the Back-Up Servicer, the Custodian,
      the
      Securities Administrator and the Master Servicer of advances made, or certain
      expenses incurred, by such party.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      of
      the Agreement and the modification of the rights and obligations of the Company,
      the Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer and the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Company, the Master Servicer, the Securities
      Administrator, the Back-Up Servicer and the Trustee with the consent of the
      Holders of Certificates evidencing in the aggregate not less than 66-2/3% of
      the
      Percentage Interests of each Class of Certificates affected
      thereby.  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 herefor or in lieu hereof whether or not notation of such consent
      is
      made upon the Certificate.  The Agreement also permits the amendment
      thereof in certain circumstances without the consent of the Holders of any
      of
      the Certificates and, in certain additional circumstances, without the consent
      of the Holders of certain Classes of Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies maintained by the Securities Administrator, duly endorsed by, or
      accompanied by an assignment in the form below or other written instrument
      of
      transfer in form satisfactory to the Securities Administrator duly executed
      by
      the Holder hereof or such Holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same Class and aggregate Percentage Interest will be  issued to
      the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      Classes and in denominations specified in the Agreement.  As provided
      in the Agreement and subject to certain limitations therein set forth,
      Certificates are exchangeable for new Certificates of authorized denominations
      evidencing the same Class and 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 Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Company, the Servicer the Master Servicer, the Securities Administrator, the
      Back-Up Servicer and the Trustee and any agent of the Company, the Servicer
      the
      Master Servicer, the Securities Administrator, the Back-Up Servicer or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and neither the Company, the Master Servicer,
      the
      Securities Administrator, the Servicer, the Trustee nor any such agent shall
      be
      affected by notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of New York.

     

    The
      Mortgage Loans are subject to termination in whole, but not in part, by the
      Servicer or its designee on or after the Distribution Date on which the
      aggregate outstanding Stated Principal Balance of the Mortgage Loans is less
      than or equal to 10% of the Aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date, or if the Servicer does not exercise such option,
      by the Master Servicer or its designee on or after the Distribution Date on
      which the aggregate outstanding Stated Principal Balance of the Mortgage Loans
      is less than or equal to 1% of the Aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:
                May 30, 2007

            	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-[1][2][3] Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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)
      a
      Percentage  Interest evidenced by the within Mortgage Backed
      Pass-Through Certificate and hereby authorizes the  transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Securities Administrator 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

            

    

    

    

    

    
      	 	 
	 	
              Signature
                Guaranteed

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    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.

            	 

    

     

     

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-1

    FORM
      OF
      CLASS M CERTIFICATE

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-[ ] CERTIFICATES
      [,] [AND] [THE CLASS M-1] [,]  [CLASS M-2] [,]  [CLASS M-3]
      [,] [CLASS M-4] [,] [CLASS M-5] [,] [CLASS M-6] [,] [CLASS M-7] [AND] [CLASS
      M-8
      CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
      BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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 (THE “CODE”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO. ACCORDINGLY,
      FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL
      BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW.
      ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL
      BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR NAMED
      HEREIN.

     

    ANY
      TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(c)
      OF THE AGREEMENT (AS DEFINED BELOW).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

    
 

    
      	
              Certificate
                No. 1

            	
              Adjustable
                Rate

            
	
              Class
                M-[1][2][3][4][5][6][7][8][9]

            	
              Aggregate
                Initial Certificate Principal
                Balance of the 

              Class
                M-[1][2][3][4][5][6][7][8][9]
                Certificates:

              $[__________]

            
	
              Date
                of Pooling and Servicing Agreement
                and Cut-off Date:

              May
                1, 2007

            	
              Initial
                Certificate Principal Balance of
                this Certificate:

              $[__________]

            
	
              First
                Distribution Date:

              June
                25, 2007

            	
              CUSIP:
                [__________]

            
	
              Master
                Servicer and Securities Administrator:

              Wells
                Fargo Bank, N.A.

            	 
	
              Assumed
                Final Distribution Date:

              July
                25, 2037

            	 

    

    
 

    MORTGAGE
      BACKED PASS-THROUGH CERTIFICATE

    SERIES
      2007-OA1

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                M1][2][3][4][5][6][7][8][9]Certificates with respect to a Trust Fund
                consisting primarily of a pool of one- to four-family adjustable-rate
                first lien mortgage loans formed and sold by ALLIANCE SECURITIES
                CORP.

            

    

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund and does not
      represent an obligation of or interest in Alliance Securities Corp., the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee referred to below or any of their affiliates. Neither
      this Certificate nor the underlying Mortgage Loans are guaranteed or insured
      by
      any governmental agency or instrumentality or by Alliance Securities Corp.,
      the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee or any of their affiliates.  None of the
      Company, Servicer, the Master Servicer, the Securities Administrator, the
      Back-Up Servicer or the Trustee or any of their affiliates will have any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Initial Certificate
      Principal Balance of this Certificate by the aggregate Initial Certificate
      Principal Balance of all Class M-1][2][3][4][5][6][7][8][9] Certificates, both
      as specified above) in certain distributions with respect to the Trust Fund
      consisting primarily of an interest in a pool of one- to four-family
      adjustable-rate first lien mortgage loans (the “Mortgage Loans”), formed and
      sold by Alliance Securities Corp. (the “Company,” which term includes any
      successor entity under the Agreement referred to below).  The Trust
      Fund was created pursuant to a Pooling and Servicing Agreement, dated as
      specified above (the “Agreement”), among the Company, as depositor, Alliance
      Bancorp, as servicer (the “Servicer”), Well Fargo Bank, N.A., as master servicer
      (in such capacity, the “Master Servicer”) and securities administrator (in such
      capacity, the “Securities Administrator”), GMAC Mortgage, LLC, as back-up
      servicer (the “Back-Up Servicer”), and Deutsche Bank National Trust Company, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter.  To the extent not defined herein, the
      capitalized terms used herein shall 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the "Distribution Date”), commencing as described in the
      Agreement, to the Person in whose name this Certificate is registered on the
      Business Day immediately preceding such Distribution Date (the “Record Date”),
      from the Available Funds in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount of interest and principal,
      if any, required to be distributed to the Holders of Class M-[1][2][3]
      Certificates on such Distribution Date.

     

    Distributions
      on this Certificate will be made by the Securities Administrator either in
      immediately available funds (by wire transfer or otherwise) for the account
      of
      the Person entitled thereto if such Person shall have so notified the Securities
      Administrator at least 5 Business Days prior to the related Record Date, or
      by
      check mailed to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register.

     

    Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the
      Securities Administrator for that purpose in the City and State of Minneapolis,
      Minnesota.  The Initial Certificate Principal Balance of this
      Certificate is set forth above. The Certificate Principal Balance hereof will
      be
      reduced to the extent of distributions allocable to principal.

     

    This
      Certificate is one of a duly authorized issue of Certificates issued in several
      Classes designated as Mortgage Backed Pass-Through Certificates of the Series
      specified hereon (herein collectively called the “Certificates”).

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement.  In the event the Master Servicer
      advances funds with respect to any Mortgage Loan, such advance is reimbursable
      to the Master Servicer, to the extent provided in the Agreement, from related
      recoveries on such Mortgage Loan or from other cash that would have been
      distributable to Certificateholders.

     

    As
      provided in the Agreement, withdrawals from the Custodial Account and/or the
      Certificate Account created for the benefit of Certificateholders may be made
      by
      the Master Servicer from time to time for purposes other than distributions
      to
      Certificateholders, such purposes including without limitation reimbursement
      to
      the Trustee, the Company, the Servicer, the Back-Up Servicer, the Custodian,
      the
      Securities Administrator and the Master Servicer of advances made, or certain
      expenses incurred, by such party.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      of
      the Agreement and the modification of the rights and obligations of the Company,
      the Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer and the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Company, the Master Servicer, the Securities
      Administrator, the Back-Up Servicer and the Trustee with the consent of the
      Holders of Certificates evidencing in the aggregate not less than 66-2/3% of
      the
      Percentage Interests of each Class of Certificates affected
      thereby.  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 herefor or in lieu hereof whether or not notation of such consent
      is
      made upon the Certificate.  The Agreement also permits the amendment
      thereof in certain circumstances without the consent of the Holders of any
      of
      the Certificates and, in certain additional circumstances, without the consent
      of the Holders of certain Classes of Certificates.

     

    Any
      transferee shall be deemed to have made the representations in Section 5.02(c)
      of the Agreement.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies maintained by the Securities Administrator, duly endorsed by, or
      accompanied by an assignment in the form below or other written instrument
      of
      transfer in form satisfactory to the Securities Administrator duly executed
      by
      the Holder hereof or such Holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same Class and aggregate Percentage Interest will be  issued to
      the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      Classes and in denominations specified in the Agreement.  As provided
      in the Agreement and subject to certain limitations therein set forth,
      Certificates are exchangeable for new Certificates of authorized denominations
      evidencing the same Class and 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 Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Company, the Servicer the Master Servicer, the Securities Administrator, the
      Back-Up Servicer and the Trustee and any agent of the Company, the Servicer
      the
      Master Servicer, the Securities Administrator, the Back-Up Servicer or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and neither the Company, the Master Servicer,
      the
      Securities Administrator, the Servicer, the Trustee nor any such agent shall
      be
      affected by notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of New York.

     

    The
      Mortgage Loans are subject to termination in whole, but not in part, by the
      Servicer or its designee on or after the Distribution Date on which the
      aggregate outstanding Stated Principal Balance of the Mortgage Loans is less
      than or equal to 10% of the Aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date, or if the Servicer does not exercise such option,
      by the Master Servicer or its designee on or after the Distribution Date on
      which the aggregate outstanding Stated Principal Balance of the Mortgage Loans
      is less than or equal to 1% of the Aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    

    
      	
              Dated:
                May 30, 2007

            	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-1][2][3][4][5][6][7][8][9] Certificates referred to in the
      within-mentioned Agreement.

     

    

    
      	 	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    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)
      a
      Percentage  Interest evidenced by the within Mortgage Backed
      Pass-Through Certificate and hereby authorizes the  transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    I
      (We)
      further direct the Securities Administrator 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

            

    

    

    

    

    
      	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    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.

              	 

      

       

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-2

    FORM
      OF
      CLASS CE CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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 (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
      REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
      FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE
      HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
      MAY
      BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
      144A
      UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
      BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
      (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
      QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
      PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT
      TO
      AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
      (IF
      AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR”
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION
      D
      UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH
      PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
      SUBJECT TO (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER
      SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
      THE
      SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
      ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
      WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
      WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER
      APPLICABLE JURISDICTION.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(c) OF THE AGREEMENT
      OR
      AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE
      PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW,
      WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER
      SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE SECURITIES
      ADMINISTRATOR, THE MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION OR
      LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
      AGREEMENT.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No. 1

            	 
	
              Class
                CE

            	
              Aggregate
                Initial Notional Amount of the Class CE Certificates:

              $_____________]

            
	
              Date
                of Pooling and Servicing Agreement and Cut-off
                Date: 

              May
                1, 2007

            	
              Initial
                Notional Amount of this
                Certificate:  $[_____________]

            
	
              First
                Distribution Date:

              June
                25, 2007

            	
              Initial
                Certificate Principal Balance of this Certificate
                $[_________]

            
	
              Master
                Servicer and Securities Administrator:

              Wells
                Fargo Bank, N.A.

            	
              Percentage
                Interest of this Certificate: 100%

            
	
              Assumed
                Final Distribution Date:

              July
                25, 2037

            	 

    

     

     

    MORTGAGE
      BACKED PASS-THROUGH CERTIFICATE

    SERIES
      2007-OA1

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                CE
                Certificates with respect to a Trust Fund consisting primarily of
                a pool
                of one- to four-family adjustable-rate first lien mortgage loans
                formed
                and sold by ALLIANCE SECURITIES
                CORP.

            

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund and does not
      represent an obligation of or interest in Alliance Securities Corp., the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee referred to below or any of their affiliates. Neither
      this Certificate nor the underlying Mortgage Loans are guaranteed or insured
      by
      any governmental agency or instrumentality or by Alliance Securities Corp.,
      the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee or any of their affiliates.  None of the
      Company, Servicer, the Master Servicer, the Securities Administrator, the
      Back-Up Servicer or the Trustee or any of their affiliates will have any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Alliance Bancorp is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the Initial
      Certificate Principal Balance of this Certificate by the aggregate Initial
      Certificate Principal Balance of all Class CE Certificates, both as specified
      above) in certain distributions with respect to the Trust Fund consisting
      primarily of an interest in a pool of one- to four-family adjustable-rate first
      lien mortgage loans (the “Mortgage Loans”), formed and sold by Alliance
      Securities Corp. (the “Company,” which term includes any successor entity under
      the Agreement referred to below).  The Trust Fund was created pursuant
      to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among the Company, as depositor, Alliance Bancorp, as servicer
      (the “Servicer”), Well Fargo Bank, N.A., as master servicer (in such capacity,
      the “Master Servicer”) and securities administrator (in such capacity, the
“Securities Administrator”), GMAC Mortgage, LLC, as back-up servicer (the
“Back-Up Servicer”), and Deutsche Bank National Trust Company, as trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter.  To the extent not defined herein, the capitalized
      terms used herein shall 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, the Business Day
      immediately following (the "Distribution Date”), commencing as described in the
      Agreement, to the Person in whose name this Certificate is registered on the
      close of business on the last Business Day of the month preceding the month
      in
      which such Distribution Date occurs (the “Record Date”), from the Available
      Funds in an amount equal to the product of the Percentage Interest evidenced
      by
      this Certificate and the amount of interest and principal, if any, required
      to
      be distributed to the Holders of Class CE Certificates on such Distribution
      Date.

     

    Distributions
      on this Certificate will be made by the Securities Administrator either in
      immediately available funds (by wire transfer or otherwise) for the account
      of
      the Person entitled thereto if such Person shall have so notified the Securities
      Administrator at least 5 Business Days prior to the related Record Date, or
      by
      check mailed to the address of the Person entitled thereto, as such name and
      address shall appear on the Certificate Register.

     

    Notwithstanding
      the above, the final distribution on this Certificate will be made after due
      notice of the pendency of such distribution and only upon presentation and
      surrender of this Certificate at the office or agency appointed by the
      Securities Administrator for that purpose in the City and State of Minneapolis,
      Minnesota.

     

    This
      Certificate is one of a duly authorized issue of Certificates issued in several
      Classes designated as Mortgage Backed Pass-Through Certificates of the Series
      specified hereon (herein collectively called the “Certificates”).

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement.  In the event the Master Servicer
      advances funds with respect to any Mortgage Loan, such advance is reimbursable
      to the Master Servicer, to the extent provided in the Agreement, from related
      recoveries on such Mortgage Loan or from other cash that would have been
      distributable to Certificateholders.

     

    As
      provided in the Agreement, withdrawals from the Custodial Account and/or the
      Certificate Account created for the benefit of Certificateholders may be made
      by
      the Master Servicer from time to time for purposes other than distributions
      to
      Certificateholders, such purposes including without limitation reimbursement
      to
      the Trustee, the Company, the Servicer, the Back-Up Servicer, the Custodian,
      the
      Securities Administrator and the Master Servicer of advances made, or certain
      expenses incurred, by such party.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws.  In the event that a transfer is to be
      made in reliance upon an exemption from the Act and such laws, in order to
      assure compliance with the Act and such laws, the Certificateholder desiring
      to
      effect such transfer and such Certificateholder's prospective transferee shall
      each certify to the Securities Administrator and the Company in writing the
      facts surrounding the transfer.  In the event that such a transfer is
      not to be made pursuant to Rule 144A of the Act, there shall be delivered to
      the
      Securities Administrator and the Company an Opinion of Counsel, acceptable
      to
      and in form and substance satisfactory to the Securities Administrator that
      such
      transfer may be made pursuant to an exemption from the Act, which Opinion of
      Counsel shall not be obtained at the expense of the Trustee, the Master
      Servicer, the Securities Administrator, the Servicer, the Back-Up Servicer
      or
      the Company; or there shall be delivered to the Securities Administrator and
      the
      Company a transferor certificate by the transferor and an investment letter
      shall be executed by the transferee.  The Holder hereof desiring to
      effect such transfer shall, and does hereby agree to, indemnify the Trustee
      and
      the Company 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 this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      of
      the Agreement and the modification of the rights and obligations of the Company,
      the Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer and the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Company, the Master Servicer, the Securities
      Administrator, the Back-Up Servicer and the Trustee with the consent of the
      Holders of Certificates evidencing in the aggregate not less than 66-2/3% of
      the
      Percentage Interests of each Class of Certificates affected
      thereby.  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 herefor or in lieu hereof whether or not notation of such consent
      is
      made upon the Certificate.  The Agreement also permits the amendment
      thereof in certain circumstances without the consent of the Holders of any
      of
      the Certificates and, in certain additional circumstances, without the consent
      of the Holders of certain Classes of Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies maintained by the Securities Administrator, duly endorsed by, or
      accompanied by an assignment in the form below or other written instrument
      of
      transfer in form satisfactory to the Securities Administrator duly executed
      by
      the Holder hereof or such Holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same Class and aggregate Percentage Interest will be  issued to
      the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      Classes and in denominations specified in the Agreement.  As provided
      in the Agreement and subject to certain limitations therein set forth,
      Certificates are exchangeable for new Certificates of authorized denominations
      evidencing the same Class and 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 Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Company, the Servicer the Master Servicer, the Securities Administrator, the
      Back-Up Servicer and the Trustee and any agent of the Company, the Servicer
      the
      Master Servicer, the Securities Administrator, the Back-Up Servicer or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and neither the Company, the Master Servicer,
      the
      Securities Administrator, the Servicer, the Trustee nor any such agent shall
      be
      affected by notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of New York.

     

    The
      Mortgage Loans are subject to termination in whole, but not in part, by the
      Servicer or its designee on or after the Distribution Date on which the
      aggregate outstanding Stated Principal Balance of the Mortgage Loans is less
      than or equal to 10% of the Aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date, or if the Servicer does not exercise such option,
      by the Master Servicer or its designee on or after the Distribution Date on
      which the aggregate outstanding Stated Principal Balance of the Mortgage Loans
      is less than or equal to 1% of the Aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    

    
      	
              Dated:
                May 30, 2007

            	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE Certificates referred to in the within-mentioned
      Agreement.

     

    

    
      	 	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    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)
      a
      Percentage  Interest evidenced by the within Mortgage Backed
      Pass-Through Certificate and hereby authorizes the transfer of registration
      of
      such interest to assignee on the Certificate Register of the Trust
      Fund.

    

    I
      (We) further direct the Securities
      Administrator 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

            

    

    

    

    

    
      	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    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.

              	 

      

       

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-3

    FORM
      OF
      CLASS [R] [ RX] CERTIFICATE

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
      OR A
      DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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 (THE “CODE”).

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(c) OF THE AGREEMENT
      (AS
      DEFINED BELOW) OR AN OPINION OF COUNSEL AS PROVIDED IN SECTION 5.02(c) THAT
      THE
      PURCHASE OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
      CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
      OF
      THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
      SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE
      SECURITIES ADMINISTRATOR, THE COMPANY, THE SERVICER, THE BACK-UP SERVICER OR
      THE
      TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
      AGREEMENT.

     

    THIS
      CLASS [R] [ RX]  CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR
      INTEREST AND WILL NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED
      HEREIN.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
      AND
      THE SECURITIES ADMINISTRATOR THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED
      STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT,
      ANY
      INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
      FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
      521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
      UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
      CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE,
      (D)
      ANY ELECTING LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY SUCH PERSON
      DESCRIBED IN THE FOREGOING CLAUSES (A), (B) (C) OR (D) BEING HEREIN REFERRED
      TO
      AS A “DISQUALIFIED ORGANIZATION”) OR (E) AN AGENT OF A DISQUALIFIED
      ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR
      COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS
      RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND (4) SUCH
      TRANSFEREE IS A UNITED STATES PERSON. NOTWITHSTANDING THE REGISTRATION IN THE
      CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
      CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
      ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH REGISTRATION SHALL BE DEEMED
      TO
      BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED
      TO
      BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED
      TO,
      THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS
      CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED
      TO THE PROVISIONS OF THIS PARAGRAPH.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No. 1

            	 
	
              Class
                [R] [ RX]  Senior

            	 
	
              Date
                of Pooling and Servicing Agreement
                and Cut-off Date:

               May
                1, 2007

            	
              Percentage
                Interest: 100%

            
	
              First
                Distribution Date:

              June
                25, 2007

            	 
	
              Master
                Servicer and Securities Administrator:

              Wells
                Fargo Bank, N.A.

            	 
	
              Assumed
                Final Distribution Date:

              July
                25, 2037

            	 

    

     

     

    MORTGAGE
      BACKED PASS-THROUGH CERTIFICATE,

    SERIES
      2007-OA1

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                [R] [
                RX]  Certificates with respect to a Trust Fund consisting
                primarily of a pool of one- to four-family adjustable-rate first
                lien
                mortgage loans formed and sold by ALLIANCE SECURITIES
                CORP.

            

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund and does not
      represent an obligation of or interest in Alliance Securities Corp., the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee referred to below or any of their affiliates. Neither
      this Certificate nor the underlying Mortgage Loans are guaranteed or insured
      by
      any governmental agency or instrumentality or by Alliance Securities Corp.,
      the
      Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer or the Trustee or any of their affiliates.  None of the
      Company, Servicer, the Master Servicer, the Securities Administrator, the
      Back-Up Servicer or the Trustee or any of their affiliates will have any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Alliance Bancorp is the registered owner of the Percentage
      Interest evidenced by this Certificate (obtained by dividing the Initial
      Certificate Principal Balance of this Certificate by the aggregate Initial
      Certificate Principal Balance of all Class CE Certificates, both as specified
      above) in certain distributions with respect to the Trust Fund consisting
      primarily of an interest in a pool of one- to four-family adjustable-rate first
      lien mortgage loans (the “Mortgage Loans”), formed and sold by Alliance
      Securities Corp. (hereinafter called the “Company,” which term includes any
      successor entity under the Agreement referred to below).  The Trust
      Fund was created pursuant to a Pooling and Servicing Agreement, dated as
      specified above (the “Agreement”), among the Company, as depositor, Alliance
      Bancorp, as servicer (the “Servicer”), Well Fargo Bank, N.A., as master servicer
      (in such capacity, the “Master Servicer”) and securities administrator (in such
      capacity, the “Securities Administrator”), GMAC Mortgage, LLC, as back-up
      servicer (the “Back-Up Servicer”), and Deutsche Bank National Trust Company, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter.  To the extent not defined herein, the
      capitalized terms used herein shall 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the Patent set forth in the
      Agreement.  In addition, any distribution of the proceeds of any
      remaining assets of the Trust will be made only upon presentment and surrender
      of this Certificate at the office or agency maintained by the Securities
      Administrator.

     

    This
      Certificate is one of a duly authorized issue of Certificates issued in several
      Classes designated as Mortgage Backed Pass-Through Certificates of the Series
      specified hereon (herein collectively called the “Certificates”).

     

    As
      provided in the Agreement, withdrawals from the Custodial Account and/or the
      Certificate Account created for the benefit of Certificateholders may be made
      by
      the Master Servicer from time to time for purposes other than distributions
      to
      Certificateholders, such purposes including without limitation reimbursement
      to
      the Trustee, the Company, the Servicer, the Back-Up Servicer, the Custodian,
      the
      Securities Administrator and the Master Servicer of advances made, or certain
      expenses incurred, by such party.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws.  In the event that a transfer is to be
      made in reliance upon an exemption from the Act and such laws, in order to
      assure compliance with the Act and such laws, the Certificateholder desiring
      to
      effect such transfer and such Certificateholder's prospective transferee shall
      each certify to the Securities Administrator and the Company in writing the
      facts surrounding the transfer.  In the event that such a transfer is
      not to be made pursuant to Rule 144A of the Act, there shall be delivered to
      the
      Securities Administrator and the Company an Opinion of Counsel, acceptable
      to
      and in form and substance satisfactory to the Securities Administrator that
      such
      transfer may be made pursuant to an exemption from the Act, which Opinion of
      Counsel shall not be obtained at the expense of the Trustee, the Master
      Servicer, the Securities Administrator, the Servicer, the Back-Up Servicer
      or
      the Company; or there shall be delivered to the Securities Administrator and
      the
      Company a transferor certificate by the transferor and an investment letter
      shall be executed by the transferee.  The Holder hereof desiring to
      effect such transfer shall, and does hereby agree to, indemnify the Trustee
      and
      the Company 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 this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    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 Securities Administrator
      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 Securities Administrator 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.  Pursuant to the Agreement, 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]
      [ RX]  Certificate in violation of the restrictions mentioned
      above.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      of
      the Agreement and the modification of the rights and obligations of the Company,
      the Servicer, the Master Servicer, the Securities Administrator, the Back-Up
      Servicer and the Trustee and the rights of the Certificateholders under the
      Agreement at any time by the Company, the Master Servicer, the Securities
      Administrator, the Back-Up Servicer and the Trustee with the consent of the
      Holders of Certificates evidencing in the aggregate not less than 66-2/3% of
      the
      Percentage Interests of each Class of Certificates affected
      thereby.  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 herefor or in lieu hereof whether or not notation of such consent
      is
      made upon the Certificate.  The Agreement also permits the amendment
      thereof in certain circumstances without the consent of the Holders of any
      of
      the Certificates and, in certain additional circumstances, without the consent
      of the Holders of certain Classes of Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies maintained by the Securities Administrator, duly endorsed by, or
      accompanied by an assignment in the form below or other written instrument
      of
      transfer in form satisfactory to the Securities Administrator duly executed
      by
      the Holder hereof or such Holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of authorized denominations evidencing
      the same Class and aggregate Percentage Interest will be  issued to
      the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      Classes and in denominations specified in the Agreement.  As provided
      in the Agreement and subject to certain limitations therein set forth,
      Certificates are exchangeable for new Certificates of authorized denominations
      evidencing the same Class and 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 Securities Administrator may require payment of a sum sufficient to
      cover any tax or other governmental charge payable in connection
      therewith.

     

    The
      Company, the Servicer the Master Servicer, the Securities Administrator, the
      Back-Up Servicer and the Trustee and any agent of the Company, the Servicer
      the
      Master Servicer, the Securities Administrator, the Back-Up Servicer or the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and neither the Company, the Master Servicer,
      the
      Securities Administrator, the Servicer, the Trustee nor any such agent shall
      be
      affected by notice to the contrary.

     

    This
      Certificate shall be governed by and construed in accordance with the laws
      of
      the State of New York.

     

    The
      Mortgage Loans are subject to termination in whole, but not in part, by the
      Servicer or its designee on or after the Distribution Date on which the
      aggregate outstanding Stated Principal Balance of the Mortgage Loans is less
      than or equal to 10% of the Aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date, or if the Servicer does not exercise such option,
      by the Master Servicer or its designee on or after the Distribution Date on
      which the aggregate outstanding Stated Principal Balance of the Mortgage Loans
      is less than or equal to 1% of the Aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    
      	
              Dated:
                May 30, 2007

            	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [R] [ RX]  Certificates referred to in the
      within-mentioned Agreement.

     

    

    
      	 	
              WELLS
                FARGO BANK, NATIONAL  ASSOCIATION,

              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    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 Securities Administrator 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

            

    

    

    

    

    
      	 	 
	 	
              Signature
                Guaranteed

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    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.

              	 

      

       

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      C

    FORM
      OF
      CUSTODIAN’S INITIAL CERTIFICATION

    

     

    [DATE]

     

     

    
      	
              Alliance
                Securities Corp.

              1000
                Marina Boulevard, Suite 100

              Brisbane,
                California 94005

            	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            
	 	 
	
              Alliance
                Bancorp

              1000
                Marina Boulevard, Suite 100

              Brisbane,
                California 94005

            	
              Deutsche
                Bank National Trust Company

              1761
                E. St. Andrew Place

              Santa
                Ana, California 92705

              Attn:
                Trust Administration – Alliance
                2007-OA1

            

    

    

    
      	 	
              Attention:

            	
              Alliance
                Securities Corp.,

            
	 	 	
              Alliance
                Bancorp Trust 2007-OA1,

            
	 	 	
              Mortgage-Backed
                Pass-Through Certificates, Series 2007-OA1

            
	 	 	 
	 	
              Re:

            	
              Custodial
                Agreement, dated as of May 30, 2007, by and among Deutsche Bank National
                Trust Company as trustee, Alliance Securities Corp., and Deutsche
                Bank
                National Trust Company as custodian, relating to Alliance Securities
                Corp.
                Trust 2007-OA1, Mortgage Backed Pass-Through Certificates, Series
                2007-OA1

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(a) of the above-captioned Custodial Agreement and
      subject to Section 2.02 of the Pooling and Servicing Agreement, dated as of
      May
      1, 2007 (the “Pooling and Servicing Agreement”), among Alliance Securities
      Corp., as depositor, Alliance Bancorp, as Servicer, Wells Fargo Bank, N.A.,
      as
      master servicer and securities administrator, GMAC Mortgage, LLC, as back-up
      servicer, and Deutsche Bank National Trust Company, as trustee, and Schedule
      I
      of the Custodial Agreement (the “Custodial Agreement”, and together with the
      Pooling and Servicing Agreement, the “Agreements”) 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 the attachment hereto) it has reviewed the Mortgage File,
      and
      has determined that: (i) all documents required to be included in the Mortgage
      File pursuant to Schedule I of the Custodial Agreement are in its possession,
      with any exceptions listed on Schedule A attached hereto; (ii) such documents
      have been reviewed by it and appear regular on their face and relate to such
      Mortgage Loan; and (iii) based on examination by it, and only as to such
      documents, the information set forth in item (iv) of the definition or
      description of “Mortgage Loan Schedule” is correct.

     

    The
      Custodian, on behalf of the Trustee, has made no independent examination of
      any
      documents contained in each Mortgage File beyond the review specifically
      required in the above referenced Agreements.  The Custodian, on behalf
      of the Trustee, makes no representations as to and shall not be responsible
      to
      verify: (i) the validity, legality, sufficiency, enforceability, due
      authorization, recordability, perfection, priority or genuineness of any of
      the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan, or (iii) the existence
      of any assumption, modification, written assurance or substitution agreement
      with respect to any Mortgage File if no such documents appear in the Mortgage
      File delivered to the Custodian, on behalf of the Trustee.

     

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Pooling and Servicing Agreement.

     

    

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

     

     

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      D

     

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

     

    

     

    [DATE]

     

    
      	
              Alliance
                Securities Corp.

              1000
                Marina Blvd., Suite 100

              Brisbane,
                California 94005

               

            	
              Alliance
                Bancorp

              1000
                Marina Boulevard, Suite 100

              Brisbane,
                California 94005

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              Deutsche
                Bank National Trust Company

              1761
                E. St. Andrew Place

              Santa
                Ana, California 92705

              Attn:
                Trust Administration – Alliance
                2007-OA1

            

    

     

     

    
      	 	
              Attention:

            	
              Alliance
                Securities Corp.

            
	 	 	
              Alliance
                Bancorp Trust 2007-OA1,

            
	 	 	
              Mortgage-Backed
                Pass-Through Certificates, Series 2007-OA1

            
	 	 	 
	 	
              Re:

            	
              Custodial
                Agreement, dated as of May 30, 2007, by and among Deutsche Bank National
                Trust Company as trustee, Alliance Securities Corp., and Deutsche
                Bank
                National Trust Company as custodian, relating to Alliance Securities
                Corp.
                Trust 2007-OA1, Mortgage Backed Pass-Through Certificates, Series
                2007-OA1

            

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(b) of the above-captioned Custodial Agreement and
      subject to Section 2.02 of Pooling and Servicing Agreement, dated as of May
      1,
      2007, among Alliance Securities Corp., as depositor, Alliance Bancorp, as
      Servicer, Wells Fargo Bank, N.A., as master servicer and securities
      administrator, GMAC Mortgage, LLC, as back-up servicer, and Deutsche Bank
      National Trust Company, as trustee, the undersigned, as Custodian, on behalf
      of
      the Trustee, hereby certifies that it has received the Mortgage File with
      respect to each Mortgage Loan listed in the Mortgage Loan Schedule containing
      with respect to each Mortgage Loan, with any exceptions listed on Schedule
      A
      attached hereto.

    

    The
      Custodian, on behalf of the Trustee, has made no independent examination of
      any
      documents contained in each Mortgage File beyond the review specifically
      required in the above referenced Agreements.  The Custodian, on behalf
      of the Trustee, makes no representations as to and shall not be responsible
      to
      verify: (i) the validity, legality, sufficiency, enforceability, due
      authorization, recordability, perfection, priority or genuineness of any of
      the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan, or (iii) the existence
      of any assumption, modification, written assurance or substitution agreement
      with respect to any Mortgage File if no such documents appear in the Mortgage
      File delivered to the Custodian, on behalf of the Trustee.

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement or in the Pooling and Servicing
      Agreement, as applicable.

     

    

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY as Custodian

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      A

     

    

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E-1

     

    FORM
      OF
      REMITTANCE REPORT

     

    

     

    
      	
               

              Standard
                Loan Level File Layout – Master Servicing

            
	
              Exhibit
                1:  Layout

            	 	
               

            	
               

            	
               

            
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              Each
                file requires the following fields:

            	
               

            	
               

            	
               

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 20 digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer.  This may be
                different than the LOAN_NBR.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            

    

    
 

    
      
        	
                Exhibit
                  1:Continued

              	
                Standard
                  Loan Level File Layout

              	
                 

              	
                 

              	
                 

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                 Max
                  Size

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

                ACTION_CODE

              	
                 

                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              	
                 

              	
                Action
                  Code Key: 

                15=Bankruptcy,
                  

                30=Foreclosure,       
                  , 

                60=PIF,
                  

                63=Substitution,
                  

                65=Repurchase,

                70=REO

              	
                2

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                Plus
                  the following applicable fields:

              	
                 

              	
                 

              	
                 

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

    
      	
              Exhibit
                1: Continued

            	
              Standard
                Loan Level File Layout

            	
               

            	
               

            	
               

            
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

              BREACH_FLAG

            	
              Flag
                to indicate if the repurchase of a loan is due to a breach of
                Representations and Warranties

            	 	
              Y=Breach

              N=NO
                Breach

              Let
                blank if N/A

            	
              1

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E-2

    

    FORM
      OF
      DELINQUENCY REPORT

    

    
      	
              
                Exhibit   : Standard
                  File Layout – Delinquency
                  Reporting

              

            

    

    

      *The
      column/header names in bold are the minimum
      fields Wells Fargo must receive from every Servicer

     

    
      	
              Column/Header
                Name

            	
              Description

            	
              Decimal

            	
              Format

              Comment

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer.  This may be
                different than the LOAN_NBR

            	 	
               

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the originator.

            	 	
               

            
	
              CLIENT_NBR

            	
              Servicer
                Client Number

            	 	 
	
              SERV_INVESTOR_NBR

            	
              Contains
                a unique number as assigned by an external servicer to identify a
                group of
                loans in their system.

            	 	
               

            
	
              BORROWER_FIRST_NAME

            	
              First
                Name of the Borrower.

            	 	 
	
              BORROWER_LAST_NAME

            	
              Last
                name of the borrower.

            	 	 
	
              PROP_ADDRESS

            	
              Street
                Name and Number of Property

            	 	
               

            
	
              PROP_STATE

            	
              The
                state where the  property located.

            	 	
               

            
	
              PROP_ZIP

            	
              Zip
                code where the property is located.

            	 	
               

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date that the borrower's next payment is due to the servicer at the
                end of
                processing cycle, as reported by Servicer.

            	 	
              MM/DD/YYYY

            
	
              LOAN_TYPE

            	
              Loan
                Type (i.e. FHA, VA, Conv)

            	 	
               

            
	
              BANKRUPTCY_FILED_DATE

            	
              The
                date a particular bankruptcy claim was filed.

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_CHAPTER_CODE

            	
              The
                chapter under which the bankruptcy was filed.

            	 	
               

            
	
              BANKRUPTCY_CASE_NBR

            	
              The
                case number assigned by the court to the bankruptcy
                filing.

            	 	
               

            
	
              POST_PETITION_DUE_DATE

            	
              The
                payment due date once the bankruptcy has been approved by the
                courts

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_DCHRG_DISM_DATE

            	
              The
                Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged
                and/or a Motion For Relief Was Granted.

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_APPR_DATE

            	
              The
                Date The Loss Mitigation Was Approved By The Servicer

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_TYPE

            	
              The
                Type Of Loss Mitigation Approved For A Loan Such As;

            	 	 
	
              LOSS_MIT_EST_COMP_DATE

            	
              The
                Date The Loss Mitigation /Plan Is Scheduled To End/Close

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_ACT_COMP_DATE

            	
              The
                Date The Loss Mitigation Is Actually Completed

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_APPROVED_DATE

            	
              The
                date DA Admin sends a letter to the servicer with instructions to
                begin
                foreclosure proceedings.

            	 	
              MM/DD/YYYY

            
	
              ATTORNEY_REFERRAL_DATE

            	
              Date
                File Was Referred To Attorney to Pursue Foreclosure

            	 	
              MM/DD/YYYY

            
	
              FIRST_LEGAL_DATE

            	
              Notice
                of 1st legal filed by an Attorney in a Foreclosure Action

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_EXPECTED_DATE

            	
              The
                date by which a foreclosure sale is expected to occur.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_DATE

            	
              The
                actual date of the foreclosure sale.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_AMT

            	
              The
                amount a property sold for at the foreclosure sale.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              EVICTION_START_DATE

            	
              The
                date the servicer initiates eviction of the borrower.

            	 	
              MM/DD/YYYY

            
	
              EVICTION_COMPLETED_DATE

            	
              The
                date the court revokes legal possession of the property from the
                borrower.

            	 	
              MM/DD/YYYY

            
	
              LIST_PRICE

            	
              The
                price at which an REO property is marketed.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              LIST_DATE

            	
              The
                date an REO property is listed at a particular price.

            	 	
              MM/DD/YYYY

            
	
              OFFER_AMT

            	
              The
                dollar value of an offer for an REO property.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              OFFER_DATE_TIME

            	
              The
                date an offer is received by DA Admin or by the Servicer.

            	 	
              MM/DD/YYYY

            
	
              REO_CLOSING_DATE

            	
              The
                date the REO sale of the property is scheduled to close.

            	 	
              MM/DD/YYYY

            
	
              REO_ACTUAL_CLOSING_DATE

            	
              Actual
                Date Of REO Sale

            	 	
              MM/DD/YYYY

            
	
              OCCUPANT_CODE

            	
              Classification
                of how the property is occupied.

            	 	
               

            
	
              PROP_CONDITION_CODE

            	
              A
                code that indicates the condition of the property.

            	 	
               

            
	
              PROP_INSPECTION_DATE

            	
              The
                date a  property inspection is performed.

            	 	
              MM/DD/YYYY

            
	
              APPRAISAL_DATE

            	
              The
                date the appraisal was done.

            	 	
              MM/DD/YYYY

            
	
              CURR_PROP_VAL

            	
               The
                current "as is" value of the property based on brokers price opinion
                or
                appraisal.

            	
              2

            	
               

            
	
              REPAIRED_PROP_VAL

            	
              The
                amount the property would be worth if repairs are completed pursuant
                to a
                broker's price opinion or appraisal.

            	
              2

            	
               

            
	
              If
                applicable:

            	
               

            	 	
               

            
	
              DELINQ_STATUS_CODE

            	
              FNMA
                Code Describing Status of Loan

            	 	 
	
              DELINQ_REASON_CODE

            	
              The
                circumstances which caused a borrower to stop paying on a
                loan.   Code indicates the reason why the loan is in
                default for this cycle.

            	 	 
	
              MI_CLAIM_FILED_DATE

            	
              Date
                Mortgage Insurance Claim Was Filed With Mortgage Insurance
                Company.

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT

            	
              Amount
                of Mortgage Insurance Claim Filed

            	 	
              No
                commas(,) or dollar signs ($)

            
	
              MI_CLAIM_PAID_DATE

            	
              Date
                Mortgage Insurance Company Disbursed Claim Payment

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT_PAID

            	
              Amount
                Mortgage Insurance Company Paid On Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_FILED_DATE

            	
              Date
                Claim Was Filed With Pool Insurance Company

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT

            	
              Amount
                of Claim Filed With Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_PAID_DATE

            	
              Date
                Claim Was Settled and The Check Was Issued By The Pool
                Insurer

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT_PAID

            	
              Amount
                Paid On Claim By Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_FILED_DATE

            	
               Date
                FHA Part A Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_AMT

            	
               Amount
                of FHA Part A Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_PAID_DATE

            	
               Date
                HUD Disbursed Part A Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part A Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_FILED_DATE

            	
                Date
                FHA Part B Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_AMT

            	
                Amount
                of FHA Part B Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_PAID_DATE

            	
                 Date
                HUD Disbursed Part B Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part B Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              VA_CLAIM_FILED_DATE

            	
               Date
                VA Claim Was Filed With the Veterans Admin

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_DATE

            	
               Date
                Veterans Admin. Disbursed VA Claim Payment

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_AMT

            	
               Amount
                Veterans Admin. Paid on VA Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            

    

    
      
        	
                MOTION_FOR_RELIEF_DATE

              	
                The
                  date the Motion for Relief was filed

              	
                10

              	
                MM/DD/YYYY

              
	
                FRCLSR_BID_AMT

              	
                The
                  foreclosure sale bid amount

              	
                11

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FRCLSR_SALE_TYPE

              	
                The
                  foreclosure sales results: REO, Third Party, Conveyance to
                  HUD/VA

              	
                 

              	
                 

              
	
                REO_PROCEEDS

              	
                The
                  net proceeds from the sale of the REO property.

              	
                 

              	
                No
                  commas(,) or dollar signs ($)

              
	
                BPO_DATE

              	
                The
                  date the BPO was done.

              	
                 

              	
                 

              
	
                CURRENT_FICO

              	
                The
                  current FICO score

              	
                 

              	
                 

              
	
                HAZARD_CLAIM_FILED_DATE

              	
                The
                  date the Hazard Claim was filed with the Hazard Insurance
                  Company.

              	
                10

              	
                MM/DD/YYYY

              
	
                HAZARD_CLAIM_AMT

              	
                The
                  amount of the Hazard Insurance Claim filed.

              	
                11

              	
                No
                  commas(,) or dollar signs ($)

              
	
                HAZARD_CLAIM_PAID_DATE

              	
                The
                  date the Hazard Insurance Company disbursed the claim
                  payment.

              	
                10

              	
                MM/DD/YYYY

              
	
                HAZARD_CLAIM_PAID_AMT

              	
                The
                  amount the Hazard Insurance Company paid on the claim.

              	
                11

              	
                No
                  commas(,) or dollar signs ($)

              
	
                ACTION_CODE

              	
                Indicates
                  loan status

              	 	
                Number

              
	
                NOD_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              
	
                NOI_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              
	
                ACTUAL_PAYMENT_PLAN_START_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              
	
                ACTUAL_PAYMENT_
                  PLAN_END_DATE

              	
                 

              	
                 

              	
                 

              
	
                ACTUAL_REO_START_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              
	
                REO_SALES_PRICE

              	
                 

              	
                 

              	
                Number

              
	
                REALIZED_LOSS/GAIN

              	
                As
                  defined in the Servicing Agreement

              	
                 

              	
                Number

              

      

    

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    
      	
              
                Exhibit
                  2:Standard
                  File Codes –
                  Delinquency
                  Reporting

              

            

    

     

    

    The
      Loss Mit Type field should show the approved Loss
      Mitigation Code as follows:

     

    
      
        	
                ·  ASUM-

              	
                Approved
                  Assumption

              
	
                ·  BAP-

              	
                Borrower
                  Assistance Program

              
	
                ·  CO-

              	
                Charge
                  Off

              
	
                ·  DIL-

              	
                Deed-in-Lieu

              
	
                ·  FFA-

              	
                Formal
                  Forbearance Agreement

              
	
                ·  MOD-

              	
                Loan
                  Modification

              
	
                ·  PRE-

              	
                Pre-Sale

              
	
                ·  SS-

              	
                Short
                  Sale

              
	
                ·  MISC-

              	
                Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

    

    NOTE:
      Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
      provided that they are consistent with industry standards.  If Loss
      Mitigation Types other than those above are used, the Servicer must supply
      Wells
      Fargo Bank with a description of each of the Loss Mitigation Types prior to
      sending the file.

     

    The
      Occupant Code field should show the current status of
      the property code as follows:

     

    
      	
              ·  

            	
              Mortgagor

            

    

     

    
      	
              ·  

            	
              Tenant

            

    

     

    
      	
              ·  

            	
              Unknown

            

    

     

    
      	
              ·  

            	
              Vacant

            

    

     

    

     

    The
      Property Condition field should show the last reported
      condition of the property as follows:

     

    
      	
              ·  

            	
              Damaged

            

    

     

    
      	
              ·  

            	
              Excellent

            

    

     

    
      	
              ·  

            	
              Fair

            

    

     

    
      	
              ·  

            	
              Gone

            

    

     

    
      	
              ·  

            	
              Good

            

    

     

    
      	
              ·  

            	
              Poor

            

    

     

    
      	
              ·  

            	
              Special
                Hazard

            

    

     

    
      	
              ·  

            	
              Unknown

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    

    
      	
              
                Exhibit
                  2:Standard
                  File Codes –
                  Delinquency Reporting, Continued

              

            

    

     

     

    The
      FNMA Delinquent Reason Code field should show the Reason
      for Delinquency as follows:

    

    
      	
              Delinquency
                Code

            	
              Delinquency
                Description

            
	
              001

            	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	
              FNMA-Marital
                difficulties

            
	
              006

            	
              FNMA-Curtailment
                of income

            
	
              007

            	
              FNMA-Excessive
                Obligation

            
	
              008

            	
              FNMA-Abandonment
                of property

            
	
              009

            	
              FNMA-Distant
                employee transfer

            
	
              011

            	
              FNMA-Property
                problem

            
	
              012

            	
              FNMA-Inability
                to sell property

            
	
              013

            	
              FNMA-Inability
                to rent property

            
	
              014

            	
              FNMA-Military
                Service

            
	
              015

            	
              FNMA-Other

            
	
              016

            	
              FNMA-Unemployment

            
	
              017

            	
              FNMA-Business
                failure

            
	
              019

            	
              FNMA-Casualty
                loss

            
	
              022

            	
              FNMA-Energy
                environment costs

            
	
              023

            	
              FNMA-Servicing
                problems

            
	
              026

            	
              FNMA-Payment
                adjustment

            
	
              027

            	
              FNMA-Payment
                dispute

            
	
              029

            	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	
              FNMA-Fraud

            
	
              031

            	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	
              FNMA-Incarceration

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              
                Exhibit
                  2:Standard
                  File Codes –
                  Delinquency Reporting, Continued

              

            

    

    

     

    The
      FNMA Delinquent Status Code field should show the Status
      of Default as follows:

     

    

    
      	
              Status
                Code

            	
              Status
                Description

            
	
              09

            	
              Forbearance

            
	
              17

            	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	
              Government
                Seizure

            
	
              26

            	
              Refinance

            
	
              27

            	
              Assumption

            
	
              28

            	
              Modification

            
	
              29

            	
              Charge-Off

            
	
              30

            	
              Third
                Party Sale

            
	
              31

            	
              Probate

            
	
              32

            	
              Military
                Indulgence

            
	
              43

            	
              Foreclosure
                Started

            
	
              44

            	
              Deed-in-Lieu
                Started

            
	
              49

            	
              Assignment
                Completed

            
	
              61

            	
              Second
                Lien Considerations

            
	
              62

            	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	
              Veteran’s
                Affairs-Refund

            
	
              64

            	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	
              Chapter
                7 Bankruptcy

            
	
              66

            	
              Chapter
                11 Bankruptcy

            
	
              67

            	
              Chapter
                13 Bankruptcy

            

    

     

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Exhibit
      E-3

    

    FORM
      OF
      REALIZED LOSS/GAIN REPORT

     

    
      
        	
                Exhibit   :
                  Calculation of Realized Loss/Gain Form 332– Instruction
                  Sheet

              

      

       

    

    NOTE:  Do
      not net or combine items.  Show all expenses individually and all
      credits as separate line items.  Claim packages are due on the
      remittance report date.  Late submissions may result in claims not
      being passed until the following month.  The Servicer is responsible
      to remit all funds pending loss approval and /or resolution of any disputed
      items.

    1.

    

    2.   The
      numbers on the 332 form correspond with the numbers listed below.

     

    Liquidation
      and Acquisition Expenses:

     

    
      	
               

            	
              1.

            	
              The
                Actual Unpaid Principal Balance of the Mortgage Loan.  For
                documentation, an Amortization Schedule from date of default through
                liquidation breaking out the net interest and servicing fees advanced
                is
                required.

            

    

     

    
      	
               

            	
              2.

            	
              The
                Total Interest Due less the aggregate amount of servicing fee that
                would
                have been earned if all delinquent payments had been made as agreed.
                For
                documentation, an Amortization Schedule from date of default through
                liquidation breaking out the net interest and servicing fees advanced
                is
                required.

            

    

     

    
      	
               

            	
              3.

            	
              Accrued
                Servicing Fees based upon the Scheduled Principal Balance of the
                Mortgage
                Loan as calculated on a monthly basis. For documentation, an Amortization
                Schedule from date of default through liquidation breaking out the
                net
                interest and servicing fees advanced is
                required.

            

    

     

    
      	
                    
                4-12.

            	
              Complete
                as applicable.  Required
                documentation:

            

    

     

    *  For
      taxes and insurance advances – see page 2 of 332 form - breakdown required
      showing period of
      coverage, base tax, interest, penalty.  Advances prior to default
      require evidence of servicer efforts to recover advances.

     

     *  For
      escrow advances - complete payment history

     

        (to
      calculate advances from last positive escrow balance forward)

     

    *  Other
      expenses -  copies of corporate advance history showing all
      payments

     

    *  REO
      repairs> $1500 require explanation

     

    *  REO
      repairs>$3000 require evidence of at least 2 bids.

     

    *  Short
      Sale or Charge Off require P&L supporting the decision and WFB’s approved
      Officer Certificate

     

    *  Unusual
      or extraordinary items may require further documentation.

     

    
      	
               

            	
              13.

            	
              The
                total of lines 1 through 12.

            

    

     

    3.  Credits:

     

    
      	
              14-21.       

            	
              Complete
                as applicable.  Required
                documentation:

            

    

     

    
      *
        Copy of
        the HUD 1 from the REO sale.  If a 3rd Party
        Sale, bid
        instructions and Escrow Agent /
        Attorney  Letter
        of Proceeds
        Breakdown.

       

      *  Copy
        of EOB for any MI or gov't guarantee

       

      *  All
        other credits need to be clearly defined on the 332 form

    

     

    
      	
               

            	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

     

     

    
      	
              Please
                Note:          
                

            	
              For
                HUD/VA loans, use line (18a) for Part A/Initial proceeds and line
                (18b)
                for Part B/Supplemental proceeds.

            

    

     

     

    
      	
               

            	
              Total
                Realized Loss (or Amount of Any
                Gain)

            

    

     

    
      	
               

            	
              23.

            	
              The
                total derived from
                subtracting line 22 from 13.  If the amount represents a
                realized gain, show the amount in parenthesis
                (   ).

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              
                Exhibit
                  3A: Calculation
                  of Realized Loss/Gain Form
                  332

              

            

    

    

     

    
      	
              Prepared
                by:  __________________

            	
              Date:  _______________

            
	
              Phone:  ______________________

            	
              Email
                Address:_____________________

            

    

     

     

     

    
      	
              Servicer
                Loan No.

               

            	 	
              Servicer
                Name

               

            	 	
              Servicer
                Address

               

               

            

    

     

     

    WELLS
      FARGO BANK, N.A. Loan No._____________________________

     

    Borrower's
      Name: __________________________________________________________

     

    Property
      Address: _________________________________________________________

     

    Liquidation
      Type:              REO
      Sale                             3rd Party
      Sale              Short
      Sale        Charge
      Off

     

    Was
      this loan granted a Bankruptcy deficiency or cramdown        Yes            No

    If
“Yes”,
      provide deficiency or cramdown amount
      _______________________________

     

    Liquidation
      and Acquisition Expenses:

     

    
      	
              (1)

            	
              Actual
                Unpaid Principal Balance of Mortgage Loan

            	
              $
                ______________

            	
              (1)

            
	
              (2)

            	
              Interest
                accrued at Net Rate

            	
               ________________

            	
              (2)

            
	
              (3)

            	
              Accrued
                Servicing Fees

            	
               ________________

            	
              (3)

            
	
              (4)

            	
              Attorney's
                Fees

            	
               ________________

            	
              (4)

            
	
              (5)

            	
              Taxes
                (see page 2)

            	
               ________________

            	
              (5)

            
	
              (6)

            	
              Property
                Maintenance

            	
              ________________

            	
              (6)

            
	
              (7)

            	
              MI/Hazard
                Insurance Premiums (see page 2)

            	
               ________________

            	
              (7)

            
	
              (8)

            	
              Utility
                Expenses

            	
               ________________

            	
              (8)

            
	
              (9)

            	
              Appraisal/BPO

            	
               ________________

            	
              (9)

            
	
              (10)

            	
              Property
                Inspections

            	
               ________________

            	
              (10)

            
	
              (11)

            	
              FC
                Costs/Other Legal Expenses

            	
               ________________

            	
              (11)

            
	
              (12)

            	
              Other
                (itemize)

            	
               ________________

            	
              (12)

            
	 	
              Cash
                for Keys__________________________

            	
               ________________

            	
              (12)

            
	 	
              HOA/Condo
                Fees_______________________

            	
               ________________

            	
              (12)

            
	 	
              ______________________________________

            	
               ________________

            	
              (12)

            
	 	 	 	 
	 	
              Total
                Expenses

            	
              $
                _______________

            	
              (13)

            
	 	 	 	 
	
              Credits:

            	 	 	 
	
              (14)

            	
              Escrow
                Balance

            	
              $
                _______________

            	
              (14)

            
	
              (15)

            	
              HIP
                Refund

            	
              ________________

            	
              (15)

            
	
              (16)

            	
              Rental
                Receipts

            	
              ________________

            	
              (16)

            
	
              (17)

            	
              Hazard
                Loss Proceeds

            	
              ________________

            	
              (17)

            
	
              (18)

            	
              Primary
                Mortgage Insurance / Gov’t Insurance

            	
              ________________

            	
              (18a)

            
	 	
              HUD
                Part A

            	
              ________________

            	
              (18b)

            
	 	
              HUD
                Part B

            	 	 
	
              (19)

            	
              Pool
                Insurance Proceeds

            	
              ________________

            	
              (19)

            
	
              (20)

            	
              Proceeds
                from Sale of Acquired Property

            	
              ________________

            	
              (20)

            
	
              (21)

            	
              Other
                (itemize)

            	
              ________________

            	
              (21)

            
	 	
              _________________________________________

            	
              ________________

            	
              (21)

            
	 	 	 	 
	 	
              Total
                Credits

            	
              $________________

            	
              (22)

            
	 	 	 	 
	 	
              Total
                Realized Loss (or Amount of Gain)

            	
              $________________

            	
              (23)

            

    

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
      	 Escrow
              Disbursement
              Detail

    

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F

     

    FORM
      OF
      REQUEST FOR RELEASE OF DOCUMENTS

     

    

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705

    Attn:
      Trust Administration – Alliance 2007-OA1

    

    
      	 	
              Attn:

            	
              Mortgage
                Custody AB072C

            
	 	 	 
	 	
              Re:

            	
              Custodial
                Agreement, dated as of May 30, 2007, among Deutsche Bank National
                Trust
                Company, as the Trustee, Deutsche Bank National Trust Company as
                the
                Custodian, and Alliance Securities Corp. as the
                Depositor

            

    

    

    All
      Capitalized terms used herein shall have the meaning ascribed to them in the
      Custodial Agreement (the “Agreement”) referenced above.

     

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian for the Trustee pursuant to the above-captioned Custodial Agreement,
      we request the release, and hereby acknowledge receipt, of the Mortgage File
      for
      the Mortgage Loan described below, for the reason indicated.  Further,
      any payments received by the Servicer or the Master Servicer, as applicable
      in
      connection with this request for release have been deposited in the related
      Custodial  Account and the Certificate Account, as applicable, for the
      benefit of the Trust.

     

    Mortgagor
      Name, Address & Zip Code:

     

    Mortgage
      Loan Number:

     

    Reason
      for Requesting Documents (check one):

     

    ________                                1.           Mortgage
      Paid in Full

     

    ________                                2.           Foreclosure

     

    ________                                3.           Substitution

     

    ________                                4.           Other
      Liquidation (Repurchases, etc.)

     

    ________                                5.           Nonliquidation
      Reason:_________

     

    ________                                6.           Recordation
      of Assignment of Mortgage

     

     

    
      	
              Address
                to which Custodian should Deliver the Mortgage File:

            	 
	 	 
	 	 

    

     

     

    
      	 	
              By:

            	 
	 	 	
              (authorized
                signer)

            
	 	 	 
	 	
              Issuer:

            	 
	 	
              Address:

            	 
	 	 	 
	 	
              Date:

            	 

    

    

    

    Custodian

     

    Deutsche
      Bank National Trust Company

     

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    

     

    
      	 	 	 
	
              Signature

            	 	
              Date

            

    

     

     

    
      Documents
        returned to Custodian:

    

    
      	 	 	 
	 	 	 
	
              Custodian

            	 	
              Date

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-1

     

    FORM
      OF
      INVESTOR REPRESENTATION LETTER

     

    ___________,
      200__

     

    Alliance
      Securities Corp.

    1000
      Marina Boulevard, Suite 100

    Brisbane,
      California 94005

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479-0113

    Attention:
      Corporate Trust Services – Transfer Department

    

    
      	
              Re:     
                 

            	
              Alliance
                Securities Corp.,

            
	 	
              Mortgage
                Backed Pass-Through Certificates Series 2007-OA1,

            
	 	
              Class
                [_] Certificates

            

    

    

    Ladies
      and Gentlemen:

     

    ______________
      (the “Purchaser”) intends to purchase from ______________ (the “Seller”)
      $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
      Certificates, Series 2007-OA1, Class _____ (the “Certificates”), issued pursuant
      to the Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Pooling
      and Servicing Agreement”), among Alliance Securities Corp., as depositor (the
“Company”), Alliance Bancorp, as servicer, Wells Fargo Bank, N.A., as master
      servicer and securities administrator (the “Securities Administrator”), GMAC
      Mortgage, LLC, as back-up servicer (the “Back-Up Servicer”) and Deutsche Bank
      National Trust Company, as trustee (the “Trustee”).  All terms used
      herein and not otherwise defined shall have the meanings set forth in the
      Pooling and Servicing Agreement.  The Purchaser hereby certifies,
      represents and warrants to, and covenants with, the Company and the Securities
      Administrator that:

     

    1.           The
      Purchaser understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the Company is not required to so register
      or
      qualify the Certificates, (c) the Certificates may be resold only if registered
      and qualified pursuant to the provisions of the Act or any state securities
      law,
      or if an exemption from such registration and qualification is available, (d)
      the Pooling and Servicing Agreement contains restrictions regarding the transfer
      of the Certificates and (e) the Certificates will bear a legend to the foregoing
      effect.

     

    2.           The
      Purchaser is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3.           The
      Purchaser is (a) a substantial, sophisticated institutional investor having
      such
      knowledge and experience in financial and business matters, and, in particular,
      in such matters related to securities similar to the Certificates, such that
      it
      is capable of evaluating the merits and risks of investment in the Certificates,
      (b) able to bear the economic risks of such an investment and (c) an “accredited
      investor” within the meaning of Rule 501(a) (1)-(3) and (7) of Regulation D
      promulgated pursuant to the Act.

     

    4.           The
      Purchaser has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Pooling and Servicing Agreement and (b) such other information
      concerning the Certificates, the Mortgage Loans and the Company as has been
      requested by the Purchaser from the Company or the Seller and is relevant to
      the
      Purchaser's decision to purchase the Certificates.  The Purchaser has
      had any questions arising from such review answered by the Company or the Seller
      to the satisfaction of the Purchaser.

     

    5.           The
      Purchaser has not and will not nor has it authorized or will it authorize any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the Act
      or
      any state securities law, or that would require registration or qualification
      pursuant thereto. The Purchaser will not sell or otherwise transfer any of
      the
      Certificates, except in compliance with the provisions of the Pooling and
      Servicing Agreement.

     

    
 

    

    
      	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              (Purchaser)

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ______________,
      200___

     

    Alliance
      Securities Corp.

    1000
      Marina Boulevard, Suite 100

    Brisbane,
      California 94005

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479-0113

    Attention:
      Corporate Trust Services – Transfer Department

    

    
      	
              Re:    
                 

            	
              Alliance
                Securities Corp.

            
	 	
              Mortgage
                Backed Pass-Through Certificates, Series 2007-OA1,

            
	 	
              Class
                [_] Certificates

            

    

    

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage
      Pass-Through Certificates, Series 2007-OA1, Class _____ (the “Certificates”),
      issued pursuant to the Pooling and Servicing Agreement, dated as of May 1,
      2007
      (the “Pooling and Servicing Agreement”), among Alliance Securities Corp., as
      depositor (the “Company”), Alliance Bancorp, as servicer, Wells Fargo Bank,
      N.A., as master servicer and securities administrator (the “Securities
      Administrator”), GMAC Mortgage, LLC, as back-up servicer (the “Back-Up
      Servicer”) and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).  The Seller hereby certifies, represents and warrants to,
      and covenants with, the Company and the Securities Administrator
      that:

     

    Neither
      the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act”), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing
      Agreement.

     

    

    
      	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              (Seller)

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-3

     

    FORM
      OF
      RULE 144A INVESTMENT REPRESENTATION

     

     

    Description
      of Rule 144A Securities, including numbers:

     

    Alliance
      Securities Corp.

     

    Mortgage
      Backed Pass-Through Certificates

     

    Series
      2007-OA1, Class ____, No. ____

     

    The
      undersigned seller, as registered holder (the “Transferor”), intends to transfer
      the Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

     

    1.    
      In connection with such transfer and in accordance with the agreements pursuant
      to which the Rule 144A Securities were issued, the Transferor hereby certifies
      the following facts: Neither the Transferor nor anyone acting on its behalf
      has
      offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
      Securities, any interest in the Rule 144A Securities or any other similar
      security to, or solicited any offer to buy or accept a transfer, pledge or
      other
      disposition of the Rule 144A Securities, or otherwise approached or negotiated
      with respect to the Rule 144A Securities, any interest in the Rule 144A
      Securities 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, which would constitute a distribution of the Rule
      144A Securities under the Securities Act of 1933, as amended (the “1933 Act”),
      or which would render the disposition of the Rule 144A Securities a violation
      of
      Section 5 of the 1933 Act or require registration pursuant thereto, and that
      the
      Transferor has not offered the Rule 144A Securities to any person other than
      the
      Buyer or another “qualified institutional buyer” as defined in Rule 144A under
      the 1933 Act.

     

    2.    
      The Buyer warrants and represents to, and covenants with, the Transferor, the
      Trustee, the Securities Administrator and the Depositor pursuant to Section
      5.02
      of the Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Pooling
      and Servicing Agreement”), among Alliance Securities Corp., as depositor (the
“Depositor”), Alliance Bancorp, as servicer, Wells Fargo Bank, N.A., as master
      servicer (the “Master Servicer”) and securities administrator (the “Securities
      Administrator”), GMAC Mortgage, LLC, as back-up servicer, and Deutsche Bank
      National Trust Company, as trustee (the “Trustee”), as follows:

     

    a.    
      The Buyer understands that the Rule 144A Securities have not been registered
      under the 1933 Act or the securities laws of any state.

     

    b.    
      The Buyer considers itself a substantial, sophisticated institutional investor
      having such knowledge and experience in financial and business matters that
      it
      is capable of evaluating the merits and risks of investment in the Rule 144A
      Securities.

     

    c.    
      The Buyer has been furnished with all information regarding the Rule 144A
      Securities that it has requested from the Transferor, the Trustee or the Master
      Servicer.

     

    d.    
      Neither the Buyer nor anyone acting on its behalf has offered, transferred,
      pledged, sold or otherwise disposed of the Rule 144A Securities, any interest
      in
      the Rule 144A Securities or any other similar security to, or solicited any
      offer to buy or accept a transfer, pledge or other disposition of the Rule
      144A
      Securities, any interest in the Rule 144A Securities or any other similar
      security from, or otherwise approached or negotiated with respect to the Rule
      144A Securities, any interest in the Rule 144A Securities 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 Rule 144A Securities under the
      1933
      Act or that would render the disposition of the Rule 144A Securities a violation
      of Section 5 of the 1933 Act or require registration pursuant thereto, nor
      will
      it act, nor has it authorized or will it authorize any person to act, in such
      manner with respect to the Rule 144A Securities.

     

    e.    
      The Buyer is a “qualified institutional buyer” as that term is
      defined  in Rule 144 under the 1933 Act and has completed either of
      the forms of certification to that effect attached hereto as Annex 1 or Annex
      2.  The Buyer is aware that the sale to it is being made in reliance
      on Rule 144A.  The Buyer is acquiring the Rule 144A Securities for its
      own account or the account of other qualified institutional buyers, understands
      that such Rule 144 Securities 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 1933 Act.

     

    3.    
      The Buyer warrants and represents to, and covenants with, the Transferor, the
      Securities Administrator and the Depositor that either (1) the Buyer is not
      an
      employee benefit plan within the meaning of Section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”) (“Plan”), or a plan
      within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986
      (the “Code”) (also a “Plan”), and the Buyer is not directly or indirectly
      purchasing the Rule 144A Securities on behalf of, as investment manager of,
      as
      named fiduciary of, as trustee of, or with assets of a Plan, or (2) the Buyer
      has provided the Securities Administrator with the opinion letter required
      by
      section 5.02(c) of the Pooling and Servicing Agreement.

     

    4.    
      This document may be executed in one or more counterparts and by the different
      parties hereto on separate counterparts, each of which, when so executed, shall
      be deemed to be an original; such counterparts, together, shall constitute
      one
      and the same document.

     

    IN
      WITNESS WHEREOF, each of the parties has executed this document as of the date
      set forth below.

     

    

    
      	 	 	 
	
              Print
                Name of Transferor

            	 	
              Print
                Name of Buyer

            
	 	 	 
	 	 	 
	
              By:

            	 	 	
              By:

            	 
	
              Name:

            	 	 	
              Name:

            	 
	
              Title:

            	 	 	
              Title:

            	 
	 	 	 
	 	 	 
	
              Taxpayer
                Identification:

            	 	
              Taxpayer
                Identification:

            
	 	 	 	 	 
	
              No:

            	 	 	
              No:

            	 
	
              Date:

            	 	 	
              Date:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    ANNEX
      1 TO EXHIBIT G-3

    

    

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Buyers Other Than Registered Investment Companies]

    
 

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    1.
      As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2.
      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
      (“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.

              
	
                ____

              	
                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 statement,
                  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.

              
	
                ____

              	
                Broker-dealer.  The
                  Buyer is a dealer registered pursuant to Section 15 of the Securities
                  Exchange Act of 1934.

              
	
                ____

              	
                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
                  Adviser.  The Buyer is an investment adviser registered under
                  the Investment Advisers Act of 1940.

              
	
                ____

              	
                SBIC.  The
                  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.  The Buyer is a business development
                  company as defined in Section 202(a)(22) of the Investment Advisers
                  Act of
                  1940.

              
	
                ____

              	
                Trust
                  Fund.  The Buyer is a trust fund whose trustee is a bank or
                  trust company and whose participants are exclusively (a) plans
                  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, or (b) employee benefit plans within
                  the meaning
                  of Title I of the Employee Retirement Income Security Act of 1974,
                  but is
                  not a trust fund that includes as participants individual retirement
                  accounts or H.R. 10 plans.

              

      

    

     

    3.
      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) 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.

     

    4.
      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.  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.

     

    5.
      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.

    

    
      	
              ___

            	
              ___

            	
              Will
                the Buyer be purchasing the Rule 144A

            
	
              Yes

            	
              No

            	
              Securities
                only for the Buyer's own account?

            

    

    

    6.
      If the
      answer to the foregoing question is “no”, the Buyer agrees that, in connection
      with any purchase of securities sold to the Buyer for the account of a third
      party (including any separate account) in reliance on Rule 144A, the Buyer
      will
      only purchase for the account of a third party that at the time is a “qualified
      institutional buyer” within the meaning of Rule 144A.  In addition,
      the Buyer agrees that the Buyer will not purchase securities for a third party
      unless the Buyer has obtained a current representation letter from such third
      party or taken other appropriate steps contemplated by Rule 144A to conclude
      that such third party independently meets the definition of “qualified
      institutional buyer” set forth in Rule 144A.

     

    7.
      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 Rule 144A Securities will constitute a
      reaffirmation of this certification as of the date of such
      purchase.

     

    

    
      	 	 
	 	
              Print
                Name of Buyer

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              Date:

            	 

    

    

    

      

    

      
      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.

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT G-3

    

    

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Buyers That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    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 (“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, 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.

     

     

    
      
        	
                ____

              	
                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) bank deposit notes and certificates of deposit,
      (iii)
      loan participations, (iv) repurchase agreements, (v) securities owned but
      subject to a repurchase agreement and (vi) currency, interest rate and commodity
      swaps.

     

    5.           The
      Buyer is familiar with Rule 144A and understands that each of the parties to
      which this certification is made 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.           The
      undersigned will notify each of the parties to which this certification is
      made
      of any changes in the information and conclusions herein.  Until such
      notice, the Buyer's purchase of Rule 144A Securities will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    

    
      	 	 
	 	
              Print
                Name of Buyer

            
	 	 
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    
      	 	 
	 	
              IF
                AN ADVISOR

            
	 	 
	 	 
	 	
              Print
                Name of Buyer

            
	 	 
	 	 
	 	
              Date:

            	 

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-4

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    ______________,
      200__

     

    Alliance
      Securities Corp.

    1000
      Marina Boulevard, Suite 100

    Brisbane,
      California 94005

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479-0113

    Attention:
      Corporate Trust Services – Transfer Department

    

    
      	
              Re:       
                

            	
              Alliance
                Securities Corp.

            
	 	
              Mortgage
                Backed Pass-Through Certificates Series 2007-OA1, Class
                [R] [
                RX]  Certificates

            

    

    

    

    Ladies
      and Gentlemen:

     

    This
      letter is delivered to you in connection with the sale by ____________ (the
      “Seller”) to _______________ (the “Purchaser”) of a ____% Percentage Interest in
      the Mortgage Pass-Through Certificates, Series 2007-OA1, Class [R] [
      RX]  Certificates (the “Certificates”), issued pursuant to Section
      5.02 of the Pooling and Servicing Agreement, dated as of May 1, 2007 (the
“Pooling and Servicing Agreement”), among Alliance Securities Corp., as
      depositor (the “Depositor”), Alliance Bancorp, as servicer, Wells Fargo Bank,
      N.A., as master servicer and securities administrator (the “Securities
      Administrator”), GMAC Mortgage, LLC, as back-up servicer (the “Back-Up
      Servicer”), and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).  All terms used herein and not otherwise defined shall
      have the meaning set forth in the Pooling and Servicing
      Agreement.  The Seller hereby certifies, represents and warrants to,
      and covenants with, the Depositor and the Securities Administrator
      that:

     

    1.           No
      purpose of the Seller relating to the sale of the Certificates by the Seller
      to
      the Purchaser is or will be to impede the assessment or collection of any
      tax.

     

    2.           The
      Seller understands that the Purchaser has delivered to the Securities
      Administrator and the Depositor a transfer affidavit and agreement in the form
      attached to the Pooling and Servicing Agreement as Exhibit G-5.  The
      Seller does not know or believe that any representation contained therein is
      false.

     

    3.           The
      Seller has at the time of the transfer conducted a reasonable investigation
      of
      the financial condition of the Purchaser as contemplated by Treasury Regulations
      Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Seller
      has
      determined that the Purchaser has historically paid its debts as they have
      become due and has found no significant evidence to indicate that the Purchaser
      will not continue to pay its debts as they become due in the
      future.  The Seller understands that the transfer of the Certificates
      may not be respected for United States income tax purposes (and the Seller
      may
      continue to be liable for United States income taxes associated therewith)
      unless the Seller has conducted such an investigation.

     

    4.           The
      Seller has no actual knowledge that the proposed Transferee is not a Permitted
      Transferee.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              (Seller)

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	 
	 	
              Name:

            	 
	 	 	 
	 	
              Title:

            	 

    

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-5

     

    FORM
      OF
      TRANSFER AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              :ss.

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    

    ___________________,
      being first duly sworn, deposes, represents and warrants:

     

    
      1.  That
        he/she is [Title of Officer] of [Name of Owner], a [savings institution]
        [corporation] duly organized and existing under the laws of [the State of
        __________] [the United States], (the “Investor”), (record or beneficial owner
        of the Class R Certificates (the “Certificates”) on behalf of which he/she makes
        this affidavit and agreement).  This Class R Certificates were issued
        pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2007
        (the
“Agreement”), among Alliance Securities Corp., as depositor (the “Depositor”),
        Alliance Bancorp, as servicer (the “Servicer”), Wells Fargo Bank, N.A., as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), GMAC Mortgage, LLC, as back-up servicer (the
“Back-Up Servicer), and Deutsche Bank National Trust Company, as trustee (the
        “Trustee”).

       

      2.  The
        Investor is, as of the date hereof, and will be, as of the date of the Transfer,
        a Permitted Transferee.  The Investor is not acquiring its Ownership
        Interest in the Certificates for the account of a Person other than a Permitted
        Transferee.

       

      3.  The
        Investor has been advised and understands that (i) a tax will be imposed on
        Transfers of the Certificates 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
        a
        subsequent transferee furnishes 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.

       

      4.  The
        Investor has been advised and understands that a tax will be imposed on a
        “pass-through entity” holding the Certificates if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity.  The Investor
        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 a Permitted Transferee 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.)

       

      5.  The
        Investor has reviewed the provisions of Section 5.02(e) of the Agreement
        and
        understands the legal consequences of the acquisition of an Ownership Interest
        in the Certificates, including, without limitation, the restrictions on
        subsequent Transfers and the provisions regarding voiding any prohibited
        Transfers and mandatory sales.  The Investor expressly agrees to be
        bound by, and to abide by, such provisions of the Agreement and the restrictions
        noted on the face of the Certificates.  The Investor understands and
        agrees that any breach of any of the representations included herein shall
        render the Transfer of the Certificates to the Investor contemplated hereby
        null
        and void. The Investor consents to any amendment of the Agreement that shall
        be
        deemed necessary by the Depositor (upon advice of nationally recognized counsel)
        to constitute a reasonable arrangement to ensure that the Certificate will
        not
        be owned directly or indirectly by a Person other than a Permitted
        Transferee.

       

      6.  The
        Investor agrees not to Transfer the Certificates, or cause the Transfer of
        the
        Certificates by a Person for whom the Investor is acting as nominee, trustee
        or
        agent, in each case unless (i) it has received an affidavit in substantially
        the
        same form as this affidavit containing these same representations and covenants
        from the subsequent transferee.  In connection with any such Transfer
        by the Investor, the Investor agrees to deliver to the Securities Administrator
        a certificate substantially in the form set forth as Exhibit G-4 to the
        Agreement to the effect that the Investor has no actual knowledge that the
        Person to which the Transfer is to be made is not a Permitted
        Transferee.

       

      7.  The
        Investor has historically paid its debts as they have come due, intends to
        pay
        its debts as they come due in the future, and understands that the taxes
        associated with holder an Ownership Interest in the Certificates may exceed
        the
        cash flow with respect thereto in some or all periods and intends to pay
        such
        taxes as they become due.  The Investor does not have the intention,
        and no purpose of the Transfer of the Certificates to the Investor is, to
        impede
        the assessment or collection of any tax legally required to be paid with
        respect
        to the Certificates.

       

      8.  The
        Investor’s U.S. taxpayer identification number is [_____________].

       

      9.  The
        Investor is a United States Person.

       

      10.  The
        Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E
        of the
        Code 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.

       

      11.  The
        Investor will not cause income from the Certificates to be attributable to
        a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Investor or any other United States
        Person.

       

      12.  Check
        one
        of the following:

       

    

    o  The
      Transfer
      of the Certificates complies with U.S. Treasury Regulation Sections
      1.860E-1(c)(7) and (8) and, accordingly:

     

    (i)           the
      present value of the anticipated tax liabilities associated with holding the
      Certificates does not exceed the sum of:

     

    
      	
               

            	
              (a)

            	
              the
                present value of any consideration given to the Investor to acquire
                such
                Certificates;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                present value of the expected future distributions on such Certificates;
                and

            

    

     

    
      	
               

            	
              (c)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificates as the related REMIC generates losses;
                and

            

    

     

    (ii)           the
      Transfer of the Certificates will not result in such Certificates being held,
      directly or indirectly, by a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of the Investor or any
      other United States Person.

     

    For
      purposes of the calculation in clause (i) above, (x) the Investor is assumed
      to
      pay tax at the highest rate currently specified in Section 11(b)(1) of the
      Code
      (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of
      the highest rate specified in Section 11(b)(1) of the Code if the Investor
      has
      been subject to the alternative minimum tax under Section 55 of the Code in
      the
      preceding two years and will compute its taxable income in the current taxable
      year using the alternative minimum tax rate) and (y) present values are computed
      using a discount rate equal to the short-term Federal rate prescribed by Section
      1274(d) of the Code for the month of the transfer and the compounding period
      used by the Investor.

     

    o   
The
      Transfer of the Certificates complies with U.S. Treasury Regulation Sections
      1.860E-1(c)(5) and (6) and, accordingly:

     

    
      	
               

            	
              (i)

            	
              the
                Investor is an “eligible corporation,” as defined in U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(i), as to which income from the
                Certificates will only be taxed in the United
                States;

            

    

     

    
      	
               

            	
              (ii)

            	
              at
                the time of the Transfer, and at the close of the Investor’s two fiscal
                years preceding the fiscal year of the transfer, the Investor had
                gross
                assets for financial reporting purposes (excluding any obligation
                of a
                “related person” to the Investor within the meaning of U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                purpose of which is to permit the Investor to satisfy the condition
                of
                this clause (ii)) in excess of $100 million and net assets in excess
                of
                $10 million;

            

    

     

    
      	
               

            	
              (iii)

            	
              the
                Investor will transfer the Certificates only to another “eligible
                corporation,” as defined in U.S. Treasury Regulation Section
                1.860E-1(c)(6)(i), in a transaction in which the requirements of
                U.S. Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii)
                and -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                provides a similar affidavit with this box checked;
                and

            

    

     

    
      	
               

            	
              (iv)

            	
              the
                Investor determined the consideration paid to it to acquire the
                Certificates based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Investor) that it has determined in good
                faith and
                has concluded that such consideration, together with other assets
                of the
                Investor, will be sufficient to cover the taxes associated with the
                Certificates.

            

    

     

      None
      of the above.

     

    11.           (a)   
      The Certificates (i) are not being acquired by, and will not be transferred
      to,
      any employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to ERISA or Section 4975 of the Code (any of the foregoing,
      a
“Plan”), (ii) are not being acquired with “plan assets” of a Plan within the
      meaning of the Department of Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 or
      otherwise under ERISA, and (iii) will not be transferred to any entity that
      is
      deemed to be investing in plan assets within the meaning of the DOL regulation,
      29 C.F.R. § 2510.3-101 or otherwise under ERISA; or

     

    (b)   
       The Investor will provide the Securities Administrator with an opinion of
      counsel, as specified in Section 5.02(c) of the Agreement, acceptable to and
      in
      form and substance satisfactory to the Securities Administrator to the effect
      that the purchase of Certificates is permissible under applicable law, will
      not
      constitute or result in any non-exempt prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Depositor, the Servicer,
      the
      Back-Up Servicer, the Trustee, the Master Servicer or the Securities
      Administrator to any obligation or liability (including obligations or
      liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Agreement.

     

    In
      addition, the Investor hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Servicer, the Back-Up Servicer, the Trustee,
      the Master Servicer and the Securities Administrator that the Investor will
      not
      transfer such Certificates to any Plan or person unless either such Plan or
      person meets the requirements set forth in either (a) or (b) above.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, by its [Title of Officer] and its corporate seal to be hereunto
      attached, attested by its [Assistant] Secretary, this ______ day of
      _____________, _____.

     

    

    
      	 	 	 
	 	 	
              [NAME
                OF INVESTOR]

            
	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              [Name
                of Officer]

            
	 	 	 	
              [Title
                of Officer]

            
	 	 	 
	
              [Corporate
                Seal]

            	 	 
	 	 	 
	 	 	 
	
              ATTEST:

            	 	 
	 	 	 
	 	 	 
	 	 	 
	
              [Assistant]
                Secretary

            	 	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    FORM
      OF TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    The
      undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
      proposed transferor of an Ownership Interest in the Alliance Securities Corp.,
      Mortgage Backed Pass-Through Certificates, Series 2007-OA1, Class [R] [
      RX]  Certificate (the “Certificate”) issued pursuant to the Pooling
      and Servicing Agreement (the “Agreement”) relating to the Certificate, dated as
      of [    ], 2007, among [   ], as depositor
      (the “Depositor”), [  ], as servicer, [   ], as master
      servicer (“the Master Servicer”) and the securities administrator,
      [  ], as back-up servicer, and [   ], as trustee (the
“Trustee”), and makes this affidavit on behalf of the Owner for the benefit of
      the Depositor and the Trustee.  Capitalized terms used, but not
      defined herein, shall have the meanings ascribed to such terms in the
      Agreement.

     

    1.           The
      Owner is not transferring the Certificate to impede the assessment or collection
      of any tax.

     

    2.           The
      Owner has no actual knowledge that the proposed Transferee of the Certificate:
      (i) has insufficient assets to pay any taxes that would be owed by such
      Transferee as Holder of the Certificate; (ii) may become insolvent or subject
      to
      a bankruptcy proceeding for so long as the Certificate remains outstanding;
      and
      (iii) is not a Permitted Transferee.

     

    3.           The
      Owner understands that the proposed Transferee has delivered to the Securities
      Administrator a transfer affidavit and agreement in the form attached to the
      Pooling and Servicing Agreement as Exhibit G-5.  The Owner does not
      know or believe that any representation contained therein is false.

     

    4.           At
      the time of transfer, the Owner has conducted a reasonable investigation of
      the
      financial condition of the proposed Transferee as contemplated by Treasury
      Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
      the
      Owner has determined that the proposed Transferee has historically paid its
      debts as they became due and has found no significant evidence to indicate
      that
      the proposed Transferee will not continue to pay its debts as they become due
      in
      the future. The Owner understands that the transfer of the Certificate may
      not
      be respected for U.S. federal income tax purposes (and the Owner may continue
      to
      be liable for U.S. federal income taxes associated therewith) unless the Owner
      has conducted such an investigation.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Investor 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 OWNER]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	
              [Name
                of Officer]

            
	 	
              Title:

            	
              [Title
                of Officer]

            
	 	 	 
	 	 	 
	 	 	 

    

    

    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 Owner, 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 Owner.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF

     

    STATE
      OF

     

    My
      commission expires the ___ day of ___________________, 20___.

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      H

     

    MORTGAGE
      LOAN SCHEDULE

     

    
      ALLIANCE
        2007-OA1

      MORTGAGE
        LOAN SCHEDULE

      5/30/2007

      
        
          	 	 	
                  CITY

                	 	
                  STATE

                	 	
                  ZIP

                	 	
                  LOAN
                    TERM

                	 	
                  ORIGINAL
                    MORTGAGE RATE

                	 	
                  ORIGINAL
                    PRINCIPAL BALANCE

                	 	
                  FIRST
                    PAYMENT DATE

                	 	
                  PROPERTY
                    TYPE

                	 	
                  P&I
                    PAYMENT

                	 	
                  UPB
                    AT CUT_OFF DATE

                	 	
                  MORTGAGE
                    RATE AT CUT-OFF DATE

                	 
	
                  1

                	 	
                  MOUNT
                    VERNON

                	 	
                  WA

                	 	 	
                  98273-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  200,000.00

                	 	
                  8/1/2006

                	 	
                  SFR

                	 	$	
                  505.71

                	 	$	
                  208,115.21

                	 	 	
                  8.125

                	 
	
                  2

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92704

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  309,100.00

                	 	
                  10/1/2006

                	 	
                  CONDO

                	 	$	
                  994.19

                	 	$	
                  316,968.76

                	 	 	
                  8.375

                	 
	
                  3

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95112-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  488,000.00

                	 	
                  9/1/2006

                	 	
                  SFR

                	 	$	
                  1,233.94

                	 	$	
                  505,413.91

                	 	 	
                  8.125

                	 
	
                  4

                	 	
                  CHINO

                	 	
                  CA

                	 	 	
                  91710

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  544,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,375.54

                	 	$	
                  560,160.07

                	 	 	
                  8.000

                	 
	
                  5

                	 	
                  SAG
                    HARBOR

                	 	
                  NY

                	 	 	
                  11963

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  967,400.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  3,111.54

                	 	$	
                  994,601.22

                	 	 	
                  9.000

                	 
	
                  6

                	 	
                  SAN
                    BERNARDINO

                	 	
                  CA

                	 	 	
                  92404

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  252,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  810.53

                	 	$	
                  257,512.72

                	 	 	
                  8.375

                	 
	
                  7

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91739

                	 	 	
                  360

                	 	 	
                  11.25

                	 	$	
                  750,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  2,412.30

                	 	$	
                  767,487.86

                	 	 	
                  11.250

                	 
	
                  8

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92706

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  432,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,092.34

                	 	$	
                  441,330.47

                	 	 	
                  8.500

                	 
	
                  9

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92551-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  350,800.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,128.31

                	 	$	
                  359,825.70

                	 	 	
                  8.125

                	 
	
                  10

                	 	
                  OAKHURST

                	 	
                  CA

                	 	 	
                  93644

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  217,500.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  549.96

                	 	$	
                  223,374.66

                	 	 	
                  8.500

                	 
	
                  11

                	 	
                  SAN
                    FRANCISCO

                	 	
                  CA

                	 	 	
                  94132-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  568,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,826.91

                	 	$	
                  581,154.24

                	 	 	
                  8.750

                	 
	
                  12

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90044

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  316,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,016.38

                	 	$	
                  323,724.05

                	 	 	
                  8.875

                	 
	
                  13

                	 	
                  TRACY

                	 	
                  CA

                	 	 	
                  95304

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  704,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,780.11

                	 	$	
                  721,050.01

                	 	 	
                  9.000

                	 
	
                  14

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92707

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  552,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,775.45

                	 	$	
                  563,046.55

                	 	 	
                  9.000

                	 
	
                  15

                	 	
                  TRACY

                	 	
                  CA

                	 	 	
                  95376

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  399,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,008.90

                	 	$	
                  407,305.42

                	 	 	
                  8.500

                	 
	
                  16

                	 	
                  TEMECULA

                	 	
                  CA

                	 	 	
                  92591

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  344,000.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  1,269.77

                	 	$	
                  346,100.23

                	 	 	
                  9.000

                	 
	
                  17

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92509-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  336,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,080.71

                	 	$	
                  342,687.98

                	 	 	
                  8.875

                	 
	
                  18

                	 	
                  NEW
                    YORK

                	 	
                  NY

                	 	 	
                  10030

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  1,500,000.00

                	 	
                  8/1/2006

                	 	
                  UNITS-2

                	 	$	
                  6,324.06

                	 	$	
                  1,511,568.18

                	 	 	
                  8.500

                	 
	
                  19

                	 	
                  RENO

                	 	
                  NV

                	 	 	
                  89506

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  312,000.00

                	 	
                  8/1/2006

                	 	
                  SFR

                	 	$	
                  1,003.52

                	 	$	
                  321,121.66

                	 	 	
                  8.500

                	 
	
                  20

                	 	
                  VALLEJO

                	 	
                  CA

                	 	 	
                  94591

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  600,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,816.95

                	 	$	
                  610,198.26

                	 	 	
                  8.125

                	 
	
                  21

                	 	
                  SALINAS

                	 	
                  CA

                	 	 	
                  93906

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  572,000.00

                	 	
                  8/1/2006

                	 	
                  SFR

                	 	$	
                  1,839.78

                	 	$	
                  587,770.27

                	 	 	
                  8.250

                	 
	
                  22

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90044

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  356,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,145.04

                	 	$	
                  358,051.38

                	 	 	
                  8.625

                	 
	
                  23

                	 	
                  SANTA
                    ROSA

                	 	
                  CA

                	 	 	
                  95401

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  400,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,011.42

                	 	$	
                  408,834.87

                	 	 	
                  8.500

                	 
	
                  24

                	 	
                  HANAPEPE

                	 	
                  HI

                	 	 	
                  96716

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  337,600.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,085.86

                	 	$	
                  344,355.98

                	 	 	
                  9.000

                	 
	
                  25

                	 	
                  CHESAPEAKE

                	 	
                  VA

                	 	 	
                  23323

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  168,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  579.80

                	 	$	
                  170,228.27

                	 	 	
                  8.625

                	 
	
                  26

                	 	
                  COUNTY
                    OF KERN

                	 	
                  CA

                	 	 	
                  93308-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  200,000.00

                	 	
                  1/1/2007

                	 	
                  UNITS-2

                	 	$	
                  643.28

                	 	$	
                  203,101.37

                	 	 	
                  9.125

                	 
	
                  27

                	 	
                  PLACENTIA

                	 	
                  CA

                	 	 	
                  92870

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  436,000.00

                	 	
                  1/1/2007

                	 	
                  CONDO

                	 	$	
                  1,402.35

                	 	$	
                  439,387.50

                	 	 	
                  8.625

                	 
	
                  28

                	 	
                  CARSON

                	 	
                  CA

                	 	 	
                  90746

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  496,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,595.33

                	 	$	
                  503,856.10

                	 	 	
                  8.625

                	 
	
                  29

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95212

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  331,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,064.63

                	 	$	
                  334,374.52

                	 	 	
                  9.000

                	 
	
                  30

                	 	
                  FAIRFIELD

                	 	
                  CA

                	 	 	
                  94533

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  424,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,072.11

                	 	$	
                  431,947.93

                	 	 	
                  9.125

                	 
	
                  31

                	 	
                  BURBANK

                	 	
                  CA

                	 	 	
                  91505

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  544,000.00

                	 	
                  1/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,749.72

                	 	$	
                  552,435.72

                	 	 	
                  9.125

                	 
	
                  32

                	 	
                  FULLERTON

                	 	
                  CA

                	 	 	
                  92833-1865

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  604,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,942.70

                	 	$	
                  610,030.56

                	 	 	
                  8.625

                	 
	
                  33

                	 	
                  LANCASTER

                	 	
                  CA

                	 	 	
                  93536

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  424,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,363.75

                	 	$	
                  427,823.84

                	 	 	
                  9.125

                	 
	
                  34

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92707

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  520,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,672.53

                	 	$	
                  527,335.59

                	 	 	
                  9.375

                	 
	
                  35

                	 	
                  SIMI
                    VALLEY

                	 	
                  CA

                	 	 	
                  93063

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  872,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  2,804.70

                	 	$	
                  881,806.69

                	 	 	
                  9.375

                	 
	
                  36

                	 	
                  VICTORVILLE

                	 	
                  CA

                	 	 	
                  92394

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  279,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  897.37

                	 	$	
                  282,406.41

                	 	 	
                  8.625

                	 
	
                  37

                	 	
                  PALMDALE

                	 	
                  CA

                	 	 	
                  93591

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  270,750.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  934.41

                	 	$	
                  272,638.67

                	 	 	
                  8.250

                	 
	
                  38

                	 	
                  ONTARIO

                	 	
                  CA

                	 	 	
                  91764-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  317,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,019.60

                	 	$	
                  320,903.91

                	 	 	
                  8.625

                	 
	
                  39

                	 	
                  MONTEREY

                	 	
                  CA

                	 	 	
                  93940

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  544,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,749.72

                	 	$	
                  550,289.64

                	 	 	
                  9.125

                	 
	
                  40

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95122

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  320,000.00

                	 	
                  12/1/2006

                	 	
                  CONDO

                	 	$	
                  809.14

                	 	$	
                  327,750.01

                	 	 	
                  9.000

                	 
	
                  41

                	 	
                  CONCORD

                	 	
                  CA

                	 	 	
                  94520

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  432,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,389.48

                	 	$	
                  440,921.13

                	 	 	
                  9.125

                	 
	
                  42

                	 	
                  SOUTH
                    JORDAN

                	 	
                  UT

                	 	 	
                  84095

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  247,950.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  855.73

                	 	$	
                  251,819.78

                	 	 	
                  8.250

                	 
	
                  43

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90601

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  716,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  2,302.94

                	 	$	
                  727,102.90

                	 	 	
                  9.000

                	 
	
                  44

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95206

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  332,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,067.84

                	 	$	
                  338,033.95

                	 	 	
                  9.125

                	 
	
                  45

                	 	
                  CERES

                	 	
                  CA

                	 	 	
                  95307

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  364,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  920.40

                	 	$	
                  372,039.67

                	 	 	
                  8.500

                	 
	
                  46

                	 	
                  SALINAS

                	 	
                  CA

                	 	 	
                  93908

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  664,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,135.69

                	 	$	
                  675,435.13

                	 	 	
                  8.875

                	 
	
                  47

                	 	
                  RAMONA

                	 	
                  CA

                	 	 	
                  92065

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  432,000.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  1,389.48

                	 	$	
                  440,645.15

                	 	 	
                  9.000

                	 
	
                  48

                	 	
                  SUNNYVALE

                	 	
                  CA

                	 	 	
                  94086

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  675,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,706.78

                	 	$	
                  689,908.34

                	 	 	
                  8.500

                	 
	
                  49

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95205

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  266,250.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  918.88

                	 	$	
                  268,712.94

                	 	 	
                  8.625

                	 
	
                  50

                	 	
                  MONTEREY

                	 	
                  CA

                	 	 	
                  93940

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  546,400.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,757.44

                	 	$	
                  558,933.88

                	 	 	
                  8.750

                	 
	
                  51

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91730

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  307,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  850.92

                	 	$	
                  311,581.15

                	 	 	
                  8.375

                	 
	
                  52

                	 	
                  MODESTO

                	 	
                  CA

                	 	 	
                  95355

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  300,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  964.92

                	 	$	
                  305,507.28

                	 	 	
                  8.250

                	 
	
                  53

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95203

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  240,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  885.89

                	 	$	
                  242,382.06

                	 	 	
                  9.375

                	 
	
                  54

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95122

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  460,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,479.54

                	 	$	
                  465,543.83

                	 	 	
                  8.625

                	 
	
                  55

                	 	
                  WATSONVILLE

                	 	
                  CA

                	 	 	
                  95076

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  750,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,412.30

                	 	$	
                  758,276.85

                	 	 	
                  9.125

                	 
	
                  56

                	 	
                  TRACY

                	 	
                  CA

                	 	 	
                  95376

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  345,600.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,275.68

                	 	$	
                  349,259.86

                	 	 	
                  9.375

                	 
	
                  57

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95116

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  480,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,271.26

                	 	$	
                  486,350.96

                	 	 	
                  9.000

                	 
	
                  58

                	 	
                  FRESNO

                	 	
                  CA

                	 	 	
                  93722

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  165,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  530.71

                	 	$	
                  167,614.24

                	 	 	
                  8.375

                	 
	
                  59

                	 	
                  SALEM

                	 	
                  OR

                	 	 	
                  97306

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  225,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  776.52

                	 	$	
                  228,494.16

                	 	 	
                  8.625

                	 
	
                  60

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95112

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  521,250.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  2,337.74

                	 	$	
                  525,890.38

                	 	 	
                  8.875

                	 
	
                  61

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95123-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  621,600.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,965.14

                	 	$	
                  629,468.40

                	 	 	
                  8.875

                	 
	
                  62

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92553

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  305,600.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  982.93

                	 	$	
                  309,124.62

                	 	 	
                  8.750

                	 
	
                  63

                	 	
                  MESA

                	 	
                  AZ

                	 	 	
                  85203

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  98,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  309.82

                	 	$	
                  98,812.47

                	 	 	
                  8.750

                	 
	
                  64

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95128

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  591,200.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,565.76

                	 	$	
                  597,501.55

                	 	 	
                  8.500

                	 
	
                  65

                	 	
                  PORTERVILLE

                	 	
                  CA

                	 	 	
                  93257

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  256,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  823.40

                	 	$	
                  259,287.46

                	 	 	
                  8.875

                	 
	
                  66

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95127

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  528,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,335.08

                	 	$	
                  532,692.52

                	 	 	
                  9.250

                	 
	
                  67

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95127

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  532,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,408.98

                	 	$	
                  539,408.49

                	 	 	
                  8.625

                	 
	
                  68

                	 	
                  UKIAH

                	 	
                  CA

                	 	 	
                  95482

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  305,500.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  809.10

                	 	$	
                  309,947.59

                	 	 	
                  8.875

                	 
	
                  69

                	 	
                  NEWARK

                	 	
                  CA

                	 	 	
                  94560

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  520,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,377.20

                	 	$	
                  527,405.84

                	 	 	
                  8.750

                	 
	
                  70

                	 	
                  SUNNYVALE

                	 	
                  CA

                	 	 	
                  94087

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  825,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,184.97

                	 	$	
                  832,948.49

                	 	 	
                  8.875

                	 
	
                  71

                	 	
                  HUGHSON

                	 	
                  CA

                	 	 	
                  95326

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  336,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  889.88

                	 	$	
                  340,714.66

                	 	 	
                  8.875

                	 
	
                  72

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95136

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  585,200.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  2,160.09

                	 	$	
                  582,746.68

                	 	 	
                  9.500

                	 
	
                  73

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92701

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  488,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,292.44

                	 	$	
                  494,795.78

                	 	 	
                  8.625

                	 
	
                  74

                	 	
                  SAN
                    LEANDRO

                	 	
                  CA

                	 	 	
                  94577

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  330,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,391.29

                	 	$	
                  332,037.32

                	 	 	
                  8.750

                	 
	
                  75

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95123

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  400,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,059.38

                	 	$	
                  403,884.26

                	 	 	
                  9.000

                	 
	
                  76

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95209

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  268,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  861.99

                	 	$	
                  269,008.43

                	 	 	
                  8.375

                	 
	
                  77

                	 	
                  ORANGE

                	 	
                  CA

                	 	 	
                  92867

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  460,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,479.54

                	 	$	
                  463,955.70

                	 	 	
                  9.000

                	 
	
                  78

                	 	
                  VACAVILLE

                	 	
                  CA

                	 	 	
                  95687-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  432,800.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,146.25

                	 	$	
                  434,584.17

                	 	 	
                  8.125

                	 
	
                  79

                	 	
                  CASTAIC

                	 	
                  CA

                	 	 	
                  91384

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  549,600.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,767.73

                	 	$	
                  554,038.20

                	 	 	
                  8.625

                	 
	
                  80

                	 	
                  MODESTO

                	 	
                  CA

                	 	 	
                  95350

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  202,950.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  750.14

                	 	$	
                  203,531.72

                	 	 	
                  7.875

                	 
	
                  81

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95124

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  600,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,929.84

                	 	$	
                  602,632.66

                	 	 	
                  9.125

                	 
	
                  82

                	 	
                  PATTERSON

                	 	
                  CA

                	 	 	
                  95363

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  504,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,621.06

                	 	$	
                  504,000.00

                	 	 	
                  8.750

                	 
	
                  83

                	 	
                  OCEANSIDE

                	 	
                  CA

                	 	 	
                  92056

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  420,000.00

                	 	
                  8/1/2006

                	 	
                  SFR

                	 	$	
                  1,062.00

                	 	$	
                  439,524.04

                	 	 	
                  8.875

                	 
	
                  84

                	 	
                  MENIFEE

                	 	
                  CA

                	 	 	
                  92584

                	 	 	
                  360

                	 	 	
                  9.875

                	 	$	
                  367,150.00

                	 	
                  11/1/2006

                	 	
                  PUD

                	 	$	
                  1,180.90

                	 	$	
                  377,645.27

                	 	 	
                  9.875

                	 
	
                  85

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90037

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  400,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,286.56

                	 	$	
                  407,919.43

                	 	 	
                  9.000

                	 
	
                  86

                	 	
                  YUCAIPA

                	 	
                  CA

                	 	 	
                  92399

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  477,600.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,762.92

                	 	$	
                  484,665.18

                	 	 	
                  9.250

                	 
	
                  87

                	 	
                  PINE
                    GROVE

                	 	
                  CO

                	 	 	
                  80470

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  224,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  720.47

                	 	$	
                  226,922.85

                	 	 	
                  8.375

                	 
	
                  88

                	 	
                  SAN
                    JUAN CAPISTRANO

                	 	
                  CA

                	 	 	
                  92675

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  500,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,264.28

                	 	$	
                  511,682.59

                	 	 	
                  8.750

                	 
	
                  89

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90007

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  650,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,090.66

                	 	$	
                  656,354.17

                	 	 	
                  9.375

                	 
	
                  90

                	 	
                  NORTH
                    HOLLYWOOD

                	 	
                  CA

                	 	 	
                  91606-

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  740,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  2,731.49

                	 	$	
                  750,946.92

                	 	 	
                  9.375

                	 
	
                  91

                	 	
                  HANFORD

                	 	
                  CA

                	 	 	
                  93230

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  151,500.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  487.28

                	 	$	
                  153,879.00

                	 	 	
                  9.250

                	 
	
                  92

                	 	
                  BAKERSFIELD

                	 	
                  CA

                	 	 	
                  93306

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  220,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  707.61

                	 	$	
                  222,541.14

                	 	 	
                  9.375

                	 
	
                  93

                	 	
                  HESPERIA

                	 	
                  CA

                	 	 	
                  92345

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  300,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  758.57

                	 	$	
                  305,922.46

                	 	 	
                  9.250

                	 
	
                  94

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92805

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  520,000.00

                	 	
                  2/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,919.42

                	 	$	
                  525,506.75

                	 	 	
                  9.375

                	 
	
                  95

                	 	
                  BEAVERTON

                	 	
                  OR

                	 	 	
                  97007-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  288,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  926.32

                	 	$	
                  290,603.15

                	 	 	
                  8.250

                	 
	
                  96

                	 	
                  FRESNO

                	 	
                  CA

                	 	 	
                  93711

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  374,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,202.93

                	 	$	
                  377,812.92

                	 	 	
                  8.750

                	 
	
                  97

                	 	
                  PANORAMA
                    CITY

                	 	
                  CA

                	 	 	
                  91402

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  416,000.00

                	 	
                  2/1/2007

                	 	
                  CONDO

                	 	$	
                  1,535.54

                	 	$	
                  419,998.24

                	 	 	
                  9.375

                	 
	
                  98

                	 	
                  BREA

                	 	
                  CA

                	 	 	
                  92821

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  650,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,883.92

                	 	$	
                  657,604.39

                	 	 	
                  8.625

                	 
	
                  99

                	 	
                  AZUSA

                	 	
                  CA

                	 	 	
                  91702

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  444,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,342.21

                	 	$	
                  451,698.68

                	 	 	
                  9.125

                	 
	
                  100

                	 	
                  ALTADENA

                	 	
                  CA

                	 	 	
                  91001-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  492,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,582.47

                	 	$	
                  484,623.18

                	 	 	
                  9.125

                	 
	
                  101

                	 	
                  FRESNO

                	 	
                  CA

                	 	 	
                  93722

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  228,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  841.59

                	 	$	
                  230,414.51

                	 	 	
                  9.375

                	 
	
                  102

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  91343

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  464,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,402.67

                	 	$	
                  470,168.66

                	 	 	
                  9.375

                	 
	
                  103

                	 	
                  GARDEN
                    GROVE

                	 	
                  CA

                	 	 	
                  92840

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  528,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,948.95

                	 	$	
                  533,591.46

                	 	 	
                  9.375

                	 
	
                  104

                	 	
                  INGLEWOOD

                	 	
                  CA

                	 	 	
                  90303

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  464,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,712.71

                	 	$	
                  470,864.06

                	 	 	
                  9.375

                	 
	
                  105

                	 	
                  COMPTON

                	 	
                  CA

                	 	 	
                  90222

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  348,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,052.00

                	 	$	
                  352,626.51

                	 	 	
                  9.375

                	 
	
                  106

                	 	
                  SAN
                    FERNANDO

                	 	
                  CA

                	 	 	
                  91340

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  448,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,653.66

                	 	$	
                  450,704.52

                	 	 	
                  9.375

                	 
	
                  107

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92503

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  377,600.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,214.51

                	 	$	
                  381,965.75

                	 	 	
                  9.250

                	 
	
                  108

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90059

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  352,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,132.17

                	 	$	
                  355,662.52

                	 	 	
                  8.875

                	 
	
                  109

                	 	
                  ARLETA

                	 	
                  CA

                	 	 	
                  91331

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  416,000.00

                	 	
                  2/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,435.70

                	 	$	
                  420,740.15

                	 	 	
                  8.625

                	 
	
                  110

                	 	
                  GARDENA

                	 	
                  CA

                	 	 	
                  90249

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  344,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  869.82

                	 	$	
                  348,934.98

                	 	 	
                  9.250

                	 
	
                  111

                	 	
                  ROTONDA
                    WEST

                	 	
                  FL

                	 	 	
                  33947

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  360,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,242.43

                	 	$	
                  363,589.18

                	 	 	
                  8.875

                	 
	
                  112

                	 	
                  NORWALK

                	 	
                  CA

                	 	 	
                  90650

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  394,400.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,268.55

                	 	$	
                  396,755.10

                	 	 	
                  8.750

                	 
	
                  113

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90062

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  390,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,254.39

                	 	$	
                  392,150.78

                	 	 	
                  8.625

                	 
	
                  114

                	 	
                  PORT
                    HUENEME

                	 	
                  CA

                	 	 	
                  93041

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  330,000.00

                	 	
                  2/1/2007

                	 	
                  CONDO

                	 	$	
                  1,573.57

                	 	$	
                  331,892.46

                	 	 	
                  8.625

                	 
	
                  115

                	 	
                  NOVATO

                	 	
                  CA

                	 	 	
                  94945

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  748,800.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  2,763.97

                	 	$	
                  756,729.71

                	 	 	
                  9.375

                	 
	
                  116

                	 	
                  PANORAMA
                    CITY

                	 	
                  CA

                	 	 	
                  91402

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  452,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,668.42

                	 	$	
                  454,901.49

                	 	 	
                  9.375

                	 
	
                  117

                	 	
                  WEST
                    COVINA

                	 	
                  CA

                	 	 	
                  91792

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  457,600.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,383.32

                	 	$	
                  461,462.02

                	 	 	
                  9.375

                	 
	
                  118

                	 	
                  SYLMAR

                	 	
                  CA

                	 	 	
                  91342

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  400,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,011.42

                	 	$	
                  405,527.65

                	 	 	
                  9.125

                	 
	
                  119

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90006

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  520,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,672.53

                	 	$	
                  525,982.57

                	 	 	
                  9.375

                	 
	
                  120

                	 	
                  WAIANAE

                	 	
                  HI

                	 	 	
                  96792

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  324,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  858.10

                	 	$	
                  326,985.77

                	 	 	
                  8.625

                	 
	
                  121

                	 	
                  NORTH
                    HOLLYWOOD

                	 	
                  CA

                	 	 	
                  91601

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  520,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,314.85

                	 	$	
                  527,514.61

                	 	 	
                  9.375

                	 
	
                  122

                	 	
                  LANCASTER

                	 	
                  CA

                	 	 	
                  93535

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  213,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  685.09

                	 	$	
                  215,373.12

                	 	 	
                  9.125

                	 
	
                  123

                	 	
                  SPRING
                    HILL

                	 	
                  FL

                	 	 	
                  34608

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  240,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  725.52

                	 	$	
                  242,333.06

                	 	 	
                  9.375

                	 
	
                  124

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95820

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  239,700.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  694.73

                	 	$	
                  243,907.56

                	 	 	
                  8.625

                	 
	
                  125

                	 	
                  PACOIMA

                	 	
                  CA

                	 	 	
                  91331

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  448,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,440.95

                	 	$	
                  449,029.64

                	 	 	
                  9.375

                	 
	
                  126

                	 	
                  CONCORD

                	 	
                  CA

                	 	 	
                  94520

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  420,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,269.66

                	 	$	
                  423,544.68

                	 	 	
                  9.375

                	 
	
                  127

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92503

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  304,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  977.78

                	 	$	
                  306,101.28

                	 	 	
                  9.375

                	 
	
                  128

                	 	
                  CARSON

                	 	
                  CA

                	 	 	
                  90746

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  432,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,389.48

                	 	$	
                  433,814.74

                	 	 	
                  9.375

                	 
	
                  129

                	 	
                  ARLETA

                	 	
                  CA

                	 	 	
                  91331

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  440,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,415.21

                	 	$	
                  444,060.38

                	 	 	
                  9.375

                	 
	
                  130

                	 	
                  BURBANK

                	 	
                  CA

                	 	 	
                  91501

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  720,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  2,315.80

                	 	$	
                  728,476.32

                	 	 	
                  9.375

                	 
	
                  131

                	 	
                  PACOIMA

                	 	
                  CA

                	 	 	
                  91331

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  408,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,312.29

                	 	$	
                  410,169.70

                	 	 	
                  9.375

                	 
	
                  132

                	 	
                  COMPTON

                	 	
                  CA

                	 	 	
                  90221

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  388,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,247.96

                	 	$	
                  391,591.72

                	 	 	
                  9.125

                	 
	
                  133

                	 	
                  POWAY

                	 	
                  CA

                	 	 	
                  92064

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  412,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,041.77

                	 	$	
                  415,747.83

                	 	 	
                  9.375

                	 
	
                  134

                	 	
                  MONTEBELLO

                	 	
                  CA

                	 	 	
                  90640

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  496,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,830.83

                	 	$	
                  499,183.93

                	 	 	
                  9.375

                	 
	
                  135

                	 	
                  NORTH
                    HOLLYWOOD

                	 	
                  CA

                	 	 	
                  91605

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  480,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,213.71

                	 	$	
                  484,366.41

                	 	 	
                  9.375

                	 
	
                  136

                	 	
                  MOUNTAIN
                    HOUSE

                	 	
                  CA

                	 	 	
                  95391

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  548,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,762.58

                	 	$	
                  550,783.76

                	 	 	
                  9.000

                	 
	
                  137

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92335

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  324,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,197.57

                	 	$	
                  327,656.71

                	 	 	
                  8.875

                	 
	
                  138

                	 	
                  VICTORVILLE

                	 	
                  CA

                	 	 	
                  92392

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  338,600.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,168.58

                	 	$	
                  342,608.86

                	 	 	
                  8.875

                	 
	
                  139

                	 	
                  FOLSOM

                	 	
                  CA

                	 	 	
                  95630

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  457,200.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,156.06

                	 	$	
                  460,752.95

                	 	 	
                  9.375

                	 
	
                  140

                	 	
                  WEST
                    PALM BEACH

                	 	
                  FL

                	 	 	
                  33412-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  369,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,186.85

                	 	$	
                  371,319.07

                	 	 	
                  9.000

                	 
	
                  141

                	 	
                  HESPERIA

                	 	
                  CA

                	 	 	
                  92345

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  364,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  920.40

                	 	$	
                  367,311.18

                	 	 	
                  9.375

                	 
	
                  142

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90023

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  480,000.00

                	 	
                  4/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,543.87

                	 	$	
                  484,530.12

                	 	 	
                  9.500

                	 
	
                  143

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92504

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  280,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  900.59

                	 	$	
                  282,055.86

                	 	 	
                  8.250

                	 
	
                  144

                	 	
                  GALT

                	 	
                  CA

                	 	 	
                  95632-

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  320,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,181.18

                	 	$	
                  322,709.97

                	 	 	
                  9.500

                	 
	
                  145

                	 	
                  AIEA

                	 	
                  HI

                	 	 	
                  96701

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  528,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,335.08

                	 	$	
                  533,656.93

                	 	 	
                  9.375

                	 
	
                  146

                	 	
                  KAPOLEI

                	 	
                  HI

                	 	 	
                  96707

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  564,800.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  1,785.57

                	 	$	
                  569,482.53

                	 	 	
                  8.750

                	 
	
                  147

                	 	
                  SILVERDALE

                	 	
                  WA

                	 	 	
                  98383

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  384,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,417.42

                	 	$	
                  384,000.00

                	 	 	
                  8.250

                	 
	
                  148

                	 	
                  EL
                    MONTE

                	 	
                  CA

                	 	 	
                  91733

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  384,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,235.10

                	 	$	
                  386,292.98

                	 	 	
                  8.750

                	 
	
                  149

                	 	
                  ARLETA

                	 	
                  CA

                	 	 	
                  91331

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  448,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,440.95

                	 	$	
                  451,143.51

                	 	 	
                  9.375

                	 
	
                  150

                	 	
                  HENDERSON

                	 	
                  NV

                	 	 	
                  89015-7134

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  304,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  768.68

                	 	$	
                  306,650.64

                	 	 	
                  9.250

                	 
	
                  151

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90602

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  448,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,132.80

                	 	$	
                  452,075.30

                	 	 	
                  9.375

                	 
	
                  152

                	 	
                  LAWNDALE

                	 	
                  CA

                	 	 	
                  90260

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  456,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,466.68

                	 	$	
                  459,199.66

                	 	 	
                  9.375

                	 
	
                  153

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89118

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  317,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,250.89

                	 	$	
                  318,896.48

                	 	 	
                  8.250

                	 
	
                  154

                	 	
                  LA
                    MIRADA

                	 	
                  CA

                	 	 	
                  90638

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  488,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,569.60

                	 	$	
                  491,424.21

                	 	 	
                  9.375

                	 
	
                  155

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95122

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  540,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,365.42

                	 	$	
                  545,842.19

                	 	 	
                  9.500

                	 
	
                  156

                	 	
                  RESEDA

                	 	
                  CA

                	 	 	
                  91335

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  576,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,456.45

                	 	$	
                  582,231.67

                	 	 	
                  9.500

                	 
	
                  157

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95131

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  556,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,405.88

                	 	$	
                  561,628.90

                	 	 	
                  9.125

                	 
	
                  158

                	 	
                  AZUSA

                	 	
                  CA

                	 	 	
                  91702

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  359,000.00

                	 	
                  4/1/2007

                	 	
                  UNITS-2

                	 	$	
                  907.75

                	 	$	
                  361,162.24

                	 	 	
                  9.125

                	 
	
                  159

                	 	
                  FRESNO

                	 	
                  CA

                	 	 	
                  93725

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  160,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  590.59

                	 	$	
                  161,357.51

                	 	 	
                  9.500

                	 
	
                  160

                	 	
                  GARDEN
                    GROVE

                	 	
                  CA

                	 	 	
                  92840

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  495,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,251.64

                	 	$	
                  500,355.33

                	 	 	
                  9.500

                	 
	
                  161

                	 	
                  ARLETA

                	 	
                  CA

                	 	 	
                  91331

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  472,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,742.24

                	 	$	
                  474,535.35

                	 	 	
                  9.500

                	 
	
                  162

                	 	
                  OCEANSIDE

                	 	
                  CA

                	 	 	
                  92056

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  448,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,666.35

                	 	$	
                  450,930.83

                	 	 	
                  8.375

                	 
	
                  163

                	 	
                  NORWALK

                	 	
                  CA

                	 	 	
                  90650

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  376,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,387.89

                	 	$	
                  379,190.13

                	 	 	
                  9.500

                	 
	
                  164

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93033

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  464,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,173.25

                	 	$	
                  469,019.96

                	 	 	
                  9.500

                	 
	
                  165

                	 	
                  LA
                    MIRADA

                	 	
                  CA

                	 	 	
                  90638

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  480,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,543.87

                	 	$	
                  484,530.12

                	 	 	
                  9.500

                	 
	
                  166

                	 	
                  PORT
                    HUENEME

                	 	
                  CA

                	 	 	
                  93041

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  308,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,296.88

                	 	$	
                  308,948.95

                	 	 	
                  8.750

                	 
	
                  167

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92336

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  308,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  990.65

                	 	$	
                  310,842.26

                	 	 	
                  9.375

                	 
	
                  168

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92551

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  408,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,080.57

                	 	$	
                  411,802.67

                	 	 	
                  8.750

                	 
	
                  169

                	 	
                  KISSIMMEE

                	 	
                  FL

                	 	 	
                  34578

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  173,600.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  730.97

                	 	$	
                  174,134.86

                	 	 	
                  8.750

                	 
	
                  170

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93030

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  440,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,415.21

                	 	$	
                  444,152.62

                	 	 	
                  9.500

                	 
	
                  171

                	 	
                  SANTA
                    CLARITA

                	 	
                  CA

                	 	 	
                  91321

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  475,200.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,436.53

                	 	$	
                  477,525.47

                	 	 	
                  9.500

                	 
	
                  172

                	 	
                  UNIVERSITY
                    PLACE

                	 	
                  WA

                	 	 	
                  98466

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  545,600.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,445.00

                	 	$	
                  547,962.83

                	 	 	
                  8.375

                	 
	
                  173

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90043

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  341,600.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,078.10

                	 	$	
                  343,012.73

                	 	 	
                  8.750

                	 
	
                  174

                	 	
                  TUCSON

                	 	
                  AZ

                	 	 	
                  85706

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  140,200.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  553.96

                	 	$	
                  140,639.12

                	 	 	
                  8.500

                	 
	
                  175

                	 	
                  PERRIS

                	 	
                  CA

                	 	 	
                  92570

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  427,500.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,294.58

                	 	$	
                  427,500.00

                	 	 	
                  8.750

                	 
	
                  176

                	 	
                  GRANADA
                    HILLS

                	 	
                  CA

                	 	 	
                  91344

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  441,400.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,641.80

                	 	$	
                  442,884.78

                	 	 	
                  8.500

                	 
	
                  177

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95210

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  308,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  853.69

                	 	$	
                  309,392.14

                	 	 	
                  8.750

                	 
	
                  178

                	 	
                  LAWNDALE

                	 	
                  CA

                	 	 	
                  90260

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  353,200.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,303.73

                	 	$	
                  354,692.44

                	 	 	
                  9.500

                	 
	
                  179

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95128

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  500,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,608.20

                	 	$	
                  502,037.63

                	 	 	
                  8.750

                	 
	
                  180

                	 	
                  LAMONT

                	 	
                  CA

                	 	 	
                  93241

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  160,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  673.70

                	 	$	
                  160,392.97

                	 	 	
                  8.000

                	 
	
                  181

                	 	
                  ROSEBURG

                	 	
                  OR

                	 	 	
                  97470

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  216,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  968.73

                	 	$	
                  216,538.77

                	 	 	
                  8.375

                	 
	
                  182

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91701-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  342,400.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,263.87

                	 	$	
                  343,525.80

                	 	 	
                  8.375

                	 
	
                  183

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89108

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  348,700.00

                	 	
                  5/1/2007

                	 	
                  UNITS-4

                	 	$	
                  1,737.22

                	 	$	
                  349,505.38

                	 	 	
                  8.750

                	 
	
                  184

                	 	
                  LYNNWOOD

                	 	
                  WA

                	 	 	
                  98037

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  543,900.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,877.11

                	 	$	
                  543,900.00

                	 	 	
                  8.125

                	 
	
                  185

                	 	
                  NORTH
                    HILLS

                	 	
                  CA

                	 	 	
                  91343

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  412,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,520.77

                	 	$	
                  413,397.56

                	 	 	
                  8.500

                	 
	
                  186

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89121

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  193,600.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  714.62

                	 	$	
                  193,600.00

                	 	 	
                  8.375

                	 
	
                  187

                	 	
                  LA
                    MIRADA

                	 	
                  CA

                	 	 	
                  90638

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  440,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,388.65

                	 	$	
                  441,682.18

                	 	 	
                  8.375

                	 
	
                  188

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89178

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  258,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,019.41

                	 	$	
                  258,000.00

                	 	 	
                  8.750

                	 
	
                  189

                	 	
                  INGLEWOOD

                	 	
                  CA

                	 	 	
                  90301

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  198,000.00

                	 	
                  10/1/2006

                	 	
                  CONDO

                	 	$	
                  916.97

                	 	$	
                  202,581.36

                	 	 	
                  9.375

                	 
	
                  190

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89148

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  245,000.00

                	 	
                  10/1/2006

                	 	
                  PUD

                	 	$	
                  1,049.52

                	 	$	
                  248,636.23

                	 	 	
                  8.625

                	 
	
                  191

                	 	
                  LAWRENCE

                	 	
                  MA

                	 	 	
                  01841

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  236,250.00

                	 	
                  9/1/2006

                	 	
                  UNITS-3

                	 	$	
                  815.35

                	 	$	
                  242,172.63

                	 	 	
                  8.125

                	 
	
                  192

                	 	
                  WAREHAM

                	 	
                  MA

                	 	 	
                  02571

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  283,200.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  977.38

                	 	$	
                  289,324.08

                	 	 	
                  7.875

                	 
	
                  193

                	 	
                  DANBURY

                	 	
                  CT

                	 	 	
                  06810

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  285,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,360.63

                	 	$	
                  290,678.23

                	 	 	
                  9.000

                	 
	
                  194

                	 	
                  SAN
                    LEANDRO

                	 	
                  CA

                	 	 	
                  94577

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  320,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,066.41

                	 	$	
                  326,159.63

                	 	 	
                  8.250

                	 
	
                  195

                	 	
                  LAGUNA
                    WOODS

                	 	
                  CA

                	 	 	
                  92637

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  103,000.00

                	 	
                  12/1/2006

                	 	
                  CONDO

                	 	$	
                  331.29

                	 	$	
                  104,656.10

                	 	 	
                  8.125

                	 
	
                  196

                	 	
                  NORTHRIDGE

                	 	
                  CA

                	 	 	
                  91324

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  750,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  2,679.33

                	 	$	
                  759,150.33

                	 	 	
                  8.625

                	 
	
                  197

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95829-

                	 	 	
                  360

                	 	 	
                  7

                	 	$	
                  744,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  2,393.00

                	 	$	
                  751,824.49

                	 	 	
                  7.000

                	 
	
                  198

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95835

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  452,000.00

                	 	
                  7/1/2006

                	 	
                  SFR

                	 	$	
                  1,366.39

                	 	$	
                  465,876.47

                	 	 	
                  8.500

                	 
	
                  199

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95126

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  952,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  3,062.01

                	 	$	
                  965,151.73

                	 	 	
                  8.625

                	 
	
                  200

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90044

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  432,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,389.48

                	 	$	
                  441,289.06

                	 	 	
                  9.375

                	 
	
                  201

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95122

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  496,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,595.33

                	 	$	
                  505,820.14

                	 	 	
                  9.000

                	 
	
                  202

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95210

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  310,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  997.08

                	 	$	
                  315,478.24

                	 	 	
                  8.500

                	 
	
                  203

                	 	
                  DALLAS

                	 	
                  TX

                	 	 	
                  75229-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  292,000.00

                	 	
                  1/1/2007

                	 	
                  UNITS-4

                	 	$	
                  1,007.75

                	 	$	
                  296,801.27

                	 	 	
                  8.625

                	 
	
                  204

                	 	
                  EVERSON

                	 	
                  WA

                	 	 	
                  98247

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  268,800.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  864.57

                	 	$	
                  271,286.15

                	 	 	
                  8.375

                	 
	
                  205

                	 	
                  SOUTH
                    SAN FRANCISCO

                	 	
                  CA

                	 	 	
                  94080

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  424,000.00

                	 	
                  1/1/2007

                	 	
                  CONDO

                	 	$	
                  1,072.11

                	 	$	
                  431,426.69

                	 	 	
                  8.500

                	 
	
                  206

                	 	
                  VALLEJO

                	 	
                  CA

                	 	 	
                  94590

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  368,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,183.63

                	 	$	
                  373,706.53

                	 	 	
                  9.125

                	 
	
                  207

                	 	
                  SEDRO
                    WOOLLEY

                	 	
                  WA

                	 	 	
                  98284

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  142,500.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  491.80

                	 	$	
                  143,803.19

                	 	 	
                  8.500

                	 
	
                  208

                	 	
                  LOXAHATCHEE

                	 	
                  FL

                	 	 	
                  33470

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  400,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,286.56

                	 	$	
                  404,414.33

                	 	 	
                  9.125

                	 
	
                  209

                	 	
                  FORT
                    BRAGG

                	 	
                  CA

                	 	 	
                  95437

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  384,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,235.10

                	 	$	
                  392,311.29

                	 	 	
                  8.875

                	 
	
                  210

                	 	
                  YUBA
                    CITY

                	 	
                  CA

                	 	 	
                  95993

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  388,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,247.96

                	 	$	
                  392,281.91

                	 	 	
                  9.125

                	 
	
                  211

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95122

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  528,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,698.26

                	 	$	
                  533,826.91

                	 	 	
                  9.125

                	 
	
                  212

                	 	
                  EUGENE

                	 	
                  OR

                	 	 	
                  97401

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  243,900.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  841.75

                	 	$	
                  246,938.35

                	 	 	
                  8.625

                	 
	
                  213

                	 	
                  DALY
                    CITY

                	 	
                  CA

                	 	 	
                  94015

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  720,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,315.80

                	 	$	
                  727,945.82

                	 	 	
                  9.125

                	 
	
                  214

                	 	
                  TUCSON

                	 	
                  AZ

                	 	 	
                  85718

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  460,800.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,482.11

                	 	$	
                  465,739.94

                	 	 	
                  8.875

                	 
	
                  215

                	 	
                  TEMPE

                	 	
                  AZ

                	 	 	
                  85282

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  344,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,106.44

                	 	$	
                  347,475.89

                	 	 	
                  7.875

                	 
	
                  216

                	 	
                  DIXON

                	 	
                  CA

                	 	 	
                  95620-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  720,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,906.89

                	 	$	
                  734,588.52

                	 	 	
                  9.125

                	 
	
                  217

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89131

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  732,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  2,354.40

                	 	$	
                  739,154.69

                	 	 	
                  8.625

                	 
	
                  218

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95212

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  440,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,415.21

                	 	$	
                  445,928.65

                	 	 	
                  9.125

                	 
	
                  219

                	 	
                  FAIRFIELD

                	 	
                  CA

                	 	 	
                  94534

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  373,600.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,201.65

                	 	$	
                  378,594.20

                	 	 	
                  9.125

                	 
	
                  220

                	 	
                  CITRUS
                    HEIGHTS

                	 	
                  CA

                	 	 	
                  95621

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  285,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  901.01

                	 	$	
                  286,834.02

                	 	 	
                  8.375

                	 
	
                  221

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95135

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  740,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  2,380.13

                	 	$	
                  750,361.07

                	 	 	
                  9.375

                	 
	
                  222

                	 	
                  MODESTO

                	 	
                  CA

                	 	 	
                  95358

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  288,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  926.32

                	 	$	
                  291,265.06

                	 	 	
                  8.875

                	 
	
                  223

                	 	
                  HAYWARD

                	 	
                  CA

                	 	 	
                  94544

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  520,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,919.42

                	 	$	
                  526,589.03

                	 	 	
                  9.375

                	 
	
                  224

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89148

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  305,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,052.62

                	 	$	
                  308,668.11

                	 	 	
                  8.875

                	 
	
                  225

                	 	
                  RODEO

                	 	
                  CA

                	 	 	
                  94572

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  360,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,330.63

                	 	$	
                  363,873.44

                	 	 	
                  8.625

                	 
	
                  226

                	 	
                  SAN
                    FRANCISCO

                	 	
                  CA

                	 	 	
                  94115

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  975,000.00

                	 	
                  3/1/2007

                	 	
                  HR
                    CONDO

                	 	$	
                  3,598.92

                	 	$	
                  983,966.12

                	 	 	
                  8.000

                	 
	
                  227

                	 	
                  UNION
                    CITY

                	 	
                  CA

                	 	 	
                  94587

                	 	 	
                  360

                	 	 	
                  7.75

                	 	$	
                  477,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,534.22

                	 	$	
                  480,710.42

                	 	 	
                  7.750

                	 
	
                  228

                	 	
                  ELK
                    GROVE

                	 	
                  CA

                	 	 	
                  95757

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  424,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,363.75

                	 	$	
                  427,468.44

                	 	 	
                  8.750

                	 
	
                  229

                	 	
                  SAN
                    PABLO

                	 	
                  CA

                	 	 	
                  94806

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  440,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,391.03

                	 	$	
                  443,647.85

                	 	 	
                  8.750

                	 
	
                  230

                	 	
                  SAN
                    DIEGO

                	 	
                  CA

                	 	 	
                  92105

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  532,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,711.12

                	 	$	
                  536,296.08

                	 	 	
                  8.625

                	 
	
                  231

                	 	
                  MIRAMAR

                	 	
                  FL

                	 	 	
                  33029

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  770,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  2,476.62

                	 	$	
                  776,218.02

                	 	 	
                  8.625

                	 
	
                  232

                	 	
                  LONG
                    BEACH

                	 	
                  CA

                	 	 	
                  90802

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  650,000.00

                	 	
                  5/1/2007

                	 	
                  HR
                    CONDO

                	 	$	
                  1,721.49

                	 	$	
                  653,153.51

                	 	 	
                  9.000

                	 
	
                  233

                	 	
                  AUBURN

                	 	
                  CA

                	 	 	
                  95603

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  262,500.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  844.30

                	 	$	
                  265,843.30

                	 	 	
                  8.875

                	 
	
                  234

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95127-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  540,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,736.85

                	 	$	
                  546,934.53

                	 	 	
                  8.875

                	 
	
                  235

                	 	
                  GOLETA

                	 	
                  CA

                	 	 	
                  93117

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  516,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  2,172.69

                	 	$	
                  519,299.28

                	 	 	
                  8.875

                	 
	
                  236

                	 	
                  PLEASANTON

                	 	
                  CA

                	 	 	
                  94588

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  975,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  2,582.24

                	 	$	
                  983,984.97

                	 	 	
                  8.625

                	 
	
                  237

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95116

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  560,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,483.13

                	 	$	
                  567,621.38

                	 	 	
                  8.500

                	 
	
                  238

                	 	
                  OAKLAND

                	 	
                  CA

                	 	 	
                  94607

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  412,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,325.15

                	 	$	
                  416,596.44

                	 	 	
                  8.250

                	 
	
                  239

                	 	
                  COLMA

                	 	
                  CA

                	 	 	
                  94014

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  724,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,288.87

                	 	$	
                  730,305.82

                	 	 	
                  9.000

                	 
	
                  240

                	 	
                  VALLEJO

                	 	
                  CA

                	 	 	
                  94591

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  564,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,493.73

                	 	$	
                  569,433.87

                	 	 	
                  8.875

                	 
	
                  241

                	 	
                  PATTERSON

                	 	
                  CA

                	 	 	
                  95363

                	 	 	
                  360

                	 	 	
                  10.125

                	 	$	
                  648,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,391.90

                	 	$	
                  654,244.97

                	 	 	
                  10.125

                	 
	
                  242

                	 	
                  BERKELEY

                	 	
                  CA

                	 	 	
                  94708

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  1,000,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  3,216.40

                	 	$	
                  1,008,599.33

                	 	 	
                  9.000

                	 
	
                  243

                	 	
                  ROSEVILLE

                	 	
                  CA

                	 	 	
                  95747

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  412,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,421.90

                	 	$	
                  414,917.18

                	 	 	
                  8.375

                	 
	
                  244

                	 	
                  FREMONT

                	 	
                  CA

                	 	 	
                  94538

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  524,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,934.19

                	 	$	
                  522,019.05

                	 	 	
                  9.000

                	 
	
                  245

                	 	
                  RENO

                	 	
                  NV

                	 	 	
                  89502

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  232,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  746.20

                	 	$	
                  233,995.05

                	 	 	
                  9.000

                	 
	
                  246

                	 	
                  SAN
                    FRANCISCO

                	 	
                  CA

                	 	 	
                  94112

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  495,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,829.62

                	 	$	
                  498,572.49

                	 	 	
                  8.750

                	 
	
                  247

                	 	
                  OAKLAND

                	 	
                  CA

                	 	 	
                  94621

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  340,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,093.57

                	 	$	
                  342,888.10

                	 	 	
                  8.875

                	 
	
                  248

                	 	
                  BRENTWOOD

                	 	
                  CA

                	 	 	
                  94513

                	 	 	
                  360

                	 	 	
                  8.734

                	 	$	
                  563,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,082.81

                	 	$	
                  565,518.53

                	 	 	
                  8.734

                	 
	
                  249

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89149-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  346,500.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,555.94

                	 	$	
                  348,448.32

                	 	 	
                  8.750

                	 
	
                  250

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95824

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  297,350.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,026.21

                	 	$	
                  299,424.22

                	 	 	
                  8.250

                	 
	
                  251

                	 	
                  SONOMA

                	 	
                  CA

                	 	 	
                  95476

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  496,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,595.33

                	 	$	
                  499,953.50

                	 	 	
                  8.625

                	 
	
                  252

                	 	
                  KINGMAN

                	 	
                  AZ

                	 	 	
                  86409

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  148,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  391.97

                	 	$	
                  149,193.36

                	 	 	
                  8.000

                	 
	
                  253

                	 	
                  SUISUN
                    CITY

                	 	
                  CA

                	 	 	
                  94585

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  400,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,286.56

                	 	$	
                  401,588.44

                	 	 	
                  8.625

                	 
	
                  254

                	 	
                  HOWEY
                    IN THE HILLS

                	 	
                  FL

                	 	 	
                  34737

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  355,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  940.20

                	 	$	
                  356,537.40

                	 	 	
                  8.375

                	 
	
                  255

                	 	
                  AUBURN

                	 	
                  CA

                	 	 	
                  95602

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  497,200.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,093.53

                	 	$	
                  498,628.30

                	 	 	
                  8.500

                	 
	
                  256

                	 	
                  ALBUQUERQUE

                	 	
                  NM

                	 	 	
                  87111

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  180,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  664.42

                	 	$	
                  180,000.00

                	 	 	
                  8.750

                	 
	
                  257

                	 	
                  COLTON

                	 	
                  CA

                	 	 	
                  92324

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  272,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  874.86

                	 	$	
                  273,165.14

                	 	 	
                  8.875

                	 
	
                  258

                	 	
                  DALY
                    CITY

                	 	
                  CA

                	 	 	
                  94015

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  689,600.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,826.37

                	 	$	
                  700,439.65

                	 	 	
                  9.375

                	 
	
                  259

                	 	
                  HUGO

                	 	
                  MN

                	 	 	
                  55038-

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  520,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,672.53

                	 	$	
                  524,853.03

                	 	 	
                  9.375

                	 
	
                  260

                	 	
                  PARKLAND

                	 	
                  FL

                	 	 	
                  33067

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  1,000,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  3,216.40

                	 	$	
                  1,008,599.33

                	 	 	
                  9.000

                	 
	
                  261

                	 	
                  OLIVEHURST

                	 	
                  CA

                	 	 	
                  95961

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  328,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  950.66

                	 	$	
                  330,720.66

                	 	 	
                  8.375

                	 
	
                  262

                	 	
                  CHULA
                    VISTA

                	 	
                  CA

                	 	 	
                  91913

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  476,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,759.39

                	 	$	
                  476,000.00

                	 	 	
                  8.750

                	 
	
                  263

                	 	
                  PHOENIX

                	 	
                  AZ

                	 	 	
                  85041-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  160,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  514.62

                	 	$	
                  161,359.11

                	 	 	
                  8.875

                	 
	
                  264

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  91304

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  304,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  1,201.17

                	 	$	
                  305,911.07

                	 	 	
                  8.500

                	 
	
                  265

                	 	
                  LAKEWOOD

                	 	
                  CA

                	 	 	
                  90715-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  528,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,669.23

                	 	$	
                  532,377.44

                	 	 	
                  8.750

                	 
	
                  266

                	 	
                  NORWALK

                	 	
                  CA

                	 	 	
                  90650

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  320,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,182.78

                	 	$	
                  321,150.55

                	 	 	
                  8.750

                	 
	
                  267

                	 	
                  GOLETA

                	 	
                  CA

                	 	 	
                  93117

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  640,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,058.49

                	 	$	
                  642,541.51

                	 	 	
                  8.625

                	 
	
                  268

                	 	
                  FAIRFIELD

                	 	
                  CA

                	 	 	
                  94533

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  284,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  752.16

                	 	$	
                  286,468.43

                	 	 	
                  8.375

                	 
	
                  269

                	 	
                  LITHIA

                	 	
                  FL

                	 	 	
                  33547

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  213,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  685.09

                	 	$	
                  213,868.04

                	 	 	
                  8.750

                	 
	
                  270

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95122

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  555,750.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,918.01

                	 	$	
                  555,750.00

                	 	 	
                  8.750

                	 
	
                  271

                	 	
                  KAILUA

                	 	
                  HI

                	 	 	
                  96734

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  548,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,613.08

                	 	$	
                  549,268.59

                	 	 	
                  8.500

                	 
	
                  272

                	 	
                  PARAMOUNT

                	 	
                  CA

                	 	 	
                  90723-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  220,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,049.05

                	 	$	
                  220,440.53

                	 	 	
                  8.125

                	 
	
                  273

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95827

                	 	 	
                  360

                	 	 	
                  7.75

                	 	$	
                  200,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  529.69

                	 	$	
                  200,000.00

                	 	 	
                  7.750

                	 
	
                  274

                	 	
                  SUITLAND

                	 	
                  MD

                	 	 	
                  20746

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  155,600.00

                	 	
                  8/1/2006

                	 	
                  PUD

                	 	$	
                  537.01

                	 	$	
                  159,815.07

                	 	 	
                  7.875

                	 
	
                  275

                	 	
                  WASHINGTON

                	 	
                  DC

                	 	 	
                  20012

                	 	 	
                  360

                	 	 	
                  7.5

                	 	$	
                  260,000.00

                	 	
                  9/1/2006

                	 	
                  SFR

                	 	$	
                  836.26

                	 	$	
                  266,802.70

                	 	 	
                  7.500

                	 
	
                  276

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92802

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  478,400.00

                	 	
                  8/1/2006

                	 	
                  SFR

                	 	$	
                  1,209.66

                	 	$	
                  498,020.05

                	 	 	
                  8.125

                	 
	
                  277

                	 	
                  NORTH
                    HOLLYWOOD AREA

                	 	
                  CA

                	 	 	
                  91601

                	 	 	
                  360

                	 	 	
                  7.625

                	 	$	
                  480,000.00

                	 	
                  9/1/2006

                	 	
                  SFR

                	 	$	
                  1,714.77

                	 	$	
                  489,643.43

                	 	 	
                  7.625

                	 
	
                  278

                	 	
                  WASHINGTON

                	 	
                  DC

                	 	 	
                  20010

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  448,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,440.95

                	 	$	
                  459,552.47

                	 	 	
                  8.375

                	 
	
                  279

                	 	
                  FALLS
                    CHURCH

                	 	
                  VA

                	 	 	
                  22041

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  480,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,543.87

                	 	$	
                  476,796.65

                	 	 	
                  8.375

                	 
	
                  280

                	 	
                  PORT
                    SAINT LUCIE

                	 	
                  FL

                	 	 	
                  34987

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  303,900.00

                	 	
                  11/1/2006

                	 	
                  PUD

                	 	$	
                  977.46

                	 	$	
                  310,093.62

                	 	 	
                  8.125

                	 
	
                  281

                	 	
                  MOUNTAIN
                    VIEW

                	 	
                  HI

                	 	 	
                  96771

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  171,500.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  591.88

                	 	$	
                  174,741.61

                	 	 	
                  9.000

                	 
	
                  282

                	 	
                  KIHEI

                	 	
                  HI

                	 	 	
                  96753

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  700,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,251.48

                	 	$	
                  710,720.31

                	 	 	
                  8.375

                	 
	
                  283

                	 	
                  WAIPAHU

                	 	
                  HI

                	 	 	
                  96797

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  288,000.00

                	 	
                  1/1/2007

                	 	
                  CONDO

                	 	$	
                  926.32

                	 	$	
                  290,862.59

                	 	 	
                  8.250

                	 
	
                  284

                	 	
                  RANCHO
                    CORDOVA

                	 	
                  CA

                	 	 	
                  95742

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  720,000.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  2,315.80

                	 	$	
                  730,479.63

                	 	 	
                  8.750

                	 
	
                  285

                	 	
                  WAIPAHU

                	 	
                  HI

                	 	 	
                  96797

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  432,600.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,391.41

                	 	$	
                  435,228.35

                	 	 	
                  8.875

                	 
	
                  286

                	 	
                  KAHULUI

                	 	
                  HI

                	 	 	
                  96732

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  600,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,929.84

                	 	$	
                  605,423.20

                	 	 	
                  8.375

                	 
	
                  287

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95206

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  194,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  612.27

                	 	$	
                  195,760.28

                	 	 	
                  8.375

                	 
	
                  288

                	 	
                  HONOLULU

                	 	
                  HI

                	 	 	
                  96817

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  476,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,759.39

                	 	$	
                  477,562.69

                	 	 	
                  8.375

                	 
	
                  289

                	 	
                  WAIPAHU

                	 	
                  HI

                	 	 	
                  96797

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  484,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,530.13

                	 	$	
                  485,999.04

                	 	 	
                  8.750

                	 
	
                  290

                	 	
                  HILO

                	 	
                  HI

                	 	 	
                  96720

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  170,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  715.81

                	 	$	
                  170,000.00

                	 	 	
                  7.875

                	 
	
                  291

                	 	
                  KAHULUI

                	 	
                  HI

                	 	 	
                  96732

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  402,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,294.60

                	 	$	
                  402,887.18

                	 	 	
                  8.750

                	 
	
                  292

                	 	
                  EWA
                    BEACH

                	 	
                  HI

                	 	 	
                  96706

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  480,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,271.26

                	 	$	
                  480,000.00

                	 	 	
                  8.375

                	 
	
                  293

                	 	
                  WAIANAE

                	 	
                  HI

                	 	 	
                  96792

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  478,400.00

                	 	
                  6/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,577.66

                	 	$	
                  478,400.00

                	 	 	
                  7.875

                	 
	
                  294

                	 	
                  HONOLULU

                	 	
                  HI

                	 	 	
                  96816-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  175,000.00

                	 	
                  6/1/2007

                	 	
                  CONDO

                	 	$	
                  562.87

                	 	$	
                  175,000.00

                	 	 	
                  8.750

                	 
	
                  295

                	 	
                  OVIEDO

                	 	
                  FL

                	 	 	
                  32766

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  457,500.00

                	 	
                  8/1/2006

                	 	
                  PUD

                	 	$	
                  1,688.72

                	 	$	
                  467,521.89

                	 	 	
                  8.875

                	 
	
                  296

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92503

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  336,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,240.24

                	 	$	
                  342,423.52

                	 	 	
                  8.250

                	 
	
                  297

                	 	
                  SAN
                    JUAN CAPISTRANO

                	 	
                  CA

                	 	 	
                  92675

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  540,000.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,993.25

                	 	$	
                  543,969.51

                	 	 	
                  8.500

                	 
	
                  298

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90606

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  432,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,389.48

                	 	$	
                  442,147.06

                	 	 	
                  9.125

                	 
	
                  299

                	 	
                  ANTIOCH

                	 	
                  CA

                	 	 	
                  94531

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  520,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,314.85

                	 	$	
                  531,485.30

                	 	 	
                  8.375

                	 
	
                  300

                	 	
                  ALOHA

                	 	
                  OR

                	 	 	
                  97006

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  216,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  694.74

                	 	$	
                  220,322.57

                	 	 	
                  9.125

                	 
	
                  301

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92801

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  430,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,299.89

                	 	$	
                  428,236.66

                	 	 	
                  9.000

                	 
	
                  302

                	 	
                  BROWNSTOWN

                	 	
                  MI

                	 	 	
                  48174

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  174,400.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  560.94

                	 	$	
                  176,121.97

                	 	 	
                  9.000

                	 
	
                  303

                	 	
                  CAPE
                    CORAL

                	 	
                  FL

                	 	 	
                  33909

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  196,800.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  679.20

                	 	$	
                  199,856.21

                	 	 	
                  8.625

                	 
	
                  304

                	 	
                  TUJUNGA
                    AREA, LOS ANGELES

                	 	
                  CA

                	 	 	
                  91042

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  351,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,061.07

                	 	$	
                  349,560.64

                	 	 	
                  9.000

                	 
	
                  305

                	 	
                  ORANGE

                	 	
                  CA

                	 	 	
                  92867

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  480,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,213.71

                	 	$	
                  491,113.20

                	 	 	
                  8.750

                	 
	
                  306

                	 	
                  ORANGE

                	 	
                  CA

                	 	 	
                  92867

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  760,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  2,444.46

                	 	$	
                  773,753.30

                	 	 	
                  8.500

                	 
	
                  307

                	 	
                  HUNTINGTON
                    BEACH

                	 	
                  CA

                	 	 	
                  92646

                	 	 	
                  360

                	 	 	
                  9.625

                	 	$	
                  396,000.00

                	 	
                  1/1/2007

                	 	
                  CONDO

                	 	$	
                  1,461.71

                	 	$	
                  396,985.41

                	 	 	
                  9.625

                	 
	
                  308

                	 	
                  EL
                    CENTRO

                	 	
                  CA

                	 	 	
                  92243

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  308,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  778.80

                	 	$	
                  314,704.25

                	 	 	
                  8.500

                	 
	
                  309

                	 	
                  LOS
                    ANGELES AREA

                	 	
                  CA

                	 	 	
                  90043

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  550,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  2,030.16

                	 	$	
                  552,998.74

                	 	 	
                  8.750

                	 
	
                  310

                	 	
                  CITY
                    OF REDONDO BEACH

                	 	
                  CA

                	 	 	
                  90278

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  715,000.00

                	 	
                  1/1/2007

                	 	
                  CONDO

                	 	$	
                  2,299.72

                	 	$	
                  729,477.20

                	 	 	
                  8.625

                	 
	
                  311

                	 	
                  POMONA

                	 	
                  CA

                	 	 	
                  91768

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  268,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  861.99

                	 	$	
                  270,593.94

                	 	 	
                  8.625

                	 
	
                  312

                	 	
                  FAIRFIELD

                	 	
                  CA

                	 	 	
                  94533

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  444,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,428.08

                	 	$	
                  437,638.28

                	 	 	
                  9.000

                	 
	
                  313

                	 	
                  VACAVILLE

                	 	
                  CA

                	 	 	
                  95687

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  305,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,205.12

                	 	$	
                  307,044.64

                	 	 	
                  8.750

                	 
	
                  314

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90602

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  566,400.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,821.77

                	 	$	
                  575,183.07

                	 	 	
                  9.125

                	 
	
                  315

                	 	
                  GOODYEAR

                	 	
                  AZ

                	 	 	
                  85338

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  208,000.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  767.77

                	 	$	
                  206,729.38

                	 	 	
                  9.000

                	 
	
                  316

                	 	
                  SAN
                    JACINTO

                	 	
                  CA

                	 	 	
                  92583

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  331,200.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,222.52

                	 	$	
                  336,097.57

                	 	 	
                  9.375

                	 
	
                  317

                	 	
                  CANYON
                    LAKE

                	 	
                  CA

                	 	 	
                  92587

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  416,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,535.54

                	 	$	
                  418,268.68

                	 	 	
                  8.750

                	 
	
                  318

                	 	
                  OLYMPIA

                	 	
                  WA

                	 	 	
                  98512

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  244,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  900.65

                	 	$	
                  245,540.72

                	 	 	
                  9.250

                	 
	
                  319

                	 	
                  MIAMI
                    GARDENS

                	 	
                  FL

                	 	 	
                  33055

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  122,400.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  354.76

                	 	$	
                  123,831.94

                	 	 	
                  8.625

                	 
	
                  320

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92551

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  344,000.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  1,106.44

                	 	$	
                  351,097.95

                	 	 	
                  9.125

                	 
	
                  321

                	 	
                  LOS
                    ANGELES (NORTH HOLLYWOOD A

                	 	
                  CA

                	 	 	
                  91606

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  528,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,335.08

                	 	$	
                  535,407.71

                	 	 	
                  9.125

                	 
	
                  322

                	 	
                  IRVINE

                	 	
                  CA

                	 	 	
                  92602

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  900,000.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  2,894.76

                	 	$	
                  911,004.58

                	 	 	
                  8.625

                	 
	
                  323

                	 	
                  PONDEROSA

                	 	
                  NM

                	 	 	
                  87044

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  123,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  395.62

                	 	$	
                  121,825.68

                	 	 	
                  9.375

                	 
	
                  324

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89146

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  260,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  897.31

                	 	$	
                  264,650.45

                	 	 	
                  8.250

                	 
	
                  325

                	 	
                  TURLOCK

                	 	
                  CA

                	 	 	
                  95380

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  254,800.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  819.54

                	 	$	
                  258,751.12

                	 	 	
                  9.000

                	 
	
                  326

                	 	
                  EWA
                    BEACH

                	 	
                  HI

                	 	 	
                  96706

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  208,800.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  771.77

                	 	$	
                  211,046.59

                	 	 	
                  8.625

                	 
	
                  327

                	 	
                  CAPE
                    CORAL

                	 	
                  FL

                	 	 	
                  33909

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  216,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  745.46

                	 	$	
                  219,240.14

                	 	 	
                  8.500

                	 
	
                  328

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95824

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  224,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  720.47

                	 	$	
                  226,401.37

                	 	 	
                  9.000

                	 
	
                  329

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90013

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  380,000.00

                	 	
                  2/1/2007

                	 	
                  HR
                    CONDO

                	 	$	
                  1,222.23

                	 	$	
                  384,222.79

                	 	 	
                  9.125

                	 
	
                  330

                	 	
                  LORTON

                	 	
                  VA

                	 	 	
                  22079

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  748,800.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  2,408.44

                	 	$	
                  756,118.88

                	 	 	
                  8.625

                	 
	
                  331

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90062

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  384,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,235.10

                	 	$	
                  391,890.33

                	 	 	
                  8.625

                	 
	
                  332

                	 	
                  SIMI
                    VALLEY

                	 	
                  CA

                	 	 	
                  93065

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  524,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,685.39

                	 	$	
                  533,413.01

                	 	 	
                  9.125

                	 
	
                  333

                	 	
                  UKIAH

                	 	
                  CA

                	 	 	
                  95482

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  512,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,646.79

                	 	$	
                  520,329.06

                	 	 	
                  8.625

                	 
	
                  334

                	 	
                  LONG
                    BEACH

                	 	
                  CA

                	 	 	
                  90805

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  479,200.00

                	 	
                  2/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,541.30

                	 	$	
                  483,883.77

                	 	 	
                  8.625

                	 
	
                  335

                	 	
                  YUCAIPA

                	 	
                  CA

                	 	 	
                  92399

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  392,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,038.19

                	 	$	
                  396,874.94

                	 	 	
                  8.625

                	 
	
                  336

                	 	
                  INDIO

                	 	
                  CA

                	 	 	
                  92201

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  316,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,016.38

                	 	$	
                  321,089.41

                	 	 	
                  8.625

                	 
	
                  337

                	 	
                  VACAVILLLE

                	 	
                  CA

                	 	 	
                  95688

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  616,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,981.30

                	 	$	
                  626,266.83

                	 	 	
                  8.750

                	 
	
                  338

                	 	
                  BAKERSFIELD

                	 	
                  CA

                	 	 	
                  93306

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  208,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  669.01

                	 	$	
                  211,383.68

                	 	 	
                  8.625

                	 
	
                  339

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92337

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  300,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,107.36

                	 	$	
                  303,176.97

                	 	 	
                  9.375

                	 
	
                  340

                	 	
                  SALINAS

                	 	
                  CA

                	 	 	
                  93905

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  624,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,577.82

                	 	$	
                  636,283.66

                	 	 	
                  8.750

                	 
	
                  341

                	 	
                  COMPTON
                    AREA

                	 	
                  CA

                	 	 	
                  90221

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  345,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,109.66

                	 	$	
                  350,246.87

                	 	 	
                  8.375

                	 
	
                  342

                	 	
                  DALY
                    CITY

                	 	
                  CA

                	 	 	
                  94015

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  696,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,238.61

                	 	$	
                  703,680.95

                	 	 	
                  9.125

                	 
	
                  343

                	 	
                  NORCO

                	 	
                  CA

                	 	 	
                  92860

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  460,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,163.14

                	 	$	
                  467,959.98

                	 	 	
                  8.625

                	 
	
                  344

                	 	
                  LOS
                    ANGELES COUNTY

                	 	
                  CA

                	 	 	
                  90047

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  396,900.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,100.10

                	 	$	
                  404,154.37

                	 	 	
                  8.625

                	 
	
                  345

                	 	
                  CHULA
                    VISTA

                	 	
                  CA

                	 	 	
                  91913

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  920,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  2,781.16

                	 	$	
                  918,744.51

                	 	 	
                  9.125

                	 
	
                  346

                	 	
                  DIAMOND
                    BAR

                	 	
                  CA

                	 	 	
                  91765

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  492,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,816.07

                	 	$	
                  497,210.22

                	 	 	
                  9.375

                	 
	
                  347

                	 	
                  PERRIS

                	 	
                  CA

                	 	 	
                  92571

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  378,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,304.55

                	 	$	
                  382,546.08

                	 	 	
                  8.875

                	 
	
                  348

                	 	
                  (SAN
                    BERNARDINO AREA)

                	 	
                  CA

                	 	 	
                  92404

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  288,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  762.75

                	 	$	
                  292,344.69

                	 	 	
                  9.125

                	 
	
                  349

                	 	
                  CLEAR
                    WATER

                	 	
                  FL

                	 	 	
                  33764

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  240,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  771.93

                	 	$	
                  243,056.73

                	 	 	
                  8.875

                	 
	
                  350

                	 	
                  NORWALK

                	 	
                  CA

                	 	 	
                  90650

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  336,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,080.71

                	 	$	
                  342,035.82

                	 	 	
                  9.125

                	 
	
                  351

                	 	
                  PLACENTIA

                	 	
                  CA

                	 	 	
                  92870

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  520,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,919.42

                	 	$	
                  525,178.56

                	 	 	
                  9.125

                	 
	
                  352

                	 	
                  INDIO

                	 	
                  CA

                	 	 	
                  92203

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  400,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,286.56

                	 	$	
                  407,185.48

                	 	 	
                  9.125

                	 
	
                  353

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92336-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  320,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,104.38

                	 	$	
                  323,577.13

                	 	 	
                  8.875

                	 
	
                  354

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92551

                	 	 	
                  360

                	 	 	
                  9.625

                	 	$	
                  376,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,387.89

                	 	$	
                  375,235.64

                	 	 	
                  9.625

                	 
	
                  355

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90063

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  357,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  945.50

                	 	$	
                  361,708.14

                	 	 	
                  8.375

                	 
	
                  356

                	 	
                  LAKE
                    HAVASU CITY

                	 	
                  AZ

                	 	 	
                  86406

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  202,500.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  748.48

                	 	$	
                  205,444.10

                	 	 	
                  8.625

                	 
	
                  357

                	 	
                  COACHELLA

                	 	
                  CA

                	 	 	
                  92236

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  332,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,067.84

                	 	$	
                  334,826.52

                	 	 	
                  8.125

                	 
	
                  358

                	 	
                  LIHUE

                	 	
                  HI

                	 	 	
                  96766

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  584,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,878.37

                	 	$	
                  592,176.40

                	 	 	
                  9.375

                	 
	
                  359

                	 	
                  COMPTON

                	 	
                  CA

                	 	 	
                  90221

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  364,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,170.77

                	 	$	
                  367,519.44

                	 	 	
                  8.625

                	 
	
                  360

                	 	
                  SAN
                    JUAN CAPISTRANO

                	 	
                  CA

                	 	 	
                  92675

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  457,600.50

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,471.82

                	 	$	
                  462,650.51

                	 	 	
                  9.125

                	 
	
                  361

                	 	
                  RIALTO

                	 	
                  CA

                	 	 	
                  92376

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  380,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,222.23

                	 	$	
                  382,626.59

                	 	 	
                  9.375

                	 
	
                  362

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92336

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  416,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,338.02

                	 	$	
                  420,590.91

                	 	 	
                  9.125

                	 
	
                  363

                	 	
                  LAKE
                    HAVASU CITY

                	 	
                  AZ

                	 	 	
                  86403

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  264,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  849.13

                	 	$	
                  266,580.37

                	 	 	
                  8.625

                	 
	
                  364

                	 	
                  CARSON

                	 	
                  CA

                	 	 	
                  90745

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  468,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,239.48

                	 	$	
                  477,383.04

                	 	 	
                  9.000

                	 
	
                  365

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92707

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  517,500.00

                	 	
                  2/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,664.48

                	 	$	
                  525,425.39

                	 	 	
                  8.375

                	 
	
                  366

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90061

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  307,500.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  814.40

                	 	$	
                  311,277.24

                	 	 	
                  8.625

                	 
	
                  367

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92805

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  393,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,264.04

                	 	$	
                  395,387.76

                	 	 	
                  8.875

                	 
	
                  368

                	 	
                  PENNGROVE

                	 	
                  CA

                	 	 	
                  94951

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  620,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,994.17

                	 	$	
                  625,266.51

                	 	 	
                  8.875

                	 
	
                  369

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92705

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  485,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,559.95

                	 	$	
                  491,863.03

                	 	 	
                  7.875

                	 
	
                  370

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90026

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  600,000.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,929.84

                	 	$	
                  608,084.50

                	 	 	
                  9.125

                	 
	
                  371

                	 	
                  SAN
                    JUAN CAPISTRANO

                	 	
                  CA

                	 	 	
                  92675

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  512,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,646.79

                	 	$	
                  515,110.77

                	 	 	
                  8.875

                	 
	
                  372

                	 	
                  ALISO
                    VIEJO

                	 	
                  CA

                	 	 	
                  92656

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  364,500.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,257.96

                	 	$	
                  368,579.23

                	 	 	
                  8.875

                	 
	
                  373

                	 	
                  RICHMOND

                	 	
                  CA

                	 	 	
                  94801

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  580,000.00

                	 	
                  3/1/2007

                	 	
                  UNITS-4

                	 	$	
                  2,765.67

                	 	$	
                  584,666.36

                	 	 	
                  8.875

                	 
	
                  374

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92707

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  560,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,067.07

                	 	$	
                  565,255.76

                	 	 	
                  9.375

                	 
	
                  375

                	 	
                  MODESTO

                	 	
                  CA

                	 	 	
                  95351-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  307,500.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  891.24

                	 	$	
                  311,712.02

                	 	 	
                  8.875

                	 
	
                  376

                	 	
                  HEMET

                	 	
                  CA

                	 	 	
                  92545-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  728,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  3,471.39

                	 	$	
                  729,836.94

                	 	 	
                  8.750

                	 
	
                  377

                	 	
                  MODESTO

                	 	
                  CA

                	 	 	
                  95351-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  326,250.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  945.58

                	 	$	
                  330,718.86

                	 	 	
                  8.875

                	 
	
                  378

                	 	
                  MODESTO

                	 	
                  CA

                	 	 	
                  95351

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  348,750.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,010.80

                	 	$	
                  353,527.04

                	 	 	
                  8.875

                	 
	
                  379

                	 	
                  MONROVIA

                	 	
                  CA

                	 	 	
                  91016

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  396,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,273.69

                	 	$	
                  402,442.01

                	 	 	
                  8.625

                	 
	
                  380

                	 	
                  LA
                    MIRADA

                	 	
                  CA

                	 	 	
                  90638

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  440,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,391.03

                	 	$	
                  440,000.00

                	 	 	
                  9.375

                	 
	
                  381

                	 	
                  NEWBERG

                	 	
                  OR

                	 	 	
                  97132

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  224,800.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  595.37

                	 	$	
                  226,977.32

                	 	 	
                  8.625

                	 
	
                  382

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90603

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  425,300.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,285.68

                	 	$	
                  428,889.41

                	 	 	
                  9.375

                	 
	
                  383

                	 	
                  WOODLAND

                	 	
                  CA

                	 	 	
                  95776

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  366,500.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,156.69

                	 	$	
                  370,385.72

                	 	 	
                  8.000

                	 
	
                  384

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90003

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  417,000.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,341.24

                	 	$	
                  422,310.97

                	 	 	
                  8.875

                	 
	
                  385

                	 	
                  REDDING

                	 	
                  CA

                	 	 	
                  96003

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  223,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  769.62

                	 	$	
                  225,681.93

                	 	 	
                  8.875

                	 
	
                  386

                	 	
                  CANYON
                    LAKE

                	 	
                  CA

                	 	 	
                  92587

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  496,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,595.33

                	 	$	
                  500,213.22

                	 	 	
                  8.875

                	 
	
                  387

                	 	
                  (HUNTINGTON
                    PARK AREA)

                	 	
                  CA

                	 	 	
                  90255

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  378,000.00

                	 	
                  4/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,195.02

                	 	$	
                  380,322.99

                	 	 	
                  8.750

                	 
	
                  388

                	 	
                  TORRANCE

                	 	
                  CA

                	 	 	
                  90501

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  616,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,631.45

                	 	$	
                  621,354.06

                	 	 	
                  8.375

                	 
	
                  389

                	 	
                  WASCO

                	 	
                  CA

                	 	 	
                  93280

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  212,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  783.59

                	 	$	
                  213,618.87

                	 	 	
                  9.000

                	 
	
                  390

                	 	
                  (LOS
                    ANGELES AREA)

                	 	
                  CA

                	 	 	
                  90043

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  716,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,302.94

                	 	$	
                  722,157.12

                	 	 	
                  9.000

                	 
	
                  391

                	 	
                  SANTA
                    CLARITA

                	 	
                  CA

                	 	 	
                  91355

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  870,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  3,211.34

                	 	$	
                  866,800.63

                	 	 	
                  8.875

                	 
	
                  392

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92504

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  792,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,295.49

                	 	$	
                  795,232.01

                	 	 	
                  8.375

                	 
	
                  393

                	 	
                  LONGWOOD

                	 	
                  FL

                	 	 	
                  32779

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  672,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  2,161.42

                	 	$	
                  674,878.58

                	 	 	
                  9.000

                	 
	
                  394

                	 	
                  LOS
                    ANGELES (TARZANA AREA)

                	 	
                  CA

                	 	 	
                  91356

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  841,500.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,706.60

                	 	$	
                  848,736.33

                	 	 	
                  9.000

                	 
	
                  395

                	 	
                  SIMI
                    VALLEY

                	 	
                  CA

                	 	 	
                  93065

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  432,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,819.00

                	 	$	
                  433,331.00

                	 	 	
                  8.750

                	 
	
                  396

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95206

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  360,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  953.44

                	 	$	
                  363,204.43

                	 	 	
                  8.500

                	 
	
                  397

                	 	
                  AREA
                    OF WOODLAND HILLS

                	 	
                  CA

                	 	 	
                  91367

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  536,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,723.99

                	 	$	
                  540,609.24

                	 	 	
                  9.000

                	 
	
                  398

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90025

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  320,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  1,181.18

                	 	$	
                  318,823.22

                	 	 	
                  8.875

                	 
	
                  399

                	 	
                  CAMARILLO
                    AREA

                	 	
                  CA

                	 	 	
                  93010

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  1,000,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  3,696.19

                	 	$	
                  1,007,636.15

                	 	 	
                  9.000

                	 
	
                  400

                	 	
                  NORTH
                    LAS VEGAS

                	 	
                  NV

                	 	 	
                  89031

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  204,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  540.28

                	 	$	
                  204,989.72

                	 	 	
                  9.000

                	 
	
                  401

                	 	
                  PORT
                    SAINT LUCIE

                	 	
                  FL

                	 	 	
                  34983

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  208,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  669.01

                	 	$	
                  208,000.00

                	 	 	
                  8.625

                	 
	
                  402

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90002

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  360,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,157.90

                	 	$	
                  362,680.79

                	 	 	
                  8.250

                	 
	
                  403

                	 	
                  HUNTINGTON
                    BEACH

                	 	
                  CA

                	 	 	
                  92648

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  1,000,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  3,216.40

                	 	$	
                  1,008,180.25

                	 	 	
                  8.750

                	 
	
                  404

                	 	
                  LOS
                    ANGELES (NORTHRIDGE AREA)

                	 	
                  CA

                	 	 	
                  91326

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  832,250.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  2,676.84

                	 	$	
                  835,641.65

                	 	 	
                  8.750

                	 
	
                  405

                	 	
                  STUARTS
                    DRAFT

                	 	
                  VA

                	 	 	
                  24477

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  108,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  514.99

                	 	$	
                  108,272.51

                	 	 	
                  8.750

                	 
	
                  406

                	 	
                  (PACHECO
                    AREA)

                	 	
                  CA

                	 	 	
                  94553

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  348,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,119.31

                	 	$	
                  350,372.89

                	 	 	
                  7.875

                	 
	
                  407

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92706

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  284,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  1,049.72

                	 	$	
                  285,092.46

                	 	 	
                  8.750

                	 
	
                  408

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91739

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  660,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,439.49

                	 	$	
                  664,763.32

                	 	 	
                  8.750

                	 
	
                  409

                	 	
                  FULLERTON

                	 	
                  CA

                	 	 	
                  92833

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  464,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,492.41

                	 	$	
                  465,987.59

                	 	 	
                  9.000

                	 
	
                  410

                	 	
                  GALT

                	 	
                  CA

                	 	 	
                  95632

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  285,950.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,128.36

                	 	$	
                  286,847.12

                	 	 	
                  8.500

                	 
	
                  411

                	 	
                  MARTINEZ

                	 	
                  CA

                	 	 	
                  94553

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  600,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,896.85

                	 	$	
                  604,974.37

                	 	 	
                  8.750

                	 
	
                  412

                	 	
                  POMONA

                	 	
                  CA

                	 	 	
                  91767

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  450,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,447.38

                	 	$	
                  451,833.87

                	 	 	
                  8.750

                	 
	
                  413

                	 	
                  ANAHEIM
                    HILLS

                	 	
                  CA

                	 	 	
                  92808-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  320,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,715.87

                	 	$	
                  320,584.13

                	 	 	
                  8.625

                	 
	
                  414

                	 	
                  SALEM

                	 	
                  OR

                	 	 	
                  97304

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  191,200.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  604.46

                	 	$	
                  191,989.71

                	 	 	
                  8.750

                	 
	
                  415

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95123

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  575,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,984.44

                	 	$	
                  577,208.27

                	 	 	
                  8.750

                	 
	
                  416

                	 	
                  HENDERSON

                	 	
                  NV

                	 	 	
                  89012

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  306,000.00

                	 	
                  7/1/2007

                	 	
                  PUD

                	 	$	
                  1,093.16

                	 	$	
                  306,000.00

                	 	 	
                  8.500

                	 
	
                  417

                	 	
                  EL
                    CENTRO

                	 	
                  CA

                	 	 	
                  92243

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  264,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  975.80

                	 	$	
                  264,000.00

                	 	 	
                  8.375

                	 
	
                  418

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91701

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  372,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,176.05

                	 	$	
                  373,536.45

                	 	 	
                  8.750

                	 
	
                  419

                	 	
                  MARY
                    ESTHER

                	 	
                  FL

                	 	 	
                  32569

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  144,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  531.53

                	 	$	
                  144,000.00

                	 	 	
                  8.750

                	 
	
                  420

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92701-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  196,000.00

                	 	
                  6/1/2007

                	 	
                  CONDO

                	 	$	
                  630.41

                	 	$	
                  196,000.00

                	 	 	
                  8.750

                	 
	
                  421

                	 	
                  PALMDALE

                	 	
                  CA

                	 	 	
                  93550

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  236,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  759.07

                	 	$	
                  236,789.68

                	 	 	
                  7.875

                	 
	
                  422

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91730-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  512,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,155.85

                	 	$	
                  513,524.15

                	 	 	
                  8.625

                	 
	
                  423

                	 	
                  AREA
                    OF VOLCANO

                	 	
                  CA

                	 	 	
                  95689

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  270,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  931.82

                	 	$	
                  271,036.93

                	 	 	
                  8.750

                	 
	
                  424

                	 	
                  ONTARIO

                	 	
                  CA

                	 	 	
                  91761

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  274,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  881.29

                	 	$	
                  275,116.63

                	 	 	
                  8.750

                	 
	
                  425

                	 	
                  (LOS
                    ANGELES AREA)

                	 	
                  CA

                	 	 	
                  90059

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  348,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,286.28

                	 	$	
                  349,178.72

                	 	 	
                  8.500

                	 
	
                  426

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90065

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  480,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,771.77

                	 	$	
                  481,978.23

                	 	 	
                  9.375

                	 
	
                  427

                	 	
                  NEVADA
                    CITY

                	 	
                  CA

                	 	 	
                  95959

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  270,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  868.43

                	 	$	
                  271,072.20

                	 	 	
                  8.625

                	 
	
                  428

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92337

                	 	 	
                  360

                	 	 	
                  7.625

                	 	$	
                  584,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,546.70

                	 	$	
                  586,164.13

                	 	 	
                  7.625

                	 
	
                  429

                	 	
                  BRIAN
                    HEAD

                	 	
                  UT

                	 	 	
                  84719

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  534,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,842.94

                	 	$	
                  534,000.00

                	 	 	
                  8.750

                	 
	
                  430

                	 	
                  MIAMI

                	 	
                  FL

                	 	 	
                  33137

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  190,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  633.18

                	 	$	
                  190,633.49

                	 	 	
                  8.000

                	 
	
                  431

                	 	
                  SEATTLE

                	 	
                  WA

                	 	 	
                  98103-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  480,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,271.26

                	 	$	
                  480,000.00

                	 	 	
                  8.625

                	 
	
                  432

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92557-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  308,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  990.65

                	 	$	
                  308,000.00

                	 	 	
                  8.375

                	 
	
                  433

                	 	
                  GOODYEAR

                	 	
                  AZ

                	 	 	
                  85338

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  253,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,206.40

                	 	$	
                  253,000.00

                	 	 	
                  8.125

                	 
	
                  434

                	 	
                  MEMPHIS

                	 	
                  TN

                	 	 	
                  38106-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  52,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  218.95

                	 	$	
                  52,000.00

                	 	 	
                  8.750

                	 
	
                  435

                	 	
                  CHULA
                    VISTA

                	 	
                  CA

                	 	 	
                  91913

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  584,500.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,770.02

                	 	$	
                  584,500.00

                	 	 	
                  8.750

                	 
	
                  436

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89102-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  255,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  880.06

                	 	$	
                  256,777.13

                	 	 	
                  8.125

                	 
	
                  437

                	 	
                  GLENDALE

                	 	
                  AZ

                	 	 	
                  85302

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  150,300.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  454.36

                	 	$	
                  150,002.50

                	 	 	
                  8.750

                	 
	
                  438

                	 	
                  SURPRISE

                	 	
                  AZ

                	 	 	
                  85379

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  192,000.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  708.71

                	 	$	
                  192,594.30

                	 	 	
                  8.750

                	 
	
                  439

                	 	
                  MESA

                	 	
                  AZ

                	 	 	
                  85206-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  188,500.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  569.83

                	 	$	
                  188,242.77

                	 	 	
                  8.875

                	 
	
                  440

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89142-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  241,300.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  952.17

                	 	$	
                  244,538.74

                	 	 	
                  8.500

                	 
	
                  441

                	 	
                  SURPRISE

                	 	
                  AZ

                	 	 	
                  85379-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  168,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  620.96

                	 	$	
                  170,229.17

                	 	 	
                  8.250

                	 
	
                  442

                	 	
                  SCOTTSDALE

                	 	
                  AZ

                	 	 	
                  85262-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  437,400.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,158.43

                	 	$	
                  445,612.70

                	 	 	
                  8.625

                	 
	
                  443

                	 	
                  SCOTTSDALE

                	 	
                  AZ

                	 	 	
                  85255-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  416,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  1,205.71

                	 	$	
                  422,888.08

                	 	 	
                  8.375

                	 
	
                  444

                	 	
                  PHOENIX

                	 	
                  AZ

                	 	 	
                  85028-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  280,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,178.98

                	 	$	
                  282,492.39

                	 	 	
                  8.250

                	 
	
                  445

                	 	
                  PHOENIX

                	 	
                  AZ

                	 	 	
                  85023

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  436,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,402.35

                	 	$	
                  440,588.84

                	 	 	
                  8.000

                	 
	
                  446

                	 	
                  PHOENIX

                	 	
                  AZ

                	 	 	
                  85016-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  188,100.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  695.25

                	 	$	
                  189,260.60

                	 	 	
                  8.125

                	 
	
                  447

                	 	
                  CATHEDRAL
                    CITY

                	 	
                  CA

                	 	 	
                  92234

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  444,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,641.11

                	 	$	
                  447,390.45

                	 	 	
                  9.000

                	 
	
                  448

                	 	
                  PHOENIX

                	 	
                  AZ

                	 	 	
                  85037-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  175,000.00

                	 	
                  7/1/2007

                	 	
                  SFR

                	 	$	
                  736.86

                	 	$	
                  175,000.00

                	 	 	
                  8.875

                	 
	
                  449

                	 	
                  MESA

                	 	
                  AZ

                	 	 	
                  85208

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  237,500.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  937.18

                	 	$	
                  238,945.77

                	 	 	
                  8.375

                	 
	
                  450

                	 	
                  AVONDALE

                	 	
                  AZ

                	 	 	
                  85323-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  238,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  752.42

                	 	$	
                  238,983.00

                	 	 	
                  8.750

                	 
	
                  451

                	 	
                  MESA

                	 	
                  AZ

                	 	 	
                  85205-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  286,400.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  758.52

                	 	$	
                  287,640.31

                	 	 	
                  8.375

                	 
	
                  452

                	 	
                  PHOENIX

                	 	
                  AZ

                	 	 	
                  85020-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  148,500.00

                	 	
                  6/1/2007

                	 	
                  CONDO

                	 	$	
                  586.75

                	 	$	
                  148,500.00

                	 	 	
                  8.500

                	 
	
                  453

                	 	
                  MENIFEE

                	 	
                  CA

                	 	 	
                  92584

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  348,000.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  1,119.31

                	 	$	
                  355,602.61

                	 	 	
                  8.875

                	 
	
                  454

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92506

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  456,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,573.75

                	 	$	
                  463,854.74

                	 	 	
                  9.125

                	 
	
                  455

                	 	
                  HENDERSON

                	 	
                  NV

                	 	 	
                  89044

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  400,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  1,380.48

                	 	$	
                  405,745.87

                	 	 	
                  8.375

                	 
	
                  456

                	 	
                  ONTARIO

                	 	
                  CA

                	 	 	
                  91761-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  415,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,334.80

                	 	$	
                  421,311.49

                	 	 	
                  8.250

                	 
	
                  457

                	 	
                  PILOT
                    HILL

                	 	
                  CA

                	 	 	
                  95664-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  464,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,492.41

                	 	$	
                  471,548.19

                	 	 	
                  8.625

                	 
	
                  458

                	 	
                  CERES

                	 	
                  CA

                	 	 	
                  95307-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  295,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  948.84

                	 	$	
                  298,229.01

                	 	 	
                  8.125

                	 
	
                  459

                	 	
                  GARDNERVILLE

                	 	
                  NV

                	 	 	
                  89460-

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  400,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,380.48

                	 	$	
                  403,800.04

                	 	 	
                  7.875

                	 
	
                  460

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95828-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  270,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  997.97

                	 	$	
                  272,905.09

                	 	 	
                  8.625

                	 
	
                  461

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95209-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  320,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,029.25

                	 	$	
                  323,907.03

                	 	 	
                  8.625

                	 
	
                  462

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95823-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  304,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,123.64

                	 	$	
                  305,156.36

                	 	 	
                  9.000

                	 
	
                  463

                	 	
                  STATELINE

                	 	
                  NV

                	 	 	
                  89449-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  901,500.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  2,899.58

                	 	$	
                  909,252.30

                	 	 	
                  9.000

                	 
	
                  464

                	 	
                  TEMECULA

                	 	
                  CA

                	 	 	
                  92592-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  512,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,892.45

                	 	$	
                  515,159.10

                	 	 	
                  8.125

                	 
	
                  465

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95127-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  520,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,922.02

                	 	$	
                  521,977.98

                	 	 	
                  9.000

                	 
	
                  466

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95206-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  345,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,109.66

                	 	$	
                  347,822.19

                	 	 	
                  8.750

                	 
	
                  467

                	 	
                  SAN
                    JOSE

                	 	
                  CA

                	 	 	
                  95121-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  568,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,099.44

                	 	$	
                  571,682.89

                	 	 	
                  8.250

                	 
	
                  468

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95833-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  261,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  900.76

                	 	$	
                  261,000.00

                	 	 	
                  8.500

                	 
	
                  469

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95828-

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  251,100.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  898.90

                	 	$	
                  251,100.00

                	 	 	
                  8.000

                	 
	
                  470

                	 	
                  BELLFLOWER

                	 	
                  CA

                	 	 	
                  90706

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  496,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,595.33

                	 	$	
                  503,796.21

                	 	 	
                  9.000

                	 
	
                  471

                	 	
                  VICTORVILLE

                	 	
                  CA

                	 	 	
                  92395-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  228,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  786.87

                	 	$	
                  232,344.92

                	 	 	
                  8.625

                	 
	
                  472

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90003

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  461,250.00

                	 	
                  12/1/2006

                	 	
                  UNITS-3

                	 	$	
                  1,483.56

                	 	$	
                  470,480.49

                	 	 	
                  9.000

                	 
	
                  473

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90011-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  382,500.00

                	 	
                  1/1/2007

                	 	
                  UNITS-4

                	 	$	
                  1,230.27

                	 	$	
                  388,512.19

                	 	 	
                  9.000

                	 
	
                  474

                	 	
                  ORANGE

                	 	
                  CA

                	 	 	
                  92867

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  608,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,955.57

                	 	$	
                  617,329.64

                	 	 	
                  9.000

                	 
	
                  475

                	 	
                  LONG
                    BEACH

                	 	
                  CA

                	 	 	
                  90808

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  520,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,672.53

                	 	$	
                  527,128.83

                	 	 	
                  8.500

                	 
	
                  476

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90604

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  242,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  778.37

                	 	$	
                  246,925.91

                	 	 	
                  8.625

                	 
	
                  477

                	 	
                  LAKEWOOD

                	 	
                  WA

                	 	 	
                  98498

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  252,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  946.00

                	 	$	
                  254,551.96

                	 	 	
                  9.250

                	 
	
                  478

                	 	
                  KAILUA-KONA

                	 	
                  HI

                	 	 	
                  96740-

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  600,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  2,252.38

                	 	$	
                  603,801.14

                	 	 	
                  9.375

                	 
	
                  479

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90044

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  480,000.00

                	 	
                  4/1/2007

                	 	
                  UNITS-4

                	 	$	
                  1,894.09

                	 	$	
                  483,374.24

                	 	 	
                  8.875

                	 
	
                  480

                	 	
                  TORRANCE

                	 	
                  CA

                	 	 	
                  90503

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  750,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,412.30

                	 	$	
                  758,276.85

                	 	 	
                  9.125

                	 
	
                  481

                	 	
                  WILMINGTON

                	 	
                  CA

                	 	 	
                  90744

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  408,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,080.57

                	 	$	
                  413,810.74

                	 	 	
                  8.750

                	 
	
                  482

                	 	
                  COLTON

                	 	
                  CA

                	 	 	
                  92324

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  387,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,072.66

                	 	$	
                  393,704.43

                	 	 	
                  8.375

                	 
	
                  483

                	 	
                  COMPTON

                	 	
                  CA

                	 	 	
                  90220

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  328,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,054.98

                	 	$	
                  333,286.47

                	 	 	
                  8.625

                	 
	
                  484

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92805-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  487,500.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,801.89

                	 	$	
                  492,745.31

                	 	 	
                  8.625

                	 
	
                  485

                	 	
                  MESA

                	 	
                  AZ

                	 	 	
                  85209

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  468,800.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,507.85

                	 	$	
                  475,363.86

                	 	 	
                  9.375

                	 
	
                  486

                	 	
                  SAN  DIEGO

                	 	
                  CA

                	 	 	
                  92114

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  472,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,518.14

                	 	$	
                  478,657.75

                	 	 	
                  9.375

                	 
	
                  487

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90059-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  311,250.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  982.32

                	 	$	
                  314,463.68

                	 	 	
                  8.875

                	 
	
                  488

                	 	
                  PRINCEVILLE

                	 	
                  HI

                	 	 	
                  96722

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  726,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  2,505.57

                	 	$	
                  731,520.45

                	 	 	
                  8.625

                	 
	
                  489

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90602

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  632,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,673.82

                	 	$	
                  638,155.36

                	 	 	
                  9.000

                	 
	
                  490

                	 	
                  QUEEN
                    CREEK

                	 	
                  AZ

                	 	 	
                  85242-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  246,500.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  850.72

                	 	$	
                  251,092.67

                	 	 	
                  8.500

                	 
	
                  491

                	 	
                  OAKLAND

                	 	
                  CA

                	 	 	
                  94603-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  440,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,415.21

                	 	$	
                  447,157.80

                	 	 	
                  8.625

                	 
	
                  492

                	 	
                  CONCORD

                	 	
                  CA

                	 	 	
                  94519-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  442,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,394.97

                	 	$	
                  449,293.10

                	 	 	
                  8.625

                	 
	
                  493

                	 	
                  PITTSBURG

                	 	
                  CA

                	 	 	
                  94565-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  369,600.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,275.56

                	 	$	
                  372,216.98

                	 	 	
                  8.375

                	 
	
                  494

                	 	
                  EL
                    MONTE

                	 	
                  CA

                	 	 	
                  91731-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  360,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  953.44

                	 	$	
                  366,950.49

                	 	 	
                  8.875

                	 
	
                  495

                	 	
                  HUNTINGTON
                    BEACH

                	 	
                  CA

                	 	 	
                  92646-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  715,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,299.72

                	 	$	
                  726,479.67

                	 	 	
                  8.500

                	 
	
                  496

                	 	
                  CERES

                	 	
                  CA

                	 	 	
                  95307-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  292,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  939.19

                	 	$	
                  295,903.67

                	 	 	
                  9.125

                	 
	
                  497

                	 	
                  EAST
                    PALO ALTO

                	 	
                  CA

                	 	 	
                  94303

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  552,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  2,037.54

                	 	$	
                  558,238.29

                	 	 	
                  8.875

                	 
	
                  498

                	 	
                  WASCO

                	 	
                  CA

                	 	 	
                  93280-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  196,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  630.41

                	 	$	
                  197,915.74

                	 	 	
                  8.625

                	 
	
                  499

                	 	
                  SAN
                    MATEO

                	 	
                  CA

                	 	 	
                  94401-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  624,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,465.55

                	 	$	
                  627,922.74

                	 	 	
                  8.500

                	 
	
                  500

                	 	
                  REDDING

                	 	
                  CA

                	 	 	
                  96002-

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  213,750.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  737.69

                	 	$	
                  215,151.54

                	 	 	
                  8.000

                	 
	
                  501

                	 	
                  COTTONWOOD

                	 	
                  CA

                	 	 	
                  96022-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  313,500.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,081.95

                	 	$	
                  317,072.21

                	 	 	
                  8.625

                	 
	
                  502

                	 	
                  ANDERSON

                	 	
                  CA

                	 	 	
                  96007-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  632,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,994.61

                	 	$	
                  634,416.22

                	 	 	
                  8.375

                	 
	
                  503

                	 	
                  TRACY

                	 	
                  CA

                	 	 	
                  95376-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  272,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,004.01

                	 	$	
                  273,064.32

                	 	 	
                  9.125

                	 
	
                  504

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95831-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  324,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,197.57

                	 	$	
                  323,342.43

                	 	 	
                  8.500

                	 
	
                  505

                	 	
                  CREVE
                    COEUR

                	 	
                  MO

                	 	 	
                  63141-

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  229,600.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,094.82

                	 	$	
                  230,011.93

                	 	 	
                  7.875

                	 
	
                  506

                	 	
                  VISTA

                	 	
                  CA

                	 	 	
                  92083-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  660,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  2,439.49

                	 	$	
                  660,000.00

                	 	 	
                  8.500

                	 
	
                  507

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90047-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  417,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,054.41

                	 	$	
                  426,965.99

                	 	 	
                  8.625

                	 
	
                  508

                	 	
                  WEST
                    SACRAMENTO

                	 	
                  CA

                	 	 	
                  95605-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  256,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  823.40

                	 	$	
                  260,164.52

                	 	 	
                  8.625

                	 
	
                  509

                	 	
                  CHINO

                	 	
                  CA

                	 	 	
                  91710

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  540,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,365.42

                	 	$	
                  553,078.16

                	 	 	
                  9.000

                	 
	
                  510

                	 	
                  PORTLAND

                	 	
                  OR

                	 	 	
                  97220

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  216,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  797.30

                	 	$	
                  217,182.82

                	 	 	
                  9.125

                	 
	
                  511

                	 	
                  PORTLAND

                	 	
                  OR

                	 	 	
                  97233

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  216,800.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  800.25

                	 	$	
                  217,496.46

                	 	 	
                  9.000

                	 
	
                  512

                	 	
                  MILL
                    CREEK

                	 	
                  WA

                	 	 	
                  98012

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  518,400.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  1,667.38

                	 	$	
                  527,217.78

                	 	 	
                  8.875

                	 
	
                  513

                	 	
                  MCMINNVILLE

                	 	
                  OR

                	 	 	
                  97218

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  142,400.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  525.63

                	 	$	
                  142,110.52

                	 	 	
                  9.375

                	 
	
                  514

                	 	
                  WASHOUGAL

                	 	
                  WA

                	 	 	
                  98671

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  304,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,049.17

                	 	$	
                  308,720.98

                	 	 	
                  8.625

                	 
	
                  515

                	 	
                  HAPPY
                    VALLEY

                	 	
                  OR

                	 	 	
                  97086

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  282,400.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  908.31

                	 	$	
                  285,996.73

                	 	 	
                  8.875

                	 
	
                  516

                	 	
                  BELLEVUE

                	 	
                  WA

                	 	 	
                  98004

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  735,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,364.05

                	 	$	
                  741,320.51

                	 	 	
                  9.000

                	 
	
                  517

                	 	
                  PORTLAND

                	 	
                  OR

                	 	 	
                  97220

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  175,000.00

                	 	
                  5/1/2007

                	 	
                  UNITS-2

                	 	$	
                  834.47

                	 	$	
                  175,313.97

                	 	 	
                  7.875

                	 
	
                  518

                	 	
                  SANTEE

                	 	
                  CA

                	 	 	
                  92071-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  460,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,479.54

                	 	$	
                  465,788.80

                	 	 	
                  8.875

                	 
	
                  519

                	 	
                  MERIDIAN

                	 	
                  ID

                	 	 	
                  83646-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  156,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  492.34

                	 	$	
                  157,801.74

                	 	 	
                  8.250

                	 
	
                  520

                	 	
                  HOUSTON

                	 	
                  TX

                	 	 	
                  77044

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  127,300.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  536.02

                	 	$	
                  128,375.50

                	 	 	
                  8.875

                	 
	
                  521

                	 	
                  STILLWATER

                	 	
                  OK

                	 	 	
                  74074

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  190,400.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  551.84

                	 	$	
                  193,008.04

                	 	 	
                  8.875

                	 
	
                  522

                	 	
                  STILLWATER

                	 	
                  OK

                	 	 	
                  74074-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  190,400.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  551.84

                	 	$	
                  192,959.52

                	 	 	
                  8.875

                	 
	
                  523

                	 	
                  CHICAGO

                	 	
                  IL

                	 	 	
                  60622

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  400,000.00

                	 	
                  5/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,731.95

                	 	$	
                  401,184.72

                	 	 	
                  8.750

                	 
	
                  524

                	 	
                  STRATFORD

                	 	
                  CT

                	 	 	
                  06614

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  208,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  767.77

                	 	$	
                  209,764.75

                	 	 	
                  9.500

                	 
	
                  525

                	 	
                  CHICAGO

                	 	
                  IL

                	 	 	
                  60612

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  272,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  720.38

                	 	$	
                  274,221.64

                	 	 	
                  8.000

                	 
	
                  526

                	 	
                  WYLIE

                	 	
                  TX

                	 	 	
                  75098

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  227,905.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  899.32

                	 	$	
                  229,196.94

                	 	 	
                  8.125

                	 
	
                  527

                	 	
                  SKOKIE

                	 	
                  IL

                	 	 	
                  60077-

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  416,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,865.70

                	 	$	
                  416,950.97

                	 	 	
                  8.125

                	 
	
                  528

                	 	
                  PLAINFIELD

                	 	
                  IL

                	 	 	
                  60544

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  307,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  970.48

                	 	$	
                  308,707.65

                	 	 	
                  8.500

                	 
	
                  529

                	 	
                  BRIDGEVIEW

                	 	
                  IL

                	 	 	
                  60455

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  217,800.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  860.57

                	 	$	
                  218,482.18

                	 	 	
                  8.500

                	 
	
                  530

                	 	
                  JULIET

                	 	
                  IL

                	 	 	
                  60433

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  157,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  543.56

                	 	$	
                  158,055.66

                	 	 	
                  8.375

                	 
	
                  531

                	 	
                  STILLWATER

                	 	
                  OK

                	 	 	
                  74074

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  212,000.00

                	 	
                  5/1/2007

                	 	
                  UNITS-2

                	 	$	
                  670.22

                	 	$	
                  212,875.61

                	 	 	
                  8.750

                	 
	
                  532

                	 	
                  CHICAGO

                	 	
                  IL

                	 	 	
                  60647-

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  348,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,100.17

                	 	$	
                  348,220.73

                	 	 	
                  8.375

                	 
	
                  533

                	 	
                  CHICAGO

                	 	
                  IL

                	 	 	
                  60622

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  572,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,808.33

                	 	$	
                  574,243.34

                	 	 	
                  8.500

                	 
	
                  534

                	 	
                  CHICAGO

                	 	
                  IL

                	 	 	
                  60647-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  408,600.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  1,642.23

                	 	$	
                  409,852.02

                	 	 	
                  8.500

                	 
	
                  535

                	 	
                  CLOVERDALE

                	 	
                  OR

                	 	 	
                  97112

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  216,900.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  801.70

                	 	$	
                  217,566.89

                	 	 	
                  8.125

                	 
	
                  536

                	 	
                  PLAINFIELD

                	 	
                  IL

                	 	 	
                  60544-8926

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  343,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,269.64

                	 	$	
                  344,663.49

                	 	 	
                  8.500

                	 
	
                  537

                	 	
                  DENVER

                	 	
                  CO

                	 	 	
                  80218

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  640,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  2,058.49

                	 	$	
                  655,780.07

                	 	 	
                  9.000

                	 
	
                  538

                	 	
                  NORTH
                    HIGHLANDS

                	 	
                  CA

                	 	 	
                  95660

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  268,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  861.99

                	 	$	
                  272,557.17

                	 	 	
                  8.625

                	 
	
                  539

                	 	
                  WOODLAND

                	 	
                  CA

                	 	 	
                  95776

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  380,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,199.29

                	 	$	
                  386,596.67

                	 	 	
                  8.875

                	 
	
                  540

                	 	
                  ST
                    LOUIS

                	 	
                  MO

                	 	 	
                  63125

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  128,800.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  341.12

                	 	$	
                  130,465.37

                	 	 	
                  8.750

                	 
	
                  541

                	 	
                  UNION

                	 	
                  MO

                	 	 	
                  63084

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  80,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  257.31

                	 	$	
                  80,593.22

                	 	 	
                  8.375

                	 
	
                  542

                	 	
                  WEST
                    JORDAN

                	 	
                  UT

                	 	 	
                  84084

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  83,000.00

                	 	
                  3/1/2007

                	 	
                  CONDO

                	 	$	
                  266.96

                	 	$	
                  83,847.37

                	 	 	
                  7.875

                	 
	
                  543

                	 	
                  RAMROD  KEY

                	 	
                  FL

                	 	 	
                  33042

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  360,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,330.63

                	 	$	
                  362,749.01

                	 	 	
                  9.000

                	 
	
                  544

                	 	
                  LUTZ

                	 	
                  FL

                	 	 	
                  33558

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  202,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  649.71

                	 	$	
                  202,718.00

                	 	 	
                  8.125

                	 
	
                  545

                	 	
                  DENVER

                	 	
                  CO

                	 	 	
                  80205-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  131,200.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  414.78

                	 	$	
                  131,741.89

                	 	 	
                  8.750

                	 
	
                  546

                	 	
                  BAYFIELD

                	 	
                  CO

                	 	 	
                  81122

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  166,500.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  615.42

                	 	$	
                  167,701.65

                	 	 	
                  8.750

                	 
	
                  547

                	 	
                  JACKSON

                	 	
                  WY

                	 	 	
                  83001-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  562,500.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,941.30

                	 	$	
                  562,500.00

                	 	 	
                  8.750

                	 
	
                  548

                	 	
                  OMAHA

                	 	
                  NE

                	 	 	
                  68154

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  500,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,725.60

                	 	$	
                  500,000.00

                	 	 	
                  9.375

                	 
	
                  549

                	 	
                  CONYERS

                	 	
                  GA

                	 	 	
                  30094-

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  203,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  652.93

                	 	$	
                  203,000.00

                	 	 	
                  8.000

                	 
	
                  550

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90027

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  1,000,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  2,771.72

                	 	$	
                  1,000,000.00

                	 	 	
                  8.375

                	 
	
                  551

                	 	
                  NAPLES

                	 	
                  FL

                	 	 	
                  34120

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  200,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  643.28

                	 	$	
                  200,000.00

                	 	 	
                  8.500

                	 
	
                  552

                	 	
                  HERRIMAN

                	 	
                  UT

                	 	 	
                  84065

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  285,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  983.59

                	 	$	
                  288,780.11

                	 	 	
                  8.625

                	 
	
                  553

                	 	
                  SANTA
                    FE

                	 	
                  NM

                	 	 	
                  87507

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  220,400.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  610.89

                	 	$	
                  224,083.09

                	 	 	
                  8.625

                	 
	
                  554

                	 	
                  HARRISVILLE

                	 	
                  UT

                	 	 	
                  84404

                	 	 	
                  360

                	 	 	
                  7.75

                	 	$	
                  171,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  590.16

                	 	$	
                  173,171.42

                	 	 	
                  7.750

                	 
	
                  555

                	 	
                  SARATOGA
                    SPRINGS

                	 	
                  UT

                	 	 	
                  84045-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  289,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  929.54

                	 	$	
                  292,717.74

                	 	 	
                  8.250

                	 
	
                  556

                	 	
                  ODESSA

                	 	
                  FL

                	 	 	
                  33556

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  452,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,197.10

                	 	$	
                  456,307.51

                	 	 	
                  8.875

                	 
	
                  557

                	 	
                  PALM
                    CITY

                	 	
                  FL

                	 	 	
                  34990

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  176,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  566.09

                	 	$	
                  177,355.49

                	 	 	
                  8.500

                	 
	
                  558

                	 	
                  CLEARWATER

                	 	
                  FL

                	 	 	
                  33759

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  400,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,011.42

                	 	$	
                  405,106.48

                	 	 	
                  8.625

                	 
	
                  559

                	 	
                  KISSIMMEE

                	 	
                  FL

                	 	 	
                  34746

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  343,650.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  1,105.31

                	 	$	
                  351,487.85

                	 	 	
                  9.125

                	 
	
                  560

                	 	
                  NAPLES

                	 	
                  FL

                	 	 	
                  34120

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  324,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,042.11

                	 	$	
                  327,523.12

                	 	 	
                  9.125

                	 
	
                  561

                	 	
                  HOLLYWOOD

                	 	
                  FL

                	 	 	
                  33024-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  251,200.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  807.96

                	 	$	
                  253,708.06

                	 	 	
                  8.625

                	 
	
                  562

                	 	
                  PEMBROKE
                    PINES

                	 	
                  FL

                	 	 	
                  33029

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  250,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  804.10

                	 	$	
                  252,496.08

                	 	 	
                  8.625

                	 
	
                  563

                	 	
                  PALM
                    BEACH GARDENS

                	 	
                  FL

                	 	 	
                  33418

                	 	 	
                  360

                	 	 	
                  9.625

                	 	$	
                  480,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  1,543.87

                	 	$	
                  485,903.31

                	 	 	
                  9.625

                	 
	
                  564

                	 	
                  LOXAHATCHEE

                	 	
                  FL

                	 	 	
                  33470

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  408,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,312.29

                	 	$	
                  413,411.97

                	 	 	
                  8.875

                	 
	
                  565

                	 	
                  TAMPA

                	 	
                  FL

                	 	 	
                  33606

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  217,500.00

                	 	
                  2/1/2007

                	 	
                  CONDO

                	 	$	
                  699.57

                	 	$	
                  218,669.47

                	 	 	
                  8.375

                	 
	
                  566

                	 	
                  TAMPA

                	 	
                  FL

                	 	 	
                  33603-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  154,400.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  488.12

                	 	$	
                  155,566.85

                	 	 	
                  8.250

                	 
	
                  567

                	 	
                  TAMPA

                	 	
                  FL

                	 	 	
                  33604-

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  131,100.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  414.46

                	 	$	
                  132,131.98

                	 	 	
                  8.500

                	 
	
                  568

                	 	
                  TAMPA

                	 	
                  FL

                	 	 	
                  33603

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  156,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  493.18

                	 	$	
                  157,178.93

                	 	 	
                  8.250

                	 
	
                  569

                	 	
                  SEMINOLE

                	 	
                  FL

                	 	 	
                  33772-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  570,400.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,834.63

                	 	$	
                  579,799.75

                	 	 	
                  8.625

                	 
	
                  570

                	 	
                  HAVERHILL

                	 	
                  MA

                	 	 	
                  01835

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  168,000.00

                	 	
                  3/1/2007

                	 	
                  CONDO

                	 	$	
                  540.35

                	 	$	
                  170,038.59

                	 	 	
                  8.875

                	 
	
                  571

                	 	
                  PALM
                    HARBOR

                	 	
                  FL

                	 	 	
                  34683-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  134,400.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  602.77

                	 	$	
                  135,425.57

                	 	 	
                  8.625

                	 
	
                  572

                	 	
                  PALM
                    HARBOR

                	 	
                  FL

                	 	 	
                  34684

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  242,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  835.19

                	 	$	
                  245,707.00

                	 	 	
                  8.625

                	 
	
                  573

                	 	
                  PORT
                    SAINT LUCIE

                	 	
                  FL

                	 	 	
                  34987

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  504,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,621.06

                	 	$	
                  506,001.44

                	 	 	
                  8.625

                	 
	
                  574

                	 	
                  BROOKLYN

                	 	
                  NY

                	 	 	
                  11236

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  376,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,389.77

                	 	$	
                  378,634.90

                	 	 	
                  8.625

                	 
	
                  575

                	 	
                  MIAMI

                	 	
                  FL

                	 	 	
                  33147

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  285,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  983.59

                	 	$	
                  285,851.93

                	 	 	
                  9.000

                	 
	
                  576

                	 	
                  CAPE
                    CORAL

                	 	
                  FL

                	 	 	
                  33993

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  248,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  797.67

                	 	$	
                  250,054.63

                	 	 	
                  8.750

                	 
	
                  577

                	 	
                  MIAMI

                	 	
                  FL

                	 	 	
                  33196

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  138,500.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  445.47

                	 	$	
                  139,531.40

                	 	 	
                  8.250

                	 
	
                  578

                	 	
                  POMPANO
                    BEACH

                	 	
                  FL

                	 	 	
                  33064

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  252,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  667.41

                	 	$	
                  253,065.09

                	 	 	
                  8.250

                	 
	
                  579

                	 	
                  NAPLES

                	 	
                  FL

                	 	 	
                  34116

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  280,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  900.59

                	 	$	
                  282,290.48

                	 	 	
                  8.750

                	 
	
                  580

                	 	
                  LUTZ

                	 	
                  FL

                	 	 	
                  33549

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  262,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,249.32

                	 	$	
                  263,327.02

                	 	 	
                  8.625

                	 
	
                  581

                	 	
                  MIAMI

                	 	
                  FL

                	 	 	
                  33131

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  376,000.00

                	 	
                  4/1/2007

                	 	
                  HR
                    CONDO

                	 	$	
                  1,209.36

                	 	$	
                  379,233.36

                	 	 	
                  9.000

                	 
	
                  582

                	 	
                  SPRING
                    HILL

                	 	
                  FL

                	 	 	
                  34608

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  189,050.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  652.45

                	 	$	
                  189,677.58

                	 	 	
                  8.250

                	 
	
                  583

                	 	
                  APOPKA

                	 	
                  FL

                	 	 	
                  32703

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  185,600.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  885.01

                	 	$	
                  186,010.32

                	 	 	
                  8.375

                	 
	
                  584

                	 	
                  ROYAL
                    PALM BEACH

                	 	
                  FL

                	 	 	
                  33411

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  190,800.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  965.62

                	 	$	
                  190,800.00

                	 	 	
                  8.375

                	 
	
                  585

                	 	
                  GIG
                    HARBOR

                	 	
                  WA

                	 	 	
                  98332

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  577,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,855.86

                	 	$	
                  580,934.38

                	 	 	
                  7.875

                	 
	
                  586

                	 	
                  SCAPPOOSE

                	 	
                  OR

                	 	 	
                  97056

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  263,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  972.10

                	 	$	
                  263,863.42

                	 	 	
                  8.375

                	 
	
                  587

                	 	
                  IRVINE

                	 	
                  CA

                	 	 	
                  92620

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  750,000.00

                	 	
                  11/1/2006

                	 	
                  CONDO

                	 	$	
                  2,768.40

                	 	$	
                  757,946.88

                	 	 	
                  9.375

                	 
	
                  588

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92804

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  496,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,499.41

                	 	$	
                  493,285.75

                	 	 	
                  9.375

                	 
	
                  589

                	 	
                  MONUMENT

                	 	
                  CO

                	 	 	
                  80132

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  740,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  2,380.13

                	 	$	
                  749,988.54

                	 	 	
                  8.500

                	 
	
                  590

                	 	
                  SANTA
                    ROSA

                	 	
                  CA

                	 	 	
                  95407

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  584,800.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  1,880.95

                	 	$	
                  595,258.88

                	 	 	
                  8.500

                	 
	
                  591

                	 	
                  HONOLULU

                	 	
                  HI

                	 	 	
                  96818

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  750,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,986.34

                	 	$	
                  760,839.68

                	 	 	
                  8.875

                	 
	
                  592

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92553

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  227,500.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  840.88

                	 	$	
                  229,094.27

                	 	 	
                  8.625

                	 
	
                  593

                	 	
                  SURPRISE

                	 	
                  AZ

                	 	 	
                  85388

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  428,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,376.62

                	 	$	
                  432,369.53

                	 	 	
                  7.875

                	 
	
                  594

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92337

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  506,400.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,628.78

                	 	$	
                  512,529.54

                	 	 	
                  8.625

                	 
	
                  595

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92553

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  324,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,042.11

                	 	$	
                  328,158.92

                	 	 	
                  8.875

                	 
	
                  596

                	 	
                  SUN
                    VALLEY AREA

                	 	
                  CA

                	 	 	
                  91352

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  371,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,193.28

                	 	$	
                  373,490.96

                	 	 	
                  7.875

                	 
	
                  597

                	 	
                  UPLAND

                	 	
                  CA

                	 	 	
                  91786

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  464,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,492.41

                	 	$	
                  469,958.54

                	 	 	
                  8.875

                	 
	
                  598

                	 	
                  MIRA
                    LOMA

                	 	
                  CA

                	 	 	
                  91752

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  372,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,196.50

                	 	$	
                  372,000.00

                	 	 	
                  8.500

                	 
	
                  599

                	 	
                  LEHIGH
                    ACRES

                	 	
                  FL

                	 	 	
                  33936

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  224,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  827.95

                	 	$	
                  224,852.05

                	 	 	
                  9.000

                	 
	
                  600

                	 	
                  CHINO
                    HILLS

                	 	
                  CA

                	 	 	
                  91709

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  596,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  2,202.93

                	 	$	
                  602,412.71

                	 	 	
                  8.625

                	 
	
                  601

                	 	
                  JACKSONVILLE

                	 	
                  FL

                	 	 	
                  32208

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  96,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  457.77

                	 	$	
                  96,641.14

                	 	 	
                  8.375

                	 
	
                  602

                	 	
                  JACKSONVILLE

                	 	
                  FL

                	 	 	
                  32211-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  128,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  473.11

                	 	$	
                  128,964.00

                	 	 	
                  9.000

                	 
	
                  603

                	 	
                  JACKSONVILLE

                	 	
                  FL

                	 	 	
                  32211

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  128,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  473.11

                	 	$	
                  128,964.00

                	 	 	
                  9.000

                	 
	
                  604

                	 	
                  JACKSONVILLE

                	 	
                  FL

                	 	 	
                  32211

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  128,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  473.11

                	 	$	
                  128,964.00

                	 	 	
                  9.000

                	 
	
                  605

                	 	
                  OAKLAND

                	 	
                  CA

                	 	 	
                  94619

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  424,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,363.75

                	 	$	
                  427,379.60

                	 	 	
                  8.625

                	 
	
                  606

                	 	
                  AREA
                    OF WHITTIER

                	 	
                  CA

                	 	 	
                  90606

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  405,600.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,304.57

                	 	$	
                  409,045.32

                	 	 	
                  8.875

                	 
	
                  607

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90011

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  435,000.00

                	 	
                  5/1/2007

                	 	
                  UNITS-3

                	 	$	
                  1,607.84

                	 	$	
                  436,564.04

                	 	 	
                  8.750

                	 
	
                  608

                	 	
                  LAS
                    VEGAS

                	 	
                  NV

                	 	 	
                  89139

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  288,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  926.32

                	 	$	
                  290,446.39

                	 	 	
                  8.875

                	 
	
                  609

                	 	
                  LARGO

                	 	
                  FL

                	 	 	
                  33770

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  123,200.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  519.42

                	 	$	
                  123,960.59

                	 	 	
                  8.750

                	 
	
                  610

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92804

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  489,600.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,574.75

                	 	$	
                  493,758.85

                	 	 	
                  8.875

                	 
	
                  611

                	 	
                  LANCASTER

                	 	
                  CA

                	 	 	
                  93536

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  391,500.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,546.90

                	 	$	
                  394,024.43

                	 	 	
                  8.750

                	 
	
                  612

                	 	
                  WESTMINSTER

                	 	
                  CA

                	 	 	
                  92683-

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  308,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  990.65

                	 	$	
                  310,874.49

                	 	 	
                  9.375

                	 
	
                  613

                	 	
                  GARDEN
                    GROVE

                	 	
                  CA

                	 	 	
                  92703

                	 	 	
                  360

                	 	 	
                  9.25

                	 	$	
                  484,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,786.54

                	 	$	
                  482,070.58

                	 	 	
                  9.250

                	 
	
                  614

                	 	
                  BANNING

                	 	
                  CA

                	 	 	
                  92220

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  300,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  948.43

                	 	$	
                  302,298.63

                	 	 	
                  8.375

                	 
	
                  615

                	 	
                  HEMET

                	 	
                  CA

                	 	 	
                  92545

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  320,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,009.93

                	 	$	
                  318,620.28

                	 	 	
                  9.000

                	 
	
                  616

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90003

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  336,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,241.92

                	 	$	
                  338,424.97

                	 	 	
                  8.750

                	 
	
                  617

                	 	
                  FRESNO

                	 	
                  CA

                	 	 	
                  93722

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  220,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  707.61

                	 	$	
                  221,891.85

                	 	 	
                  9.000

                	 
	
                  618

                	 	
                  FULLERTON

                	 	
                  CA

                	 	 	
                  92833

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  592,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,904.11

                	 	$	
                  597,090.80

                	 	 	
                  9.000

                	 
	
                  619

                	 	
                  LAKE
                    ELSINORE

                	 	
                  CA

                	 	 	
                  92530

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  459,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,584.10

                	 	$	
                  462,201.84

                	 	 	
                  8.250

                	 
	
                  620

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92551

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  280,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,034.93

                	 	$	
                  281,903.52

                	 	 	
                  8.500

                	 
	
                  621

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91737

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  440,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,626.33

                	 	$	
                  441,582.00

                	 	 	
                  8.750

                	 
	
                  622

                	 	
                  DUARTE

                	 	
                  CA

                	 	 	
                  91010

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  380,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,413.42

                	 	$	
                  382,724.72

                	 	 	
                  8.750

                	 
	
                  623

                	 	
                  SAN
                    BERNARDINO

                	 	
                  CA

                	 	 	
                  92407

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  215,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  793.61

                	 	$	
                  215,706.91

                	 	 	
                  8.375

                	 
	
                  624

                	 	
                  LAKE
                    ELSINORE

                	 	
                  CA

                	 	 	
                  92532

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  525,000.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,811.88

                	 	$	
                  528,772.17

                	 	 	
                  8.375

                	 
	
                  625

                	 	
                  BONITA
                    AREA

                	 	
                  CA

                	 	 	
                  91902

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  720,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,315.80

                	 	$	
                  725,502.20

                	 	 	
                  9.000

                	 
	
                  626

                	 	
                  CORONA

                	 	
                  CA

                	 	 	
                  92882

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  624,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  2,007.03

                	 	$	
                  626,672.97

                	 	 	
                  9.000

                	 
	
                  627

                	 	
                  TAMPA

                	 	
                  FL

                	 	 	
                  33647

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  384,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,419.34

                	 	$	
                  385,380.66

                	 	 	
                  8.750

                	 
	
                  628

                	 	
                  GARDEN
                    GROVE

                	 	
                  CA

                	 	 	
                  92840

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  489,600.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,296.68

                	 	$	
                  494,009.25

                	 	 	
                  8.500

                	 
	
                  629

                	 	
                  SAN
                    JACINTO

                	 	
                  CA

                	 	 	
                  92582

                	 	 	
                  360

                	 	 	
                  7.75

                	 	$	
                  349,250.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,205.33

                	 	$	
                  350,300.24

                	 	 	
                  7.750

                	 
	
                  630

                	 	
                  CORONA
                    AREA

                	 	
                  CA

                	 	 	
                  92880

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  536,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,419.57

                	 	$	
                  541,220.36

                	 	 	
                  9.000

                	 
	
                  631

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91730

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  320,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,182.78

                	 	$	
                  321,150.55

                	 	 	
                  8.750

                	 
	
                  632

                	 	
                  COACHELLA

                	 	
                  CA

                	 	 	
                  92236

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  308,800.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,141.38

                	 	$	
                  309,910.29

                	 	 	
                  8.750

                	 
	
                  633

                	 	
                  POMONA

                	 	
                  CA

                	 	 	
                  91767

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  256,500.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  885.23

                	 	$	
                  257,458.36

                	 	 	
                  8.625

                	 
	
                  634

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90032

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  481,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,661.75

                	 	$	
                  483,248.88

                	 	 	
                  8.500

                	 
	
                  635

                	 	
                  RIVERSIDE

                	 	
                  CA

                	 	 	
                  92507

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  181,000.00

                	 	
                  5/1/2007

                	 	
                  UNITS-2

                	 	$	
                  669.01

                	 	$	
                  181,650.78

                	 	 	
                  8.750

                	 
	
                  636

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92804

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  512,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,356.01

                	 	$	
                  516,879.29

                	 	 	
                  8.875

                	 
	
                  637

                	 	
                  WHITTIER

                	 	
                  CA

                	 	 	
                  90602

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  343,100.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,103.55

                	 	$	
                  344,462.48

                	 	 	
                  8.625

                	 
	
                  638

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90065

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  497,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,837.01

                	 	$	
                  498,786.95

                	 	 	
                  8.750

                	 
	
                  639

                	 	
                  ANAHEIM

                	 	
                  CA

                	 	 	
                  92806

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  420,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,350.89

                	 	$	
                  421,580.36

                	 	 	
                  8.375

                	 
	
                  640

                	 	
                  VISALIA

                	 	
                  CA

                	 	 	
                  93292

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  236,950.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  936.24

                	 	$	
                  237,692.16

                	 	 	
                  8.500

                	 
	
                  641

                	 	
                  LOS
                    ANGELES (MISSION HILLS ARE

                	 	
                  CA

                	 	 	
                  91345

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  495,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,592.12

                	 	$	
                  496,862.57

                	 	 	
                  8.375

                	 
	
                  642

                	 	
                  LA
                    PUENTE

                	 	
                  CA

                	 	 	
                  91744

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  456,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,685.46

                	 	$	
                  457,639.54

                	 	 	
                  8.750

                	 
	
                  643

                	 	
                  MONROVIA

                	 	
                  CA

                	 	 	
                  91016

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  556,000.00

                	 	
                  5/1/2007

                	 	
                  UNITS-2

                	 	$	
                  2,052.31

                	 	$	
                  558,001.86

                	 	 	
                  8.750

                	 
	
                  644

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95209

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  288,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,064.50

                	 	$	
                  288,945.50

                	 	 	
                  8.375

                	 
	
                  645

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92707

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  440,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,165.32

                	 	$	
                  440,000.00

                	 	 	
                  8.750

                	 
	
                  646

                	 	
                  WEST
                    COVINA

                	 	
                  CA

                	 	 	
                  91791

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  730,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,845.85

                	 	$	
                  733,705.19

                	 	 	
                  9.125

                	 
	
                  647

                	 	
                  ALISO
                    VIEJO (LAGUNA HILLS AREA

                	 	
                  CA

                	 	 	
                  92656

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  400,500.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,212.82

                	 	$	
                  400,500.00

                	 	 	
                  8.125

                	 
	
                  648

                	 	
                  NORTH
                    LAS VEGAS

                	 	
                  NV

                	 	 	
                  89081

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  312,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,151.65

                	 	$	
                  312,000.00

                	 	 	
                  9.000

                	 
	
                  649

                	 	
                  ASTORIA

                	 	
                  OR

                	 	 	
                  97103

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  256,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  944.95

                	 	$	
                  257,055.05

                	 	 	
                  9.375

                	 
	
                  650

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92553

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  330,650.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,001.29

                	 	$	
                  332,025.26

                	 	 	
                  8.625

                	 
	
                  651

                	 	
                  CANYON
                    LAKE

                	 	
                  CA

                	 	 	
                  92587

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  556,000.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,788.32

                	 	$	
                  558,092.10

                	 	 	
                  8.375

                	 
	
                  652

                	 	
                  VICTORVILLE

                	 	
                  CA

                	 	 	
                  92392

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  262,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,251.70

                	 	$	
                  263,052.99

                	 	 	
                  8.250

                	 
	
                  653

                	 	
                  VICTORVILLE

                	 	
                  CA

                	 	 	
                  92394

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  315,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,087.13

                	 	$	
                  315,000.00

                	 	 	
                  8.500

                	 
	
                  654

                	 	
                  SANTA
                    ANA

                	 	
                  CA

                	 	 	
                  92704

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  500,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,608.20

                	 	$	
                  500,000.00

                	 	 	
                  8.375

                	 
	
                  655

                	 	
                  PUYALLUP

                	 	
                  WA

                	 	 	
                  98375

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  306,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,051.81

                	 	$	
                  306,000.00

                	 	 	
                  8.500

                	 
	
                  656

                	 	
                  MONTCLAIR

                	 	
                  CA

                	 	 	
                  91763

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  414,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,428.80

                	 	$	
                  414,000.00

                	 	 	
                  8.750

                	 
	
                  657

                	 	
                  SPANAWAY

                	 	
                  WA

                	 	 	
                  98387

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  350,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,252.95

                	 	$	
                  350,000.00

                	 	 	
                  8.500

                	 
	
                  658

                	 	
                  SACRAMENTO

                	 	
                  CA

                	 	 	
                  95838-

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  306,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  984.22

                	 	$	
                  308,597.57

                	 	 	
                  9.000

                	 
	
                  659

                	 	
                  EL
                    MONTE

                	 	
                  CA

                	 	 	
                  91732

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  353,600.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  1,137.32

                	 	$	
                  360,676.18

                	 	 	
                  9.000

                	 
	
                  660

                	 	
                  DOWNEY

                	 	
                  CA

                	 	 	
                  90241

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  936,750.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  3,012.96

                	 	$	
                  955,496.11

                	 	 	
                  9.000

                	 
	
                  661

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92557

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  316,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,016.38

                	 	$	
                  320,365.50

                	 	 	
                  8.625

                	 
	
                  662

                	 	
                  PERRIS

                	 	
                  CA

                	 	 	
                  92571

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  283,200.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  910.88

                	 	$	
                  288,264.69

                	 	 	
                  8.375

                	 
	
                  663

                	 	
                  PALMDALE

                	 	
                  CA

                	 	 	
                  93550

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  336,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,080.71

                	 	$	
                  341,580.80

                	 	 	
                  8.250

                	 
	
                  664

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90003

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  416,000.00

                	 	
                  12/1/2006

                	 	
                  UNITS-2

                	 	$	
                  1,338.02

                	 	$	
                  424,324.94

                	 	 	
                  9.000

                	 
	
                  665

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90018

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  408,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,506.01

                	 	$	
                  410,192.44

                	 	 	
                  8.625

                	 
	
                  666

                	 	
                  WINNETKA
                    AREA

                	 	
                  CA

                	 	 	
                  91306

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  488,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,801.30

                	 	$	
                  493,589.34

                	 	 	
                  9.500

                	 
	
                  667

                	 	
                  GLENDORA

                	 	
                  CA

                	 	 	
                  91741

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  640,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  2,362.37

                	 	$	
                  643,840.56

                	 	 	
                  9.000

                	 
	
                  668

                	 	
                  APPLE
                    VALLEY

                	 	
                  CA

                	 	 	
                  92308

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  435,600.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,401.06

                	 	$	
                  442,170.42

                	 	 	
                  8.875

                	 
	
                  669

                	 	
                  LONG
                    BEACH

                	 	
                  CA

                	 	 	
                  90806

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  460,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,479.54

                	 	$	
                  469,205.47

                	 	 	
                  9.000

                	 
	
                  670

                	 	
                  PALMDALE

                	 	
                  CA

                	 	 	
                  93551

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  424,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,363.75

                	 	$	
                  431,583.07

                	 	 	
                  8.500

                	 
	
                  671

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90016

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  500,000.00

                	 	
                  12/1/2006

                	 	
                  SFR

                	 	$	
                  1,608.20

                	 	$	
                  510,005.93

                	 	 	
                  9.000

                	 
	
                  672

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93030

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  300,000.00

                	 	
                  2/1/2007

                	 	
                  CONDO

                	 	$	
                  964.92

                	 	$	
                  304,880.10

                	 	 	
                  8.625

                	 
	
                  673

                	 	
                  GARDENA

                	 	
                  CA

                	 	 	
                  90248

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  488,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,569.60

                	 	$	
                  494,741.65

                	 	 	
                  8.625

                	 
	
                  674

                	 	
                  WOODBRIDGE

                	 	
                  VA

                	 	 	
                  22193

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  491,250.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,695.40

                	 	$	
                  497,349.57

                	 	 	
                  8.625

                	 
	
                  675

                	 	
                  ONTARIO

                	 	
                  CA

                	 	 	
                  91762

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  376,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,209.36

                	 	$	
                  381,154.74

                	 	 	
                  8.500

                	 
	
                  676

                	 	
                  RESEDA

                	 	
                  CA

                	 	 	
                  91335

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  472,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,308.25

                	 	$	
                  478,944.42

                	 	 	
                  9.125

                	 
	
                  677

                	 	
                  SANTA
                    CLARITA AREA

                	 	
                  CA

                	 	 	
                  91387-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  750,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,896.42

                	 	$	
                  769,644.76

                	 	 	
                  9.125

                	 
	
                  678

                	 	
                  SPARKS

                	 	
                  NV

                	 	 	
                  89436

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  295,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  948.84

                	 	$	
                  297,883.36

                	 	 	
                  8.625

                	 
	
                  679

                	 	
                  NORTH
                    HILLS AREA

                	 	
                  CA

                	 	 	
                  91343-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  500,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,725.60

                	 	$	
                  507,638.64

                	 	 	
                  8.625

                	 
	
                  680

                	 	
                  GRANADA
                    HILLS AREA

                	 	
                  CA

                	 	 	
                  91344-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  527,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,695.04

                	 	$	
                  532,148.08

                	 	 	
                  8.625

                	 
	
                  681

                	 	
                  POMONA

                	 	
                  CA

                	 	 	
                  91766-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  340,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,093.57

                	 	$	
                  344,696.19

                	 	 	
                  8.625

                	 
	
                  682

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92336-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  544,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,010.73

                	 	$	
                  547,812.19

                	 	 	
                  8.625

                	 
	
                  683

                	 	
                  BUENA
                    PARK

                	 	
                  CA

                	 	 	
                  90620

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  472,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,250.07

                	 	$	
                  481,513.56

                	 	 	
                  9.125

                	 
	
                  684

                	 	
                  SAN
                    BERNARDINO

                	 	
                  CA

                	 	 	
                  92404

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  248,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  915.42

                	 	$	
                  247,495.85

                	 	 	
                  9.125

                	 
	
                  685

                	 	
                  LA
                    PUENTE

                	 	
                  CA

                	 	 	
                  91744

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  396,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,273.69

                	 	$	
                  401,544.58

                	 	 	
                  9.375

                	 
	
                  686

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93036-

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  626,250.00

                	 	
                  2/1/2007

                	 	
                  UNITS-4

                	 	$	
                  1,583.51

                	 	$	
                  634,904.21

                	 	 	
                  9.125

                	 
	
                  687

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90037

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  368,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,183.63

                	 	$	
                  374,610.66

                	 	 	
                  9.125

                	 
	
                  688

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90026

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  584,000.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,878.37

                	 	$	
                  587,853.58

                	 	 	
                  9.125

                	 
	
                  689

                	 	
                  APPLE
                    VALLEY

                	 	
                  CA

                	 	 	
                  92307

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  196,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  495.60

                	 	$	
                  200,045.51

                	 	 	
                  9.125

                	 
	
                  690

                	 	
                  STOCKTON

                	 	
                  CA

                	 	 	
                  95206-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  180,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  621.22

                	 	$	
                  182,814.74

                	 	 	
                  8.625

                	 
	
                  691

                	 	
                  AMERICAN
                    CANYON

                	 	
                  CA

                	 	 	
                  94503

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  580,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,466.57

                	 	$	
                  592,033.23

                	 	 	
                  9.125

                	 
	
                  692

                	 	
                  FONTANA
                    AREA

                	 	
                  CA

                	 	 	
                  92335

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  300,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  794.54

                	 	$	
                  305,632.83

                	 	 	
                  8.625

                	 
	
                  693

                	 	
                  CULVER
                    CITY

                	 	
                  CA

                	 	 	
                  90230

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  356,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  942.85

                	 	$	
                  359,348.07

                	 	 	
                  8.750

                	 
	
                  694

                	 	
                  WESTLAKE
                    VILLAGE

                	 	
                  CA

                	 	 	
                  91361

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  1,000,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  3,216.40

                	 	$	
                  1,018,175.54

                	 	 	
                  9.125

                	 
	
                  695

                	 	
                  RESEDA
                    AREA

                	 	
                  CA

                	 	 	
                  91335

                	 	 	
                  360

                	 	 	
                  7.875

                	 	$	
                  520,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,672.53

                	 	$	
                  527,358.28

                	 	 	
                  7.875

                	 
	
                  696

                	 	
                  HAWTHRONE

                	 	
                  CA

                	 	 	
                  90250

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  682,500.00

                	 	
                  2/1/2007

                	 	
                  UNITS-4

                	 	$	
                  1,807.57

                	 	$	
                  695,170.16

                	 	 	
                  8.625

                	 
	
                  697

                	 	
                  POMONA

                	 	
                  CA

                	 	 	
                  91767

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  368,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,183.63

                	 	$	
                  370,740.47

                	 	 	
                  8.250

                	 
	
                  698

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90042

                	 	 	
                  360

                	 	 	
                  9

                	 	$	
                  430,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,383.05

                	 	$	
                  437,132.42

                	 	 	
                  9.000

                	 
	
                  699

                	 	
                  CATHEDRAL
                    CITY

                	 	
                  CA

                	 	 	
                  92234

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  344,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,271.49

                	 	$	
                  344,000.00

                	 	 	
                  8.750

                	 
	
                  700

                	 	
                  HUNTINGTON
                    BEACH

                	 	
                  CA

                	 	 	
                  92646

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  572,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,446.34

                	 	$	
                  582,609.27

                	 	 	
                  8.500

                	 
	
                  701

                	 	
                  HAWTHORNE

                	 	
                  CA

                	 	 	
                  90250-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  552,000.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,775.45

                	 	$	
                  558,914.11

                	 	 	
                  8.750

                	 
	
                  702

                	 	
                  SIMI
                    VALLEY

                	 	
                  CA

                	 	 	
                  93063-

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  300,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  946.81

                	 	$	
                  303,650.42

                	 	 	
                  8.250

                	 
	
                  703

                	 	
                  SAN
                    DIEGO

                	 	
                  CA

                	 	 	
                  92114-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  348,750.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,102.55

                	 	$	
                  353,065.98

                	 	 	
                  8.625

                	 
	
                  704

                	 	
                  COVINA
                    AREA

                	 	
                  CA

                	 	 	
                  91722

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  360,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,157.90

                	 	$	
                  365,856.37

                	 	 	
                  8.625

                	 
	
                  705

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93035

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  440,000.00

                	 	
                  2/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,518.53

                	 	$	
                  446,833.02

                	 	 	
                  8.625

                	 
	
                  706

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90003

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  440,000.00

                	 	
                  3/1/2007

                	 	
                  UNITS-2

                	 	$	
                  1,415.21

                	 	$	
                  446,128.73

                	 	 	
                  9.375

                	 
	
                  707

                	 	
                  IRVINE

                	 	
                  CA

                	 	 	
                  92614

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  452,000.00

                	 	
                  3/1/2007

                	 	
                  CONDO

                	 	$	
                  1,197.10

                	 	$	
                  458,532.72

                	 	 	
                  8.875

                	 
	
                  708

                	 	
                  PASADENA

                	 	
                  CA

                	 	 	
                  91103

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  540,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,736.85

                	 	$	
                  546,877.62

                	 	 	
                  8.875

                	 
	
                  709

                	 	
                  HAWAIIAN
                    GARDENS

                	 	
                  CA

                	 	 	
                  90716-

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  296,000.00

                	 	
                  3/1/2007

                	 	
                  CONDO

                	 	$	
                  952.05

                	 	$	
                  299,801.16

                	 	 	
                  8.875

                	 
	
                  710

                	 	
                  PALMDALE
                    AREA

                	 	
                  CA

                	 	 	
                  93550-

                	 	 	
                  360

                	 	 	
                  9.5

                	 	$	
                  285,700.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,054.57

                	 	$	
                  284,502.26

                	 	 	
                  9.500

                	 
	
                  711

                	 	
                  LANCASTER

                	 	
                  CA

                	 	 	
                  93535

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  268,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  924.92

                	 	$	
                  270,884.45

                	 	 	
                  8.375

                	 
	
                  712

                	 	
                  VISTA

                	 	
                  CA

                	 	 	
                  92083

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  436,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,154.73

                	 	$	
                  439,880.90

                	 	 	
                  8.500

                	 
	
                  713

                	 	
                  ARTESIA

                	 	
                  CA

                	 	 	
                  90701

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  312,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,003.52

                	 	$	
                  315,840.20

                	 	 	
                  8.875

                	 
	
                  714

                	 	
                  VENTURA

                	 	
                  CA

                	 	 	
                  93001

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  375,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  993.17

                	 	$	
                  378,593.12

                	 	 	
                  8.500

                	 
	
                  715

                	 	
                  MONROVIA

                	 	
                  CA

                	 	 	
                  91016

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  207,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  765.11

                	 	$	
                  202,078.41

                	 	 	
                  8.625

                	 
	
                  716

                	 	
                  FRESNO

                	 	
                  CA

                	 	 	
                  93710

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  260,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  836.26

                	 	$	
                  262,126.87

                	 	 	
                  8.750

                	 
	
                  717

                	 	
                  CENTRAL
                    CITY

                	 	
                  NE

                	 	 	
                  68826

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  96,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  308.77

                	 	$	
                  96,351.23

                	 	 	
                  8.250

                	 
	
                  718

                	 	
                  SAN
                    FERNANDO

                	 	
                  CA

                	 	 	
                  91340

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  472,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,518.14

                	 	$	
                  478,061.28

                	 	 	
                  8.875

                	 
	
                  719

                	 	
                  MORENO
                    VALLEY

                	 	
                  CA

                	 	 	
                  92555

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  440,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,624.13

                	 	$	
                  444,972.54

                	 	 	
                  8.875

                	 
	
                  720

                	 	
                  INGLEWOOD

                	 	
                  CA

                	 	 	
                  90305

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  368,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  1,360.20

                	 	$	
                  370,655.91

                	 	 	
                  8.750

                	 
	
                  721

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93033

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  434,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,395.92

                	 	$	
                  435,723.46

                	 	 	
                  8.750

                	 
	
                  722

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90043

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  412,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,091.16

                	 	$	
                  415,580.97

                	 	 	
                  8.375

                	 
	
                  723

                	 	
                  PERRIS

                	 	
                  CA

                	 	 	
                  92571

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  376,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,209.36

                	 	$	
                  378,603.27

                	 	 	
                  8.000

                	 
	
                  724

                	 	
                  CORONA

                	 	
                  CA

                	 	 	
                  92879

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  578,950.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  1,533.32

                	 	$	
                  584,345.98

                	 	 	
                  8.750

                	 
	
                  725

                	 	
                  SAN
                    DIEGO

                	 	
                  CA

                	 	 	
                  92129

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  560,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,801.18

                	 	$	
                  562,282.15

                	 	 	
                  8.750

                	 
	
                  726

                	 	
                  CARSON
                    AREA

                	 	
                  CA

                	 	 	
                  90745

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  330,000.00

                	 	
                  4/1/2007

                	 	
                  CONDO

                	 	$	
                  1,043.27

                	 	$	
                  332,493.89

                	 	 	
                  8.250

                	 
	
                  727

                	 	
                  TOPANGA
                    AREA

                	 	
                  CA

                	 	 	
                  90290

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  713,500.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,067.97

                	 	$	
                  716,337.34

                	 	 	
                  8.250

                	 
	
                  728

                	 	
                  NORWALK

                	 	
                  CA

                	 	 	
                  90650

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  472,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,518.14

                	 	$	
                  475,861.08

                	 	 	
                  8.750

                	 
	
                  729

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90037

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  416,000.00

                	 	
                  4/1/2007

                	 	
                  UNITS-3

                	 	$	
                  1,753.87

                	 	$	
                  418,568.25

                	 	 	
                  8.750

                	 
	
                  730

                	 	
                  WEST
                    COVINA

                	 	
                  CA

                	 	 	
                  91790

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  492,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,303.04

                	 	$	
                  496,173.22

                	 	 	
                  8.250

                	 
	
                  731

                	 	
                  CHINO
                    HILLS

                	 	
                  CA

                	 	 	
                  91709

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  490,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,576.03

                	 	$	
                  494,008.34

                	 	 	
                  8.750

                	 
	
                  732

                	 	
                  OXNARD

                	 	
                  CA

                	 	 	
                  93036

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  425,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,840.20

                	 	$	
                  427,259.75

                	 	 	
                  8.375

                	 
	
                  733

                	 	
                  SYLMAR

                	 	
                  CA

                	 	 	
                  91342

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  424,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,363.75

                	 	$	
                  425,772.08

                	 	 	
                  8.875

                	 
	
                  734

                	 	
                  LA
                    JOLLA AREA

                	 	
                  CA

                	 	 	
                  92037

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  885,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  2,846.51

                	 	$	
                  891,868.72

                	 	 	
                  8.500

                	 
	
                  735

                	 	
                  NORTH
                    HILLS AREA

                	 	
                  CA

                	 	 	
                  91343

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  390,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,232.95

                	 	$	
                  391,488.93

                	 	 	
                  8.375

                	 
	
                  736

                	 	
                  COVINA
                    AREA

                	 	
                  CA

                	 	 	
                  91722

                	 	 	
                  360

                	 	 	
                  7.625

                	 	$	
                  368,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,754.77

                	 	$	
                  368,583.56

                	 	 	
                  7.625

                	 
	
                  737

                	 	
                  GREENBRAE

                	 	
                  CA

                	 	 	
                  94904

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  550,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,769.02

                	 	$	
                  550,000.00

                	 	 	
                  8.375

                	 
	
                  738

                	 	
                  RANCHO
                    CUCAMONGA

                	 	
                  CA

                	 	 	
                  91730

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  389,200.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,030.78

                	 	$	
                  390,844.97

                	 	 	
                  8.250

                	 
	
                  739

                	 	
                  FORT
                    BRAGG

                	 	
                  CA

                	 	 	
                  95437

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  400,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  1,059.38

                	 	$	
                  401,648.95

                	 	 	
                  8.125

                	 
	
                  740

                	 	
                  FONTANA

                	 	
                  CA

                	 	 	
                  92337

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  315,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,502.04

                	 	$	
                  315,000.00

                	 	 	
                  8.375

                	 
	
                  741

                	 	
                  NORTHRIDGE
                    AREA

                	 	
                  CA

                	 	 	
                  91324-

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  568,000.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  2,099.44

                	 	$	
                  570,042.23

                	 	 	
                  8.750

                	 
	
                  742

                	 	
                  CHANTILLY

                	 	
                  VA

                	 	 	
                  20152

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  720,000.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  2,315.80

                	 	$	
                  732,876.92

                	 	 	
                  9.125

                	 
	
                  743

                	 	
                  STONE
                    MOUNTAIN

                	 	
                  GA

                	 	 	
                  30087

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  320,000.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  1,181.18

                	 	$	
                  323,562.78

                	 	 	
                  8.375

                	 
	
                  744

                	 	
                  CONYERS

                	 	
                  GA

                	 	 	
                  30012

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  143,300.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  494.56

                	 	$	
                  145,749.51

                	 	 	
                  8.500

                	 
	
                  745

                	 	
                  LANHAM

                	 	
                  MD

                	 	 	
                  20706

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  266,400.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  856.85

                	 	$	
                  272,333.42

                	 	 	
                  8.875

                	 
	
                  746

                	 	
                  RESTON

                	 	
                  VA

                	 	 	
                  20191

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  224,000.00

                	 	
                  1/1/2007

                	 	
                  CONDO

                	 	$	
                  720.47

                	 	$	
                  228,774.47

                	 	 	
                  8.750

                	 
	
                  747

                	 	
                  CHARLOTTE

                	 	
                  NC

                	 	 	
                  28208

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  97,200.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  312.63

                	 	$	
                  98,064.66

                	 	 	
                  8.625

                	 
	
                  748

                	 	
                  MT
                    AIRY

                	 	
                  MD

                	 	 	
                  21771

                	 	 	
                  360

                	 	 	
                  8

                	 	$	
                  303,000.00

                	 	
                  1/1/2007

                	 	
                  SFR

                	 	$	
                  1,118.43

                	 	$	
                  302,794.70

                	 	 	
                  8.000

                	 
	
                  749

                	 	
                  ALEXANDRIA

                	 	
                  VA

                	 	 	
                  22309

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  604,000.00

                	 	
                  1/1/2007

                	 	
                  PUD

                	 	$	
                  1,527.25

                	 	$	
                  618,917.56

                	 	 	
                  8.750

                	 
	
                  750

                	 	
                  FALLS
                    CHURCH

                	 	
                  VA

                	 	 	
                  22041

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  748,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  2,405.86

                	 	$	
                  760,008.99

                	 	 	
                  8.625

                	 
	
                  751

                	 	
                  LANHAM

                	 	
                  MD

                	 	 	
                  20706

                	 	 	
                  360

                	 	 	
                  8.25

                	 	$	
                  353,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,135.39

                	 	$	
                  358,331.36

                	 	 	
                  8.250

                	 
	
                  752

                	 	
                  HAMPTON

                	 	
                  GA

                	 	 	
                  30228

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  347,400.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  1,117.38

                	 	$	
                  352,881.25

                	 	 	
                  8.625

                	 
	
                  753

                	 	
                  WASHINGTON

                	 	
                  DC

                	 	 	
                  20019-

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  272,000.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  874.86

                	 	$	
                  273,365.90

                	 	 	
                  8.625

                	 
	
                  754

                	 	
                  WOODBRIDGE

                	 	
                  VA

                	 	 	
                  22193

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  496,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  1,595.33

                	 	$	
                  503,910.73

                	 	 	
                  8.625

                	 
	
                  755

                	 	
                  UPPER
                    MARLBORO

                	 	
                  MD

                	 	 	
                  20774

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  317,600.00

                	 	
                  2/1/2007

                	 	
                  SFR

                	 	$	
                  1,021.53

                	 	$	
                  323,264.64

                	 	 	
                  9.125

                	 
	
                  756

                	 	
                  GAITHERSBURG

                	 	
                  MD

                	 	 	
                  20879

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  292,000.00

                	 	
                  2/1/2007

                	 	
                  PUD

                	 	$	
                  939.19

                	 	$	
                  297,257.85

                	 	 	
                  9.125

                	 
	
                  757

                	 	
                  SELBYVILLE

                	 	
                  DE

                	 	 	
                  19975

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  440,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,415.21

                	 	$	
                  445,372.18

                	 	 	
                  8.625

                	 
	
                  758

                	 	
                  MANASSAS
                    PARK

                	 	
                  VA

                	 	 	
                  20111

                	 	 	
                  360

                	 	 	
                  9.125

                	 	$	
                  576,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,852.64

                	 	$	
                  583,761.14

                	 	 	
                  9.125

                	 
	
                  759

                	 	
                  BOYDS

                	 	
                  MD

                	 	 	
                  20841

                	 	 	
                  360

                	 	 	
                  9.375

                	 	$	
                  702,400.00

                	 	
                  4/1/2007

                	 	
                  PUD

                	 	$	
                  2,259.20

                	 	$	
                  708,955.32

                	 	 	
                  9.375

                	 
	
                  760

                	 	
                  DENVER

                	 	
                  CO

                	 	 	
                  80205

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  300,000.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  1,035.36

                	 	$	
                  303,607.99

                	 	 	
                  8.875

                	 
	
                  761

                	 	
                  LORTON

                	 	
                  VA

                	 	 	
                  22079

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  396,000.00

                	 	
                  3/1/2007

                	 	
                  PUD

                	 	$	
                  1,562.62

                	 	$	
                  399,359.93

                	 	 	
                  8.375

                	 
	
                  762

                	 	
                  WOODBRIDGE

                	 	
                  VA

                	 	 	
                  22191

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  325,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,045.33

                	 	$	
                  327,760.68

                	 	 	
                  8.875

                	 
	
                  763

                	 	
                  PALM
                    COAST

                	 	
                  FL

                	 	 	
                  32137

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  191,700.00

                	 	
                  3/1/2007

                	 	
                  SFR

                	 	$	
                  757.45

                	 	$	
                  193,554.34

                	 	 	
                  8.500

                	 
	
                  764

                	 	
                  MOSELEY

                	 	
                  VA

                	 	 	
                  23120

                	 	 	
                  360

                	 	 	
                  8.625

                	 	$	
                  520,000.00

                	 	
                  4/1/2007

                	 	
                  SFR

                	 	$	
                  1,672.53

                	 	$	
                  524,144.78

                	 	 	
                  8.625

                	 
	
                  765

                	 	
                  COLUMBIA

                	 	
                  MD

                	 	 	
                  21045

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  190,000.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  852.12

                	 	$	
                  190,533.30

                	 	 	
                  8.750

                	 
	
                  766

                	 	
                  GREENBELT

                	 	
                  MD

                	 	 	
                  20770

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  193,500.00

                	 	
                  5/1/2007

                	 	
                  CONDO

                	 	$	
                  715.21

                	 	$	
                  194,135.26

                	 	 	
                  8.375

                	 
	
                  767

                	 	
                  WOODBRIDGE

                	 	
                  VA

                	 	 	
                  22193

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  323,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,634.67

                	 	$	
                  323,000.00

                	 	 	
                  8.375

                	 
	
                  768

                	 	
                  STONE
                    MOUNTAIN

                	 	
                  GA

                	 	 	
                  30083-4434

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  74,250.00

                	 	
                  5/1/2007

                	 	
                  SFR

                	 	$	
                  293.38

                	 	$	
                  74,498.03

                	 	 	
                  8.750

                	 
	
                  769

                	 	
                  CONYERS

                	 	
                  GA

                	 	 	
                  30094

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  455,050.00

                	 	
                  5/1/2007

                	 	
                  PUD

                	 	$	
                  1,795.63

                	 	$	
                  456,430.24

                	 	 	
                  8.375

                	 
	
                  770

                	 	
                  DAMASCUS

                	 	
                  MD

                	 	 	
                  20872-1202

                	 	 	
                  360

                	 	 	
                  8.75

                	 	$	
                  473,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,632.42

                	 	$	
                  473,000.00

                	 	 	
                  8.750

                	 
	
                  771

                	 	
                  BURKE

                	 	
                  VA

                	 	 	
                  22015

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  356,000.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  1,697.55

                	 	$	
                  356,000.00

                	 	 	
                  8.125

                	 
	
                  772

                	 	
                  MYRTLE
                    BEACH

                	 	
                  SC

                	 	 	
                  29579-4202

                	 	 	
                  360

                	 	 	
                  8.375

                	 	$	
                  215,500.00

                	 	
                  6/1/2007

                	 	
                  PUD

                	 	$	
                  743.73

                	 	$	
                  215,500.00

                	 	 	
                  8.375

                	 
	
                  773

                	 	
                  WASHINGTON

                	 	
                  DC

                	 	 	
                  20002-1419

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  352,000.00

                	 	
                  6/1/2007

                	 	
                  SFR

                	 	$	
                  1,214.82

                	 	$	
                  352,000.00

                	 	 	
                  8.500

                	 
	
                  774

                	 	
                  LOS
                    ANGELES

                	 	
                  CA

                	 	 	
                  90063

                	 	 	
                  360

                	 	 	
                  8.875

                	 	$	
                  328,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,054.98

                	 	$	
                  333,751.21

                	 	 	
                  8.875

                	 
	
                  775

                	 	
                  SPRING
                    VALLEY AREA

                	 	
                  CA

                	 	 	
                  91977

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  470,400.00

                	 	
                  10/1/2006

                	 	
                  SFR

                	 	$	
                  1,512.99

                	 	$	
                  482,530.08

                	 	 	
                  8.125

                	 
	
                  776

                	 	
                  HENDERSON

                	 	
                  NV

                	 	 	
                  89074

                	 	 	
                  360

                	 	 	
                  8.5

                	 	$	
                  294,000.00

                	 	
                  12/1/2006

                	 	
                  PUD

                	 	$	
                  945.62

                	 	$	
                  297,339.78

                	 	 	
                  8.500

                	 
	
                  777

                	 	
                  ALEXANDRIA

                	 	
                  VA

                	 	 	
                  22310

                	 	 	
                  360

                	 	 	
                  8.125

                	 	$	
                  424,000.00

                	 	
                  11/1/2006

                	 	
                  SFR

                	 	$	
                  1,363.75

                	 	$	
                  432,768.00

                	 	 	
                  8.125

                	 

        

         

      

    

    
      
        
          	 	 	
                  OCCUPANCY

                	 	
                  LOAN
                    PURPOSE

                	 	
                  COLLATERAL
                    VALUE

                	 	
                  REMAINING
                    TERM TO MATURITY

                	 	
                  PAID-THRU
                    DATE

                	 	
                  NET
                    RATE

                	 	
                  DOC
                    TYPE

                	 	
                  PREPAYMENT
                    TERM

                	 	
                  PREPAYMENT
                    TYPE

                	 	
                  PREPAYMENT
                    CODE

                	 
	
                  1

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  295,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  2

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  387,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  3

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  697,200.00

                	 	 	
                  351

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  4

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  708,615.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  5

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,290,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  14

                	 
	
                  6

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  315,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  7

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,000,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  10.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  8

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  540,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  9

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  440,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  10

                	 	
                  2ND
                    HM

                	 	
                  REFI

                	 	$	
                  290,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  11

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  710,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  12

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  395,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  13

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  882,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  14

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  690,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  15

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  500,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  16

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  460,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  17

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  425,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  18

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  2,200,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  19

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  390,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  20

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  750,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  21

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  715,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  22

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  23

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  525,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  24

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  422,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  25

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  195,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  26

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  250,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  27

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  545,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  28

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  620,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  29

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  440,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  SUPERNODOC-NINA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  30

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  530,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  31

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  680,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  32

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  755,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  33

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  530,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  34

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  35

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,090,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  36

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  350,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  37

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  285,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  38

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  455,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  39

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  680,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  40

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  400,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  41

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  42

                	 	
                  2ND
                    HM

                	 	
                  PUR

                	 	$	
                  312,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  43

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  895,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  44

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  415,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  45

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  455,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  46

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  830,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  47

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  540,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  48

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  864,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  49

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  355,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  50

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  683,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  51

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  372,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  52

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  53

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  300,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  54

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  575,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  55

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  950,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  56

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  432,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  57

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  600,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  58

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  220,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  59

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  263,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  60

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  695,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  61

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  777,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  62

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  382,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  63

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  140,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  64

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  740,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  65

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  320,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  66

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  67

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  665,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  68

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  381,900.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  69

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  70

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  1,100,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  71

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  420,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  72

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  735,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  73

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  610,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  74

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  440,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  75

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  508,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  76

                	 	
                  2ND
                    HM

                	 	
                  PUR

                	 	$	
                  391,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  77

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  575,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  78

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  541,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  79

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  687,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  80

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  254,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  81

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  750,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  82

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  630,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  83

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  525,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  84

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  459,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  9.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  85

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  500,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  86

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  597,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  87

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  280,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  88

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  900,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  89

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  895,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  90

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  925,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  91

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  200,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  92

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  275,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  93

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  375,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  94

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  682,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  95

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  96

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  555,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  97

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  520,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  98

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  820,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  99

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  555,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  100

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  615,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  101

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  285,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  102

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  103

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  104

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  105

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  435,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  106

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  107

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  472,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  108

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  440,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  109

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  625,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  110

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  479,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  111

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  112

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  495,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  113

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  114

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  450,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  115

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  998,500.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  116

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  565,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  117

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  572,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  118

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  520,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  119

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  120

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  405,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  121

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  122

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  280,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  123

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  322,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  124

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  282,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  125

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  126

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  525,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  127

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  380,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  128

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  129

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  130

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  900,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  131

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  510,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  132

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  485,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  133

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  515,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  134

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  135

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  600,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  136

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  685,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  137

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  365,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  138

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  377,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  139

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  571,500.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  140

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  475,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  141

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  455,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  142

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  143

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  350,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  144

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  145

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  146

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  706,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  147

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  480,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  148

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  480,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  149

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  150

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  380,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  151

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  152

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  570,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  153

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  336,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  154

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  610,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  155

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  675,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  156

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  720,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  157

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  695,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  158

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  560,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  159

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  200,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  160

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  161

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  590,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  162

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  163

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  470,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  164

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  165

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  166

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  385,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  167

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  385,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  168

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  510,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  169

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  217,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  170

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  171

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  594,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  172

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  690,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  173

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  427,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  174

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  187,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  175

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  475,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  176

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  566,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  177

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  345,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  178

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  471,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  179

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  705,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  180

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  220,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  181

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  240,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  LITE
                    DOC

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  182

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  428,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  183

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  184

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  680,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  185

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  515,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  186

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  242,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  187

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  188

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  290,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  189

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  220,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  190

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  277,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  191

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  315,000.00

                	 	 	
                  351

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  18

                	 
	
                  192

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  354,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  18

                	 
	
                  193

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  317,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  194

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  555,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  195

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  330,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  196

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  940,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  197

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  930,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  6.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  198

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  575,000.00

                	 	 	
                  349

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  199

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,190,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  200

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  201

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  620,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  202

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  350,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  203

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  390,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  204

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  347,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  205

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  535,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  206

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  460,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  207

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  190,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  208

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  500,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  209

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  480,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  210

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  485,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  211

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  212

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  271,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  213

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  900,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  214

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  576,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  215

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  430,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  216

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  900,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  217

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  915,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  218

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  219

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  467,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  220

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  357,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  221

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,000,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  222

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  223

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  224

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  340,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  225

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  450,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  226

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,300,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  227

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  870,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.363

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  228

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  530,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  229

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  555,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  230

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  676,200.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  231

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,100,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  232

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  840,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  233

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  350,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  234

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  675,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  235

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  645,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  236

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,300,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  237

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  700,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  238

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  515,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  239

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  905,500.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  240

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  705,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  241

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  810,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  242

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,450,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  243

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  515,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  244

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  655,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  245

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  290,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  246

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  247

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  425,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  248

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  705,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.347

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  249

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  385,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  250

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  313,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  251

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  252

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  185,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  253

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  500,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  254

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  506,900.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  255

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  621,500.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  256

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  340,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  257

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  340,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  258

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  862,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  259

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  650,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.9875

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  SOFT

                	 	 	
                  20

                	 
	
                  260

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,475,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  261

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  410,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  262

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  595,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  263

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  200,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  264

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  320,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  265

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  266

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  420,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  267

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  845,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  268

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  355,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  269

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  320,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  270

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  617,500.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  271

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  686,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  272

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  305,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  FULL

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  273

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  330,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.363

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  274

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  207,500.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  FULL

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  275

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  335,000.00

                	 	 	
                  351

                	 	
                  5/1/2007

                	 	 	
                  7.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  276

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  598,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  277

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  351

                	 	
                  5/1/2007

                	 	 	
                  7.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  278

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  560,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  279

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  605,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  280

                	 	
                  2ND
                    HM

                	 	
                  PUR

                	 	$	
                  410,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  FULL

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  281

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  245,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  282

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  935,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  283

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  284

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  900,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  285

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  286

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  750,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  287

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  290,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  288

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  595,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  289

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  605,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  290

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  372,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  291

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  575,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  292

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  615,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  293

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  598,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  294

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  265,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  295

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  572,000.00

                	 	 	
                  350

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  296

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  420,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  297

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  675,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  298

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  299

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  300

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  270,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  301

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  302

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  218,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  10

                	 
	
                  303

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  246,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  304

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  305

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  660,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  306

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  950,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  307

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  495,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  9.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  308

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  385,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  309

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  710,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  310

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  990,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  311

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  335,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  312

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  555,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  313

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  350,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  314

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  708,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  315

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  317,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  316

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  414,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  317

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  520,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  318

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  305,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  319

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  136,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  320

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  430,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  321

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  660,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  322

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,850,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  323

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  192,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  324

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  308,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  325

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  318,500.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  SUPERNODOC-NINA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  326

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  375,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  327

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  240,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  328

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  280,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  329

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  475,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  330

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  936,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  331

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  480,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  332

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  655,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  333

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  640,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  334

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  600,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  335

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  490,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  336

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  395,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  337

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  770,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  338

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  275,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  339

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  375,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  340

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  780,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  341

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  450,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  342

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  870,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  343

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  575,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  344

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  441,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  345

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,150,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  346

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  615,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  347

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  420,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  348

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  349

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  300,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  350

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  420,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  351

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  650,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  352

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  500,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  353

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  354

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  470,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  9.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  355

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  510,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  356

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  225,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  357

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  415,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  358

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  730,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  359

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  455,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  360

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  572,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  361

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  475,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  362

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  520,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  363

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  330,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  364

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  585,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  365

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  690,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  366

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  410,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  367

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  528,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  368

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  775,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  369

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  715,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  370

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  750,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  371

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  675,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  372

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  405,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  373

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  725,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  374

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  700,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  375

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  410,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  376

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  910,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  377

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  435,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  378

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  379

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  495,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  380

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  550,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  381

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  281,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  382

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  630,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  383

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  533,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  384

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  560,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  385

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  260,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  386

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  625,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  387

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  388

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  770,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  389

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  265,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  390

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  950,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  391

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,200,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  392

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  990,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  393

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  900,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  394

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,122,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  395

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  555,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  396

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  450,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  397

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  670,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  398

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  490,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  399

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,350,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  400

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  255,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  401

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  260,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  402

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  450,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  403

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,400,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  404

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  1,135,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  405

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  157,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  406

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  435,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  407

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  355,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  408

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  825,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  409

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  410

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  367,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  411

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  750,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  412

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  413

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  414

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  239,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  415

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  750,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  416

                	 	
                  2ND
                    HM

                	 	
                  REFI

                	 	$	
                  355,000.00

                	 	 	
                  360

                	 	
                  6/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  417

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  330,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  418

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  419

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  200,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  420

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  265,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  421

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  295,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  422

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  650,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  423

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  300,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  424

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  410,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  425

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  435,500.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  426

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  427

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  338,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  428

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  730,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  429

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  712,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  430

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  431

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  432

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  385,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  433

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  317,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  434

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  65,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  435

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  735,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  436

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  300,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  437

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  203,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  438

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  240,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  439

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  240,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  440

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  254,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  441

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  200,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  442

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  625,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  443

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  555,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  444

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  350,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  445

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  545,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  446

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  240,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  447

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  555,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  448

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  223,000.00

                	 	 	
                  360

                	 	
                  6/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  449

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  250,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  450

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  308,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  451

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  358,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  452

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  165,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  453

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  435,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  454

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  595,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  455

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  500,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  456

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  519,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  457

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  458

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  370,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  459

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  425,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  460

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  300,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  461

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  400,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  462

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  380,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  463

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,202,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  464

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  640,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  465

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  650,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  466

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  445,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  467

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  710,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  468

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  290,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  469

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  279,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  FULL

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  470

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  471

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  240,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  472

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  625,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  473

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  510,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  474

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  765,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  475

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  695,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  476

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  590,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  477

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  315,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  478

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  750,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  479

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  480

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  980,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  481

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  520,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  482

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  430,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  483

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  410,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  484

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  650,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  485

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  586,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  486

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  590,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  487

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  415,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  488

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  908,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  489

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  790,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  490

                	 	
                  2ND
                    HM

                	 	
                  REFI

                	 	$	
                  300,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  491

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  568,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  492

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  570,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  493

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  438,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  494

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  450,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  495

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,100,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  496

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  365,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  497

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  690,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  498

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  245,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  499

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  780,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  500

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  225,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  501

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  330,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  502

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  790,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  503

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  340,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  504

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  405,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  505

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  287,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  11

                	 
	
                  506

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  825,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  507

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  525,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  508

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  320,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  509

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  675,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  510

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  270,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  511

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  271,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  512

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  648,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  513

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  178,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  514

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  400,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  515

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  353,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  516

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  970,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  517

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  250,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  518

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  575,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  519

                	 	
                  2ND
                    HM

                	 	
                  REFI

                	 	$	
                  195,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  520

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  134,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  521

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  238,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  522

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  238,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  523

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  524

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  320,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  525

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  340,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  526

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  240,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  527

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  466,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  528

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  410,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  529

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  242,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  530

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  175,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  FULL

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  531

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  265,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  532

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  435,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  533

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  715,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  534

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  465,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  535

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  242,500.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  536

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  431,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  FULL

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  537

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  800,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  538

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  335,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  539

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  475,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  540

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  161,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  11

                	 
	
                  541

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  100,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  11

                	 
	
                  542

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  111,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  543

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  450,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  544

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  255,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  545

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  164,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  546

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  230,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  547

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  625,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  548

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  558,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  549

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  265,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  5

                	 
	
                  550

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  2,100,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  551

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  350,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  552

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  358,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  553

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  232,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  554

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  195,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  555

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  362,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  556

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  565,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  557

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  220,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  558

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  640,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  559

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  535,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  560

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  405,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  561

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  314,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  562

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  320,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  563

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  9.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  564

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  510,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  565

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  290,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  566

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  194,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  567

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  170,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  568

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  195,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  569

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  713,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  570

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  224,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  571

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  176,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  572

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  268,900.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  573

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  630,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  574

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  470,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  575

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  300,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  576

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  310,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  577

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  185,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  578

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  315,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  579

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  350,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  580

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  327,500.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  581

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  470,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  FULL

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  582

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  214,900.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  583

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  232,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  584

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  212,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  585

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  730,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  586

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  430,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  587

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  950,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  588

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  620,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  589

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  925,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  590

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  731,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  591

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,010,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  592

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  325,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  593

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  535,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  594

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  633,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  595

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  405,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  596

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  530,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  597

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  598

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  599

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  280,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  600

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  745,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  601

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  120,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  FULL

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  602

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  160,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  603

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  160,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  604

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  160,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  605

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  530,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  606

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  507,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  607

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  580,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  608

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  609

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  154,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  610

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  616,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  611

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  435,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  612

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  385,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  613

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  605,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  614

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  375,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  615

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  616

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  420,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  617

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  275,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  618

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  740,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  619

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  540,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  620

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  400,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  621

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  550,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  622

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  623

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  288,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  624

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  625

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  900,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  626

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  810,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  627

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  480,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  628

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  612,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  629

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  405,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  630

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  670,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  631

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  400,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  632

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  386,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  633

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  285,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  634

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  535,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  635

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  370,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  636

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  640,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  637

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  470,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  638

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  660,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  639

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  639,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  640

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  267,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  641

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  655,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  642

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  570,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  643

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  695,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  644

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  645

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  646

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,600,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  647

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  460,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  648

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  390,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  649

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  320,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  2

                	 
	
                  650

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  389,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  651

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  695,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  652

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  331,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  653

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  350,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  654

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  640,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  655

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  345,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  656

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  460,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  657

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  389,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  658

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  437,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  659

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  442,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  660

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  1,250,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  661

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  397,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  662

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  354,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  663

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  420,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  664

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  520,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  665

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  510,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  666

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  610,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  667

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  800,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  668

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  605,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  669

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  580,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  670

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  540,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  671

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  625,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  672

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  410,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  673

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  610,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  674

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  655,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  10

                	 
	
                  675

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  470,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  676

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  590,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  677

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,060,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  678

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  375,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  679

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  635,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  680

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  680,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  681

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  425,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  682

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  680,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  683

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  590,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  684

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  310,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  685

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  495,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  686

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  842,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  687

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  460,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  688

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  730,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  689

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  245,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  690

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  240,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  691

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  725,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  692

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  375,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  693

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  445,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  6

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  694

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  1,425,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  695

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  670,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  696

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  910,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  697

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  460,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  698

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  600,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  699

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  430,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  700

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  715,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  701

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  690,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  702

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  610,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  703

                	 	
                  NOO

                	 	
                  CO

                	 	$	
                  465,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  704

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  480,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  705

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  615,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  706

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  550,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  707

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  600,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  708

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  675,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  709

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  370,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  710

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  360,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  9.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  711

                	 	
                  NOO

                	 	
                  REFI

                	 	$	
                  336,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  FULL

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  712

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  545,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  713

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  390,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  714

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  500,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  715

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  385,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  716

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  325,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  717

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  155,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  718

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  590,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  719

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  550,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  720

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  462,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  721

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  722

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  515,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  723

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  470,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  724

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  730,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  725

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  700,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  726

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  465,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  727

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  880,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  728

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  590,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  729

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  520,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  730

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  615,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  731

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  720,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  732

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  710,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  733

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  540,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  734

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,265,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  735

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  570,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  736

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  460,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  737

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  1,200,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  738

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  488,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  739

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  585,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  740

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  420,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  741

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  710,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  742

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  900,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  743

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  405,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  7

                	 
	
                  744

                	 	
                  2ND
                    HM

                	 	
                  PUR

                	 	$	
                  159,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  7

                	 
	
                  745

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  333,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  746

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  280,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  747

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  108,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  5

                	 
	
                  748

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  385,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  7.613

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  749

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  755,000.00

                	 	 	
                  355

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  750

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  935,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  751

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  450,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  7.863

                	 	
                  STATED-SIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  752

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  434,300.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  7

                	 
	
                  753

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  340,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  754

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  620,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  755

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  397,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  756

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  365,000.00

                	 	 	
                  356

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  757

                	 	
                  2ND
                    HM

                	 	
                  REFI

                	 	$	
                  550,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  758

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  720,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.738

                	 	
                  NO
                    DOC-NISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  759

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  878,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.988

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  760

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  415,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  761

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  440,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  762

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  407,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  763

                	 	
                  OO

                	 	
                  PUR

                	 	$	
                  213,000.00

                	 	 	
                  357

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  764

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  650,000.00

                	 	 	
                  358

                	 	
                  5/1/2007

                	 	 	
                  8.238

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  765

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  220,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  0

                	 	
                  N/A

                	 	
                  N/A

                	 
	
                  766

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  215,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  STATED-SIVA

                	 	 	
                  12

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  767

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  380,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  768

                	 	
                  NOO

                	 	
                  PUR

                	 	$	
                  148,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  7

                	 
	
                  769

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  479,000.00

                	 	 	
                  359

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  FULL

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  7

                	 
	
                  770

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  535,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.363

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  771

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  445,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  772

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  254,000.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  7.988

                	 	
                  NODOCSTATD-SISA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 
	
                  773

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  470,750.00

                	 	 	
                  360

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  24

                	 	
                  HARD

                	 	 	
                  12

                	 
	
                  774

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  410,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  8.488

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  775

                	 	
                  OO

                	 	
                  REFI

                	 	$	
                  588,000.00

                	 	 	
                  352

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  776

                	 	
                  2ND
                    HM

                	 	
                  CO

                	 	$	
                  420,000.00

                	 	 	
                  354

                	 	
                  5/1/2007

                	 	 	
                  8.113

                	 	
                  STATED-SIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  1

                	 
	
                  777

                	 	
                  OO

                	 	
                  CO

                	 	$	
                  530,000.00

                	 	 	
                  353

                	 	
                  5/1/2007

                	 	 	
                  7.738

                	 	
                  NO
                    RATIO-NIVA

                	 	 	
                  36

                	 	
                  HARD

                	 	 	
                  6

                	 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

    

    
      
        	
                code

              	 	
                Prepayment
                  Language

              	 	
                Full
                  / Partial

              
	
                1

              	 	
                If
                  within (xx) months frm the date the Security Instrument is executed
                  I make
                  a full Prepayment or one or more partial Prepayments, and the total
                  of all
                  such Prepayments in any 12-month period exceeds 20% of the original
                  Principal amount of the loan, I will pay a Prepayment charge in
                  an amount
                  equal to SIX (6) months' advance interest on the amount by which
                  the total
                  of my Prepayments within any 12-month period exceeds twenty percent
                  (20%)
                  of the original Principal amount of the loan.

              	 	
                Partial

              
	
                2

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full Prepayment or one or more partial Prepayments, I will
                  pay a
                  Prepayment charge in an amount determined as follows: (a) FIVE
                  percent
                  (5.000%) of the amount of the Prepayment if I make a Prepayment
                  during the
                  first year of the loan term; (b) FOUR percent (4.000%) of the amount
                  of
                  the Prepayment if I make a Prepayment during the second year of
                  the loan
                  term; (c) THREE percent (3.000%) of the amount of the Prepayment
                  if I make
                  a Prepayment during the third year of the loan term.

              	 	
                Partial

              
	
                3

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full Prepayment, I will pay a Prepayment charge in an amount
                  equal
                  to TWO percent (2.000%) of the Principal amount
                  prepaid.  However, I will not be required to pay a Prepayment
                  charge if (i) the loan is refinanced or consolidated with the same
                  lender
                  or a subsequent note holder, or (ii) the loan is accelerated due
                  to
                  default.  In addition, I will not be required to pay a
                  Prepayment charge if I make one or more partial
                  Prepayments.

              	 	
                Full

              
	
                4

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full Prepayment, I will pay a Prepayment charge in an amount
                  determined as follows: (a) FIVE percent (5.000%) of the unpaid
                  Principal
                  balance if prepaid in full during the first year of the loan term;
                  (b)
                  FOUR percent (4.000%) of the unpaid Principal balance if prepaid
                  in full
                  during the secpnd year of the loan term; (c) THREE percent (3.000%)
                  of the
                  unpaid Principal balance if prepaid in full during the third year
                  of the
                  loan term.

              	 	
                Full

              
	
                5

              	 	
                If
                  within the first (xx) months after loan closing I make a full Prepayment
                  or one or more partial Prepayments, I will pay a Prepayment charge
                  in an
                  amount equal to TWO percent (2.000%) of the loan amount
                  prepaid.

              	 	
                Partial

              
	
                6

              	 	
                If
                  within the first (xx) months from the date the Security Instrument
                  is
                  executed, I make a Prepayment, I will pay a Prepayment charge in
                  an amount
                  equal to TWO percent (2.000%) of the amount of the
                  Prepayment.

              	 	
                Partial

              
	
                7

              	 	
                If
                  within the first 12 months after loan closing I make a full Prepayment
                  or
                  one or more partial Prepayments, I will pay a Prepayment charge
                  in an
                  amount equal to TWO percent (2.000%) of the loan amount
                  prepaid.  If within the second 12 months after loan closing I
                  make a full Prepayment or one or more partial Prepayments, I will
                  pay a
                  Prepayment charge in an amount equal to ONE percent (1.000%) of
                  the loan
                  amount prepaid.

              	 	
                Partial

              
	
                8

              	 	
                If
                  before (xx) months from the date the loan is made I make a full
                  Prepayment
                  or one or more partial Prepayments, I will pay a Prepayment charge
                  in an
                  amount equal to THREE percent (3.000%) of the amount
                  prepaid.

              	 	
                Partial

              
	
                9

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full Prepayment or one or more partial Prepayments, I will
                  pay a
                  Prepayment charge in an amount equal to FIVE percnt (5.000%) of
                  the
                  balance prepaid.

              	 	
                Partial

              
	
                10

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full Prepayment or one or more partial Prepayments, I will
                  pay a
                  Prepayment charge in an amount equal to ONE percnt (1.000%) of
                  the
                  Prepayment.

              	 	
                Partial

              
	
                11

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full Prepayment, I will pay a Prepayment charge in an amount
                  equal
                  to TWO percent (2.000%) of the Principal balance at the time of
                  Prepayment: provided however, that if I replace this mortgage loan
                  with a
                  new mortgage loan made by another lender and the proceeds are used
                  to
                  either pay down or reduce the balance to a smaller amount before
                  making a
                  full Prepayment in order to avoid or reduce the amount of the Prepayment
                  charge, I will pay a Prepayment charge in an amount equal to TWO
                  percent
                  (2.000%) of the average daily balance for the prior six (6)
                  months.

              	 	
                Full

              
	
                12

              	 	
                If
                  within (xx) months from the date the Security Instrument is executed
                  I
                  make a full prepayment or one or more partial pre payments, I will
                  pay a
                  prepayment charge in an amount equal to the payment of TWO (2)
                  months'
                  advance interest on the aggregate amount of all prepayments made
                  within
                  any 12 month period in excess of one-third(1/3) of the original
                  loan
                  amount.

              	 	
                Partial

              
	
                13

              	 	
                The
                  prepayment charge will be an amount equal to SIX (6) months' interest
                  calculated on the average balance for the prior six (6) months
                  at the rate
                  of interest designated in the contract.  If the prepayment
                  occurs prior to the expiration of the six (6) months from the date
                  of the
                  contract, the prepayment charge may be calculated in the same manner,
                  except the number of months will be the number of months the loan
                  has
                  existed.

              	 	
                Full

              
	
                14

              	 	
                If
                  during the first (xx) months of this mortgage loan, I make a full
                  prepayment or partial prepayment which exceeds 20% of the scheduled
                  principal balance amortization for the year in which I make the
                  prepayment, I much pay a prepayment penalty.  The prepayment fee
                  is one (1%) of the original loan amount, if the prepayment is made
                  during
                  the first (xx) months.

              	 	
                Partial

              
	
                15

              	 	
                If
                  I prepay this loan in full at any time during the first (xx) months
                  after
                  the date I execute this Note, I agree to pay a pre payment penalty
                  in the
                  amount of two percent (2%) of the unpiad principal balance at the
                  time of
                  the prepayment. I will pay this prepayment penalty regardless of
                  wether I
                  sell the property or refinance the loan with the same Lender or
                  note
                  holder.

              	 	
                Full

              
	
                16

              	 	
                If
                  I make a full Prepayment of the Note before the date fixed for
                  payment , I
                  will at the same time pay a Prepayment charge equal to the balance
                  of the
                  first year's interest or THREE (3) months' interest, whichever
                  is less;
                  provided, however, that if I make a full Prepayment within SIX
                  (6) months
                  from the date of the Note for the purpose of refinancing with another
                  financial institution, I will pay an additional Prepayment charge
                  equal to
                  THREE (3) months' interest.

              	 	
                Full

              
	
                17

              	 	
                If
                  within (xx) months after the date the Security Instrument is executed
                  I
                  make a full Prepayment, I will pay a Prepayment charge in an amount
                  equal
                  to SIX (6) months' interest calculated on the average balance for
                  the
                  prior six (6) months at the rate of interest designated in the
                  contract.  If the Prepayment occurs prior to the expiration of
                  six (6) months form the date of the contract, the Prepayment charge
                  may be
                  calculated in the same manner, except the number of months will
                  be the
                  number of months the loan has existed.

              	 	
                Full

              
	
                18

              	 	
                If
                  I prepay this loan in full at any time during the first (xx) months
                  after
                  the execution of the Security Instrument, I agree to pay a prepayment
                  penalty of the lesser of three months' interest or the balance
                  of the
                  first year's interest, except that, if any full prepayment is for
                  the
                  purpose of refinancing my loan with another financial institution,
                  I will
                  pay an additional three months' interest.  However, in no event
                  will the total prepayment penalty exceed two percent (2%) of the
                  amount
                  prepaid.

              	 	
                Full

              
	
                19

              	 	
                If
                  within (xx) months from the date the security instrument is executed
                  I
                  make a full prepayment, I will pay a prepayment charge in an amount
                  equal
                  to ONE percent (1.000%) of the original principal amount of the
                  residential mortgage.

              	 	
                Full

              
	
                20

              	 	
                If
                  within (xx) months after the date the Note is executed I make a
                  full
                  Prepayment, I will pay a Prepayment charge equal to the lesser
                  of (i) TWO
                  percent (2.000%) of the unpaid principal balance at the time of
                  Prepayment, or (ii) 60 days' interest on the unpaid Principal balance
                  at
                  the time of Prepayment.

              	 	 

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      I

     

    FORM
      OF
      MORTGAGE LOAN PURCHASE AGREEMENT

     

     

    
      

      

    

     

    ALLIANCE
      SECURITIES CORP.

     

    AS
      PURCHASER

     

    AND

     

    ALLIANCE
      BANCORP

     

    AS
      SELLER

     

    _______________________

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT

     

    DATED
      AS
      OF MAY 30, 2007

     

    _______________________

     

    ADJUSTABLE-RATE
      FIRST LIEN MORTGAGE LOANS

     

     

    
      

    

    
      

    

     

    

    TABLE
      OF CONTENTS

     

    
      
        	
                ARTICLE
                  I  DEFINITIONS

              
	
                Section
                  1.1  Definitions

              
	 
	
                ARTICLE
                  II  SALE OF MORTGAGE LOANS AND RELATED
                  PROVISIONS

              
	
                Section
                  2.1  Sale of Mortgage Loans.

              
	
                Section
                  2.2  Payment of Purchase Price for the Mortgage
                  Loans.

              
	 
	
                ARTICLE
                  III  REPRESENTATIONS AND WARRANTIES; REMEDIES FOR
                  BREACH

              
	
                Section
                  3.1  Seller Representations and Warranties

              
	
                Section
                  3.2  Reserved.

              
	
                Section
                  3.3  Purchaser Representations and Warranties

              
	 
	
                ARTICLE
                  IV  SELLER’S COVENANTS

              
	
                Section
                  4.1  Covenants of the Seller

              
	 
	
                ARTICLE
                  V  limitation on liability

              
	
                Section
                  5.1  Limitation on Liability of the Seller

              
	 
	
                ARTICLE
                  VI  TERMINATION

              
	
                Section
                  6.1  Termination

              
	 
	
                ARTICLE
                  VII  MISCELLANEOUS PROVISIONS

              
	
                Section
                  7.1  Amendment

              
	
                Section
                  7.2  Governing Law

              
	
                Section
                  7.3  Notices

              
	
                Section
                  7.4  Severability of Provisions

              
	
                Section
                  7.5  Relationship of Parties

              
	
                Section
                  7.6  Counterparts

              
	
                Section
                  7.7  Further Agreements

              
	
                Section
                  7.8  Intention of the Parties

              
	
                Section
                  7.9  Successors and Assigns; Assignment of Purchase
                  Agreement

              
	
                Section
                  7.10  Survival

              
	
                Section
                  7.11  Reserved.

              

      

    

     

    Exhibits

     

    
      
        	
                Exhibit
                  1

              	
                Mortgage
                  Loan Schedule

              
	 	 
	
                Exhibit
                  2

              	
                Schedule
                  of Prepayment Charges

              
	 	 
	
                Exhibit
                  3

              	
                Standard
                  & Poor’s Appendix E to Glossary

              
	 	 
	
                Exhibit
                  4

              	
                Seller’s
                  Underwriting Guidelines

              

      

    

     

     

    This
      MORTGAGE LOAN PURCHASE AGREEMENT (this “Agreement”), dated as of May 30, 2007,
      is made by and between Alliance Bancorp (the “Seller”) and Alliance Securities
      Corp (the “Purchaser”).

     

    WITNESSETH:

     

    WHEREAS,
      the Seller owns the Mortgage Loans indicated on the Mortgage Loan Schedule
      attached as Exhibit 1 hereto (the “Mortgage Loans”), including rights to (a) any
      property acquired by foreclosure or deed in lieu of foreclosure or otherwise,
      and (b) the proceeds of any insurance policies covering the Mortgage
      Loans;

     

    WHEREAS,
      the parties hereto desire that the Seller sell the Mortgage Loans to the
      Purchaser (other than the servicing rights with respect thereto), that the
      Seller make certain representations and warranties and undertake certain
      obligations with respect to the Mortgage Loans;

     

    WHEREAS,
      pursuant to the terms of a Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”) dated as of May 1, 2007, among the Purchaser, as
      depositor, the Seller, as servicer, Wells Fargo Bank, N.A., as master servicer
      and securities administrator and Deutsche Bank National Trust Company, as
      trustee (the “Trustee”), the Purchaser will issue the Mortgage Pass-Through
      Certificates, Series 2007-OA1 (the “Certificates”);

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, the
      parties hereto agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.1  Definitions.  For
      all purposes of this Mortgage Loan Purchase Agreement, except as otherwise
      expressly provided herein or unless the context otherwise requires, capitalized
      terms not otherwise defined herein shall have the meanings assigned to such
      terms in the Pooling and Servicing Agreement. All other capitalized terms used
      herein shall have the meanings specified herein.

     

    ARTICLE
      II

     

    SALE
      OF
      MORTGAGE LOANS AND RELATED PROVISIONS

     

    Section
      2.1  Sale
      of Mortgage Loans.

     

    (a)  The
      Seller, by the execution and delivery of this Agreement, does hereby sell,
      assign, set over, and otherwise convey to the Purchaser, without recourse but
      subject to the terms of this Agreement, all of its right, title and interest
      in,
      to and under the following, whether now existing or hereafter acquired and
      wherever located, on the Closing Date and as of the Cut-off Date: (i) the
      Mortgage Loans identified on Exhibit 1 as of the Closing Date, other than the
      servicing rights with respect thereto.

     

    (b)  In
      connection with such conveyances by the Seller, the Seller shall on behalf
      of
      the Purchaser deliver to, and deposit with the Trustee, on or before the Closing
      Date, the following documents or instruments with respect to each Mortgage
      Loan:

     

    (i)  the
      original Mortgage Note endorsed without recourse, to the order of the Trustee,
      in blank or, with respect to any Mortgage Loan as to which the original Mortgage
      Note has been permanently lost or destroyed and has not been replaced, a Lost
      Note Affidavit;

     

    (ii)  the
      original recorded Mortgage or, if the original Mortgage has not been returned
      from the public recording office, a copy of the Mortgage certified by the Seller
      or the public recording office in which such Mortgage has been recorded to
      be a
      true and complete copy of the original Mortgage submitted for
      recording;

     

    (iii)  an
      assignment (which may be included in one or more blanket assignments if
      permitted by applicable law) of the Mortgage in blank or to the Trustee (or
      to
      MERS, if the Mortgage Loan is registered on the MERS® System and noting the
      presence of a MIN) and otherwise in recordable form;

     

    (iv)  the
      original intervening assignments, if any, of the Mortgage showing an unbroken
      chain of assignment from the originator thereof to the Person assigning it
      to
      the Trustee or, if any such Assignment has not been returned from the applicable
      public recording office, a copy of such Assignment certified by the Seller
      to be
      a true and complete copy of the original Assignment submitted to the title
      insurance company for recording;

     

    (v)  either
      (a) the original title insurance policy, or, if such policy has not been issued,
      any one of an original or a copy of the preliminary title report, title binder
      or title commitment on the Mortgaged Property with the original policy of the
      insurance to be delivered promptly following the receipt thereof or (b) a copy
      of the original title insurance policy; and

     

    (vi)  a
      true
      and correct copy of any assumption, modification, consolidation or substitution
      agreement.

     

    The
      Seller shall deliver to the Trustee: (a) either the original recorded Mortgage,
      or in the event such original cannot be delivered by the Seller, a copy of
      such
      Mortgage certified as true and complete by the appropriate recording office,
      in
      those instances where a copy thereof certified by the Seller was delivered
      to
      the Trustee pursuant to clause (ii) above; and (b) either the original
      intervening assignments of the Mortgage, with evidence of recording thereon,
      showing an unbroken chain of assignment from the originator to the Seller,
      or in
      the event such original cannot be delivered by the Seller, a copy of such
      intervening assignments certified as true and complete by the appropriate
      recording office, in those instances where copies thereof certified by the
      Seller were delivered to the Trustee pursuant to clause (iv) above. However,
      the
      Seller need not cause to be recorded any assignment in any jurisdiction under
      the laws of which, as evidenced by an Opinion of Counsel delivered by the Seller
      to the Trustee and the Rating Agencies, the recordation of such assignment
      is
      not necessary to protect the Trustee’s interest in the related Mortgage
      Loan;

     

    To
      the
      extent an assignment referred to in clause (iii) above is required to be
      recorded, the Seller at its own expense shall complete and submit it for
      recording in the appropriate public office for real property records, with
      such
      assignment completed in favor of the Trustee. While such assignment to be
      recorded is being recorded, the Trustee shall retain a photocopy of such
      assignment. If any assignment is lost or returned unrecorded to the Trustee
      because of any defect therein, the Seller is required to prepare a substitute
      assignment or cure such defect, as the case may be, and the Seller shall cause
      such substitute assignment to be recorded in accordance with this
      paragraph.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Seller further agrees that it will cause, at the Seller’s own
      expense, as of the Closing Date, the MERS® System to indicate that such Mortgage
      Loans have been assigned by the Seller to the Trustee in accordance with this
      Agreement for the benefit of the Certificateholders by including (or deleting,
      in the case of Mortgage Loans which are repurchased in accordance with the
      Pooling and Servicing Agreement) in such computer files (a) the code in the
      field which identifies the specific Trustee and (b) the code in the field “Pool
      Field” which identifies the series of the Certificates issued in connection with
      such Mortgage Loans.

     

    Notwithstanding
      anything to the contrary contained in this Section 2.1, in those instances
      where
      the public recording office retains the original Mortgage after it has been
      recorded, the Seller shall be deemed to have satisfied its obligations hereunder
      upon delivery to the Trustee of a copy of such Mortgage certified by the public
      recording office to be a true and complete copy of the recorded original
      thereof.

     

    If
      any
      Assignment is lost or returned unrecorded to the Custodian as agent for the
      Trustee because of any defect therein, the Seller shall prepare a substitute
      Assignment or cure such defect, as the case may be, and the Seller shall cause
      such Assignment to be recorded in accordance with this section.

     

    The
      Seller shall exercise its best reasonable efforts to deliver or cause to be
      delivered to the Trustee within 120 days of the Closing Date the original or
      a
      photocopy of the title insurance policy with respect to each Mortgage Loan
      assigned to the Trustee pursuant to this Section 2.1.

     

    If
      a
      material defect in any Mortgage File is discovered which may materially and
      adversely affect the value of the related Mortgage Loan, or the interests of
      the
      Certificateholders in such Mortgage Loan including if any document required
      to
      be delivered to the Trustee has not been delivered (provided that a Mortgage
      File will not be deemed to contain a defect for an unrecorded assignment under
      clause (iii) above if the Seller has submitted such assignment for recording
      pursuant to the terms of the following paragraph), the Seller shall either
      (i)
      purchase such Mortgage Loan from the Trust Fund at the Purchase Price within
      90
      days after the date on which the Seller was notified of such defect; provided,
      that if such defect would cause the Mortgage Loan to be other than a “qualified
      mortgage” as defined in Section 860G(a)(3) of the Code, any such cure or
      repurchase must occur within 90 days from the date such breach was discovered,
      or cure such defect, or (ii) substitute a Qualified Substitute Mortgage Loan
      for
      the related Mortgage Loan upon the same terms and conditions set forth in
      Section 3.1 hereof for substitutions.

     

    The
      Purchaser hereby acknowledges its acceptance of all right, title and interest
      to
      the Mortgage Loans and other property, now existing and hereafter created,
      conveyed to it pursuant to this Section 2.1, other than with respect to
      servicing rights with respect to the Mortgage Loans.

     

    (c)  The
      parties hereto intend that the transaction set forth herein constitutes a sale
      by the Seller to the Purchaser of all the Seller’s right, title and interest in
      and to the Mortgage Loans (other than with respect to the related servicing
      rights) and other property as and to the extent described above. In the event
      the transaction set forth herein is deemed not to be a sale, the Seller hereby
      grants to the Purchaser a security interest in all of the Seller’s right, title
      and interest in, to and under the Mortgage Loans (other than with respect to
      the
      related servicing rights) and such other property, to secure all of the Seller’s
      obligations hereunder, and this Agreement shall constitute a security agreement
      under applicable law. The Seller agrees to take or cause to be taken such
      actions and to execute such documents, including without limitation the filing
      of all necessary UCC-1 financing statements filed in the State of California
      (which shall have been submitted for filing as of the Closing Date with respect
      to the aggregate Stated Principal Balance of the Mortgage Loans), any
      continuation statements with respect thereto and any amendments thereto required
      to reflect a change in the name or corporate structure of the Seller or the
      filing of any additional UCC-1 financing statements due to the change in the
      principal office of the Seller, as are necessary to perfect and protect the
      Purchaser’s interests in each Mortgage Loan and the proceeds
      thereof.

     

    Section
      2.2  Payment
      of Purchase Price for the Mortgage Loans.

     

    (a)  The
      purchase price for the Mortgage Loans (other than with respect to the servicing
      rights thereto) shall be (i) $__________________________ and (ii)
      a 100% Percentage Interest in the Class CE and Class R
      Certificates.

     

    (b)  In
      consideration of the sale of the Mortgage Loans from the Seller to the Purchaser
      on the Closing Date, the Purchaser shall pay to the Seller on the Closing Date
      by wire transfer of immediately available funds to a bank account designated
      by
      the Seller, the amount specified above in clause (a)(i).

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES;

    REMEDIES
      FOR BREACH

     

    Section
      3.1  Seller
      Representations and Warranties.  The Seller hereby represents and
      warrants to the Purchaser as of the Closing Date (or if otherwise specified
      below, as of the date so specified) that:

     

    (a)  with
      respect to the Seller:

     

    (i)  the
      Seller is a corporation duly organized, validly existing and in good standing
      under the laws of the State of California;

     

    (ii)  the
      Seller has full corporate power to own its property, to carry on its business
      as
      presently conducted and to enter into and perform its obligations under this
      Agreement;

     

    (iii)  the
      execution and delivery by the Seller of this Agreement have been duly authorized
      by all necessary corporate action on the part of the Seller; and neither the
      execution and delivery of this Agreement, nor the consummation of the
      transactions herein contemplated hereby, 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 Seller or its properties or the
      certificate of incorporation or by-laws of the Seller, except those conflicts,
      breaches or defaults which would not reasonably be expected to have a material
      adverse effect on the Seller’s ability to enter into this Agreement and to
      consummate the transactions contemplated hereby;

     

    (iv)  the
      execution, delivery and performance by the Seller 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 those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made and, in connection
      with the recordation of the Mortgages, powers of attorney or assignments of
      Mortgages not yet completed;

     

    (v)  this
      Agreement has been duly executed and delivered by the Seller and, assuming
      due
      authorization, execution and delivery by the Purchaser, constitutes a valid
      and
      binding obligation of the Seller enforceable against it in accordance with
      its
      terms (subject to applicable bankruptcy and insolvency laws and other similar
      laws affecting the enforcement of the rights of creditors
      generally);

     

    (vi)  there
      are
      no actions, litigation, suits or proceedings pending or, to the knowledge of
      the
      Seller, threatened against the Seller before or by any court, administrative
      agency, arbitrator or governmental body (i) with respect to any of the
      transactions contemplated by this Agreement or (ii) with respect to any other
      matter which in the judgment of the Seller if determined adversely to the Seller
      would reasonably be expected to materially and adversely affect the Seller’s
      ability to perform its obligations under this Agreement; and the Seller is
      not
      in default with respect to any order of any court, administrative agency,
      arbitrator or governmental body so as to materially and adversely affect the
      transactions contemplated by this Agreement; and

     

    (vii)  the
      Seller’s chief executive office and principal place of business are located in
      the County of San Mateo in the State of California;

     

    (viii)  the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Seller, and the transfer, assignment and
      conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant to
      this Agreement are not subject to the bulk transfer or any similar statutory
      provisions or any federal or state regulations applicable to a banking
      corporation in effect in any applicable jurisdiction;

     

    (ix)  the
      Seller does not believe, nor does it have any reason or cause to believe, that
      it cannot perform each and every covenant contained in this
      Agreement.  The Seller is solvent and the sale of the Mortgage Loans
      by the Seller pursuant to the terms of this Agreement will not cause the Seller
      to become insolvent.  The sale of the Mortgage Loans by the Seller
      pursuant to the terms of this Agreement was not undertaken with the intent
      to
      hinder, delay or defraud any of the Seller’s creditors; and

     

    (x)  the
      consideration received by the Seller upon the sale of the Mortgage Loans under
      this Agreement constitutes fair consideration and reasonably equivalent value
      for the Mortgage Loans.

     

    (b)  with
      respect to the Mortgage Loans:

     

    (i)  the
      information set forth in the Mortgage Loan Schedule hereto is true and correct
      in all material respects; provided, however, that the Seller makes no
      representation with respect to any field in the Mortgage Loan Schedule regarding
      the occupancy of the property other than to confirm that the stated occupancy
      was that made by the related Mortgagor in the related loan
      application;

     

    (ii)  the
      Mortgage Loans, individually and in the aggregate, conform in all material
      respects to the descriptions thereof in the Prospectus Supplement;

     

    (iii)  the
      terms
      of the Mortgage Note and the Mortgage have not been impaired, waived, altered
      or
      modified in any respect, except by written instruments, (i) if required by
      law
      in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
      the interests of the Trustee on behalf of the Certificateholders;

     

    (iv)  the
      Mortgage File for each Mortgage Loan contains a true and complete copy of each
      of the documents contained in such Mortgage File, including all amendments,
      modifications and, if applicable, waivers and assumptions that have been
      executed in connection with such Mortgage Loan;

     

    (v)  immediately
      prior to the transfer to the Purchaser, the Seller was the sole owner of
      beneficial title and holder of each Mortgage and Mortgage Note relating to
      the
      Mortgage Loans and is conveying the same free and clear of any and all liens,
      claims, encumbrances, participation interests, equities, pledges, charges or
      security interests of any nature and the Seller has full right and authority
      to
      sell or assign the same pursuant to this Agreement;

     

    (vi)  each
      Mortgage is a valid and enforceable first lien on the property securing the
      related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
      in
      fee simple (except with respect to common areas in the case of condominiums,
      PUDs and deminimis PUDs) or by leasehold for a term longer than
      the term of the related Mortgage by at least five years, subject only to (i)
      the
      lien of current real property taxes and assessments, (ii) covenants, conditions
      and restrictions, rights of way, easements and other matters of public record
      as
      of the date of recording of such Mortgage, such exceptions being acceptable
      to
      mortgage lending institutions generally or specifically reflected in the
      appraisal obtained in connection with the origination of the related Mortgage
      Loan or referred to in the lender’s title insurance policy delivered to the
      originator of the related Mortgage Loan and (iii) other matters to which like
      properties are commonly subject which do not materially interfere with the
      benefits of the security intended to be provided by such Mortgage;

     

    (vii)  as
      of the
      Cut-off Date, no payment of principal of or interest on or in respect of any
      Mortgage Loan is 30 or more days Delinquent;

     

    (viii)  there
      is
      no mechanics’ lien or claim for work, labor or material affecting the premises
      subject to any Mortgage which is or may be a lien prior to, or equal with,
      the
      lien of such Mortgage except those which are insured against by the title
      insurance policy referred to in (xiii) below;

     

    (ix)  as
      of the
      Cut-off Date, to the Seller’s knowledge, there was no delinquent tax or
      assessment lien against the property subject to any Mortgage, except where
      such
      lien was being contested in good faith and a stay had been granted against
      levying on the property;

     

    (x)  there
      is
      no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
      including the obligation of the Mortgagor to pay the unpaid principal and
      interest on such Mortgage Note;

     

    (xi)  except
      to
      the extent insurance is in place which will cover such damage, the physical
      property subject to any Mortgage is free of material damage and is in good
      repair and, to the Seller’s knowledge, there is no proceeding pending or
      threatened for the total or partial condemnation of any Mortgaged
      Property;

     

    (xii)  each
      Mortgage Loan and the Prepayment Charge associated with the Mortgage Loan at
      the
      time it was made complied in all material respects with applicable local, state
      and federal laws, including, without limitation, usury, equal credit
      opportunity, real estate settlement procedures, the Federal Truth In Lending
      Act
      and disclosure laws, including, but not limited to, any applicable predatory
      lending laws. The consummation of the transactions contemplated hereby,
      including without limitation, the receipt of interest by the owner of such
      Mortgage Loan or the holders of Certificates secured thereby, will not involve
      the violation of any such laws. Each Mortgage Loan is being serviced in all
      material respects in accordance with applicable local, state and federal laws,
      including, without limitation, the Federal Truth In Lending Act and other
      consumer protection laws, real estate settlement procedures, usury, equal credit
      opportunity and disclosure laws;

     

    (xiii)  a
      lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
      assurance of title customary in the relevant jurisdiction therefor in a form
      acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
      Mortgage Loan was created by a title insurance company which, to the best of
      Seller’s knowledge, was qualified to do business in the jurisdiction where the
      related  Mortgaged Property is located, insuring the Seller and its
      successors and assigns that the Mortgage is a first priority lien on the related
      Mortgaged Property in the original principal amount of the Mortgage Loan. Seller
      is the sole insured under such lender’s title insurance policy, and such policy,
      binder or assurance is valid and remains in full force and effect, and each
      such
      policy, binder or assurance shall contain all applicable
      endorsements;

     

    (xiv)  in
      the
      event the Mortgage constitutes a deed of trust, either a trustee, duly qualified
      under applicable law to serve as such, has been properly designated and
      currently so serves and is named in the Mortgage or if no duly qualified trustee
      has been properly designated and so serves, the Mortgage contains satisfactory
      provisions for the appointment of such trustee by the holder of the Mortgage
      at
      no cost or expense to such holder, and no fees or expenses are or will become
      payable by Purchaser to the trustee under the deed of trust, except in
      connection with a trustee’s sale after default by the mortgagor;

     

    (xv)  at
      the
      time of origination, each Mortgaged Property was the subject of an appraisal
      which conforms to the Seller’s underwriting requirements, and a complete copy of
      such appraisal is contained in the Mortgage File;

     

    (xvi)  neither
      the Seller nor any servicer of the related Mortgage Loans has advanced funds
      or
      knowingly received any advance of funds by a party other than the Mortgagor,
      directly or indirectly, for the payment of any amount required by the Mortgage,
      except for (i) interest accruing from the date of the related Mortgage Note
      or
      date of disbursement of the Mortgage Loan proceeds, whichever is later, to
      the
      date which precedes by 30 days the first Due Date under the related Mortgage
      Note, and (ii) customary advances for insurance and taxes;

     

    (xvii)  each
      Mortgage Note, the related Mortgage and other agreements executed in connection
      therewith are genuine, and each is the legal, valid and binding obligation
      of
      the maker thereof, enforceable in accordance with its terms except as such
      enforcement may be limited by bankruptcy, insolvency, reorganization or other
      similar laws affecting the enforcement of creditor’s rights generally and by
      general equity principles (regardless of whether such enforcement is considered
      in a proceeding in equity or at law);

     

    (xviii)  the
      servicing of each Mortgage Loan has been in accordance with the servicing
      standard set forth in Section 3.01 of the Pooling and Servicing Agreement and
      in
      accordance with the terms of the Mortgage Notes, the Mortgage and other loan
      documents;

     

    (xix)  the
      related Mortgage Note and Mortgage contain customary and enforceable provisions
      such as to render the rights and remedies of the holder adequate for the
      realization against the Mortgaged Property of the benefits of the security,
      including realization by judicial, or, if applicable, non-judicial foreclosure,
      and, to the Seller’s knowledge, there is no homestead or other exemption
      available to the Mortgagor which would interfere with such right to
      foreclosure;

     

    (xx)  except
      with respect to holdbacks required by certain Mortgage Loans which holdbacks
      create a fund for (i) the repair of Mortgaged Property due to damage from
      adverse weather conditions, or (ii) the completion of new construction, or
      both,
      the proceeds of the Mortgage Loans have been fully disbursed, there is no
      requirement for future advances thereunder and any and all requirements as
      to
      completion of any on-site or off-site improvements and as to disbursements
      of
      any escrow funds therefor have been complied with; and all costs, fees and
      expenses incurred in making, closing or recording the Mortgage Loan have been
      paid, except recording fees with respect to Mortgages not recorded as of the
      Closing Date;

     

    (xxi)  as
      of the
      Closing Date, the improvements on each Mortgaged Property securing a Mortgage
      Loan is insured (by an insurer which is acceptable to the Seller) against loss
      by fire and such hazards as are covered under a standard extended coverage
      endorsement in the locale in which the Mortgaged Property is located, in an
      amount which is not less than the lesser of the maximum insurable value of
      the
      improvements securing such Mortgage Loan or the outstanding principal balance
      of
      the Mortgage Loan, but in no event in an amount less than an amount that is
      required to prevent the Mortgagor from being deemed to be a co-insurer
      thereunder; if the improvement on the Mortgaged Property is a condominium unit,
      it is included under the coverage afforded by a blanket policy for the
      condominium project; if upon origination of the related Mortgage Loan, the
      improvements on the Mortgaged Property were in an area identified as a federally
      designated flood area, a flood insurance policy is in effect in an amount
      representing coverage not less than the least of (i) the outstanding principal
      balance of the Mortgage Loan, (ii) the restorable cost of improvements located
      on such Mortgaged Property or (iii) the maximum coverage available under federal
      law; and each Mortgage obligates the Mortgagor thereunder to maintain the
      insurance referred to above at the Mortgagor’s cost and expense;

     

    (xxii)  there
      is
      no monetary default existing under any Mortgage or the related Mortgage Note
      and
      there is no material event which, with the passage of time or with notice and
      the expiration of any grace or cure period, would constitute a default, breach
      or event of acceleration; and neither the Seller, any of its affiliates nor
      any
      servicer of any related Mortgage Loan has taken any action to waive any default,
      breach or event of acceleration; no foreclosure action is threatened or has
      been
      commenced with respect to the Mortgage Loan;

     

    (xxiii)  to
      the
      Seller’s knowledge, no Mortgagor, at the time of origination of the applicable
      Mortgage, was a debtor in any state or federal bankruptcy or insolvency
      proceeding;

     

    (xxiv)  all
      inspections, licenses and certificates required to be made or issued with
      respect to all occupied portions of the Mortgaged Property and, with respect
      to
      the use and occupancy of the same, including, but not limited to, certificates
      of occupancy and fire underwriting certificates, have been made or obtained
      from
      the appropriate authorities;

     

    (xxv)  at
      the
      time of origination, the Mortgaged Property and all improvements thereon
      complied with all requirements of any applicable zoning and subdivision laws
      and
      ordinances;

     

    (xxvi)  no
      instrument of release or waiver has been executed in connection with the
      Mortgage Loans, and no Mortgagor has been released, in whole or in part, except
      in connection with an assumption agreement which has been approved by the
      primary mortgage guaranty insurer, if any, and which has been delivered to
      the
      Trustee;

     

    (xxvii)  each
      Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
      the Code and Treasury Regulation Section 1.860G-2(a)(1);

     

    (xxviii)  no
      selection procedure reasonably believed by the Seller to be adverse to the
      interests of the Certificateholders was utilized in selecting the Mortgage
      Loans
      from among similar mortgage loans originated or acquired by the
      Seller;

     

    (xxix)  no
      Mortgage Loan is subject to the Home Ownership and Equity Protection Act of
      1994
      or any comparable state law; and

     

    (xxx)  no
      mortgage loan is a High Cost Loan or Covered Loan, as applicable (as such terms
      are defined in the then current Standard & Poor’s LEVELS® Glossary which is
      now Version 6.0 Revised, Appendix E, attached as Exhibit 3 hereto) and no
      mortgage loan originated on or after October 1, 2002 through March 6, 2003
      is
      secured by property located in the State of Georgia;

     

    (xxxi)  to
      the
      knowledge of the Seller, all parties to the Mortgage Note and the Mortgage
      and
      any other related agreement had legal capacity to enter into the Mortgage Loan
      and to execute and deliver the Mortgage Note and the Mortgage and any other
      related agreement, and the Mortgage Note and the Mortgage and any other related
      agreement have been duly and properly executed by such parties;

     

    (xxxii)  the
      Mortgage Loans were underwritten in accordance with the Seller’s underwriting
      guidelines in effect at the time the Mortgage Loan was originated, a copy of
      which underwriting guidelines are attached as Exhibit 4 hereto, except for
      permitted exceptions based on compensating factors;

     

    (xxxiii)  The
      information set forth in the Schedule of Prepayment Charges, attached hereto
      as
      Exhibit 2, (including the Prepayment Charge summary attached thereto) is
      complete, true and correct in all material respects on the date or dates when
      such information is furnished and each Prepayment Charge is permissible and
      enforceable in accordance with its terms (except to the extent that the
      enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws affecting creditor’s rights generally or the
      collectability thereof may be limited due to acceleration in connection with
      a
      foreclosure) under applicable federal, state and local law;

     

    (xxxiv)  With
      respect to any hard Prepayment Charge associated with a Mortgage Loan (as
      indicated on the Mortgage Loan Schedule attached hereto), the Servicer will
      not
      waive such Prepayment Charge or part of such Prepayment Charge unless such
      waiver would maximize recovery of total proceeds taking into account the value
      of such Prepayment Charge and related mortgage loan and doing so is standard
      and
      customary in servicing mortgage loans similar to the mortgage loans (including
      any waiver of a Prepayment Charge in connection with a refinancing of a Mortgage
      Loan that is related to a default or a reasonably foreseeable default), and
      in
      no event will it waive such Prepayment Charge in connection with a refinancing
      of a Mortgage Loan that is not related to a default or a reasonably foreseeable
      default;

     

    (xxxv)  With
      respect to any soft Prepayment Charge associated with a Mortgage Loan (as
      indicated on the Mortgage Loan Schedule attached hereto), the Servicer will
      not
      waive any part of any such Prepayment Charge unless the waiver
      relates to a default or a reasonably foreseeable default, the Prepayment Charge
      would cause an undue hardship to the related borrower, the Mortgaged Property
      is
      sold by the Mortgagor, the collection of any such Prepayment Charge would
      violate any relevant law or regulation or the waiving of such Prepayment Charge
      would otherwise benefit the Trust Fund and it is expected that the waiver would
      maximize recovery of total proceeds taking into account the value of the
      Prepayment Charge and related Mortgage Loan and doing so is standard and
      customary in servicing similar Mortgage Loans (including any waiver of a
      Prepayment Charge in connection with a refinancing of a Mortgage Loan that
      is
      related to a default or a reasonably foreseeable default).  The
      Servicer will not waive a Prepayment Charge in connection with a refinancing
      of
      a Mortgage Loan that is not related to a default or a reasonably foreseeable
      default; and

     

    (xxxvi)  Each
      Mortgage Loan was originated or funded by (a) a savings and loan association,
      savings bank, commercial bank, credit union, insurance company or similar
      institution which is supervised and examined by a federal or state authority
      (or
      originated by (i) a subsidiary of any of the foregoing institutions which
      subsidiary is actually supervised and examined by applicable regulatory
      authorities or (ii) a mortgage loan correspondent of any of the foregoing and
      that was originated pursuant to the criteria established by any of the
      foregoing) or (b) a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to sections 203 and 211 of the National Housing Act, as
      amended.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 3.1 will inure to the benefit of the Purchaser, its successors and
      assigns, notwithstanding any restrictive or qualified endorsement on any
      Mortgage Note or assignment of Mortgage or the examination of any Mortgage
      File.

     

    Upon
      discovery or receipt of notice by the Seller, the Purchaser or the Trustee
      of a
      breach of any representation or warranty of the Seller set forth in clause
      (b)
      above which breach materially and adversely affects the value of the interests
      of the Purchaser, the Certificateholders, or the Trustee in any of the Mortgage
      Loans delivered to the Purchaser pursuant to this Agreement, the party
      discovering or receiving notice of such breach shall give prompt written notice
      to the others. In the case of any such breach of a representation or warranty
      set forth in clause (b) above, the Seller shall, within 90 days from the date
      that the Seller was notified or otherwise obtained knowledge of such breach,
      either (i) cure such breach in all material respects or (ii) purchase such
      Mortgage Loan from the Trust Fund at the Purchase Price; provided that if such
      breach would cause the Mortgage Loan to be other than a “qualified mortgage” as
      defined in Section 860G(a)(3) of the Code, any such cure or repurchase must
      occur within 90 days from the date such breach was discovered; and provided,
      further, that in the case of a breach of the representation and warranty
      concerning the Mortgage Loan Schedule contained in clause (b)(i), if such breach
      relates to any field on the Mortgage Loan Schedule which identifies any
      Prepayment Charge, then in lieu of purchasing such Mortgage Loan from the Trust
      Fund at the Purchase Price, the Seller shall pay the amount of the incorrectly
      identified Prepayment Charge (net of any amount previously collected by or
      paid
      to the Trust Fund in respect of such Prepayment Charge), and the Seller shall
      have no obligation to repurchase (or, as detailed below, substitute for) such
      Mortgage Loan. However, subject to the approval of the Purchaser, the Seller
      shall have the option to substitute a Qualified Substitute Mortgage Loan or
      Loans for such Mortgage Loan if such substitution occurs within two years
      following the Closing Date, except that if the breach would cause the Mortgage
      Loan to be other than a “qualified mortgage” as defined in Section 860G(a)(3) of
      the Code, any such substitution must occur within 90 days from the date the
      breach was discovered if such 90 day period expires before two years following
      the Closing Date.  If the breach of representation and warranty that
      gave rise to the obligation to repurchase or substitute a Mortgage Loan pursuant
      to this Section 3.1 was the representation set forth in clause (xii) of clause
      (b) of this Section 3.1, then the Seller shall pay to the Trust Fund,
      concurrently with and in addition to the remedies provided in the third
      preceding sentence, an amount equal to any liability, penalty or the expense
      that was actually incurred and paid out of or on behalf of the Trust Fund,
      and
      that directly resulted from such breach, or if incurred and paid by the Trust
      Fund thereafter, concurrently with such payment. The obligations of the Seller
      to cure, purchase or substitute a Qualified Substitute Mortgage Loan shall
      constitute the Purchaser’s, the Trustee’s and the Certificateholders’ sole and
      exclusive remedy under this Agreement or otherwise respecting a breach of
      representations or warranties hereunder with respect to the Mortgage
      Loans.

     

    In
      the
      event that the Seller elects to substitute a Qualified Substitute Mortgage
      Loan
      or Loans for a Deleted Mortgage Loan pursuant to this Section 3.1(b), the Seller
      shall deliver to the Trustee and the Master Servicer, as appropriate, with
      respect to such Qualified Substitute Mortgage Loan or Loans, the original
      Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form,
      and such other documents and agreements as are required by Section 2.1, with
      the
      Mortgage Note endorsed as required by Section 2.1. No substitution will be
      made
      in any calendar month after the Determination Date for such month. Monthly
      Payments due with respect to Qualified Substitute Mortgage Loans in the month
      of
      substitution, to the extent received by the Master Servicer, will be retained
      by
      the Master Servicer and remitted by the Master Servicer to the Seller on the
      next succeeding Distribution Date.  After the month of substitution,
      the Seller shall be entitled to retain all amounts received in respect of such
      Deleted Mortgage Loan. Upon such substitution, the Qualified Substitute Mortgage
      Loan or Loans shall be subject to the terms of this Agreement in all respects,
      the Seller shall be deemed to have made the representations and warranties
      with
      respect to the Qualified Substitute Mortgage Loan contained in Section 3.1(b)
      as
      of the date of substitution.

     

    In
      connection with the substitution of one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine
      the amount (if any) by which the aggregate principal balance of all such
      Qualified Substitute Mortgage Loans as of the date of substitution is less
      than
      the aggregate Stated Principal Balance of all such Deleted Mortgage Loans (in
      each case after application of the principal portion of the Monthly Payments
      due
      in the month of substitution that are to be distributed to Certificateholders
      in
      the month of substitution). The Seller shall provide the Master Servicer on
      the
      day of substitution for immediate deposit into the Custodial Account the amount
      of such shortfall, without any reimbursement therefor. The Seller shall give
      notice in writing to the Trustee of such event, which notice shall be
      accompanied by an Officers Certificate as to the calculation of such shortfall
      and by an Opinion of Counsel to the effect that such substitution will not
      cause
      (a) any federal tax to be imposed on REMIC 1, REMIC 2 or REMIC 3 including
      without limitation, any federal tax imposed on “prohibited transactions” under
      Section 860F(a)(1) of the Code or on “contributions after the startup date”
under Section 860G(d)(1) of the Code or (b) any portion of REMIC 1, REMIC 2
      or
      REMIC 3 to fail to qualify as a REMIC at any time that any Certificate is
      outstanding. The costs of any substitution as described above, including any
      related assignments, opinions or other documentation in connection therewith
      shall be borne by the Seller.

     

    Any
      cause
      of action against the Seller relating to or arising out of a breach by the
      Seller of any representations and warranties made in clause (b) above shall
      accrue as to any Mortgage Loan upon (i) discovery of such breach by the Seller
      or notice thereof by the party discovering such breach and (ii) failure by
      the
      Seller to cure such breach, purchase such Mortgage Loan or substitute a
      Qualified Substitute Mortgage Loan pursuant to the terms hereof.

     

    Section
      3.2  Reserved.

     

    Section
      3.3  Purchaser
      Representations and Warranties.  The Purchaser hereby represents
      and warrants to the Seller as of the Closing Date (or if otherwise specified
      below, as of the date so specified) that:

     

    (a)  the
      Purchaser is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware;

     

    (b)  the
      Purchaser has full corporate power to own its property, to carry on its business
      as presently conducted and to enter into and perform its obligations under
      this
      Agreement;

     

    (c)  the
      execution and delivery by the Purchaser of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Purchaser;
      and
      neither the execution and delivery of this Agreement, nor the consummation
      of
      the transactions herein contemplated hereby, 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 Purchaser or its properties or the
      articles of incorporation or by-laws of the Purchaser, except those conflicts,
      breaches or defaults which would not reasonably be expected to have a material
      adverse effect on the Purchaser’s ability to enter into this Agreement and to
      consummate the transactions contemplated hereby;

     

    (d)  the
      execution, delivery and performance by the Purchaser 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 those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (e)  this
      Agreement has been duly executed and delivered by the Purchaser and, assuming
      due authorization, execution and delivery by the Seller, constitutes a valid
      and
      binding obligation of the Purchaser enforceable against it in accordance with
      its terms (subject to applicable bankruptcy and insolvency laws and other
      similar laws affecting the enforcement of the rights of creditors generally);
      and

     

    (f)  except
      as
      previously disclosed in the Prospectus Supplement, there are no actions, suits
      or proceedings pending or, to the knowledge of the Purchaser, threatened against
      the Purchaser, before or by any court, administrative agency, arbitrator or
      governmental body (i) with respect to any of the transactions contemplated
      by
      this Agreement or (ii) with respect to any other matter which in the judgment
      of
      the Purchaser if determined adversely to the Purchaser would reasonably be
      expected to materially and adversely affect the Purchaser’s ability to perform
      its obligations under this Agreement; and the Purchaser is not in default with
      respect to any order of any court, administrative agency, arbitrator or
      governmental body so as to materially and adversely affect the transactions
      contemplated by this Agreement;

     

    ARTICLE
      IV

     

    SELLER’S
      COVENANTS

     

    Section
      4.1  Covenants
      of the Seller.  The Seller hereby covenants that, except for the
      transfer hereunder with respect to the Mortgage Loans, the Seller will not
      sell,
      pledge, assign or transfer to any other Person, or grant, create, incur or
      assume any Lien on, any Mortgage Loan, whether now existing or hereafter
      created, or any interest therein; the Seller will notify the Trustee. on behalf
      of the Trust Fund, of the existence of any Lien (other than as provided above)
      on any Mortgage Loan immediately upon discovery thereof; and the Seller will
      defend the right, title and interest of the Trustee, on behalf of the Trust
      Fund, in, to and under the Mortgage Loans, whether now existing or hereafter
      created, against all claims of third parties claiming through or under the
      Seller.

     

    ARTICLE
      V

     

    LIMITATION
      ON LIABILITY

     

    Section
      5.1  Limitation
      on Liability of the Seller.  None of the directors, officers,
      employees or agents of the Seller shall be under any liability to the Purchaser,
      it being expressly understood that all such liability is expressly waived and
      released as a condition of, and as consideration for, the execution of this
      Agreement. Except as and to the extent expressly provided in the Basic
      Documents, the Seller shall be under any liability to the Trust Fund, the
      Trustee or the Certificateholders. The Seller and any director, officer,
      employee or agent of the Seller 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.

     

    ARTICLE
      VI

     

    TERMINATION

     

    Section
      6.1  Termination.  The
      respective obligations and responsibilities of the Seller and the Purchaser
      created hereby shall terminate, except for the Seller’s indemnity obligations as
      provided herein, upon the termination of the Trust Fund pursuant to the terms
      of
      the Pooling and Servicing Agreement.

     

    ARTICLE
      VII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      7.1  Amendment.  This
      Agreement may be amended from time to time by the Seller and the Purchaser
      by
      written agreement signed by the Seller and the Purchaser.

    

    Section
      7.2  Governing
      Law.  This Agreement shall be governed by and construed in
      accordance with the laws of the State of New York and the obligations, rights
      and remedies of the parties hereunder shall be determined in accordance with
      such laws.

     

    Section
      7.3  Notices.  All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if personally delivered at or mailed by
      registered mail, postage prepaid, addressed as follows:

     

    (i) 
                 if to the
      Seller:

     

    Alliance
      Bancorp

    815
      Commerce Drive, Suite 100

    Oak
      Brook, Illinois 60523

    Attention:
      General Counsel

    

    with
      a
      copy to:

    

    Alliance
      Bancorp

    1000
      Marina Blvd., Suite 100

    Brisbane,
      California 94005

    Attention:
      Leon Daniels

    

    and

    

    Alliance
      Bancorp

    300
      Knightsbridge Parkway, Suite 310

    Lincolnshire,
      IL 60069

    Attention:
      Tammy Spriggs

    

     

    or,
      such
      other address as may hereafter be furnished to the Purchaser in writing by
      the
      Seller.

     

    (ii)           if
      to the Purchaser:

    

    Alliance
      Securities Corp.

    815
      Commerce Drive, Suite 100

    Oak
      Brook, Illinois 60523

    Attention:
      General Counsel

    

    with
      a
      copy to:

    

    Alliance
      Securities Corp

    1000
      Marina Blvd., Suite 100

    Brisbane,
      California 94005

    Attention:
      Leon Daniels

    

    and

    

    Alliance
      Securities Corp

    300
      Knightsbridge Parkway, Suite 310

    Lincolnshire,
      IL 60069

    Attention:
      Tammy Spriggs

    

    or
      such
      other address as may hereafter be furnished to the Seller in writing by the
      Purchaser.

     

    Section
      7.4  Severability
      of Provisions.  If any one or more of the covenants, agreements,
      provisions or terms of this Agreement shall be held invalid for any reason
      whatsoever. 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.

     

    Section
      7.5  Relationship
      of Parties.  Nothing herein contained shall be deemed or construed
      to create a partnership or joint venture between the parties hereto, and the
      services of the Seller shall be rendered as an independent contractor and not
      as
      agent for the Purchaser.

     

    Section
      7.6  Counterparts.  This
      Agreement may be executed in two or more counterparts and by the different
      parties hereto on separate counterparts, each of which, when so executed, shall
      be deemed to be an original and such counterparts together shall constitute
      one
      and the same Agreement.

     

    Section
      7.7  Further
      Agreements.  The Purchaser and the Seller each agree to execute
      and deliver to the other such additional documents, instruments or agreements
      as
      may be necessary or appropriate to effectuate the purposes of this Agreement.
      Each of the Purchaser and the Seller agrees to use its best reasonable efforts
      to take all actions necessary to be taken by it to cause the Certificates to
      be
      issued and rated in the highest rating category by each of the Rating Agencies,
      with the Certificates to be offered pursuant to the Purchaser’s shelf
      registration statement, and each party will cooperate with the other in
      connection therewith.

     

    Section
      7.8  Intention
      of the Parties.  It is the intention of the parties that the
      Purchaser is purchasing, and the Seller is selling, the Mortgage Loans, rather
      than a loan by the Purchaser to the Seller secured by the Mortgage Loans.
      Accordingly, the parties hereto each intend to treat this transaction with
      respect to the Mortgage Loans for federal income tax purposes as a sale by
      the
      Seller, and a purchase by the Purchaser, of the Mortgage Loans. The Purchaser
      will have the right to review the Mortgage Loans and the Related Documents
      to
      determine the characteristics of the Mortgage Loans which will affect the
      federal income tax consequences of owning the Mortgage Loans and the Seller
      will
      cooperate with all reasonable requests made by the Purchaser in the course
      of
      such review.

     

    Section
      7.9  Successors
      and Assigns; Assignment of Purchase Agreement.  This Agreement
      shall bind and inure to the benefit of and be enforceable by the Seller and
      the
      Purchaser and their respective successors and assigns. The obligations of the
      Seller under this Agreement cannot be assigned or delegated to a third party
      without the consent of the Purchaser, which consent shall be at the Purchaser’s
      sole discretion. The parties hereto acknowledge that the Purchaser is acquiring
      the Mortgage Loans for the purpose of assigning the Mortgage Loans to the
      Trustee, on behalf of the Trust Fund, for the benefit of the Certificateholders.
      As an inducement to the Purchaser to purchase the Mortgage Loans, the Seller
      acknowledges and consents to the assignment by the Purchaser to the Trustee,
      on
      behalf of the Trust Fund of all of the Purchaser’s rights against the Seller
      pursuant to this Agreement and to the enforcement or exercise of any right
      or
      remedy against the Seller pursuant to this Agreement by the
      Purchaser.  Such enforcement of a right or remedy by the Trustee, on
      behalf of the Trust Fund shall have the same force and effect as if the right
      or
      remedy had been enforced or exercised by the Purchaser directly.

     

    Section
      7.10  Survival.  The
      representations and warranties made herein by the Seller shall survive the
      purchase of the Mortgage Loans hereunder.

     

    Section
      7.11  Reserved.

     

     

    IN
      WITNESS WHEREOF, the Seller and the Purchaser have caused their names to be
      signed to this Mortgage Loan Purchase Agreement by their respective officers
      thereunto duly authorized as of the day and year first above
      written.

     

    
      	 	
              ALLIANCE
                SECURITIES CORP.

              as
                Purchaser

            	 
	 	 	 	 
	
            	
              By:
                

            	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

    

    

      	 	
              ALLIANCE
                SECURITIES CORP.

              as
                Seller

            	 
	 	 	 	 
	
            	
              By:
                

            	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    (Provided
      Upon Request)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      2

     

    SCHEDULE
      OF PREPAYMENT CHARGES

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      3

     

    Appendix
      E – Standard & Poor’s Predatory Lending Categories

     

    Standard
      & Poor’s has categorized loans governed by anti-predatory lending laws in
      the Jurisdictions listed below into three categories based upon a combination
      of
      factors that include (a) the risk exposure associated with the assignee
      liability and (b) the tests and thresholds set forth in those laws. Note that
      certain loans classified by the relevant statute as Covered are included in
      Standard & Poor’s High Cost Loan Category because they included thresholds
      and tests that are typical of what is generally considered High Cost by the
      industry.

     

    
      	
              Standard
                & Poor’s High Cost Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Arkansas

            	
              Arkansas
                Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 etseq.

              Effective
                July 16, 2003

            	
              High
                Cost Home Loan

            
	
              Cleveland
                Heights, OH

            	
              Ordinance
                No. 72-2003 (PSH), Mun. Code §§ 757.01 etseq.

              Effective
                June 2, 2003

            	
              Covered
                Loan

            
	
              Colorado

            	
              Consumer
                Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 etseq.

              Effective
                for covered loans offered or entered into on or after January 1,
                2003.
                Other provisions of the Act took effect on June 7, 2002

            	
              Covered
                Loan

            
	
              Connecticut

            	
              Connecticut
                Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                etseq.

              Effective
                October 1, 2001

            	
              High
                Cost Home Loan

            
	
              District
                of Columbia

            	
              Home
                Loan Protection Act, D.C. Code §§ 26-1151.01 etseq.

              Effective
                for loans closed on or after January 28, 2003

            	
              Covered
                Loan

            
	
              Florida

            	
              Fair
                Lending Act, Fla. Stat. Ann. §§ 494.0078 etseq. Effective October 2,
                2002

            	
              High
                Cost Home Loan

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              High
                Cost Home Loan

            
	
              Georgia
                as amended (Mar. 7, 2003 – current)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1

              etseq.

              Effective
                for loans closed on or after March 7, 2003

            	
              High
                Cost Home Loan

            
	
              HOEPA
                Section 32

            	
              Home
                Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                §§ 226.32 and 226.34 Effective October 1, 1995, amendments October 1,
                2002

            	
              High
                Cost Loan

            
	
              Illinois

            	
              High
                Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5
                etseq.

              Effective
                January 1, 2004 (prior to this date, regulations under Residential
                Mortgage License Act effective from May 14, 2001)

            	
              High
                Risk Home Loan

            
	
              Indiana

            	
              Indiana
                Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 etseq.

              Effective
                January 1, 2005; amended by 2005 HB

              1179,
                effective July 1, 2005.

            	
              High
                Cost Home Loans

            
	
              Kansas

            	
              Consumer
                Credit Code, Kan. Stat. Ann. §§ 16a-1-101

              etseq.

              Sections
                16a-1-301 and 16a-3-207 became effective

              April
                14, 1999; Section 16a-3-308a became effective

              July
                1, 1999

            	
              High
                Loan to Value Consumer

              Loan
                (id. § 16a-3-207) and;

            
	
              High
                APR Consumer Loan (id. §

              16a-3-308a)

            
	
              Kentucky

            	
              2003
                KY H.B. 287 – High Cost Home Loan Act, Ky.

              Rev.
                Stat. §§ 360.100 etseq.

              Effective
                June 24, 2003

            	
              High
                Cost Home Loan

            
	
              Maine

            	
              Truth
                in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et

              seq.

              Effective
                September 29, 1995 and as amended from

              time
                to time

            	
              High
                Rate High Fee Mortgage

            
	
              Massachusetts

            	
              Part
                40 and Part 32, 209 C.M.R. §§ 32.00 etseq. and 209 C.M.R. §§ 40.01
                etseq.

              Effective
                March 22, 2001 and amended from time to time

            	
              High
                Cost Home Loan

            
	
              Nevada

            	
              Assembly
                Bill No. 284, Nev. Rev. Stat. §§ 598D.010 etseq.

              Effective
                October 1, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              High
                Cost Home Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              High
                Cost Home Loan

            
	
              New
                York

            	
              N.Y.
                Banking Law Article 6-l

              Effective
                for applications made on or after April 1, 2003

            	
              High
                Cost Home Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              High
                Cost Home Loan

            
	
              Ohio

            	
              H.B.
                386 (codified in various sections of the Ohio Code), Ohio Rev. Code Ann.
                §§ 1349.25 etseq.

              Effective
                May 24, 2002

            	
              Covered
                Loan

            
	
              Oklahoma

            	
              Consumer
                Credit Code (codified in various sections of Title 14A)

              Effective
                July 1, 2000; amended effective January 1, 2004

            	
              Subsection
                10 Mortgage

            
	
              Rhode
                Island

            	
              Rhode
                Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 etseq.
                Effective December 31, 2006.

            	
              High
                Cost Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              High
                Cost Home Loan

            
	
              Tennessee

            	
              Tennessee
                Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 etseq. Effective
                January 1, 2007.

            	
              High
                Cost Home Loan

            
	
              West
                Virginia

            	
              West
                Virginia Residential Mortgage Lender, Broker

              and
                Servicer Act, W. Va. Code Ann. §§ 31-17-1 et

              seq.

              Effective
                June 5, 2002

            	
              West
                Virginia Mortgage Loan Act Loan

            

    

    

    
      	
              Standard
                & Poor’s Covered Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Covered
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                November 27, 2003 – July 5, 2004

            	
              Covered
                Home Loan

            

    

    

    
      	
              Standard
                & Poor’s Home Loan Categorization

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending

              Law/Effective
                Date

            	
              Category
                under

              Applicable
                Anti-Predatory

              Lending
                Law

            
	
              Georgia
                (Oct. 1, 2002 – Mar. 6, 2003)

            	
              Georgia
                Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 etseq.

              Effective
                October 1, 2002 – March 6, 2003

            	
              Home
                Loan

            
	
              New
                Jersey

            	
              New
                Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                etseq.

              Effective
                for loans closed on or after November 27, 2003

            	
              Home
                Loan

            
	
              New
                Mexico

            	
              Home
                Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 etseq.

              Effective
                as of January 1, 2004; Revised as of February 26, 2004

            	
              Home
                Loan

            
	
              North
                Carolina

            	
              Restrictions
                and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                etseq.

              Effective
                July 1, 2000; amended October 1, 2003 (adding open-end lines of
                credit)

            	
              Consumer
                Home Loan

            
	
              South
                Carolina

            	
              South
                Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
                etseq.

              Effective
                for loans taken on or after January 1, 2004

            	
              Consumer
                Home Loan

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      4

     

    SELLER’S
      UNDERWRITING GUIDELINES

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      J

     

    FORM
      OF
      CUSTODIAL AGREEMENT

     

     

    CUSTODIAL
      AGREEMENT

     

    THIS
      CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of May 30, 2007, by and among DEUTSCHE BANK NATIONAL
      TRUST COMPANY, not individually but solely as trustee under the Pooling and
      Servicing Agreement, as defined below (including its successors under the
      Pooling and Servicing Agreement, as defined below, the “Trustee”), ALLIANCE
      SECURITIES CORP., as depositor (together with any successor in interest, the
      “Depositor”) and DEUTSCHE BANK NATIONAL TRUST COMPANY, as custodian (together
      with any successor in interest or any successor appointed hereunder, the
“Custodian”).

     

    WITNESSETH
      THAT:

     

    WHEREAS,
      the Depositor, Alliance Bancorp, as servicer, Wells Fargo Bank, N.A., as master
      servicer and securities administrator (the “Master Servicer” and the “Securities
      Administrator”), GMAC Mortgage, LLC, as back-up servicer, and the Trustee have
      entered into a Pooling and Servicing Agreement, dated as of May 1, 2007,
      relating to the issuance of Alliance Bancorp Trust 2007-OA1, Mortgage-Backed
      Pass-Through Certificates, Series 2007-OA1 (as in effect on the date of this
      Agreement, the “Pooling and Servicing Agreement”); and

     

    WHEREAS,
      the Custodian has agreed to act as agent for the Trustee for the purposes of
      receiving and holding certain documents and other instruments delivered by
      the
      Depositor under the Pooling and Servicing Agreement, all upon the terms and
      conditions and subject to the limitations hereinafter set forth;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements hereinafter set forth, the Trustee, the Depositor and the Custodian
      hereby agree as follows:

     

    SECTION
      1.

     

    DEFINITIONS

     

    1.1  Capitalized
      terms used in this Agreement and not defined herein shall have the meanings
      assigned in the Pooling and Servicing Agreement, unless otherwise required
      by
      the context herein.

     

    Delivery
      Date: A date which is no later than the Closing Date, with respect to the
      Mortgage Loans.

     

    SECTION
      2.

     

    CUSTODY
      OF MORTGAGE DOCUMENTS

     

    2.1  Delivery
      of Mortgage Files and Mortgage Loan Schedule.  On or prior to
      Delivery Date, the Depositor shall deliver or cause to be delivered to the
      Custodian 1) the Mortgage Files being sold on the Closing Date and 2) the
      Mortgage Loan Schedule in an electronic format acceptable to the Depositor
      and
      the Custodian.

     

    2.2  Custodian
      to Act as Agent: Acceptance of Mortgage
      Files.  The  Custodian, as the duly appointed custodial
      agent of the Trustee for these purposes, acknowledges (subject to any exceptions
      noted in the Initial Certification referred to in Section 2.3(a)), receipt
      of
      the Mortgage Files relating to the Mortgage Loans identified on the schedule
      attached hereto (the “Mortgage Files”) and declares that it holds and will hold
      such Mortgage Files as agent for the Trustee, in trust, for the use and benefit
      of all present and future Certificateholders.

     

    2.3  Review
      of Mortgage Files.

     

    (a)  On
      the
      Closing Date, in accordance with Section 2.02 of the Pooling and Servicing
      Agreement, the Custodian shall deliver to the Depositor, the Servicer, the
      Trustee and the Master Servicer an Initial Certification in the form annexed
      hereto as Exhibit One evidencing receipt (subject to any exceptions noted
      therein) of a Mortgage File for each of the Mortgage Loans listed on the
      Schedule attached hereto (the “Mortgage Loan Schedule”).

     

    (b)  Within
      ninety (90) days of the Closing Date, the Custodian shall review the Mortgage
      Files as provided in Section 2.02 of the Pooling and Servicing Agreement and
      deliver to the Depositor, the Servicer, the Trustee and the Master Servicer
      a
      Final Certification in the form annexed hereto as Exhibit Two evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

     

    (c)  In
      reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
      Agreement, the Custodian shall make no representation as to and shall not be
      responsible to verify (i) the validity, legality, enforceability, due
      authorization, recordability, sufficiency, perfection, priority or genuineness
      of any of the documents included in any Mortgage File, (ii) the collectability,
      insurability, effectiveness or suitability of any of the documents in any
      Mortgage File or (iii) the existence of any assumption, modification, written
      assurance or substitution agreement with respect to any Mortgage File if no
      such
      documents appear in the Mortgage File delivered to the Custodian.

     

    Upon
      receipt of written request from the Trustee, the Custodian shall as soon as
      practicable supply the Trustee with a list of all of the documents relating
      to
      the Mortgage Loans missing from the Mortgage Files.

     

    2.4  Custodian
      to Cooperate: Release of Mortgage Files.  Upon receipt of notice
      from the Servicer, the Master Servicer or the Trustee of a repurchase of a
      Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement or the Pooling
      and Servicing Agreement, and that the purchase price therefor has been deposited
      by the Servicer in the Custodial Account, and upon receipt by the Custodian
      as
      agent for the Trustee of written notification of such deposit signed by a
      Servicing Officer which shall be in the form of a Request for Release (as
      defined below), the Custodian as agent for the Trustee shall release or cause
      to
      be released to the Servicer the related Mortgage File and the Trustee shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, as the Sponsor shall require as necessary to vest in the
      Sponsor ownership of any Mortgage Loan released pursuant hereto and at such
      time
      the Custodian as agent for the Trustee shall have no further responsibility
      with
      respect to the related Mortgage Loan.

     

    Upon
      the
      Custodian’s receipt of a request for release (a “Request for Release”)
      substantially in the form of Exhibit Three hereto signed by a Servicing Officer
      of the Servicer stating that it has received payment in full of a Mortgage
      Loan
      or that payment in full will be escrowed in a manner customary for such
      purposes, the Custodian on behalf of the Trustee shall promptly release to
      the
      Servicer the related Mortgage File. Pursuant to Section 2.01 of the Pooling
      and
      Servicing Agreement, the Depositor shall deliver to the Custodian the Mortgage
      Note and other documents constituting the Mortgage File with respect to any
      Substitute Mortgage Loan.

     

    From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Servicer (in form reasonably acceptable to
      the
      Trustee) and as are necessary to the prosecution of any such proceedings. The
      Custodian, on behalf of the Trustee, shall, upon the request of the Servicer,
      and delivery to the Custodian, on behalf of the Trustee, of a Request for
      Release signed by a Servicing Officer substantially in the form of Exhibit
      Three
      hereto (or in a mutually agreeable electronic format which will include a
      signature on its face originating from a Servicing Officer), release the related
      Mortgage File held in its possession or control to the Servicer, as applicable.
      The Servicer shall return the Mortgage File to the Custodian on behalf of the
      Trustee, when the need therefor by the 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 Custodian, on behalf of the Trustee, to the
      Servicer.

     

    At
      any
      time that the Servicer is required to deliver to the Custodian a Request for
      Release, the Servicer shall deliver a copy of the Request for Release in hard
      copy or the Servicer may furnish such Request for Release electronically in
      a
      form acceptable to the Custodian, in which event the Servicing Officer
      transmitting the same shall be deemed to have signed the Request for Release.
      In
      connection with any Request for Release of a Mortgage File because of the
      payment in full of a Mortgage Loan, such Request for Release shall be
      accompanied by a certificate of satisfaction or other similar instrument to
      be
      executed by or on behalf of the Trustee and returned to the
      Servicer.

     

    SECTION
      3.

     

    CONCERNING
      THE CUSTODIAN

     

    3.1  Custodian
      as Bailee and Agent of the Trustee.  With respect to each Mortgage
      Note, Mortgage and other documents constituting each Mortgage File which are
      delivered to the Custodian, the Custodian is exclusively the bailee and
      custodial agent of the Trustee and has no instructions to hold any Mortgage
      Note
      or Mortgage for the benefit of any person other than the Trustee and the
      Certificateholders and undertakes to perform such duties and only such duties
      as
      are specifically set forth in this Agreement and in the Pooling and Servicing
      Agreement. Except upon compliance with the provisions of Section 2.4 of this
      Agreement, no Mortgage Note, Mortgage or Mortgage File shall be delivered by
      the
      Custodian or otherwise released from the possession of the
      Custodian.

     

    3.2  Custodian
      May Own Certificates.  The Custodian in its individual or any
      other capacity may become the owner or pledgee of Certificates with the same
      rights it would have if it were not Custodian.

     

    3.3  Custodian’s
      Fees and Expenses.  The Master Servicer covenants and agrees to
      pay to the Custodian from time to time, as separately agreed to between the
      Master Servicer and the Custodian, reasonable compensation for all services
      rendered by it in the exercise and performance of any of the powers and duties
      hereunder of the Custodian.  The Securities Administrator, on behalf
      of the Trust Fund, and solely from funds on deposit in the Certificate Account,
      will pay or reimburse the Custodian upon its request for all reasonable expenses
      as agreed to the extent set forth in the Pooling and Servicing Agreement, and
      the Trust Fund shall indemnify the Custodian as set forth in Section 8.05 of
      the
      Pooling and Servicing Agreement and pay or reimburse all other disbursements
      and
      advances incurred or made by the Custodian in accordance with any of the
      provisions of this Agreement (including the reasonable compensation and the
      expenses and disbursements of its counsel and of all persons not regularly
      in
      its employ), except as set forth in Section 8.05 of the Pooling and Servicing
      Agreement.

     

    3.4  Custodian
      May Resign; Trustee May Remove Custodian.  The Custodian may
      resign from the obligations and duties hereby imposed upon it as such
      obligations and duties relate to its acting as Custodian of the Mortgage Loans.
      Upon receiving such written notice of resignation, the Trustee shall either
      take
      custody of the Mortgage Files itself and give prompt written notice thereof
      to
      the Depositor, the Servicer, the Master Servicer, the Securities Administrator
      and the Custodian, or promptly appoint a successor Custodian by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      resigning Custodian and one copy to each of  the successor Custodian,
      the Depositor, the Servicer, the Master Servicer and the Securities
      Administrator. If the Trustee shall not have taken custody of the Mortgage
      Files
      and no successor Custodian shall have been so appointed and have accepted
      appointment within 30 days after the giving of such written notice of
      resignation, the resigning Custodian may petition any court of competent
      jurisdiction for the appointment of a successor Custodian.

     

    The
      Trustee may, with or without cause, upon at least 60 days notice remove and
      discharge the Custodian from the performance of its duties. In such event,
      the
      Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
      a successor Custodian hereunder. Any successor Custodian shall be a depository
      institution subject to supervision or examination by federal or state authority,
      shall be able to satisfy the other requirements contained in Section 3.6 hereof
      and shall be unaffiliated with the Servicer or the Depositor.

     

    Any
      resignation or removal of the Custodian and appointment of a successor Custodian
      pursuant to any of the provisions of this Section 3.4 shall become effective
      upon acceptance of appointment by the successor Custodian. The Trustee shall
      give prompt notice to the Depositor of the appointment of any successor
      Custodian.  No successor Custodian shall be appointed by the Trustee
      without the prior approval of the Depositor.

     

    3.5  Merger
      or Consolidation of Custodian.  Any Person into which the
      Custodian may be merged or converted or with which it may be consolidated,
      or
      any Person resulting from any merger, conversion or consolidation to which
      the
      Custodian shall be a party, or any Person succeeding to the business of the
      Custodian, shall be the successor of the Custodian 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.

     

    3.6  Representations
      of the Custodian.  The Custodian hereby represents that it is a
      depository institution subject to supervision or examination by a federal or
      state authority, has a combined capital and surplus of at least $15,000,000
      and
      is qualified to do business in the jurisdictions in which it will hold any
      Mortgage File.

     

    3.7  Standard
      of Care; Indemnification.  Neither the Custodian nor any parent,
      affiliate, subsidiaries, directors, officers, agents or employees shall have
      any
      liability arising from or related to this Custodial Agreement or any related
      document or agreement, except for any such liability resulting from the
      Custodian’s negligence or willful misconduct. The Custodian shall be indemnified
      and held harmless from the Trust Fund to the extent provided in Section 8.05
      of
      the Pooling and Servicing Agreement.  In no event shall the Custodian
      or its officers, agents or employees be held liable for any special, indirect
      or
      consequential damages resulting from any action taken or omitted to be taken
      by
      it or them hereunder or in connection herewith even if advised of the
      possibilities of such damages.

     

    3.8  Reliance;
      Limitation of Custodian’s Duties.

     

    (a)
      The
      Custodian shall have no duties or obligations other than those specifically
      set
      forth herein or as may subsequently be agreed to in writing by the parties
      hereto. The Custodian: (a) may consult with counsel and any Opinion of Counsel
      shall be full and complete authorization and protection in respect of any action
      taken, suffered or omitted by it hereunder in good faith and in accordance
      with
      such Opinion of Counsel; and shall not be liable for any error of judgment,
      or
      for any act done or step taken or omitted by it, in good faith, except for
      any
      such liability resulting from the Custodian’s negligence or willful misconduct;
      (b) shall use the same degree of care and skill as is reasonably expected of
      financial institutions acting in comparable capacities, provided that this
      subsection shall not be interpreted to impose upon the Custodian a higher
      standard of care than that set forth above; (c) will be regarded as making
      no
      representations and having no responsibilities (except as expressly set forth
      herein) as to the validity, sufficiency, value, genuineness, ownership or
      transferability of the Mortgage Loans, and will not be required to and will
      not
      make any representations as to the validity, value, genuineness, ownership
      or
      transferability of the Mortgage Loans; (d) may rely on and shall be protected
      in
      acting upon any certificate, instrument, opinion, notice, letter, telegram,
      facsimile or other document delivered to it and in good faith believed by it
      to
      be genuine and to have been signed by the proper party or parties; and (e)
      may
      rely on and shall be protected in acting upon the written instructions of the
      Depositor or the Trustee and such employees and representatives of the Depositor
      or the Trustee as the Depositor or the Trustee may hereinafter designate in
      writing.

     

     (b)           The
      Custodian shall not be liable for an error of judgment made in good faith by
      an
      officer of the Custodian, unless it shall be proved that the Custodian was
      negligent in ascertaining the pertinent facts; the Custodian 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 Custodial Agreement; and the Custodian may execute any of the powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees or attorneys appointed with due care, and shall not be
      responsible for any willful misconduct or negligence on the part of any agent,
      attorney, custodian or nominee so appointed with such due care.

    

    (c)           In
      order to comply with laws, rules and regulations applicable to banking
      institutions, including those relating to the funding of terrorist activities
      and money laundering, the Custodian is required to obtain, verify and record
      certain information relating to individuals and entities which maintain a
      business relationship with the Custodian.  Accordingly, each of the
      Depositor and Trustee agrees to provide to the Custodian upon its request from
      time to time such party’s complete name, address, tax identification number and
      such other identifying information, together with copies of such party’s
      constituting documentation, securities disclosure documentation and such other
      identifying documentation as may be available for such party.

    

     

    SECTION
      4.

     

    COMPLIANCE
      WITH REGULATION AB

     

    4.1  Intent
      of the Parties; Reasonableness.  The parties hereto acknowledge
      and agree that the purpose of this Section 4 is to facilitate compliance by
      the
      Depositor with the provisions of Regulation AB and related rules and regulations
      of the Commission. Each of the Depositor and the Master Servicer shall not
      exercise its right to request delivery of information or other performance
      under
      these provisions other than in good faith, or for purposes other than compliance
      with the Securities Act, the Exchange Act and the rules and regulations of
      the
      Commission under the Securities Act and the Exchange Act. Each of the parties
      hereto acknowledges that interpretations of the requirements of Regulation
      AB
      may change over time, whether due to interpretive guidance provided by the
      Commission or its staff, consensus among participants in the mortgage-backed
      securities markets, advice of counsel, or otherwise, and agrees to comply with
      requests made by the Depositor, the Master Servicer or the Securities
      Administrator in good faith for delivery of information under these provisions
      on the basis of evolving interpretations of Regulation AB. The Custodian shall
      cooperate reasonably with the Depositor, the Master Servicer or the Securities
      Administrator to deliver to the Depositor (including any of its assignees or
      designees), any and all disclosure, statements, reports, certifications, records
      and any other information necessary in the reasonable, good faith determination
      of the Depositor to permit the Depositor to comply with the provisions of
      Regulation AB.

     

    4.2  Additional
      Representations and Warranties of the Custodian.

     

    (a)  [Reserved]

     

    (b)  The
      Custodian shall be deemed to represent to the Depositor as of the date hereof
      and on each date on which information is provided to the Depositor under Section
      4.3 that, except as disclosed in writing to the Depositor prior to such date:
      (i) there are no material legal or governmental proceedings pending (or known
      to
      be contemplated) against it and (ii) there are no affiliations relating to
      the
      Custodian with respect to the Depositor or any sponsor, issuing entity, Master
      Servicer or other material transaction party (as such terms are used in
      Regulation AB) relating to the securitization transaction contemplated by the
      Pooling and Servicing Agreement, as identified by the Depositor to the Custodian
      in writing as of the Closing Date (each, a “Transaction Party”).

     

    (c)  If
      so
      requested by the Depositor on any date following the Closing Date, the Custodian
      shall, within five Business Days following such request, confirm in writing
      the
      accuracy of the representations and warranties set forth in paragraph (a) of
      this Section 4.2 or, if any such representation and warranty is not accurate
      as
      of the date of such confirmation, provide reasonably adequate disclosure of
      the
      pertinent facts, in writing, to the requesting party.  Any such
      request from the Depositor shall not be given more than once each calendar
      quarter, unless the Depositor shall have a reasonable basis for a determination
      that any of the representations and warranties may not be accurate.

     

    4.3  Additional
      Information to Be Provided by the Custodian.  For so long as the
      Certificates are outstanding, for the purpose of satisfying the Depositor’s
      reporting obligation under the Exchange Act with respect to any class of
      Certificates, the Custodian shall (a) notify the Depositor in writing of any
      material litigation or governmental proceedings pending against the Custodian
      that would be material to Certificateholders, and (b) provide to the Depositor
      a
      written description of such proceedings.  Any notices and descriptions
      required under this Section 4.3 shall be given no later than five Business
      Days
      prior to the Determination Date following the month in which the Custodian
      has
      knowledge of the occurrence of the relevant event.  As of the date the
      Depositor or the Securities Administrator files each Report on Form 10-D, Form
      8-K or Form 10-K with respect to the Certificates, the Custodian will be deemed
      to represent that any information previously provided under this Section 4.3,
      if
      any, is materially correct and does not have any material omissions unless
      the
      Custodian has provided an update to such information.

     

    4.4  Report
      on Assessment of Compliance and Attestation.  On or before March
      15 of each calendar year with no cure period, unless no reporting obligation
      under the Exchange Act exists at such time with respect to the Trust Fund,
      the
      Custodian shall:

     

    (a)  deliver
      to the Master Servicer, the Depositor and the Sponsor a report (in form and
      substance reasonably satisfactory to the Master Servicer) regarding the
      Custodian’s assessment of compliance with the Servicing Criteria during the
      immediately preceding calendar year, as required under Rules 13a-18 and 15d-18
      of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
      addressed to the Master Servicer and signed by an authorized officer of the
      Custodian, and shall address each of the Servicing Criteria specified on a
      certification substantially in the form of Exhibit Four hereto; and

     

    (b)  deliver
      to the Master Servicer, the Depositor and the Sponsor a report of a registered
      public accounting firm reasonably acceptable to the Master Servicer that attests
      to, and reports on, the assessment of compliance made by the Custodian and
      delivered pursuant to the preceding paragraph. Such attestation shall be in
      accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
      Securities Act and the Exchange Act.

     

    4.5  Indemnification;
      Remedies.

     

    (a)  The
      Custodian shall indemnify the Depositor, each affiliate of the Depositor and
      the
      Master Servicer or each Person who controls any of such parties (within the
      meaning of Section 15 of the Securities Act and Section 20 of the Exchange
      Act)
      (each an “Indemnified Party”); and the respective present and former directors,
      officers, employees and agents of each of the foregoing, and shall 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:

     

    (i)  (A)
      any
      untrue statement of a material fact contained or alleged to be contained in
      the
      Custodian Disclosure and any information, report, certification or other
      material provided under this Section 4 by or on behalf of the Custodian other
      than the accountants’ attestation (collectively, the “Custodian Information”),
      or (B) the omission or alleged omission to state in the Custodian Information
      a
      material fact required to be stated in the Custodian Information or necessary
      in
      order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading; or

     

    (ii)  any
      failure by the Custodian to deliver any information, report, certification,
      accountants’ attestation or other material when and as required under this
      Section 4.

     

    (b)  In
      the
      case of any failure of performance described in clause (ii) of Section 4.5(a),
      the Custodian shall promptly reimburse the Depositor and the Master Servicer
      for
      all actual costs reasonably incurred by the Depositor
      and the Master Servicer, as applicable, in order to obtain the information,
      report, certification, accountants’ attestation or other material not delivered
      as required by the Custodian.

     

    (c)  If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless any Indemnified Party, then the Custodian agrees that it shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of any claims, losses, damages or liabilities incurred by such Indemnified
      Party
      in such proportion as is appropriate to reflect the relative fault of such
      Indemnified Party on the one hand and the Custodian on the
      other.  This indemnification shall survive the termination of this
      Agreement or the termination of the Custodian.

     

    

     

    SECTION
      5.

     

    MISCELLANEOUS
      PROVISIONS

     

    5.1  Notices.  All
      notices, requests, consents and demands and other communications required under
      this Agreement or pursuant to any other instrument or document delivered
      hereunder shall be in writing and, unless otherwise specifically provided,
      may
      be delivered personally, by telegram or telex, or by registered or certified
      mail, postage prepaid, return receipt requested, at the addresses specified
      on
      the signature page hereof (unless changed by the particular party whose address
      is stated herein by similar notice in writing), in which case the notice will
      be
      deemed delivered when received.

     

    Any
      notices, consents, direction and other communications given under this Agreement
      shall be in writing and shall be deemed to have been duly given when delivered
      by facsimile or electronic transmission, or personally delivered at, or sent
      by
      overnight courier to, the addresses of the parties hereto set forth on the
      signature page.

     

    5.2  Amendments.  No
      modification or amendment of or supplement to this Agreement shall be valid
      or
      effective unless the same is in writing and signed by all parties hereto, and
      neither the Depositor nor the Trustee shall enter into any amendment hereof
      except as permitted by the Pooling and Servicing Agreement.  The
      Trustee shall give prompt notice to the Custodian of any amendment or supplement
      to the Pooling and Servicing Agreement and furnish the Custodian with written
      copies thereof.

     

    5.3  GOVERNING
      LAW.  THIS AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER THE
      LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
      WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO
      ITS
      CONFLICTS OF LAW RULES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW).

     

    5.4  Recordation
      of Agreement.  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 properties subject to the Mortgages are situated, and in
      any
      other appropriate public recording office or elsewhere, such recordation to
      be
      effected by the Depositor and at the Trust Fund’s expense, but only upon
      direction accompanied by an Opinion of Counsel reasonably satisfactory to the
      Depositor to the effect that the failure to effect such recordation is likely
      to
      materially and adversely affect the interests of the
      Certificateholders.

     

    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 constitute but one and the same
      instrument.

     

    5.5  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.

     

    5.6  Force
      Majeure.  None of the parties hereto shall be responsible for
      delays or failures in performance resulting from acts beyond its reasonable
      control.   Such acts shall include, but not be limited to, acts
      of God, strikes, lockouts, riots, acts of war or terrorism, epidemics,
      naturalization, expropriation, currency restrictions, government regulations
      superimposed after the fact, fire, communication line failures (as a result
      of
      the action or inaction of a third-party), computer viruses, power failures,
      earthquakes or other natural or man-made disaster, but shall not include
      computer server failures or software glitches.  Each party hereto
      represents that it has a disaster recovery plan in place, if
      applicable.

     

    5.7  Waiver
      of Jury Trial.  The Depositor, the Custodian and the Trustee
      hereby waive, to the fullest extent permitted by law, trial by jury in any
      judicial proceeding involving directly or indirectly, any matter (whether
      sounding in tort, contract or otherwise) in any way arising out of, related
      to,
      or connected with this Agreement.

     

    [Signature
      Page Follows]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, this Agreement is executed as of the date first above
      written.

     

    

    
      	
              Address:

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705

              Attention:
                Trust Administration – AB07O1

              Phone:      (714)
                247-6000

              Fax:           (714)
                247-6082

            	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not individually but solely as
                Trustee

              By:
                _________________________________

              Name:

              Title:

               

               

              By:
                _________________________________

              Name:

              Title:

               

            
	
              Address:

              1000
                Marina Blvd, Suite 100

              Brisbane,
                CA 94005

            	
              ALLIANCE
                SECURITIES CORP., as Depositor

              By:
                _________________________________

              Name:

              Title:

               

            
	
              Address:

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705

              Attention:
                Trust Administration – AB07O1

              Phone:      (714)
                247-6000

              Fax:           (714)
                247-6082

            	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Custodian

              By:
                _________________________________

              Name:

              Title:

               

              By:
                _________________________________

              Name:

              Title:

               

            

    

     

    

    
      	 	
              ACKNOWLEDGED
                AND AGREED TO:

               

            
	
              Address:

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

               

            	
              WELLS
                FARGO BANK, N.A., as Master Servicer and Securities
                Administrator

              By:
                _________________________________

              Name:

              Title:

               

            

    

    
    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      ____ day of May 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an
      ____________________________________ of Deutsche Bank National Trust Company,
      a
      national association that executed the within instrument, and also known to
      me
      to be the person who executed it on behalf of said national association and
      acknowledged to me that such national association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF SAN MATEO

            	
              )

            	 

    

    

     

    On
      the
      _____ day of May 2007 before me, a notary public in and for said State,
      personally appeared ____________________, known to me to be a(n)
      ____________________ of Alliance Securities Corp., a Delaware corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said Delaware corporation, and acknowledged to me
      that
      such Delaware corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF KINGS

            	
              )

            	 

    

    

     

    On
      the
      ____ day of May 2007 before me, a notary public in and for said State,
      personally appeared ____________________, known to me to be a(n)
      ____________________ of Wells Fargo Bank, N.A., a national association, that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said national association, and acknowledged to me
      that
      such national association executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

     [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            	 

    

    

     

    On
      the
      ____ day of May 2007 before me, a notary public in and for said State,
      personally appeared ____________________, known to me to be a(n)
      ____________________ of Deutsche Bank National Trust Company, a national
      association that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said national association, and acknowledged
      to me that such national association executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

     [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
      I

     

    
      	
              A.  

            	
              The
                following documents or instruments shall be included in the Mortgage
                File:

            

    

     

    1.  the
      original Mortgage Note endorsed without recourse to the order of the trustee,
      “Deutsche Bank National Trust Company, as trustee under the Pooling and
      Servicing Agreement relating to Alliance Bancorp Trust 2007-OA1, Mortgage Backed
      Pass-Through Certificates, Series 2007-OA1” or in blank with all intervening
      endorsements showing an unbroken chain of endorsements from the originator
      to
      the Person endorsing it to the Trustee, in blank or, with respect to any
      Mortgage Loan as to which the original Mortgage Note has been permanently lost
      or destroyed and has not been replaced, a Lost Note Affidavit;

     

    2.  the
      original recorded Mortgage, noting the presence of the MIN of the Mortgage
      Loan
      and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
      Loan is a MOM Loan, with evidence of recording indicated thereon or, if the
      original Mortgage has not been returned from the public recording office, a
      copy
      of the Mortgage certified by the Sponsor or the public recording office in
      which
      such Mortgage has been recorded to be a true and complete copy of the original
      Mortgage submitted for recording;

     

    3.  unless
      the Mortgage Loan is registered on the MERS® System, a duly executed original
      Assignment of the Mortgage, without recourse, in recordable form to “Deutsche
      Bank National Trust Company, as trustee,” or to “Deutsche Bank National Trust
      Company, as trustee for holders of Alliance Bancorp Trust 2007-OA1, Mortgage
      Backed Pass-Through Certificates, Series 2007-OA1”;

     

    4.  the
      original intervening Assignments, if any, of the Mortgage showing an unbroken
      chain of assignment from the originator thereof to the Person assigning it
      to
      the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System
      and noting the presence of a MIN) or, if any such Assignment has not been
      returned from the applicable public recording office, a copy of such Assignment
      certified by the Sponsor to be a true and complete copy of the original
      Assignment submitted to the title insurance company for recording;

     

    5.  the
      original title insurance policy, or, if such policy has not been issued, any
      one
      of an original or a copy of the preliminary title report, title binder or title
      commitment on the Mortgaged Property with the original policy of the insurance
      to be delivered promptly following the receipt thereof; and

     

    6.  a
      true
      and correct copy of any assumption, modification, consolidation or substitution
      agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      ONE

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    

     

    
      	 	 May
              30, 2007

    

     

     

    

     

    
      	
              Alliance
                Securities Corp.

              1000
                Marina Blvd., Suite 100

              Brisbane,
                California 94005

               

            	
              Alliance
                Bancorp

              1000
                Marina Boulevard, Suite 100

              Brisbane,
                California 94005

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              Deutsche
                Bank National Trust Company

              1761
                E. St. Andrew Place

              Santa
                Ana, California 92705

               

            

    

    

    Attention:                              Alliance
      Securities Corp., Alliance
      Bancorp Trust 2007-OA1,  Mortgage-Backed
      Pass-Through Certificates, Series 2007-OA1

     

    
      	
                            
                Re:

            	
              Custodial
                Agreement, dated as of May 30, 2007, Deutsche Bank National Trust
                Company,
                as the Trustee, Alliance Securities Corp. as the Depositor and Deutsche
                Bank National Trust  Company as the Custodian, relating to
                Alliance Securities Corp. Trust 2007-OA1, Mortgage Backed Pass-Through
                Certificates, Series 2007-OA1

            	 
	 
	 

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(a) of the above-captioned Custodial Agreement and
      subject to Section 2.02 of the Pooling and Servicing Agreement, dated as of
      March 1, 2007 (the “Pooling and Servicing Agreement”), among Alliance Securities
      Corp., as depositor, Alliance Bancorp, as Servicer, Wells Fargo Bank, N.A.,
      as
      master servicer and securities administrator, GMAC Mortgage, LLC, as back-up
      servicer, and Deutsche Bank National Trust Company, as trustee, and Schedule
      I
      of the Custodial Agreement (the “Custodial Agreement”, and together with the
      Pooling and Servicing Agreement, the “Agreements”) 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 the attachment hereto) it has reviewed the Mortgage File,
      and
      has determined that: (i) all documents required to be included in the Mortgage
      File pursuant to Schedule I of the Custodial Agreement are in its possession,
      with any exceptions listed on Schedule A attached hereto; (ii) such documents
      have been reviewed by it and appear regular on their face and relate to such
      Mortgage Loan; and (iii) based on examination by it, and only as to such
      documents, the information set forth in item (iv) of the definition or
      description of “Mortgage Loan Schedule” is correct.

     

    The
      Custodian, on behalf of the Trustee, has made no independent examination of
      any
      documents contained in each Mortgage File beyond the review specifically
      required in the above referenced Agreements.  The Custodian, on behalf
      of the Trustee, makes no representations as to and shall not be responsible
      to
      verify: (i) the validity, legality, sufficiency, enforceability, due
      authorization, recordability, perfection, priority or genuineness of any of
      the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan, or (iii) the existence
      of any assumption, modification, written assurance or substitution agreement
      with respect to any Mortgage File if no such documents appear in the Mortgage
      File delivered to the Custodian, on behalf of the Trustee.

     

     Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Custodian

               

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      TWO

     

    FORM
      OF
      FINAL CERTIFICATION

     

     

    
      	 	 ________
              __, 2007

    

     

     

    

    
      	
              Alliance
                Securities Corp.

              1000
                Marina Blvd., Suite 100

              Brisbane,
                California 94005

               

            	
              Alliance
                Bancorp

              1000
                Marina Boulevard, Suite 100

              Brisbane,
                California 94005

            
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              Deutsche
                Bank National Trust Company

              1761
                E. St. Andrew Place

              Santa
                Ana, California 92705

               

            

    

    

    
      	
              Attention:

            	
              Alliance
                Securities Corp.

            	 
	 	
              Alliance
                Bancorp Trust 2007-OA1, Mortgage-Backed Pass-Through Certificates,
                Series
                2007-OA1

            	 
	 	 	 
	
              Re:

            	
              Custodial
                Agreement, dated as of May 30, 2007, Deutsche Bank National Trust
                Company,
                as the Trustee, Alliance Securities Corp. as the Depositor and Deutsche
                Bank National Trust  Company as the Custodian, relating to
                Alliance Securities Corp. Trust 2007-OA1, Mortgage Backed Pass-Through
                Certificates, Series 2007-OA1

            	 
	 	 
	 	 

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(b) of the above-captioned Custodial Agreement and
      subject to Section 2.02 of Pooling and Servicing Agreement, dated as of March
      1,
      2007, among Alliance Securities Corp., as depositor, Alliance Bancorp, as
      Servicer, Wells Fargo Bank, N.A., as master servicer and securities
      administrator, GMAC Mortgage, LLC, as back-up servicer, and Deutsche Bank
      National Trust Company, as trustee, the undersigned, as Custodian, on behalf
      of
      the Trustee, hereby certifies that it has received the Mortgage File with
      respect to each Mortgage Loan listed in the Mortgage Loan Schedule containing
      with respect to each Mortgage Loan, with any exceptions listed on Schedule
      A
      attached hereto.

    

    The
      Custodian, on behalf of the Trustee, has made no independent examination of
      any
      documents contained in each Mortgage File beyond the review specifically
      required in the above referenced Agreements.  The Custodian, on behalf
      of the Trustee, makes no representations as to and shall not be responsible
      to
      verify: (i) the validity, legality, sufficiency, enforceability, due
      authorization, recordability, perfection, priority or genuineness of any of
      the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan, or (iii) the existence
      of any assumption, modification, written assurance or substitution agreement
      with respect to any Mortgage File if no such documents appear in the Mortgage
      File delivered to the Custodian, on behalf of the Trustee.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement or in the Pooling and Servicing
      Agreement, as applicable.

     

    

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Custodian

               

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      THREE

     

    FORM
      OF
      REQUEST FOR RELEASE OF DOCUMENTS

     

    

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705

     

    

     

    Attn:                     Mortgage
      Custody AB072C

     

    
      	
                    
                Re:

            	
              Custodial
                Agreement, dated as of May 30, 2007, Deutsche Bank National Trust
                Company,
                as the Trustee, Alliance Securities Corp. as the Depositor and Deutsche
                Bank National Trust Company as the Custodian, relating to Alliance
                Securities Corp. Trust  2007-OA1, Mortgage Backed Pass-Through
                Certificates, Series 2007-OA1

            	 

    

    
      	
               

            	 

    

    

     

    All
      Capitalized terms used herein shall have the meaning ascribed to them in the
      Custodial Agreement (the “Agreement”) referenced above.

     

    In
      connection with the administration of the Mortgage Loans held by you as
      Custodian for the Trustee pursuant to the above-captioned Custodial Agreement,
      we request the release, and hereby acknowledge receipt, of the Mortgage File
      for
      the Mortgage Loan described below, for the reason indicated.  Further,
      any payments received by the Servicer or the Master Servicer, as applicable
      in
      connection with this request for release have been deposited in the related
      Custodial  Account and the Certificate Account, as applicable, for the
      benefit of the Trust.

     

    Mortgagor
      Name, Address & Zip Code:

     

    Mortgage
      Loan Number:

     

    Reason
      for Requesting Documents (check one):

     

    
      	
              ________

            	
              1.

            	
              Mortgage
                Paid in Full

            
	 	 	 
	
              ________

            	
              2.

            	
              Foreclosure

            
	 	 	 
	
              ________

            	
              3.

            	
              Substitution

            
	 	 	 
	
              ________

            	
              4.

            	
              Other
                Liquidation (Repurchases, etc.)

            
	 	 	 
	
              ________

            	
              5.

            	
              Nonliquidation
                Reason:_________

            
	 	 	 
	
              ________

            	
              6.

            	
              Recordation
                of Assignment of Mortgage

            

    

    
    

    

    
      	
              Address
                to which Custodian should

            	 
	
              Deliver
                the Mortgage File:

            	
              ________________________________

            
	 	 
	 	
              ________________________________

            
	 	 
	 	
              ________________________________

            

    

    

     

    
      	
              By:

            	 
	
              (authorized
                signer)

               

            
	
              Issuer:

            	 
	 	 
	
              Address:

            	 
	 	 
	 	 
	
              Date:

            	 

    

    

     

    

     

    

     

    Custodian

     

    Deutsche
      Bank National Trust Company

     

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    

     

    
      	 	 	 
	
              Signature

            	 	 	
              Date

            	 
	 	 	 	 	 
	
              Documents
                returned to Custodian:

               

            	 	 	 
	 	 	 	 	 
	
              Custodian:

            	 	 	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      FOUR

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    

    The
      assessment of compliance to be delivered by the Custodian shall address, at
      a
      minimum, the criteria identified below as “Applicable Servicing
      Criteria”:

    

    
      	
               

              Servicing
                Criteria

            	
              Applicable

              Servicing
                Criteria

            
	
              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 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.

            	 
	 	
               

              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.

            	 
	
              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 institutions”
                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
                reconciliations; 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.

            	 
	 	
               

              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.

            	 
	
               

              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 pool assets is maintained as required by the transaction
                agreements or related asset pool documents.

            	
              √

               

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements.

            	
              √

               

            
	
               

              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements

            	 
	
               

               

              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 asset (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 of recovery actions (e.g., forbearance plans, modifications
                and
                deed 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
                documents.

            	 
	
               

               

               

              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 in at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets
                with  variable rates are computed based on the related pool
                asset documents.

            	 
	
               

               

               

              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts);
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 3- calendar
                days of full repayment of the related pool asset, 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 ore 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 service 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 funds 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.

            	 

    

    

    

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      K

     

    [Reserved]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      L

     

    FORM
      OF
      SUBSERVICING AGREEMENT

     

     

    SUBSERVICING
      AGREEMENT

     

    

    Dated
      as
      of May 30, 2007

     

    

    Between

     

    

    ALLIANCE
      BANCORP

     

    “Servicer”

     

    

    And

     

    

    GMAC
      MORTGAGE, LLC

     

    “Subservicer”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

     

    
      
        	
                ARTICLE
                  I

              
	
                DEFINITIONS

              
	 	 
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	 	 
	
                ARTICLE
                  II

              
	
                RETENTION
                  AND AUTHORITY OF SUBSERVICER

              
	 	 
	
                Section
                  2.01

              	
                Engagement;
                  Servicing Standard.

              
	
                Section
                  2.02

              	
                Subservicing.

              
	
                Section
                  2.03

              	
                Authority
                  of the Subservicer.

              
	 	 
	
                ARTICLE
                  III

              
	
                SERVICES
                  TO BE PERFORMED

              
	 	 
	
                Section
                  3.01

              	
                Services
                  as Loan Servicer.

              
	
                Section
                  3.02

              	
                Establishment
                  of and Deposits to Escrow Account.

              
	
                Section
                  3.03

              	
                Permitted
                  Withdrawals From Escrow Account.

              
	
                Section
                  3.04

              	
                Payment
                  of Taxes, Insurance and Other Charges.

              
	
                Section
                  3.05

              	
                Servicing
                  Advances.

              
	
                Section
                  3.06

              	
                Collection
                  Accounts.

              
	
                Section
                  3.07

              	
                Permitted
                  Investments.

              
	
                Section
                  3.08

              	
                Maintenance
                  of Insurance Policies.

              
	
                Section
                  3.09

              	
                Possession
                  of Servicing Files.

              
	
                Section
                  3.10

              	
                “Due-on-Sale”
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.11

              	
                Realization
                  Upon Mortgaged Properties.

              
	
                Section
                  3.12

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                Section
                  3.13

              	
                Modifications,
                  Waivers, Amendments and Consents.

              
	
                Section
                  3.14

              	
                Reserved.

              
	
                Section
                  3.15

              	
                Maintenance
                  of PMI Policies.

              
	 	 
	
                ARTICLE
                  IV

              
	
                STATEMENTS
                  AND REPORTS

              
	 	 
	
                Section
                  4.01

              	
                Reporting
                  by the Subservicer.

              
	
                Section
                  4.02

              	
                Reserved.

              
	
                Section
                  4.03

              	
                Reserved.

              
	 	 
	
                ARTICLE
                  V

              
	
                SUBSERVICER’S
                  COMPENSATION; PAYMENTS TO MASTER SERVICER

              
	 	 
	
                Section
                  5.01

              	
                Servicing
                  Compensation.

              
	
                Section
                  5.02

              	
                Remittances.

              
	
                Section
                  5.03

              	
                Servicing
                  Advances.

              
	
                Section
                  5.04

              	
                Monthly
                  Advances by Subservicer.

              
	
                Section
                  5.05

              	
                Compensating
                  Interest.

              
	 	 
	
                ARTICLE
                  VI

              
	
                THE
                  SUBSERVICER AND THE SERVICER

              
	 	 
	
                Section
                  6.01

              	
                Subservicer
                  Not to Assign; Merger or Consolidation of the
                  Subservicer.

              
	
                Section
                  6.02

              	
                Indemnification.

              
	
                Section
                  6.03

              	
                Limitation
                  on Liability of Subservicer and Others.

              
	
                Section
                  6.04

              	
                The
                  Subservicer to act as Back-Up Servicer under the Pooling and Servicing
                  Agreement.

              
	 	 
	
                ARTICLE
                  VII

              
	
                REPRESENTATIONS
                  AND WARRANTIES; DEFAULT

              
	 	 
	
                Section
                  7.01

              	
                Representations
                  and Warranties.

              
	
                Section
                  7.02

              	
                Events
                  of Default.

              
	 	 
	
                ARTICLE
                  VIII

              
	
                TERMINATION;
                  TRANSFER OF MORTGAGE LOANS

              
	 	 
	
                Section
                  8.01

              	
                Termination
                  of Agreement.

              
	 	 
	
                ARTICLE
                  IX

              
	
                MISCELLANEOUS
                  PROVISIONS

              
	 	 
	
                Section
                  9.01

              	
                Amendment;
                  Waiver.

              
	
                Section
                  9.02

              	
                Governing
                  Law.

              
	
                Section
                  9.03

              	
                Notices.

              
	
                Section
                  9.04

              	
                Severability
                  of Provisions.

              
	
                Section
                  9.05

              	
                Inspection
                  and Audit Rights.

              
	
                Section
                  9.06

              	
                Binding
                  Effect; No Partnership; Counterparts.

              
	
                Section
                  9.07

              	
                Protection
                  of Confidential Information; No Solicitation.

              
	
                Section
                  9.08

              	
                General
                  Interpretive Principles.

              
	
                Section
                  9.09

              	
                Further
                  Agreements.

              
	 	 
	
                ARTICLE
                  X

              
	
                COMPLIANCE
                  WITH REGULATION AB

              
	 	 
	
                Section
                  10.01

              	
                Intent
                  of the Parties; Reasonableness.

              
	
                Section
                  10.02

              	
                Additional
                  Representations and Warranties of the Subservicer.

              
	
                Section
                  10.03

              	
                Information
                  to Be Provided by the Subservicer.

              
	
                Section
                  10.04

              	
                Subservicer
                  Compliance Statement.

              
	
                Section
                  10.05

              	
                Report
                  on Assessment of Compliance and Attestation.

              
	
                Section
                  10.06

              	
                Use
                  of Regulation AB Subservicers and Subcontractors.

              
	
                Section
                  10.07

              	
                Indemnification;
                  Remedies.

              
	
                Section
                  10.08

              	
                Third
                  Party Beneficiary.

              

      

    

    
 

    NOW,
      THEREFORE, in consideration of the recitals in this Preliminary Statement which
      are made a contractual part hereof, and of the mutual promises contained herein
      and for other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms.

     

    For
      purposes of this Agreement, all capitalized terms not otherwise defined herein
      shall have the meanings set forth in the Pooling and Servicing Agreement (the
      “Pooling and Servicing Agreement”), dated as of May 1, 2007, among Alliance
      Securities Corp., as depositor, Alliance Bancorp, as servicer, Wells Fargo
      Bank,
      N.A. (“Wells Fargo”), as master servicer, HSBC Bank USA, as trustee, Wells Fargo
      as securities administrator and GMAC Mortgage, LLC, as back-up
      servicer.  Whenever used in this Agreement, the following words and
      phrases, unless the context otherwise requires, shall have the following
      meanings:

     

    “Accepted
      Servicing Practices”:  As defined in Section 2.01.

     

    “Accounts”:  The
      Escrow Accounts and the Collection Accounts.

     

    “Additional
      Servicing Compensation”:  (i) amounts collected for checks or
      other items returned for insufficient funds, (ii) late payment charges (but
      not
      default interest) with respect to the Mortgage Loans, excluding any prepayment
      penalties (iii) to the extent the Subservicer has been engaged by the Servicer
      under Section 3.10 or 3.13, any modification fees, extension fees, assumption
      fees and similar processing fees received from or on behalf of any Borrower
      and
      (iv) subject to Section 3.07 of the Agreement, all income and gain realized
      from
      the investment of funds deposited in the Collection Account.

     

    “Advance
      Rate”:  A per annum rate equal to the “Prime Rate” (as published
      from time to time in the “Money Rates” section of The Wall Street
      Journal).

     

    “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
      Servicing Fee”:  With respect to each Mortgage Loan, an amount
      equal to the product of (a) the Servicing Fee Rate plus the Subservicing Fee
      Rate and (b) the outstanding principal balance of such Mortgage Loan, payable
      out of interest received with respect to such Mortgage Loan in accordance with
      Section 5.01.

     

    “Agreement”:  This
      Subservicing Agreement, as the same may be modified, supplemented or amended
      from time to time upon mutual agreement of the parties hereto.

     

    “Applicable
      Law”:  All federal state or local laws or regulations applicable
      to the Mortgage Loans, any Mortgaged Property, any REO Property or the
      Subservicer’s activities under this Agreement.

     

    “Appraised
      Value”:  The value of the
      Mortgaged
      Property at the time of the Mortgage Loan’s origination as used by the
      originating lender in underwriting such Mortgage Loan.

     

    “Borrower”:  The
      obligor on a Note.

     

    “Business
      Day”:  With respect to any Mortgage Loan prior to Securitization,
      any day other than (i) a Saturday or Sunday, or (ii) a day in which depository
      institutions or trust companies in the State of California, Iowa, Connecticut,
      Texas or the Commonwealth of Pennsylvania or in any of the States in which
      the
      Accounts or any accounts used by the Servicer for remittance purposes are
      located, are authorized or obligated by law, regulation or executive order
      to
      remain closed, and with respect to any Mortgage Loan after Securitization,
      any
      day other than (i) a Saturday or Sunday, or (ii) a day in which depository
      institutions or trust companies in the State of California, Iowa, Texas,
      Connecticut or the Commonwealth of Pennsylvania or in any of the States in
      which
      the Accounts or any accounts used by the Subservicer or Servicer for remittance
      purposes are located, are authorized or obligated by law, regulation or
      executive order to remain closed.

     

    “Certificates”:  The
      Alliance Securities Corp., Mortgage Pass Through Certificates, Series 2007-S1,
      evidencing the beneficial ownership interest in the Trust and executed by the
      Trustee in substantially the form set forth in Exhibit A to the Pooling and
      Servicing Agreement.

     

    “Closing
      Date”:  May 30, 2007.

     

    “Collection
      Account”:  As defined in Section 3.06.

     

    “Commission”:
      The United States Securities and Exchange Commission.

     

    “Condemnation
      Proceeds”:  All awards of settlements in respect of a Mortgaged
      Property, whether permanent or temporary, partial or entire, by exercise of
      the
      power of eminent domain or condemnation, to the extent not required to be
      released to a Mortgagor in accordance with the terms of the related Mortgage
      Loan documents.

     

    “Deboarding
      Fee”.  With respect to each Mortgage Loan, the deboarding fee set
      forth in the Term Sheet dated December 27, 2006.

     

    “Depositor”:  The
      depositor, as such term is defined in Regulation AB, with respect to any
      Pass-Through Transfer.

     

    “Determination
      Date”:  The 15th day (or if such day is not a Business Day, the
      Business Day immediately preceding such day) of the month, beginning in June,
      2007.

     

    “Due
      Date”:  The day of the calendar month on which the Monthly Payment
      is due on a Mortgage Loan, exclusive of any days of grace.  With
      respect to the Mortgage Loans for which payment from the Mortgagor is due on
      a
      day other than the first day of the calendar month, such Mortgage Loans will
      be
      treated as if the Monthly Payment is due on the first day of the immediately
      succeeding month.

     

    “Due
      Period”:  With respect to each Remittance Date, the period
      commencing on the second day of the month immediately preceding the month of
      the
      Remittance Date and ending on the first day of the month of the Remittance
      Date.

     

    “Eligible
      Account”:  Any of (i) a segregated account maintained with a
      federal or state chartered depository institution (A) the short-term obligations
      of which are rated A-1+ or better by Standard & Poor's and P-1 by Moody's at
      the time of any deposit therein or (B) insured by the FDIC (to the limits
      established by such Corporation), the uninsured deposits in which account are
      otherwise secured such that, as evidenced by an Opinion of Counsel (obtained
      by
      the Person requesting that the account be held pursuant to this clause (i))
      delivered to the Trustee prior to the establishment of such account, the
      Certificateholders will have a claim with respect to the funds in such account
      and a perfected first priority security interest against any collateral (which
      shall be limited to Permitted Investments, each of which shall mature not later
      than the Business Day immediately preceding the Distribution Date next following
      the date of investment in such collateral or the Distribution Date if such
      Permitted Investment is an obligation of the institution that maintains the
      Certificate Account, Insurance Account or Custodial Account) securing such
      funds
      that is superior to claims of any other depositors or general creditors of
      the
      depository institution with which such account is maintained, (ii) a segregated
      trust account or accounts maintained with a federal or state chartered
      depository institution or trust company subject to regulations regarding
      fiduciary funds on deposit similar to Title 12 of the Code of Federal
      Regulations Section 9.10(b), which, in either case, has corporate trust powers,
      acting in its fiduciary capacity or (iii) a segregated account or accounts
      of a
      depository institution acceptable to the Rating Agencies (as evidenced in
      writing by the Rating Agencies that use of any such account as the Custodial
      Account or the Certificate Account will not have an adverse effect on the
      then-current ratings assigned to the Classes of the Certificates then rated
      by
      the Rating Agencies).  Eligible Accounts may bear
      interest.

     

    “Environmental
      Laws”:  Any environmental law, ordinance, rule, regulation or
      order of a federal, state or local governmental authority, including, without
      limitation, the Comprehensive Environmental Response, Compensation and Liability
      Act of 1980, as amended (42 U.S.C. §§ 9601 et seq.), the Hazardous Material
      Transportation Act, as amended (49 U.S.C. §§ 1801 et seq.), the Resource
      Conservation and Recovery Act, as amended (42 U.S.C. §§ 6901 et seq.), the
      Federal Water Pollution Control Act, as amended (33 U.S.C. §§ 1251 et seq.), the
      Clean Air Act (42 U.S.C. §§ 7401 et seq.) and the regulations promulgated
      pursuant thereto.

     

    “Escrow
      Account”:  The separate account or accounts created and maintained
      pursuant to Section 3.03.

     

    “Escrow
      Payment”:  With respect to any Mortgage Loan, the amounts
      constituting ground rents, taxes, assessments, water rates, sewer rents,
      municipal charges, mortgage insurance premiums, fire and hazard insurance
      premiums, condominium charges, and any other payments required to be escrowed
      by
      the Mortgagor with the mortgagee pursuant to the Mortgage or any other
      document.

     

    “Event
      of Default”:  As defined in Section 7.02.

     

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

     

    “Excess
      Servicing Strip”:  The rate equal to the excess of the Aggregate
      Servicing Fee over the Subservicing Fee.

     

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

     

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

     

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

     

    “Insurance
      Proceeds”:  With respect to each Mortgage Loan, proceeds of
      insurance policies insuring the Mortgage Loan or the related Mortgaged Property,
      to the extent any such proceeds are not to be applied to the restoration and
      repair of the related Mortgaged Property or released to the Mortgagor in
      accordance with the procedures that the Subservicer would follow in servicing
      mortgage loans for its own account, subject to the terms and conditions of
      the
      related Mortgage Note and Mortgage.

     

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

     

    “Issuer”:  The
      issuer of any Certificates pursuant to the Trust Agreement.

     

    “Liquidation
      Proceeds”:  Cash received in connection with the liquidation of a
      defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage
      Loan, trustee’s sale, foreclosure sale or otherwise, or the sale of the related
      REO Property, if the Mortgaged Property is acquired in satisfaction of the
      Mortgage Loan.

     

    “Loan-to-Value
      Ratio or LTV”:  With respect to any Mortgage Loan, the most recent
      ratio (expressed as a percentage) of the outstanding principal amount of the
      Mortgage Loan, to the lesser of (a) the Appraised Value and (b) if the
      Mortgage Loan was made to finance the acquisition of the related Mortgaged
      Property, the purchase price of the Mortgaged Property.

     

    “LPMI
      Policy”:  A policy of primary mortgage guaranty insurance issued
      by an insurer pursuant to which the related premium is to be paid by the
      servicer of the related Mortgage Loan from payments of interest made by the
      Mortgagor.

     

    “Loan
      Servicing”:  As defined in Section 3.01.

     

    “Master
      Servicer”:  Wells Fargo Bank, N.A.

     

    “Master
      Servicer Back-Up Fee”:  A fee equal to a per annum rate of [.05%
      (5 basis points)] of the Stated Principal Balance of each Mortgage Loan as
      of
      the Due Date preceding the calendar month in which the payment of the Master
      Servicer Back-Up Fee is due.

     

    “Monthly
      Advance”:  With respect to each Remittance Date and each Mortgage
      Loan, an amount equal to the Monthly Minimum Payment (with the interest portion
      of such Monthly Minimum Payment adjusted to the Mortgage Loan Remittance Rate)
      that was delinquent at the close of business on the first day of the month
      in
      which such Remittance Date occurs, but only to the extent that such amount
      is
      expected, in the reasonable judgment of the Subservicer, to be recoverable
      from
      collections or other recoveries (including Liquidation Proceeds and Insurance
      Proceeds) in respect of such Mortgage Loan.  To the extent that the
      Subservicer determines that any such amount is not recoverable from collections
      or other recoveries in respect of such Mortgage Loan, such determination shall
      be evidenced by a certificate of a Servicing Officer delivered to the Servicer
      setting forth such determination and the procedures and considerations of the
      Subservicer forming the basis of such determination.

     

    “Monthly
      Minimum Payment”:  With respect to any Mortgage Loan, the minimum
      payment due under the terms of the Mortgage Note.

     

    “Monthly
      Payment”:  With respect to any Mortgage Loan, the scheduled
      monthly payment of interest or the scheduled monthly payment of principal and
      interest, as the case may be, on such Mortgage Loan which is payable by a
      Borrower on the due date under the related Note.

     

    “Mortgage”:  With
      respect to each Mortgage Loan, the mortgage, deed of trust or other instrument
      securing the related Note, which creates a lien on the real property securing
      such Note.

     

    “Mortgage
      Interest Rate”:  The annual rate of interest borne on a Mortgage
      Note net of any Relief Act Reduction.

     

    “Mortgage
      Loan”:  Each of the mortgage loans identified on the Mortgage Loan
      Schedule.

     

    “Mortgage
      Loan Documents”:  With respect to each Mortgage Loan, the related
      Note, the related Mortgage and any and all other documents executed and
      delivered in connection with the origination or subsequent modification of
      such
      Mortgage Loan.

     

    “Mortgage
      Loan Remittance Rate”:  With respect to each Mortgage Loan, the
      annual rate of interest remitted to the Master Servicer, which shall be equal
      to
      the Mortgage Interest Rate minus the Servicing Fee Rate and the Subservicing
      Fee
      Rate.

     

    “Mortgage
      Loan Schedule”:  A schedule of certain Mortgage Loans owned and
      held by the Trust which sets forth information with respect to such Mortgage
      Loans, as amended from time to time by the parties.

     

    “Mortgaged
      Property”:  The real property and improvements thereon securing
      repayment of the debt evidenced by the related Note. Such term shall also
      include any REO Property.

     

    “Nonrecoverable
      Advance”:  Any Servicing Advance previously made or proposed to be
      made in respect of a Mortgage Loan which, in the reasonable good faith judgment
      of the Subservicer, will not or, in the case of a proposed Servicing Advance,
      would not be ultimately recoverable from related Late Collections, Insurance
      Proceeds, Liquidation Proceeds or REO Proceeds.

     

    “Note”:  With
      respect to any Mortgage Loan, the promissory note or other evidence of
      indebtedness or agreements evidencing the indebtedness of a Borrower under
      such
      Mortgage Loan.

     

    “Opinion
      of Counsel”:  A written opinion of counsel acceptable to the
      Trustee, as applicable, in its reasonable discretion which counsel may be
      in-house counsel for the Subservicer or the Servicer if acceptable to the
      Trustee and the Rating Agencies or counsel for the Depositor, as the case may
      be.

     

    “Pass-Through
      Transfer”:  The sale or transfer by Servicer of some or all of the
      Mortgage Loans to a depositor for transfer to a Trust to be formed as part
      of a
      publicly-issued and/or privately placed, rated or unrated, mortgage pass-through
      transaction or similar transaction, in each case in which the Servicer is
      retained as a servicer thereunder, with Wells Fargo Bank, National Association
      as the Master Servicer.

     

    “Permitted
      Investments”:  One or more of the following:

     

    (i)           obligations
      of or guaranteed as to principal and interest by the United States or any agency
      or instrumentality thereof when such obligations are backed by the full faith
      and credit of the United States;

     

    (ii)           repurchase
      agreements on obligations specified in clause (i) maturing not more than one
      month from the date of acquisition thereof, provided that the unsecured
      obligations of the party agreeing to repurchase such obligations are at the
      time
      rated by each Rating Agency in its highest short-term rating available,
      provided, however, that such repurchase agreements are treated as financings
      under generally accepted accounting principles (“GAAP”);

     

    (iii)           federal
      funds, certificates of deposit, demand deposits, time deposits and bankers'
      acceptances (which shall each have an original maturity of not more than 90
      days
      and, in the case of bankers' acceptances, shall in no event have an original
      maturity of more than 365 days or a remaining maturity of more than 30 days)
      denominated in United States dollars of any U.S. depository institution or
      trust
      company incorporated under the laws of the United States or any state thereof
      or
      of any domestic branch of a foreign depository institution or trust company;
      provided that the debt obligations of such depository institution or trust
      company (or, if the only Rating Agency is Standard & Poor's, in the case of
      the principal depository institution in a depository institution holding
      company, debt obligations of the depository institution holding company) at
      the
      date of acquisition thereof have been rated by each Rating Agency in its highest
      short-term rating available; and provided further that, if the only Rating
      Agency is Standard & Poor's and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of Standard & Poor's if Standard &
Poor's is the Rating Agency;

     

    (iv)           commercial
      paper (having original maturities of not more than 365 days) of any corporation
      incorporated under the laws of the United States or any state thereof which
      on
      the date of acquisition has been rated by Moody’s and Standard & Poor’s in
      their highest short-term ratings available; provided that such commercial paper
      shall have a remaining maturity of not more than 30 days;

     

    (v)           a
      money market fund or a qualified investment fund rated by Moody’s in its highest
      long-term ratings available or rated AAAm or AAAm-G by Standard & Poor's,
      including any such funds for which Wells Fargo Bank, National Association or
      any
      affiliate thereof serves as an investment advisor, manager, administrator,
      shareholder, servicing agent, and/or custodian or sub-custodian;
      and

     

    (vi)           other
      obligations or securities that are acceptable to each Rating Agency as a
      Permitted Investment hereunder and will not reduce the rating assigned to any
      Class of Certificates by such Rating Agency below the lower of the then-current
      rating or the rating assigned to such Certificates as of the Closing Date by
      such Rating Agency, as evidenced in writing;

     

    provided,
      however, that no instrument shall be a Permitted Investment if it
      represents, either (1) the right to receive only interest payments with respect
      to the underlying debt instrument or (2) the right to receive 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 greater than 120% of the yield to maturity at par of such underlying
      obligations.

     

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

     

    “PMI
      Policy”:  A policy of primary mortgage guaranty insurance issued
      by a Qualified Insurer, as required by this Agreement with respect to certain
      Mortgage Loans.

     

    “Prepayment
      Charge”:  With respect to any Mortgage Loan, the charges or
      premiums, if any, due in connection with a full or partial prepayment of such
      Mortgage Loan in accordance with the terms thereof.

     

    “Prepayment
      Interest Excess”.  With respect to any Remittance Date, for each
      Mortgage Loan that was the subject of a Principal Prepayment during the period
      from the related Due Date to the end of the Prepayment Period, any payment
      of
      interest received in connection therewith (net of any applicable Subservicing
      Fee) representing interest for any portion of such month of
      receipt.

     

    “Prepayment
      Interest Shortfall Amount”:  With respect to any Mortgage Loan
      that was subject to a Principal Prepayment in full or in part during any Due
      Period, which Principal Prepayment was applied to such Mortgage Loan prior
      to
      such Mortgage Loan’s Due Date in such Due Period, the amount of interest that
      would have accrued on the amount of such Principal Prepayment during the period
      commencing on the date as of which such Principal Prepayment was applied to
      such
      Mortgage Loan and ending on the day immediately preceding such Due Date,
      inclusive.

     

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

     

    “Qualified
      Affiliate”:  Any Person (a) that is organized and doing business
      under the laws of any state of the United States or the District of Columbia,
      (b) that is in the business of performing the duties of a Subservicer of
      residential mortgage loans, and (c) as to which 50% or greater of its
      outstanding voting stock or equity ownership interest are directly or indirectly
      owned by the Subservicer or by any Person or Persons who directly or indirectly
      own equity ownership interests in the Subservicer.

     

    “Qualified
      Insurer”: An insurance company duly qualified as such under the laws of the
      states in which the Mortgaged Property is located, duly authorized and licensed
      in such states to transact the applicable insurance business and to write the
      insurance provided, and approved as an insurer by Fannie Mae and Freddie
      Mac.

     

    “Rating
      Agency”:  With respect to any Mortgage Loan, each of Standard
& Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. and
      Moody’s Investors Service, Inc.

     

    “Reconstitution”:  Any
      Pass-Through Transfer or Whole Loan Transfer.

     

    “Recoverable
      Servicing Advance”:  The portion of any Servicing Advance
      (including interest reasonably likely to accrue thereon at the Advance Rate)
      previously made or proposed to be made in respect of a Mortgage Loan or REO
      Property which, in the judgment (in accordance with the Accepted Servicing
      Practices) of the Subservicer, will be ultimately recoverable, together with
      any
      accrued and unpaid interest thereon, from late collections or any other recovery
      on or in respect of such Mortgage Loan or REO Property.

     

    “Regulation
      AB”:  Subpart 229.1100 - Asset Backed Securities (Regulation AB),
      17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and
      subject to such clarification and interpretation as have been provided by the
      Commission in the adopting release (Asset-Backed Securities, Securities Act
      Release No. 33-8518, 70 Fed. Reg. 1,506, 1,631 (Jan. 7, 2005)) or by the staff
      of the Commission, or as may be provided by the Commission or its staff from
      time to time.

     

    “Regulation
      AB Subservicer”:  any Person that services Mortgage Loans on
      behalf of the Subservicer or any Regulation AB Subservicer and is responsible
      for the performance (whether directly or through Regulation AB Subservicers
      or
      Subcontractors) of a substantial portion of the material servicing functions
      required to be performed by the Subservicer under this Agreement that are
      identified in Item 1122(d) of Regulation AB.

     

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

     

    “Remittance
      Date”:  The 18th day (or if such day is not a Business Day, the
      Business Day immediately preceding such day) of the month, beginning in June
      2007.

     

    “REO
      Disposition”:  The final sale or other disposition by the Servicer
      of any REO Property.

     

    “REO
      Disposition Proceeds”:  All amounts received with respect to an
      REO Disposition pursuant to Section 3.12.

     

    “REO
      Mortgage Loan”:  A Mortgage Loan deemed for the purposes hereof to
      be outstanding with respect to each REO Property, as more particularly described
      in Section 3.09(b).

     

    “REO
      Property”:  A Mortgaged Property acquired by the Subservicer on
      behalf of the Servicer through foreclosure or by deed in lieu of
      foreclosure.

     

    “Responsible
      Officer”:  Any officer or employee of the Servicer or the
      Subservicer, as the case may be, involved in or responsible for the
      administration, supervision or management of this Agreement and whose name
      and
      specimen signature appear on a list prepared by each party and delivered to
      the
      other party, as such list may be amended from time to time by either
      party.

     

    “Securities
      Act”:  The Securities Act of 1933, as amended.

     

    “Servicer”:  Alliance
      Bancorp, a California corporation.

     

    “Subcontractor”:  Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of 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 the Subservicer or a
      Regulation AB Subservicer.

     

     “Subservicer”:  GMAC
      Mortgage, LLC, a Delaware limited liability company, or any successor
      Subservicer as herein provided.

     

    “Servicing
      Account”:  The separate trust account created and maintained by
      the Servicer or Subservicer with respect to the Mortgage Loans or REO Property,
      which shall be an Eligible Account, for collection of taxes, assessments,
      insurance premiums and comparable items as described in Section 3.09 of the
      Pooling and Servicing Agreement.

     

    “Servicing
      Advances”:  All Servicing Expenses paid or to be paid, as the
      context requires, out of its own funds, by the Subservicer in connection with
      the servicing of a Mortgage Loan, after a default, delinquency or other
      unanticipated event has occurred or is reasonably foreseeable, or in connection
      with the administration of any REO Property.

     

    “Servicing
      Expenses”:  All customary, reasonable and necessary out of pocket
      costs and expenses paid or incurred in connection with the Subservicer’s
      obligations hereunder, including without limitation:

     

    (a)           real
      estate taxes, assessments and similar charges;

     

    (b)           insurance
      premiums;

     

    (c)           any
      expense necessary in order to prevent or cure any violation of applicable laws,
      regulations, codes, ordinances, rules, orders, judgments, decrees, injunctions
      or restrictive covenants;

     

    (d)           any
      cost or expense necessary in order to maintain or release the lien on each
      Mortgaged Property and related collateral, including any mortgage registration
      taxes, release fees, or recording or filing fees;

     

    (e)           customary
      expenses for the collection, enforcement or foreclosure of the Mortgage Loans
      and the collection of deficiency judgments against Borrowers and guarantors
      (including but not limited to the fees and expenses of any trustee under a
      deed
      of trust, foreclosure title searches and other lien searches);

     

    (f)           costs
      and expenses of any appraisals, valuations, inspections, environmental
      assessments (including but not limited to the fees and expenses of environmental
      consultants), audits or consultations, engineers, architects, accountants,
      on
      site property managers, market studies, title and survey work and financial
      investigating services;

     

    (g)           customary
      expenses for liquidation, restructuring, modification or loan workouts, such
      as
      sales brokerage expenses and other costs of conveyance;

     

    (h)           costs
      and expenses related to travel and lodging; and

     

    (i)           any
      other reasonable costs and expenses, including without limitation, legal fees
      and expenses, incurred by the Subservicer under this Agreement in connection
      with the enforcement, collection, foreclosure, disposition, condemnation or
      destruction of the Mortgage Loans or related Mortgaged Properties, the
      maintenance, leasing, operation, management and sale of the REO Properties,
      the
      preservation, restoration and protection of Mortgaged Properties and the
      performance of Loan Servicing by the Subservicer under this
      Agreement.

     

    Notwithstanding
      the foregoing, Servicing Expenses shall not be deemed to include costs and
      expenses incurred by the Subservicer in the performance of its Loan Servicing
      obligations hereunder that are in the nature of internal costs or fixed overhead
      of the Subservicer (including, without limitation, costs and expenses relating
      to data processing, computer and telephone systems, office space, equipment
      and
      supplies, and employee salaries and related expenses), which shall be borne
      solely by the Subservicer.

     

    “Servicing
      Fee”:  With respect to each Mortgage Loan, an amount equal to the
      product of (a) the Servicing Fee Rate and (b) the outstanding principal balance
      of such Mortgage Loan, payable out of interest received with respect to such
      Mortgage Loan in accordance with Section 5.01.

     

    “Servicing
      Fee Rate”:  A per annum rate equal to .315% (31.5 basis
      points).

     

    “Servicing
      File”:  With respect to each Mortgage Loan, (i) all Mortgage Loan
      Documents, (ii) to the extent not included as a Mortgage Loan Document, the
      documents, information and records set forth in the file listing attached hereto
      as Exhibit A, and (iii) any additional documents or information related thereto
      maintained or created by the Subservicer.

     

    “Servicing
      Officer”:  Any officer of the Subservicer involved in, or
      responsible for, the administration and servicing of the Mortgage Loans, whose
      name and specimen signature appear on a list of servicing officers furnished
      to
      the Servicer, as such list may from time to time be amended.

     

    “Special
      Services”:  Services relating to lease approvals, work-outs or
      mortgage loan restructuring, assumptions or substitutions, foreclosure or
      accepting deeds-in-lieu thereof, asset management, disposition or other similar
      activities with respect to any Mortgage Loan or Mortgaged Property.

     

    “Subservicing
      Fee”:  With respect to each Mortgage Loan, an amount equal to the
      product of (a) the Subservicing Fee Rate and (b) the outstanding principal
      balance of such Mortgage Loan, payable out of interest received with respect
      to
      such Mortgage Loan in accordance with Section 5.01.

     

    “Subservicing
      Fee Rate”:  A per annum rate equal to .06% (6 basis
      points).

     

    “Third-Party
      Information”: All information set forth in any offering document prepared in
      connection with any Pass-Through Transfer that specifically relates to Wells
      Fargo Bank, N.A. and Deutsche Bank National Trust Company.
  

     

    “Transfer
      Date”:  With respect to each Mortgage Loan, the date Subservicer
      physically assumes its obligations of servicing pursuant to this
      Agreement.

     

    “Trust”:  The
      trust established by the Trust Agreement, the assets of which consist of the
      transferred Mortgage Loans and any other assets provided for in the related
      Trust Agreement.

     

    “Trustee”:  Any
      trustee or trust with respect to the transferred Mortgage Loans in any
      Pass-Through Transfer, or any successor in interest, or if any successor trustee
      or co-trustee shall be appointed as provided in the Trust Agreement, then such
      successor trustee or such co-trustee, as the case may be.

     

    “Trust
      Agreement”:  Any trust agreement, pooling and servicing agreement,
      indenture or comparable documents by and among some or all of the Issuer, the
      Master Servicer, the Depositor and a Trustee (and which may include other
      parties) creating a Trust and/or otherwise effectuating a Pass-Through
      Transfer.

     

    “Whole
      Loan Transfer”:  Any sale or transfer of some or all of the
      Mortgage Loans, other than a Pass-Through Transfer.

     

    ARTICLE
      II

     

    RETENTION
      AND AUTHORITY OF SUBSERVICER

     

    Section
      2.01  Engagement;
      Servicing Standard.

     

    The
      Servicer hereby engages the Subservicer to perform, and the Subservicer hereby
      agrees to perform, Loan Servicing with respect to each of the Mortgage Loans
      throughout the term of this Agreement, upon and subject to the terms, covenants
      and provisions hereof.

     

    The
      Subservicer shall perform its services hereunder (a) in accordance with (i)
      applicable laws, (ii) the terms and provisions of the Mortgage Loan Documents,
      (iii) the express terms hereof, and (iv) the customary and usual standards
      of
      practice of institutional residential mortgage loan servicers, and (b) to the
      extent consistent with the foregoing requirements, in the same manner in which
      the Subservicer services residential mortgage loans similar to the Mortgage
      Loans, but without regard to any relationship which the Subservicer or any
      Affiliate of the Subservicer may have with the related Borrower or any Affiliate
      of such Borrower or to the Subservicer’s right to receive compensation for its
      services hereunder.  The servicing standards described in the
      preceding sentence are herein referred to as “Accepted Servicing
      Practices”.  In servicing and administering the Mortgage Loans,
      the Subservicer shall employ Accepted Servicing Practices except and to the
      extent that such practices conflict with the requirements of this Agreement
      (provided that in no event shall Subservicer act in conflict with applicable
      laws).

     

    To
      the
      extent consistent with the foregoing, in the event of a Principal Prepayment
      in
      full or in part of a Mortgage Loan, the Subservicer shall waive a Prepayment
      Charge only if such waiver would maximize recovery of total proceeds taking
      into
      account the value of such Prepayment Charge and related Mortgage Loan and doing
      so is in compliance with Accepted Servicing Practices (including any waiver
      of a
      Prepayment Charge in connection with a refinancing of a Mortgage Loan that
      is
      related to a default or a reasonably foreseeable default).  In
      addition, the Subservicer may not waive any Prepayment Charge or portion thereof
      required by the terms of the related Mortgage Note unless (i) the Servicer
      determines that such waiver would maximize recovery of Liquidation Proceeds
      for
      such Mortgage Loan, taking into account the value of such Prepayment Charge
      and
      the Mortgage Loan, and the waiver of such Prepayment Charge is standard and
      customary in servicing similar Mortgage Loans (including the waiver of a
      Prepayment Charge in connection with a refinancing of the Mortgage Loan related
      to a default or a reasonably foreseeable default) or (ii) (A) the enforceability
      thereof is limited (1) by bankruptcy, insolvency, moratorium, receivership,
      or
      other similar law relating to creditors’ rights or (2) due to acceleration in
      connection with a foreclosure or other involuntary payment, (B) the
      enforceability is otherwise limited or prohibited by subsequent changes in
      applicable law or (C) the collection of the Prepayment Charge would be in
      violation of applicable laws, such to be evidenced by an officer’s
      certification, relying on the advice of counsel.  Notwithstanding, in
      no event shall the Servicer waive a Prepayment Charge in connection with a
      refinancing of a Mortgage Loan that is not related to a default or a reasonably
      foreseeable default, and if the Subservicer fails to collect the Prepayment
      Charge upon any prepayment of any Mortgage Loan which contains a Prepayment
      Charge, or waives any Prepayment Charge other than in accordance with the
      standards set forth in this agreement, the Subservicer shall deposit in the
      Collection Account the amount of such Prepayment Charge.

     

    In
      addition to the terms stated above, with respect to soft Prepayment Charges
      associated with a Mortgage Loan, the Subservicer shall not waive any part of
      any
      Prepayment Charge unless; (i) the waiver relates to a default or a reasonably
      foreseeable default, (ii) the Prepayment Charge would cause an undue hardship
      to
      the related borrower, (iii) the Mortgaged Property is sold by the Mortgagor,
      (iv) the collection of any Prepayment Charge would violate any relevant law
      or
      regulation or (v) the waiving of the Prepayment Charge would otherwise benefit
      the Trust Fund.

     

    Section
      2.02  Subservicing.

     

    The
      Subservicer may subcontract to any Person any of its Loan Servicing obligations
      hereunder only with the Servicer’s written consent or to the extent necessary
      for the Subservicer to comply with any applicable laws, regulations, codes
      or
      ordinances relating to the Subservicer’s Loan Servicing obligations hereunder;
provided, however, that such Person shall be obligated to deliver
      any report, assessment, attestation or certification required pursuant to
      Sections 4.02 and 4.03 hereof as if it were the Subservicer
      hereunder.  The Subservicer shall provide oversight and supervision
      with regard to the performance of all subcontracted services and any
      subservicing agreement shall be consistent with and subject to the provisions
      of
      this Agreement.  Neither the existence of any subservicing agreement
      nor any of the provisions of this Agreement relating to subservicing shall
      relieve the Subservicer of its obligations to the Servicer
      hereunder.  Notwithstanding any such subservicing agreement, the
      Subservicer shall be obligated to the same extent and under the same terms
      and
      conditions as if the Subservicer alone were servicing the related Mortgage
      Loans
      in accordance with the terms of this Agreement.  The Subservicer shall
      be solely liable for all fees owed by it to any subservicer, regardless of
      whether the Subservicer’s compensation hereunder is sufficient to pay such
      fees.

     

    Section
      2.03  Authority
      of the Subservicer.

     

    (a)  In
      performing its Loan Servicing obligations hereunder, the Subservicer shall,
      except as otherwise provided herein and subject to the terms of this Agreement,
      have full power and authority, acting alone or through others, to take any
      and
      all actions in connection with such Loan Servicing that it deems necessary
      or
      appropriate.  Without limiting the generality of the foregoing, the
      Subservicer is hereby authorized and empowered by the Servicer when the
      Subservicer deems it appropriate in its reasonable judgment, to execute and
      deliver, on behalf of the Servicer, (y) any and all financing statements,
      continuation statements and other documents or instruments necessary to maintain
      the lien of each Mortgage on the related Mortgaged Property and any other
      related collateral; and (z) any and all instruments of satisfaction or
      cancellation, or of partial or full release or discharge and all other
      comparable instruments with respect to each of the Mortgage Loans;
provided, however, that the Subservicer shall notify the Servicer
      in writing in the event that the Subservicer intends to execute and deliver
      any
      such instrument referred to in clause (z) above, and, except in connection
      with
      any payment in full of any Mortgage Loan, shall proceed with such course of
      action only upon receipt of the Servicer’s written approval
      thereof.  The Servicer agrees to cooperate with the Subservicer by
      either executing and delivering to the Subservicer from time to time (i) powers
      of attorney evidencing the Subservicer’s authority and power under this Section,
      or (ii) such documents or instruments deemed necessary or appropriate by the
      Subservicer to enable the Subservicer to carry out its Loan Servicing
      obligations hereunder.

     

    (b)  In
      the
      performance of its Loan Servicing obligations hereunder, the Subservicer shall
      take any action that is directed by the Servicer which relates to the
      Subservicer’s Loan Servicing obligations under this Agreement; provided,
however, that the Subservicer shall not be obligated to take, or to
      refrain from taking, any action which the Servicer requests that the Subservicer
      take or refrain from taking to the extent that the Subservicer determines in
      its
      reasonable judgment that such action or inaction (i) may cause a violation
      of
      applicable laws, regulations, codes, ordinances, court orders or restrictive
      covenants with respect to any Mortgage Loan, Borrower, Mortgaged Property or
      REO
      Property; (ii) may cause a violation of any provision of a Mortgage Loan
      Document or (iii) may contradict Accepted Servicing Practices.

     

    ARTICLE
      III

     

    SERVICES
      TO BE PERFORMED

     

    Section
      3.01  Services
      as Loan Servicer.

     

    The
      Subservicer hereby agrees to serve as the loan servicer with respect to each
      of
      the Mortgage Loans and to perform Loan Servicing as described below and as
      otherwise provided herein, upon and subject to the terms of this
      Agreement.  Subject to any limitation of authority under Section 2.03,
“Loan Servicing” shall mean those services pertaining to the Mortgage
      Loans which, applying Accepted Servicing Practices, are required hereunder
      to be
      performed by the Subservicer, and which shall include:

     

    (i)  organizing,
      administering and maintaining the Servicing Files for all Mortgage
      Loans;

     

    (ii)  preparing
      and filing or recording all financing statements, continuation statements and
      other documents or instruments and taking such other action necessary to
      maintain the lien of any Mortgage on the related Mortgaged
      Property;

     

    (iii)  monitoring
      each Borrower’s maintenance of insurance coverage on each Mortgaged Property as
      required by the related Mortgage Loan Documents and Accepted Servicing Practices
      and causing to be maintained adequate insurance coverage on each Mortgaged
      Property in accordance with Section 3.08;

     

    (iv)  preparing
      and delivering all reports and information required hereunder;

     

    (v)  procuring
      and supervising the services of third parties (other than subservicers pursuant
      to Section 2.02) necessary or appropriate in connection with the servicing
      of
      the Mortgage Loans by the Subservicer;

     

    (vi)  performing
      payment processing, record keeping, administration of escrow and other accounts
      and other routine customer service functions;

     

    (vii)  monitoring
      any casualty losses or condemnation proceedings and administering any proceeds
      related thereto in accordance with the related Mortgage Loan Documents in
      accordance with Accepted Servicing Practices;

     

    (viii)  attempting
      to collect and monitoring all payments made with respect to the Mortgage
      Loans;

     

    (ix)  administering
      any requests for assumptions of a Mortgage Loan or transfers of ownership of
      or
      placement of subordinate financing on a Mortgaged Property in accordance with
      Section 3.10;

     

    (x)  commencing
      on behalf of the Servicer any litigation or proceeding relating to the
      foreclosure or other realization upon the collateral under any of the Mortgage
      Loans, and retaining legal counsel in connection therewith, all in accordance
      with Section 3.12.

     

    (xi)  selling
      or disposing of each REO Property in accordance with Section 3.12;

     

    (xii)  managing
      and operating each REO Property in accordance with Section 3.12;

     

    (xiii)  administering
      any proposals for modifications, waivers, amendments or consents with respect
      to
      any term of a Mortgage Loan in accordance with Section 3.10; and

     

    (xiv)  monitoring
      the status of real estate taxes, assessments and other similar items and
      verifying the payment of such items for each Mortgaged Property in accordance
      with Section 3.04.

     

    Section
      3.02  Establishment
      of and Deposits to Escrow Account.

     

    The
      Subservicer shall segregate and hold all funds collected and received pursuant
      to a Mortgage Loan constituting Escrow Payments separate and apart from any
      of
      its own funds and general assets and shall establish and maintain one or more
      Escrow Accounts, in the form of time deposit or demand accounts, titled, “GMAC
      Mortgage, LLC, in trust for the Trustee for the benefit of the
      Certificateholders.”  Funds deposited in the Escrow Accounts may be
      drawn on by the Subservicer in accordance with Section 3.03.

     

    The
      Subservicer shall deposit in the Escrow Account or Accounts on a daily basis,
      and retain therein, all Escrow Payments collected on account of the Mortgage
      Loans, for the purpose of effecting timely payment of any such items as required
      under the terms of this Agreement.

     

    The
      Subservicer shall deposit in a suspense account on a daily basis, and retain
      therein, all amounts representing Insurance Proceeds or Condemnation Proceeds
      which are to be applied to the restoration or repair of any Mortgaged
      Property.  The suspense account shall be an Eligible
      Account.

     

    The
      Subservicer shall make withdrawals from the Escrow Account only to effect such
      payments as are required under this Agreement, as set forth in Section
      3.03.  The Subservicer shall be entitled to retain any interest
      paid on funds deposited in the Escrow Account or a suspense account by the
      depository institution, other than interest on escrowed funds required by
      Applicable Law to be paid to the Mortgagor.  To the extent required by
      Applicable Law, the Subservicer shall pay from its own funds interest on
      escrowed funds to the Mortgagor notwithstanding that the Escrow Account may
      be
      non-interest bearing or that interest paid thereon is insufficient for such
      purposes.

     

    Section
      3.03  Permitted
      Withdrawals From Escrow Account.

     

    Withdrawals
      from the Escrow Account or Accounts may be made by the Subservicer
      only:

     

    (i)  to
      effect
      timely payments of ground rents, taxes, assessments, water rates, mortgage
      insurance premiums, condominium charges, fire and hazard insurance premiums
      or
      other items constituting Escrow Payments for the related Mortgage;

     

    (ii)  to
      reimburse itself for any Servicing Advance made by the Servicer pursuant to
      Section 3.05 with respect to a related Mortgage Loan, but only from
      amounts received on the related Mortgage Loan which represent late collections
      of Escrow Payments thereunder;

     

    (iii)  to
      refund
      to any Mortgagor any funds found to be in excess of the amounts required under
      the terms of the related Mortgage Loan or Applicable Law;

     

    (iv)  for
      transfer to the Collection Account and application to reduce the principal
      balance of the Mortgage Loan in accordance with the terms of this Agreement,
      the
      related Mortgage and Mortgage Note;

     

    (v)  to
      pay to
      the Subservicer, or any Mortgagor to the extent required by Applicable Law,
      any
      interest paid on the funds deposited in the Escrow Account;

     

    (vi)  to
      clear
      and terminate the Escrow Account on the termination of this Agreement;
      and

     

    (vii)  for
      application to restoration or repair of the Mortgaged Property.

     

    Section
      3.04  Payment
      of Taxes, Insurance and Other Charges.

     

    With
      respect to each Mortgage Loan, the Subservicer shall maintain accurate records
      reflecting the status of ground rents, taxes, assessments, water rates, sewer
      rents, and other charges which are or may become a lien upon the Mortgaged
      Property and the status of any mortgage insurance policy and fire and hazard
      insurance coverage and shall obtain, from time to time, all bills for the
      payment of such charges (including renewal premiums) and shall effect payment
      thereof prior to the applicable penalty or termination date, employing for
      such
      purpose deposits of the Mortgagor in the Escrow Account which shall have been
      estimated and accumulated by the Subservicer in amounts sufficient for such
      purposes, as allowed under the terms of the Mortgage.

     

    To
      the
      extent that a Mortgage Loan does not provide for Escrow Payments, the
      Subservicer shall determine that any such payments are made by the Mortgagor
      at
      the time they first become due.

     

    The
      Subservicer assumes full responsibility for the timely payment of all such
      bills
      and shall effect payments of all such bills irrespective of the Mortgagor’s
      faithful performance in the payment of same or the making of the Escrow
      Payments.  The Subservicer shall make Servicing Advances from its own
      funds to effect such payments within the time period required to avoid penalties
      and interest and no later than the time required to avoid the loss of the
      related Mortgaged Property by foreclosure from a tax or other
      lien.  The Subservicer will charge the Mortgagor for such advances of
      taxes and any delinquency penalties paid by the Subservicer in connection with
      the Mortgaged Property.  Notwithstanding the foregoing, if the
      Subservicer determines that such Servicing Advance would be a Nonrecoverable
      Advance, the Subservicer shall have no obligation to make such Servicing
      Advance.  If Subservicer fails to make a Servicing Advance with
      respect to any payment prior to the date on which any late payment penalties
      or
      costs related to protecting the lien accrue, except in the case of a
      Nonrecoverable Advance, the Subservicer shall pay from its own funds any such
      penalties or cost.

     

    Section
      3.05  Servicing
      Advances.

     

    (a)  In
      accordance with Accepted Servicing Practices and for all Mortgage Loans, the
      Subservicer shall make a Servicing Advance in compliance with Section 5.03
      with
      respect to each related Mortgaged Property (including any REO Property) of
      all
      such funds as are necessary for the purpose of effecting the payment of (without
      duplication) (i) operating, leasing, managing and liquidation expenses for
      REO
      Properties, (ii) environmental inspections and (iii) any other amount
      specifically required to be paid as a Servicing Advance hereunder, if and to
      the
      extent monies in the Servicing Accounts are insufficient to pay such item when
      due and the related Borrower has failed to pay such item on a timely basis,
      provided that the Subservicer shall only be required to make any such Servicing
      Advance that would, if made, constitute a Recoverable Servicing
      Advance.

     

    Section
      3.06  Collection
      Accounts.

     

    (a)  With
      respect to the Mortgage Loans, the Subservicer shall establish and maintain
      one
      or more Eligible Accounts (each, a “Collection Account”) for the benefit
      of the trust for the purposes set forth herein.  Collection Accounts
      shall be denominated “GMAC Mortgage, LLC in Trust for the Trustee for the
      benefit of the Certificateholders” or in such other manner as the Servicer
      prescribes.

     

    (b)  The
      Subservicer shall deposit in the Collection Account on a daily basis, and retain
      therein, the following collections received by the Subservicer and payments
      made
      by the Subservicer after the Closing Date other than Escrow Payments or
      Additional Servicing Compensation:

     

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

     

    (ii)  all
      payments on account of interest received on the Mortgage Loans adjusted to
      the
      applicable Mortgage Loan Remittance Rate;

     

    (iii)  all
      Prepayment Charges received;

     

    (iv)  all
      Liquidation Proceeds;

     

    (v)  all
      Insurance Proceeds (other than amounts immediately applied to the restoration
      or
      repair of the Mortgaged Property or immediately released to the
      Mortgagor);

     

    (vi)  all
      Condemnation Proceeds that are not applied to the restoration or repair of
      the
      Mortgaged Property or released to the Mortgagor;

     

    (vii)  any
      Prepayment Interest Shortfall Amount required to be paid by the Subservicer
      pursuant to Section 5.04;

     

    (viii)  all
      Monthly Advances made by the Subservicer pursuant to Section 5.03;

     

    (ix)  any
      amounts required to be deposited by the Subservicer in connection with the
      deductible clause in any master force placed insurance policy pursuant to
      Section 3.08(b);

     

    (x)  any
      amounts required to be deposited pursuant to Section 3.07 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account; and

     

    (xi)  any
      other
      amounts required hereunder to be deposited by the Subservicer in the Collection
      Account.

     

    Notwithstanding
      the foregoing clause (viii), no Monthly Advances shall be required to be made
      by
      the Subservicer if such Monthly Advance would if made, be, in the Subservicer’s
      reasonable judgment, nonrecoverable.  The determination by the
      Subservicer that it has made a nonrecoverable Monthly Advance, or that any
      proposed Monthly Advance would be a nonrecoverable advance, shall be evidenced
      by an Officer’s Certificate of the Subservicer and delivered to the Servicer and
      the Master Servicer.

     

    (c)  The
      Subservicer shall make withdrawals from the Collection Accounts only as follows
      (the order set forth below not constituting an order of priority for such
      withdrawals):

     

    (i)  to
      withdraw any amount deposited in the Collection Accounts which was not required
      to be deposited therein;

     

    (ii)  pursuant
      to Section 5.01, to pay to the Subservicer the Subservicing Fee on each
      Remittance Date;

     

    (iii)  to
      reimburse itself to the extent of funds held in the Collection Account for
      Monthly Advances of the Subservicer’s funds made pursuant to Section
      5.03.  The Subservicer's right to reimburse itself pursuant to this
      subclause (iii) with respect to any Mortgage Loan shall be limited to amounts
      received on or in respect of the related Mortgage Loan which represent late
      recoveries of payments of principal or interest with respect to which a Monthly
      Advance was made, it being understood that in the case of any such reimbursement
      the Subservicer’s right thereto shall be prior to the rights of the related
      Trust; provided, however, that following the final liquidation of a Mortgage
      Loan, the Subservicer may reimburse itself for previously unreimbursed Monthly
      Advances in excess of Liquidation Proceeds or Insurance Proceeds with respect
      to
      such Mortgage Loan from any funds in the Collection Account relating to Mortgage
      Loans in the same Trust, it being understood, in the case of any such
      reimbursement, that the Subservicer’s right thereto shall be prior to the rights
      of the related Trust.  The Subservicer may recover at any time from
      amounts on deposit in the Collection Account with respect to Mortgage Loans
      in
      the same Trust the amount of any Monthly Advances that the Subservicer deems
      nonrecoverable or that remain unreimbursed to the Subservicer from related
      Liquidation Proceeds after the final liquidation of the property that secures
      such Mortgage Loan.  In addition, the Subservicer may, at any time,
      withdraw from the Collection Account funds that are held for future distribution
      (i.e., were not included in the principal and interest for the preceding
      Remittance Date) to reimburse itself for Monthly Advances previously made by
      the
      Subservicer;

     

    (iv)  to
      reimburse itself for unreimbursed Servicing Advances, and for any unpaid
      Subservicing Fees, the Subservicer’s right to reimburse itself pursuant to this
      subclause (iv) with respect to any Mortgage Loan being limited to related
      Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
      Proceeds and other amounts received in respect of the related REO Property,
      and
      such other amounts as may be collected by the Subservicer from the Mortgagor
      or
      otherwise relating to the Mortgage Loan, it being understood that, in the case
      of any such reimbursement, the Subservicer’s right thereto shall be prior to the
      rights of the related Trust;

     

    (v)  to
      pay to
      the Subservicer from time to time any interest or investment income earned
      on
      funds deposited in the Collection Accounts pursuant to Section
      3.06;

     

    (vi)  to
      remit
      to the Master Servicer on each Remittance Date, pursuant to wiring instructions
      from the Master Servicer, all amounts (which, for the avoidance of doubt shall
      include all Prepayment Charges collected from the borrower) on deposit in the
      Collection Accounts (that represent good funds) as of the close of business
      on
      the Determination Date, net of any withdrawals from the Collection Account
      pursuant to this Section;

     

    (vii)  to
      remit
      to the Servicer on each Remittance Date, pursuant to wiring instructions from
      the Servicer, the Excess Servicing Strip and any Prepayment Interest
      Excess;

     

    (viii)  to
      clear
      and terminate the Collection Accounts upon the termination of this
      Agreement;

     

    (ix)  to
      reimburse itself out of general collections for any Servicing Advance made
      that
      has been deemed by the Subservicer to be a Nonrecoverable Advance;
      and

     

    (x)  to
      withdraw any amount deposited in the Collection Account pursuant to written
      instructions received from the Servicer.

     

    Section
      3.07  Permitted
      Investments.

     

    Any
      institution maintaining the Accounts shall at the direction of the Subservicer
      invest the funds in such account in Permitted Investments, each of which shall
      mature not later than (i) the Business Day immediately preceding the date on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, if a Person other than the Trustee is the obligor thereon, and (ii)
      no later than the date on which such funds are required to be withdrawn from
      such account pursuant to this Agreement, if the Trustee is the obligor thereon
      and shall not be sold or disposed of prior to its maturity.  All
      income and gain realized from any such investment as well as any interest earned
      on deposits in the Accounts shall be for the benefit of the
      Subservicer.  The Subervicer shall deposit in the Accounts an amount
      equal to the amount of any loss incurred in respect of any such investment
      immediately upon realization of such loss without right of
      reimbursement.

     

    Section
      3.08  Maintenance
      of Insurance Policies.

     

    (a)  The
      Subservicer shall cause to be maintained for each Mortgage Loan, fire and hazard
      insurance with extended coverage as is customary in the area where the Mortgaged
      Property is located such that all buildings upon the Mortgaged Property are
      insured by a generally acceptable insurer acceptable under the Fannie Mae Guides
      against loss by fire, hazards of extended coverage and such other hazards as
      are
      required to be insured pursuant to the Fannie Mae Guides, in an amount which
      is
      at least equal to the lesser of (i) the maximum insurable value of the
      improvements securing such Mortgage Loan or (ii) the outstanding principal
      balance of the Mortgage Loan provided that such amount represents at least
      80%
      of the insurable value of the Mortgaged Property.

     

    The
      Subservicer shall a place flood service contract on each Mortgage Loan with
      a
      flood service provider acceptable to Servicer.  The cost to obtain
      such a contract shall be reimbursed by Servicer out of its own
      funds.  If the Mortgaged Property is in an area identified on a Flood
      Hazard Boundary Map or Flood Insurance Rate Map issued by the Flood Emergency
      Management Agency as having special flood hazards and such flood insurance
      has
      been made available, the Subservicer shall verify that each Mortgage Loan is,
      and shall continue to be, covered by a flood insurance policy meeting the
      requirements of the current guidelines of the Federal Insurance Administration
      in effect with a generally acceptable insurance carrier acceptable under the
      Fannie Mae Guides in an amount representing coverage not less than the lesser
      of
      (i) the aggregate unpaid principal balance of the Mortgage Loan, (ii) maximum
      amount of insurance which is available under the Flood Act (regardless of
      whether the area in which such Mortgaged Property is located is participating
      in
      such program), and (iii) the full replacement value of the improvements which
      are part of such Mortgaged Property.  If a Mortgaged Property is
      located in a special flood hazard area and is not covered by flood insurance
      or
      is covered in an amount less than the amount required by the Flood Act, the
      Subservicer shall notify the related Mortgagor that the Mortgagor must obtain
      such flood insurance coverage, and if said Mortgagor fails to obtain the
      required flood insurance coverage within twenty (20) days after such
      notification, the Subservicer shall promptly force place the required flood
      insurance on the Mortgagor’s behalf.

     

    The
      Subservicer also shall maintain on any REO Property, fire and hazard insurance
      with extended coverage in an amount which is at least equal to the lesser of
      (i)
      the maximum insurable value of the improvements which are a part of such
      property and (ii) the outstanding principal balance of the related Mortgage
      Loan
      (including any cumulative related negative amortization) at the time it became
      an REO Property plus accrued interest at the Mortgage Interest Rate and related
      Servicing Advances, liability insurance and, to the extent required and
      available under the National Flood Insurance Act of 1968 or the Flood Act,
      as
      amended, flood insurance in an amount as provided above.  Pursuant to
      Section 3.06, any amounts collected by the Subservicer under any such policies
      other than amounts to be deposited in the Escrow Account and applied to the
      restoration or repair of the Mortgaged Property or REO Property, or released
      to
      the Mortgagor in accordance with the Subservicer’s normal servicing procedures,
      shall be deposited in the Collection Account, subject to withdrawal pursuant
      to
      Section 3.06.  All such policies, except for policies maintained for
      any REO Mortgaged Property, shall be endorsed with standard mortgagee clauses
      with loss payable to the Subservicer, and shall be in an amount sufficient
      to
      avoid the application of any co insurance clause.  The costs of
      maintaining the insurance policies which the Subservicer is required to maintain
      pursuant to this Section shall be paid by the Subservicer as a Servicing
      Advance.

     

    (b)  The
      Subservicer may fulfill its obligation to maintain insurance, as provided in
      Section 3.08(a), through a master force placed insurance policy, the cost of
      which shall be paid by the Subservicer as a Servicing Advance, provided that
      such cost is limited to the incremental cost of such policy allocable to such
      Mortgaged Property or REO Property (i.e., other than any minimum or standby
      premium payable for such policy whether or not any Mortgaged Property is then
      covered thereby, which shall be paid by the Subservicer).  Such master
      force placed insurance policy may contain a deductible clause, in which case
      the
      Subservicer shall, in the event that there shall not have been maintained on
      the
      related Mortgaged Property or REO Property a policy otherwise complying with
      the
      provisions of Section 3.08(a), and there shall have been one or more losses
      which would have been covered by such a policy had it been maintained,
      immediately deposit into the related Collection Account from its own funds
      the
      amount not otherwise payable under the master force placed insurance policy
      because of such deductible to the extent that such deductible exceeds the
      deductible limitation required under the related Mortgage Loan Documents, or,
      in
      the absence of such deductible limitation, the deductible limitation which
      is
      consistent with Accepted Servicing Practices.

     

    (c)  The
      Subservicer shall maintain with responsible companies in accordance with
      Accepted Servicing Practices, at its own expense, a blanket Fidelity Bond and
      an
      Errors and Omissions Insurance Policy, with broad coverage on all officers,
      employees or other persons acting in any capacity requiring such persons to
      handle funds, money, documents or papers relating to the Mortgage Loans
      (“Subservicer Employees”).  Any such Fidelity Bond and Errors
      and Omissions Insurance Policy shall be in the form of the Mortgage Banker’s
      Blanket Bond and shall protect and insure the Subservicer against losses,
      including forgery, theft, embezzlement, fraud, errors and omissions and
      negligent acts of such Subservicer Employees.  Such Fidelity Bond and
      Errors and Omissions Insurance Policy also shall protect and insure the
      Subservicer against losses in connection with the failure to maintain any
      insurance policies required pursuant to this Agreement and the release or
      satisfaction of a Mortgage Loan without having obtained payment in full of
      the
      indebtedness secured thereby.  No provision of this Section 3.08
      requiring such Fidelity Bond and Errors and Omissions Insurance Policy shall
      diminish or relieve the Subservicer from its duties and obligations as set
      forth
      in this Agreement.  The Subservicer shall maintain minimum coverage
      amounts under any such Fidelity Bond and Errors and Omissions Insurance Policy
      in accordance with Accepted Servicing Practices.  Upon request of the
      Servicer, the Subservicer shall cause to be delivered to the Servicer a
      statement evidencing the existence of the fidelity bond and insurance
      policy.

     

    Section
      3.09  Possession
      of Servicing Files.

     

    The
      contents of each Servicing File are and shall be held in trust by the
      Subservicer for the benefit of the Servicer as the owner thereof or, in the
      case
      of a Securitization, held in trust by the Subservicer for the benefit of the
      Trust; the Subservicer’s possession of the contents of each Servicing File is
      for the sole purpose of servicing the related Mortgage Loan; and such possession
      by the Subservicer shall be in a custodial capacity only.  The
      Subservicer shall release its custody of the contents of any Servicing File
      only
      in accordance with written instructions from the Servicer, and upon request
      of
      the Servicer, the Subservicer shall deliver to the Servicer the Servicing File
      or a copy of any document contained therein; provided, however,
      that if the Subservicer is unable to perform its Loan Servicing obligations
      with
      respect to the related Mortgage Loan after any such release or delivery of
      the
      Servicing File, then the Subservicer’s responsibilities for Loan Servicing with
      respect to such Mortgage Loan may be terminated immediately by the Subservicer
      upon written notice to the Servicer.

     

    Section
      3.10  “Due-on-Sale”
      Clauses; Assumption Agreements.

     

    When
      any
      Borrower proposes to convey or encumber all or any portion of its interests
      in a
      Mortgaged Property, or if such conveyance or encumbrance has actually occurred,
      to the extent that the Subservicer has actual knowledge of such conveyance
      or
      encumbrance, the Subservicer shall promptly give notice thereof to the Servicer
      and take such related actions as the Servicer reasonably directs, including
      (i)
      waiving or enforcing any due-on-sale clause or due-on-encumbrance clause
      contained in the related Mortgage Loan Documents, to the extent permitted under
      the terms of the related Mortgage Loan Documents and applicable law, (ii) taking
      or entering into an assumption or substitution agreement from or with the Person
      to whom such Mortgaged Property has been or shall be conveyed, and (iii)
      releasing the original Borrower from liability upon the related Mortgage Loan
      and substituting the new Borrower as the obligor thereon.

     

    To
      the
      extent the Subservicer is engaged by the Servicer to perform analysis,
      processing and administrative functions in connection with any request by a
      Borrower to waive any such due-on-sale clause or due-on-encumbrance clause
      and/or to enter into any such assumption or substitution agreement, the
      Subservicer may, as a condition to granting any such request require (to the
      extent permitted by applicable law) that such Borrower pay to it, as Additional
      Servicing Compensation, a reasonable and customary fee consistent with Accepted
      Servicing Practices in connection with such request, together with any related
      costs and expenses incurred by the Subservicer; provided, however,
      that in the event that the Borrower fails or is unable to pay any such costs
      and
      expenses, or the Servicer directs the Subservicer to waive any requirement
      that
      the Borrower pay any such costs or expenses, the same shall be paid by the
      Subservicer as a Servicing Advance.

     

    Section
      3.11  Realization
      Upon Mortgaged Properties.

     

    (a)  Upon
      the failure of any Borrower to make
      any required payment of principal, interest or other amounts due under a
      Mortgage Loan, or otherwise to perform fully any material obligations under
      any
      of the related Mortgage Loan Documents, in either case within any applicable
      grace period, the Subservicer shall issue notices of default, declare events
      of
      default, declare due the entire outstanding principal balance, and otherwise
      take all reasonable actions under the related Mortgage
      Loan.  Additionally, as potential alternatives to commencing a
      foreclosure action, the Subservicer shall pursue with the Borrower loss
      mitigation efforts, including, but not limited to, forbearance, special
      forbearance, short sale and loan modification.  The Subservicer shall
      perform such efforts in accordance with the specific requirements and
      prohibitions set forth in the Interim Subservicing Agreement (the “Interim
      Subservicing Agreement”) dated as of December 29, 2006 by and between the
      Subservicer and the Servicer and Alliance Bancorp, Inc. (formerly known as
      United Financial Mortgage Corporation).

     

    (b)  If
      title
      to any Mortgaged Property is acquired in foreclosure or by deed in lieu of
      foreclosure, the deed or certificate of sale shall be taken in the name of
      the
      Servicer’s nominee, or after Securitization the nominee of the Trustee, but in
      no event shall such deed or certificate be taken in the name of the
      Subservicer.  Notwithstanding any such acquisition of title and
      cancellation of the related Mortgage Loan, such Mortgage Loan shall be
      considered to be an REO Mortgage Loan held by the Servicer or after
      Securitization the Trustee until such time as the related REO Property shall
      be
      sold, transferred or conveyed by the Servicer or such
      trustee.  Consistent with the foregoing, for purposes of all
      calculations hereunder, so long as such REO Mortgage Loan shall be considered
      to
      be an outstanding Mortgage Loan, payments and collections with respect to the
      related REO Property received in any month (net of related expenses) shall
      be
      applied to amounts which would have been payable under the related Note in
      accordance with the terms of such Note.

     

    (c)  Except
      as
      otherwise provided in written instructions delivered to the Subservicer by
      the
      Servicer, the Subservicer shall not obtain title to any Mortgaged Property
      as a
      result or in lieu of foreclosure or otherwise, and shall not otherwise acquire
      possession of, or take other action with respect to, any Mortgaged Property,
      if,
      as a result of any such action, the Servicer, or after Securitization the
      Trustee, 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 any Environmental Law, or a “discharger” or “responsible party”
thereunder, unless the Subservicer has also previously determined, based on
      a
      report prepared by a Person who regularly conducts environmental site
      assessments, that:

     

    (i)  such
      Mortgaged Property is in compliance with applicable Environmental Laws or,
      if
      not, that taking such actions as are necessary to bring such Mortgaged Property
      into compliance therewith is reasonably likely to produce a greater recovery
      on
      a present value basis than not taking such actions; and

     

    (ii)  there
      are
      no circumstances present on such Mortgaged Property relating to the use,
      management or disposal of any Hazardous Materials for which investigation,
      testing, monitoring, containment, clean-up or remediation could be required
      under any applicable Environmental Law, or that, if any such Hazardous Materials
      are present for which such action could be required, taking such actions with
      respect to the affected Mortgaged Property is reasonably likely to produce
      a
      greater recovery on a present value basis than not taking such
      actions.

     

    If
      the
      Subservicer has so determined based on satisfaction of the criteria in clauses
      (i) and (ii) above that it would be in the best economic interest of the Trust,
      to take any such actions, the Subservicer shall notify the Servicer of such
      proposed action.  The Subservicer shall take such action only if
      authorized by the Servicer in writing.  The costs of any such
      compliance, containment, clean-up or remediation shall be paid by the
      Subservicer as a Servicing Expense.

     

    If
      the
      environmental assessment first obtained by the Subservicer with respect to
      a
      Mortgaged Property indicates that such Mortgaged Property may not be in
      compliance with applicable Environmental Laws or that Hazardous Materials may
      be
      present but does not definitively establish such fact, the Subservicer, subject
      to the Servicer’s prior written consent, shall cause such further environmental
      assessments to be conducted.

     

    (d)  The
      environmental site assessments contemplated by Section 3.11(c) shall be prepared
      by any Person who is recommended by the Subservicer and approved in writing
      by
      the Servicer or such other Person as directed in writing by the
      Servicer.  The cost of preparation of any environmental assessment
      shall be paid by the Subservicer as a Servicing Expense.

     

    (e)  If
      the
      Subservicer determines, pursuant to Section 3.11(c), that taking such actions
      as
      are necessary to bring any Mortgaged Property into compliance with applicable
      Environmental Laws, or taking such actions with respect to the containment,
      clean-up, removal or remediation of hazardous substances, hazardous materials,
      hazardous wastes, or petroleum-based materials affecting any such Mortgaged
      Property, is not reasonably likely to produce a greater recovery on a present
      value basis than not taking such actions, then the Subservicer shall take such
      action as directed in writing by the Servicer, including, without limitation,
      releasing the lien of the related Mortgage with respect to the affected
      Mortgaged Property.

     

    Section
      3.12  Title,
      Management and Disposition of REO Property.

     

    (a)  Upon
      the
      acquisition by the Servicer of any REO Property, the Subservicer shall have
      full
      power and authority, subject to the specific requirements and prohibitions
      of
      this Agreement and the Interim Subservicing Agreement, to do or authorize to
      be
      done any and all things in connection therewith as are consistent with Accepted
      Servicing Practices, all on terms and for such period as the Subservicer deems
      to be in the best economic interest of the Trust.  The Subservicer
      shall segregate and hold all revenues received by it with respect to any REO
      Property separate and apart from its own funds and general
      assets.  The Subservicer shall deposit, on a daily basis in the
      Collection Account all revenues received with respect to REO Properties, net
      of
      any directly related expenses incurred or withdraw therefrom funds necessary
      for
      the proper operation, management and maintenance of the REO Property,
      including:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      taxes
      and assessments in respect of such REO Property that could result or have
      resulted in the imposition of a lien thereon;

     

    (iii)  all
      ground rental payments, if applicable, with respect to such REO Property;
      and

     

    (iv)  all
      costs
      and expenses necessary to maintain, lease, operate, manage and sell such REO
      Property, including the management fee payable to the property manager engaged
      by Servicer pursuant to Section 3.12(b).

     

    If
      as of
      the date of acquisition of title to any REO Property there remain outstanding
      unreimbursed Servicing Advances with respect to such REO Property, the
      Subservicer, upon an REO Disposition, shall be entitled to reimbursement for
      any
      related unreimbursed Servicing Advances as well as any unpaid Subservicing
      Fees
      from proceeds received in connection with the REO Disposition.  The
      Subservicer shall not be obligated to advance any amounts with respect to any
      REO Property if such advance would constitute a Nonrecoverable
      Advance.

     

    (b)  The
      Subservicer may contract with any Person as a property manager for the operation
      and management of any REO Property; provided, however,
      that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent herewith and
      the
      Servicer has provided its written consent (which shall not be unreasonably
      withheld) with respect to such property manager;

     

    (ii)  none
      of
      the provisions of this Section relating to any such contract or to actions
      taken
      through any such Person shall be deemed to relieve the Subservicer of any of
      its
      duties and obligations to the Servicer with respect to the operation and
      management of such REO Property; and

     

    (iii)  the
      Subservicer shall be obligated with respect thereto to the same extent as if
      it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    In
      the
      event that title to any Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be taken in the
      name of the Servicer or in the name of the person designated by the Servicer,
      or
      in the event such person is not authorized or permitted to hold title to real
      property in the state where the REO Property is located, or would be adversely
      affected under the “doing business” or tax laws of such state by so holding
      title, the deed or certificate of sale shall be taken in the name of such Person
      or Persons as shall be consistent with an opinion of counsel obtained by the
      Subservicer from an attorney duly licensed to practice law in the state where
      the REO Property is located.  Any Person or Persons holding such title
      other than the Servicer shall acknowledge in writing that such title is being
      held as nominee for the benefit of the Servicer.

     

    The
      Subservicer shall manage, conserve, protect and operate each REO Property for
      the Servicer, or after Securitization, the Securitization trust, for the purpose
      of securing its prompt disposition and sale.  The Subservicer, either
      itself or through an agent selected by the Subservicer, shall manage, conserve,
      protect and operate the REO Property in the same manner that it manages,
      conserves, protects and operates other foreclosed property for its own
      account.  The Subservicer shall attempt to sell the same (and may
      temporarily rent the same for a period not greater than one year, except as
      otherwise provided below) on such terms and conditions as the Subservicer deems
      to be in the best interest of the Trust.  The Subservicer shall notify
      the Servicer from time to time as to the status of each REO
      Property.

     

    If
      a
      REMIC election is or is to be made with respect to the arrangement under which
      the Mortgage Loans and any REO Property are held, the Subservicer shall manage,
      conserve, protect and operate each REO Property in a manner which does not
      cause
      such REO Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Internal Revenue Code or result in the
      receipt by such REMIC of any “income from non-permitted assets” within the
      meaning of Section 860F(a)(2)(B) of the Internal Revenue Code or any “net income
      from foreclosure property” within the meaning of Section 860G(c)(2) of the
      Internal Revenue Code.  The Subservicer shall cause each REO Property
      to be inspected promptly upon the acquisition of title thereto and shall cause
      each REO Property to be inspected at least monthly thereafter.  The
      Subservicer shall make or cause to be made a written report of each such
      inspection.  Such reports shall be retained in the Servicing File and
      copies thereof shall be forwarded by the Subservicer to the Servicer, upon
      request.

     

    The
      Subservicer shall use commercially reasonable efforts to dispose of each REO
      Property as soon as possible and shall sell such REO Property in any event
      within one year after title has been taken to such REO Property, unless the
      Subservicer determines, and gives an appropriate notice to the Servicer to
      such
      effect, that a longer period is necessary for the orderly liquidation of such
      REO Property.  If a period longer than one year is permitted under the
      foregoing sentence and is necessary to sell any REO Property, the Subservicer
      shall report monthly to the Servicer as to the progress being made in selling
      such REO Property.

     

    Notwithstanding
      the foregoing, if a REMIC election is made with respect to the arrangement
      under
      which the Mortgage Loans and the REO Property are held, such REO Property shall
      be disposed of before the close of the third taxable year following the taxable
      year in which the Mortgage Loan became an REO Property, unless the Subservicer
      provides to the trustee under such REMIC an opinion of counsel to the effect
      that the holding of such REO Property subsequent to the close of the third
      taxable year following the taxable year in which the Mortgage Loan became an
      REO
      Property, will not result in the imposition of taxes on "prohibited
      transactions" as defined in Section 860F of the Internal Revenue Code, or cause
      the transaction to fail to qualify as a REMIC at any time that certificates
      are
      outstanding.  Subservicer shall manage, conserve, protect and operate
      each such REO Property for the certificateholders solely for the purpose of
      its
      prompt disposition and sale in a manner which does not cause such property
      to
      fail to qualify as "foreclosure property" within the meaning of Section
      860F(a)(2)(E) of the Internal Revenue Code, or any "net income from foreclosure
      property" which is subject to taxation under the REMIC provisions of the
      Internal Revenue Code.  Pursuant to its efforts to sell such property,
      the Subservicer shall either itself or through an agent selected by Subservicer,
      protect and conserve such property in the same manner and to such an extent
      as
      is customary in the locality where such property is
      located.  Additionally, Subservicer shall perform the tax withholding
      and reporting related to Sections 1445 and 6050J of the Internal Revenue
      Code.

     

    The
      Subservicer shall also maintain on each REO Property fire and hazard insurance
      with extended coverage in an amount which is at least equal to the maximum
      insurable value of the improvements which are a part of such property, liability
      insurance and, to the extent required and available under the Flood Act, flood
      insurance, all in the amounts required under Section 3.08 hereof.

     

    Section
      3.13  Modifications,
      Waivers, Amendments and Consents.

     

    (a)  Any
      modification, waiver or amendment of any term of any Mortgage Loan or requests
      any consents related thereto, the Subservicer shall promptly give notice thereof
      to the Servicer and take such related actions as the Servicer directs, except
      with respect to any request which involves any required payment from the
      Borrower in the nature of Additional Servicing Compensation to which the
      Subservicer is properly entitled.  All modifications, waivers or
      amendments of any Mortgage Loan or consents related thereto shall be in
      writing.

     

    (b)  To
      the
      extent the Subservicer is engaged by the Servicer to perform analysis,
      processing and administrative functions in connection with any request by a
      Borrower for any consent, modification, waiver or amendment the Subservicer
      may,
      as a condition to granting any such request require (to the extent permitted
      by
      applicable law) that such Borrower pay to it, as Additional Servicing
      Compensation, a reasonable and customary fee consistent with Accepted Servicing
      Practices in connection with such request, together with any related costs
      and
      expenses incurred by the Subservicer; provided, however, that in
      the event that the Borrower fails or is unable to pay any such costs and
      expenses, or the Servicer directs the Subservicer to waive any requirement
      that
      the Borrower pay any such costs or expenses, the same shall be paid by the
      Subservicer as a Servicing Advance.

     

    Section
      3.14  Reserved.

     

    Section
      3.15  Maintenance
      of PMI Policies.

     

    With
      respect to each Mortgage Loan subject to a PMI Policy, the Subservicer shall
      maintain or cause the Mortgagor to maintain (to the extent that the Mortgage
      Loan requires the Mortgagor to maintain such insurance) in full force and effect
      a PMI Policy, and shall pay or shall cause the Mortgagor to pay the premium
      thereon on a timely basis, until the LTV of such Mortgage Loan is reduced to
      80%
      or such PMI Policy can no longer be required by applicable law.  The
      Subservicer will not cancel or refuse to renew any PMI Policy in effect on
      the
      Closing Date that is required to be kept in force under this Agreement unless
      a
      replacement PMI Policy for such cancelled or non-renewed policy is obtained
      from
      and maintained with a Qualified Insurer.  The Subservicer shall not
      take any action which would result in noncoverage under any applicable PMI
      Policy of any loss which, but for the actions of the Subservicer would have
      been
      covered thereunder.  In connection with any assumption or substitution
      agreements entered into or to be entered into with respect to a Mortgage Loan,
      the Subservicer shall promptly notify the insurer under the related PMI Policy,
      if any, of such assumption or substitution of liability in accordance with
      the
      terms of such PMI Policy and shall take all actions which may be required by
      such insurer as a condition to the continuation of coverage under such PMI
      Policy.  If such PMI Policy is terminated as a result of such
      assumption or substitution of liability, the Subservicer shall obtain a
      replacement PMI Policy as provided above.

     

    The
      Subservicer shall comply with all provisions of applicable law relating to
      the
      cancellation of, or collection of premiums with respect to, PMI Policies,
      including, but not limited to, the provisions of the Homeowners Protection
      Act
      of 1998, and all regulations promulgated thereunder, as amended from time to
      time.  The Subservicer shall be obligated to make premium payments
      with respect to (i) LPMI Policies, which shall be paid out of the interest
      portion of the related Monthly Payment or, if a Monthly Payment is not made,
      from the Subservicer’s own funds and (ii) PMI Policies required to be maintained
      by the Mortgagor, if the Mortgagor is required but fails to pay any PMI Policy
      premium, which shall be paid from the Subservicer’s own funds.  Any
      premium payments made by the Subservicer from its own funds pursuant to this
      Section 3.12 shall be recoverable by the Subservicer as a Servicing
      Advance.

     

    With
      respect to each Mortgage Loan covered by a PMI Policy or LPMI Policy, the
      Subservicer shall take all such actions on behalf of the Trust as are necessary
      to service, maintain and administer the related Mortgage Loan in accordance
      with
      such policy and to enforce the rights under such policy.  Except as
      expressly set forth herein, the Subservicer shall have full authority on behalf
      of the Trust to do anything it deems appropriate or desirable in connection
      with
      the servicing, maintenance and administration of such PMI Policy or LPMI Policy;
      provided that the Subservicer shall not take any action to permit any
      modification or assumption of a Mortgage Loan covered by a PMI Policy or LPMI
      Policy, or take any other action with respect to such Mortgage Loan, which
      would
      result in non-coverage under such PMI Policy or LPMI Policy of any loss which,
      but for actions of the Subservicer, would have been covered
      thereunder.  The Subservicer shall cooperate with the PMI Policy and
      LMPI Policy insurers and shall furnish all reasonable evidence and information
      in the possession of the Subservicer to which the Subservicer has access with
      respect to the related Mortgage Loan.

     

    In
      connection with its activities as servicer, the Subservicer agrees to prepare
      and present, on behalf of itself and the Trust, claims to the insurer under
      any
      PMI Policy or LPMI Policy in a timely fashion in accordance with the terms
      of
      such PMI Policy or LPMI Policy and, in this regard, to take such action as
      shall
      be necessary to permit recovery under any PMI Policy or LPMI Policy respecting
      a
      defaulted Mortgage Loan.  Any amounts collected by the Subservicer
      under any PMI Policy or LPMI Policy shall be deposited in the Collection
      Account.

     

    ARTICLE
      IV

     

    STATEMENTS
      AND REPORTS

     

    Section
      4.01  Reporting
      by the Subservicer.

     

    (a)  No
      later
      than the 10th
      calendar day of each month, (or if such calendar day is not a Business Day,
      the
      immediately succeeding Business Day) the Subservicer shall render to the
      Servicer and the Master Servicer a remittance report, which would include any
      activity with respect to the Mortgage Loans for the period covering the related
      Due Period, in a format and containing such information as mutually agreed
      upon
      by the Subservicer and the Servicer or Master Servicer.  Such report
      shall be made available in both written and electronic format.

     

    (b)  Not
      later
      than the 18th
      calendar day of each month (or if such calendar day is not a Business Day,
      the
      immediately succeeding Business Day, the Subservicer shall render to the
      Servicer and the Master Servicer (a) Prepayment in full report with regarding
      to
      Prepayments in full, in an electronic file or other similar media reasonably
      acceptable to the Servicer and the Master Servicer.

     

    (c)  Each
      year
      beginning in the calendar year which immediately succeeds the year hereof,
      the
      Subservicer shall prepare and file information reports with respect to the
      receipt of mortgage interest received in a trade or business, foreclosures
      and
      abandonments of any Mortgaged Property and the information returns relating
      to
      cancellation of indebtedness income with respect to any Mortgaged Property
      required by Sections 6050H, 6050J and 6050P, respectively, of the Internal
      Revenue Code, and deliver to the Trustee an Officers’ Certificate stating that
      such reports have been filed.  Such reports shall be in the form and
      substance sufficient to meet the reporting requirements imposed by such Sections
      6050H, 6050J and 6050P of the Code.

     

    (d)  Not
      later
      than twenty days after each Remittance Date, the Subservicer shall forward
      to
      the Servicer and Master Servicer a statement, setting forth the status of the
      Accounts as of the close of business on such Remittance Date showing, for the
      period from the preceding Remittance Date (or, in the case of the first
      Remittance Date, the Servicing Transfer Date) to such Remittance Date, the
      aggregate of deposits into and withdrawals from the Accounts.

     

    (e)  Reserved.

     

    (f)  Upon
      request, the Subservicer shall provide the Servicer and Master Servicer with
      any
      summary reports prepared by any Rating Agency with respect to the Subservicer’s
      ranking by such Rating Agency.

     

    (g)  Unless
      otherwise specifically stated herein, if the Subservicer is required to deliver
      any statement, report or information under any provisions of this Agreement,
      the
      Subservicer may satisfy such obligation by (x) physically delivering a paper
      copy of such statement, report or information, (y) delivering such statement,
      report or information in a commonly used electronic format, or (z) making such
      statement, report or information available on the Subservicer's Internet
      website, unless this Agreement expressly specifies a particular method of
      delivery.

     

    Section
      4.02  Reserved.

     

    Section
      4.03  Reserved.

     

    ARTICLE
      V

     

    SUBSERVICER’S
      COMPENSATION; PAYMENTS TO MASTER SERVICER

     

    Section
      5.01  Servicing
      Compensation.

     

    As
      consideration for servicing the Mortgage Loans subject to this Agreement, the
      Subservicer shall be entitled to a Subservicing Fee for each Mortgage Loan
      remaining subject to this Agreement during any calendar month or part
      thereof.  Such Subservicing Fee shall be payable monthly on the
      Remittance Date and shall be computed on the basis of the same outstanding
      principal balance and for the period with respect to which any related interest
      payment on the related Mortgage Loan is computed.  The Subservicer may
      pay itself the Subservicing Fee on each Remittance Date from amounts on deposit
      in the related Collection Account.

     

    As
      further compensation for its activities hereunder, the Subservicer shall be
      entitled to retain any payments or collections received by it which are in
      the
      nature of Additional Servicing Compensation.

     

    To
      the
      extent that amounts on deposit in the Collection Account are insufficient for
      the payment of the Subservicing Fee, the Servicer shall pay any such shortfall
      to the Subservicer within ten (10) Business Days after the Servicer’s receipt of
      an itemized invoice therefor.

     

    The
      Subservicer shall be required to pay all expenses incurred by it in connection
      with its servicing activities hereunder and shall not be entitled to
      reimbursement thereof except as specifically provided for herein.

     

    The
      Servicer shall be entitled to the Servicing Fee for each Mortgage Loan remaining
      subject to this Agreement during any calendar month or part
      thereof.  Such Servicing Fee shall be payable monthly on the
      Remittance Date and shall be computed on the basis of the same outstanding
      principal balance and for the period with respect to which any related interest
      payment on the related Mortgage Loan is computed.  The Subservicer
      shall pay the Servicing Fee to the Servicer on each Remittance Date from amounts
      on deposit in the related Collection Account.

     

    Section
      5.02  Remittances.

     

    On
      each
      Remittance Date, no later than 3:00 p.m. New York City time, the Subservicer
      shall remit on a scheduled/scheduled basis by wire transfer of immediately
      available funds to the Master Servicer (a) all amounts deposited in the
      Collection Account as of the close of business on the Determination Date (net
      of
      charges against or withdrawals from the Collection Account pursuant to Section
      3.06), plus (b) all Monthly Advances, if any, which the Subservicer is obligated
      to make pursuant to Section 5.03.  In addition, the Subservicer shall
      also remit to the Master Servicer, on each Remittance Date, the proceeds of
      any
      Principal Prepayment made by a Mortgagor, the amount of any Insurance Proceeds,
      Liquidation Proceeds, Condemnation Proceeds or REO Proceeds received during
      the
      related Prepayment Period.

     

    With
      respect to any remittance received by the Master Servicer after the Business
      Day
      on which such payment was due, the Subservicer shall pay to the Master Servicer
      interest on any such late payment at an annual rate equal to LIBOR, adjusted
      as
      of the date of each change, plus two (2) percentage points, but in no event
      greater than the maximum amount permitted by applicable law.  Such
      interest shall be deposited in the Collection Account by the Subervicer on
      the
      date such late payment is made and shall cover the period commencing with the
      day following the Remittance Date and ending with the Business Day on which
      such
      payment is made, both inclusive.  Such interest shall be remitted
      along with the distribution payable on the next succeeding Remittance
      Date.  The payment by the Subservicer of any such interest shall not
      be deemed an extension of time for payment or a waiver of any Event of Default
      by the Servicer.

     

    Section
      5.03  Servicing
      Advances.

     

    (a)  Notwithstanding
      any other provision hereof, the Subservicer shall obtain the written approval
      of
      the Servicer prior to incurring any Servicing Advance that is over $5,000.00
      per
      item, except for any Servicing Expense which is (i) incurred by the Subservicer
      pursuant to Section 3.08 or (ii) made for any purposes other than those
      described in item (i) above, and is not over $15,000.00 and is made in an
      emergency situation to preserve and protect the Mortgaged Property or the safety
      of the public in connection with such Mortgaged Property. The Subservicer may
      cause any Servicing Expenses to be paid directly from the related Collection
      Account. The Subservicer is not required to make any Servicing Advance that
      is
      not a Recoverable Servicing Advance.

     

    (b)  The
      Subservicer shall make its reasonable efforts to collect or cause to be
      collected all payments required under the terms and provisions of the Mortgage
      Loans and shall follow collection procedures comparable to the collection
      procedures of institutional mortgage loan Subservicer servicing mortgage loans
      for their own account to the extent such procedures shall be consistent with
      this Agreement. Consistent with the foregoing, the Subservicer may (i) waive
      or
      permit to be waived any late payment charge, assumption fee, or any penalty
      interest in connection with the prepayment of a Mortgage Loan and (ii) suspend
      or reduce or permit to be suspended or reduced regular monthly payments for
      a
      period of up to 60 days, or arrange or permit an arrangement with a Mortgagor
      for a scheduled liquidation of delinquencies pursuant to the specific
      requirements and prohibitions of the Interim Subservicing
      Agreement.

     

    (c)  The
      Servicer and the Subservicer shall in all cases have a right prior to the
      Certificateholders to any particular funds on deposit in the Custodial Account
      from time to time for the reimbursement or payment of its Servicing Fee,
      Subservicing Fee, Servicing Advances, Servicing Expenses and any other amounts
      reimbursable thereto in accordance with Section 3.11 of the Pooling and
      Servicing Agreement, but only if and to the extent such amounts are to be
      reimbursed or paid from such particular funds on deposit in the Custodial
      Account pursuant to the express terms of the Pooling and Servicing
      Agreement.

     

    Section
      5.04  Monthly
      Advances by Subservicer.

     

    On
      the
      Business Day immediately preceding each Remittance Date, the Subservicer shall
      deposit in the Collection Account from its own funds or from amounts held for
      future distribution, or both, an amount equal to the aggregate of all Monthly
      Advances relating to Monthly Minimum Payments which were due on the Mortgage
      Loans during the applicable Due Period and which were delinquent at the close
      of
      business on the immediately preceding Determination Date.  Any amounts
      held for future distribution and so used shall be replaced by the Subservicer
      by
      deposit in the Collection Account on or before any future Remittance Date if
      funds in the Collection Account on such Remittance Date shall be less than
      remittances to the Master Servicer required to be made on such Remittance
      Date.  The Subservicer shall keep appropriate records of such amounts
      and will provide such records to the Servicer upon request.  No
      provision in this Agreement shall be construed as limiting the Subservicer’s
      right to (i) pass through late collections on the related Mortgage Loans in
      lieu
      of making Monthly Advances or (ii) reimburse itself for such Monthly Advances
      from late collections on the related Mortgage Loans or (iii) utilize an
      Advancing Person (as defined below).

     

    The
      Subservicer's obligation to make such Monthly Advances as to any Mortgage Loan
      will continue through the last Monthly Payment due prior to the payment in
      full
      of the Mortgage Loan, or until the Mortgage Loan is charged off, or through
      the
      last Remittance Date prior to the Remittance Date for the distribution of all
      Liquidation Proceeds and other payments or recoveries (including REO Disposition
      Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the
      Mortgage Loan; provided, however, that such obligation shall cease if the
      Subservicer determines, in its sole reasonable opinion, that advances with
      respect to such Mortgage Loan are non-recoverable by the Subservicer from
      Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or otherwise
      with respect to a particular Mortgage Loan.

     

    Section
      5.05  Compensating
      Interest.

     

    The
      Subservicer shall be required to deposit in the Collection Account, and retain
      therein with respect to each Principal Prepayment, the Prepayment Interest
      Shortfall Amount, if any, for the related Due Period.  Such deposit
      shall be made from the Subservicer’s own funds, without reimbursement therefor,
      up to an amount equal to the lesser of with respect to the Mortgage Loans in
      the
      Trust (i) the Prepayment Interest Shortfall Amount or (ii) the Aggregate
      Servicing Fee, in each case, with respect to the Mortgage Loans in such
      Trust.  The Subservicer shall not be obligated to pay any Prepayment
      Interest Shortfall Amount with respect to any Relief Act Reduction or
      bankruptcy.

     

    ARTICLE
      VI

     

    THE
      SUBSERVICER AND THE SERVICER

     

    Section
      6.01  Subservicer
      Not to Assign; Merger or Consolidation of the Subservicer.

     

    (a)  Except
      as
      otherwise provided for in this Section or in Section 2.02, the Subservicer
      may
      not assign this Agreement or any of its rights, powers, duties or obligations
      hereunder without the written consent of the Servicer; provided, however, that
      the Subservicer may, after 60 days written notice to Servicer, assign this
      Agreement to a Qualified Affiliate without the written consent of the
      Servicer.

     

    (b)  The
      Subservicer may be merged or consolidated with or into any Person, or transfer
      all or substantially all of its assets to any Person, in which case any Person
      resulting from any merger or consolidation to which it shall be a party, or
      any
      Person succeeding to its business shall be the successor of the Subservicer
      hereunder, and shall be deemed to have assumed all of the liabilities of the
      Subservicer hereunder.  The Subservicer shall provide written notice
      to the Servicer of any such merger, consolidation, or transfer.

     

    Section
      6.02  Indemnification.

     

    (a)  The
      Subservicer shall defend and indemnify the Servicer, its employees, officers,
      Affiliates, agents and representatives (each, a “Servicer Indemnified Party”)
      against any and all assessments, judgments, claims (brought by any Person
      including, without limitation, any third parties, including any governmental
      authorities), liabilities, losses, costs, damages or expenses whatsoever
      (including, without limitation, interest penalties and reasonable attorneys’
fees, expenses and disbursements in connection with any action, suit or
      proceeding and any such reasonable attorneys’ fees, expenses and disbursements
      incurred in enforcing any right of indemnification against any indemnitor)
      (each
      a “Liability”), sustained by the Servicer Indemnified Party as a result of or
      related to the failure of the Subservicer to perform its duties in strict
      compliance with the terms of this Agreement or the Subservicer’s breach of the
      terms of this Agreement, including but not limited to, a breach of the
      Subservicer’s representations, warranties and covenants contained in this
      Agreement and Subservicer’s obligations pursuant to Sections 4.02 and
4.03.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Servicer Indemnified Party, then the Subservicer agrees that it
      shall contribute to the amount paid or payable by the Servicer Indemnified
      Party
      as a result of any claims, losses, damages or liabilities incurred by the
      Servicer Indemnified Party in such proportion as is appropriate to reflect
      the
      relative fault of the Servicer Indemnified Party on the one hand and the
      Subservicer on the other.

     

    (b)  The
      Servicer shall defend and indemnify the Subservicer, its employees, officers,
      Affiliates, agents and representatives (the “Subservicer Indemnified
      Parties”), against any and all Liability that the Subservicer Indemnified
      Parties may sustain resulting from:

     

    (i)  the
      Subservicer taking any action, or refraining from taking any action, in
      conformity with the express written direction of the Servicer outside the scope
      of the Subservicer’s obligation under this Agreement;

     

    (ii)  any
      breach by the Servicer of any of the terms of this Agreement, regardless of
      the
      existence of actual knowledge of such breach by the Servicer;

     

    (iii)  the
      failure of the Servicer or any trustee or custodian in possession of original
      Mortgage Loan Documents to provide to the Subservicer the originals of any
      Mortgage Loan Documents within a reasonable amount of time after a request
      for
      such documents has been received in order to allow the Subservicer sufficient
      time to process satisfactions, payoffs and releases, unless the failure to
      provide such originals timely is attributable to recordation
      delays;

     

    (iv)  any
      act
      or omission to act of any Person, including but not limited to the originator
      of
      the Mortgage Loan or any prior servicer, prior to the Transfer Date, including,
      without limitation, any data integrity issue (and any costs of correcting such
      issue);

     

    (v)  perpetuating
      the acts or omissions of prior servicer, unless (A) the Servicer has actual
      knowledge that perpetuating such act or omission will result in Liability to
      the
      Servicer, (B) the Servicer knowingly acts or fails to act and such act or
      failure to act, as a singular event, not in combination with any other act
      or
      omission of any prior servicer(s), result in Liability to the Servicer, or
      (C)
      the acts or omissions are based on a mistaken or false conception of the law
      that is obvious and significant and the Servicer, over a period of time, in
      more
      than a single instance, continues in its course of servicing to perpetuate
      such
      acts or omissions;

     

    (vi)  a
      Mortgage Loan being classified as “high cost” under the Home Ownership and
      Equity Protection Act of 1994; or “high cost,” or “predatory,” or similar
      classification under Applicable Law; or

     

    (vii)  any
      Environmental Liability.

     

    The
      term
“Environmental Liability” shall mean any Liability arising out of the
      existence of environmentally hazardous materials on any Mortgaged Property,
      including, without limitation, (a) any liability under or on account of the
      Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
      Section 9601 et seq., as the same may be amended from time to time, and/or
      any
      other federal or state environmental laws, and specifically including, without
      limitation, any liability relating to asbestos and asbestos containing
      materials, polychlorinated biphenyls, radon gas, petroleum and petroleum
      products, urea formaldehyde and any substances classified as being “in
      inventory”, “usable work in process” or similar classification which would, if
      classified as unusable, be included in the foregoing definition, including
      the
      assertion of any lien thereunder, (b) claims brought by third parties for loss
      or damage incurred or sustained subsequent to the date hereof, and (c) liability
      with respect to any other matter affecting the Mortgaged Property within the
      jurisdiction of the federal Environmental Protection Agency or state
      environmental regulatory agencies pursuant to any state laws, and in the
      regulations adopted pursuant to any of said laws; provided, however, that the
      indemnity for Environmental Liability shall not be effective with respect to
      any
      liability caused by the Subservicer that would otherwise be imposed by reason
      of
      the Subervicer’s negligence, willful misfeasance or bad faith in the performance
      of or failure to perform its duties hereunder.

     

    The
      Servicer shall not be required to indemnify, or otherwise be liable to, the
      Subservicer or those referenced above, however, for any Liability which the
      Subservicer is required to indemnify for pursuant to Section 6.02(a)
      above.

     

    (c)  The
      foregoing indemnification obligations of the Servicer and the Subservicer shall
      survive termination of this Agreement or removal of some or all of the Mortgage
      Loans from the coverage of this Agreement.

     

    Section
      6.03  Limitation
      on Liability of Subservicer and Others.

     

    Notwithstanding
      Section 6.02, neither the Subservicer nor any of the directors, officers,
      employees or agents of the Subservicer shall be under any liability to the
      Servicer 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 Subservicer or any such
      Person against any breach of warranties or representations made herein, for
      its
      own negligent actions, or failure to perform its obligations in strict
      compliance with any standard of care set forth in this Agreement, or any
      liability which would otherwise be imposed by reason of any breach of the terms
      and conditions of this Agreement.  The Subservicer and any director,
      officer, employee or agent of the Subservicer 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 Subservicer shall not
      be under any obligation to appear in, prosecute or defend any legal action
      which
      is not incidental to its duties to service the Mortgage Loans in accordance
      with
      this Agreement and which in its opinion may involve it in any expense or
      liability, provided, however, that the Subservicer may, with the Servicer’s
      consent, undertake any such action which it may deem necessary or desirable
      in
      respect to this Agreement and the rights and duties of the parties
      hereto.  In such event and so long as such expenses and costs are not
      subject to the Subservicer’s indemnification contained herein, the Subservicer
      shall be entitled to reimbursement from the Servicer of the reasonable legal
      expenses and costs of such action.

     

    Notwithstanding
      Section 6.02, the Subservicer shall not be required to indemnify, or
      otherwise be liable to, the Servicer or those referenced above for any Liability
      which the Servicer is required to indemnify for pursuant to Section
      6.02(b) above.

     

    Section
      6.04    The
      Subservicer to act as Back-Up Servicer under the Pooling and Servicing
      Agreement.

     

    Within
      90
      days of the time the Servicer receives a notice of termination pursuant to
      Section 7.01(i) - (vi) of the Pooling and Servicing Agreement, the Subservicer
      shall be the successor in all respects to the Servicer in its capacity as
      servicer under the Pooling and Servicing Agreement and the transactions set
      forth or provided for therein and shall be subject thereafter to all the
      responsibilities, duties and liabilities relating thereto placed on the
      Servicer.  As compensation for the obligation being accepted by the
      Subservicer pursuant to this Section 6.04, on the Closing Date, the Servicer
      shall pay from its own funds, by wire transfer of immediately available funds
      to
      an account designed by the Subservicer, to the Subservicer a one time fee equal
      to $5,000.

     

    In
      the
      event this Agreement is terminated pursuant to Section 7.02 or Section 8.01,
      the
      Subservicer shall no longer be obligated under this Section 6.04 to act as
      back-up servicer to the Servicer under the Pooling and Servicing
      Agreement.

     

    ARTICLE
      VII

     

    REPRESENTATIONS
      AND WARRANTIES; DEFAULT

     

    Section
      7.01  Representations
      and Warranties.

     

    (a)  The
      Subservicer hereby makes the following representations and warranties to the
      Servicer:

     

    (i)  Due
      Organization, Qualification and Authority.  The Subservicer is a
      limited liability company duly organized, validly existing and in good standing
      under the laws of the State of Delaware, and is duly qualified to transact
      business as a foreign company, in good standing and licensed in each state
      to
      the extent necessary to ensure the enforceability of each Mortgage Loan and
      to
      perform its duties and obligations under this Agreement in accordance with
      the
      terms of this Agreement; the Subservicer has the full power, authority and
      legal
      right to execute and deliver this Agreement and to perform in accordance
      herewith; the Subservicer has duly authorized the execution, delivery and
      performance of this Agreement and has duly executed and delivered this
      Agreement; this Agreement constitutes the valid, legal, binding obligation
      of
      the Subservicer, except as enforceability may be limited by bankruptcy,
      insolvency, reorganization, receivership, moratorium or other laws relating
      to
      or affecting the rights of creditors generally and by general principles of
      equity (regardless of whether such enforcement is considered in a proceeding
      in
      equity or at law);

     

    (ii)  No
      Conflicts.  Neither the execution and delivery of this Agreement,
      nor the fulfillment of or compliance with the terms and conditions of this
      Agreement by the Subservicer, will (i) conflict with or result in a breach
      of
      any of the terms, conditions or provisions of the Subservicer’s limited
      liability company agreement, as amended, or bylaws, as amended, or any agreement
      or instrument to which the Subservicer is now a party or by which it (or any
      of
      its properties) is bound, or constitute a default or result in an acceleration
      under any of the foregoing; (ii) conflict with or result in a breach of any
      legal restriction if compliance therewith is necessary (a) to ensure the
      enforceability of any Mortgage Loan, or (b) for the Subservicer to perform
      its
      obligations under this Agreement in accordance with the terms hereof; (iii)
      result in the violation of any law, rule, regulation, order, judgment or decree
      to which the Subservicer or its property is subject if compliance therewith
      is
      necessary (a) to ensure the enforceability of any Mortgage Loan, or (b) for
      the
      Subservicer to perform its obligations under this Agreement in accordance with
      the terms hereof; or (iv) result in the creation or imposition of any lien,
      charge or encumbrance that would have a material adverse effect upon any of
      its
      properties pursuant to the terms of any mortgage, contract, deed of trust or
      other instrument, or materially impair the ability of the Servicer to realize
      on
      the Mortgage Loans;

     

    (iii)  No
      Litigation Pending.  There is no action, suit, or proceeding
      pending or to Subservicer’s knowledge threatened against the Subservicer which,
      either in any one instance or in the aggregate, would draw into question the
      validity of this Agreement or the Mortgage Loans, or would be likely to impair
      materially the ability of the Subservicer to perform its duties and obligations
      under the terms of this Agreement;

     

    (iv)  No
      Consent Required.  No consent, approval, authorization or order
      of, or registration or filing with, or notice to, any court or governmental
      agency or body having jurisdiction or regulatory authority over the Subservicer
      is required for (i) the Subservicer’s execution and delivery of, this Agreement,
      or (ii) the consummation of the transactions contemplated by this Agreement,
      or,
      to the extent required, such consent, approval, authorization, order,
      registration, filing or notice has been obtained, made or given (as applicable),
      except that the Subservicer may not be duly qualified to transact business
      as a
      foreign corporation or licensed in one or more states if such qualification
      or
      licensing is not necessary (a) to ensure the enforceability of any Mortgage
      Loan, or (b) for the Subservicer to perform its obligations under this Agreement
      in accordance with the terms hereof.

     

    (v)  Good
      Standing.  The Subservicer is an approved seller/servicer for
      Fannie Mae and Freddie Mac in good standing and is a HUD approved Mortgagee
      pursuant to Section 2.03 of the National Housing Act.  No event has
      occurred, including but not limited to, a change in insurance coverage, which
      would make the Subservicer unable to comply with Fannie Mae, Freddie Mac or
      HUD
      eligibility requirements or which would require notification to Fannie Mae,
      Freddie Mac or HUD;

     

    (vi)  MERS.  The
      Subservicer is a member of MERS in good standing, will comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS and is current in payment
      of
      all fees and assessments imposed by MERS; and

     

    (vii)  Credit
      Reporting.  As to each Mortgage
      Loan,
      the Subservicer will furnish, in accordance with the Fair Credit Reporting
      Act
      and its implementing regulations, accurate and complete information on its
      borrower credit files to Equifax, Experian, and Trans Union Credit Information
      Company, on a monthly basis

     

    (b)  The
      Servicer hereby makes the following representations and warranties to the
      Subservicer:

     

    (i)  Due
      Authority.  The Servicer has the full power, authority and legal
      right to execute and deliver this Agreement and to perform in accordance
      herewith; the Servicer has duly authorized the execution, delivery and
      performance of this Agreement and has duly executed and delivered this
      Agreement; the Servicer, prior to Securitization, is the Servicer and the holder
      of the Mortgage Loans; the Servicer has the right to authorize the Subservicer
      to perform the actions contemplated herein; this Agreement constitutes the
      valid, legal, binding obligation of the Servicer, except as enforceability
      may
      be limited by bankruptcy, insolvency, reorganization, receivership, moratorium
      or other laws relating to or affecting the rights of creditors generally and
      by
      general principles of equity (regardless of whether such enforcement is
      considered in a proceeding in equity or at law).

     

    (ii)  No
      Conflicts.  Neither the execution and delivery of this Agreement,
      nor the fulfillment of or compliance with the terms and conditions of this
      Agreement by the Servicer, will (i) conflict with or result in a breach of
      any
      of the terms, conditions or provisions of the Servicer’s Articles of
      Incorporation, or bylaws, as amended, or any agreement or instrument to which
      the Servicer is now a party or by which it (or any of its properties) is bound,
      or constitute a default or result in an acceleration under any of the foregoing;
      (ii) conflict with or result in a breach of any legal restriction if compliance
      therewith is necessary (a) to ensure the enforceability of any Mortgage Loan,
      or
      (b) for the Servicer to perform its obligations under this Agreement in
      accordance with the terms hereof; (iii) result in the violation of any law,
      rule, regulation, order, judgment or decree to which the Servicer or its
      property is subject if compliance therewith is necessary (a) to ensure the
      enforceability of any Mortgage Loan, or (b) for the Servicer to perform its
      obligations under this Agreement in accordance with the terms hereof; or (iv)
      result in the creation or imposition of any lien, charge or encumbrance that
      would have a material adverse effect upon any of its properties pursuant to
      the
      terms of any mortgage, contract, deed of trust or other instrument, or
      materially impair its ability to realize on the Mortgage Loans;

     

    (iii)  No
      Litigation Pending.  There is no action, suit, or proceeding
      pending or to Servicer’s knowledge threatened against the Servicer which, either
      in any one instance or in the aggregate, would draw into question the validity
      of this Agreement or the Mortgage Loans, or would be likely to impair materially
      the ability of the Servicer to perform its duties and obligations under the
      terms of this Agreement;

     

    (iv)  No
      Consent Required.  No consent, approval, authorization or order
      of, or registration or filing with, or notice to, any court or governmental
      agency or body having jurisdiction or regulatory authority over the Servicer
      is
      required for (i) the Servicer’s execution and delivery of, this Agreement, or
      (ii) the consummation of the transactions contemplated by this Agreement, or,
      to
      the extent required, such consent, approval, authorization, order, registration,
      filing or notice has been obtained, made or given (as applicable), except that
      the Servicer may not be duly qualified to transact business as a foreign
      corporation or licensed in one or more states if such qualification or licensing
      is not necessary (a) to ensure the enforceability of any Mortgage Loan, or
      (b)
      for the Servicer to perform its obligations under this Agreement in accordance
      with the terms hereof.

     

    Section
      7.02  Events
      of Default.

     

    “Event
      of
      Default”, wherever used herein, means any one of the following
      events:

     

    (a)  any
      failure by the Subservicer to remit to the Servicer any payment required to
      be
      so remitted by the Subservicer under the terms of this Agreement when and as
      due
      which continues unremedied by the Subservicer for a period of two (2) Business
      Days after the date on which such remittance was due; or

     

    (b)  any
      failure on the part of the Subservicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Subservicer contained in this Agreement, or any representation or warranty
      set
      forth by the Subservicer in Section 7.01 shall be untrue or incorrect in any
      material respect, and, in either case, such failure or breach materially and
      adversely affects the value of any Mortgage Loan or Mortgaged Property or the
      priority of the lien on any Mortgaged Property or the interest of the Servicer
      therein, which in either case continues unremedied for a period of thirty (30)
      days after the date on which written notice of such failure or breach, requiring
      the same to be remedied, shall have been given to the Subservicer by the
      Servicer; or

     

    (c)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      respect of the Subservicer for the commencement of an involuntary case under
      any
      present or future federal or state bankruptcy, insolvency or similar law, 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 Subservicer, and such decree or order shall remain in force
      undischarged or unstayed for a period of 60 days; or

     

    (d)  the
      Subservicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to the Subservicer or of
      or
      relating to all or substantially all of its property; or

     

    (e)  the
      Subservicer shall admit in writing its inability to pay its debts generally
      as
      they become due, file a petition to take advantage of any applicable federal
      or
      state bankruptcy, insolvency or similar law, make an assignment for the benefit
      of its creditors or voluntarily suspend payment of its obligations;

     

    (f)  failure
      by the Subservicer to duly perform, within the required time period, its
      obligations under Sections 4.02 or 4.03 of this Servicing
      Agreement;

     

    (g)  the
      Subservicer fails to maintain its license to do business or service residential
      mortgage loans in any jurisdiction where the Mortgaged Properties are located
      which failure continues un-remedied for a period of thirty (30) days after
      receiving actual notice of such failure and such failure has a material and
      adverse effect on the Servicer’s ability to perform its obligations under the
      Agreement; or

     

    (h)  Any
      Rating Agency lowers Subservicer’s overall servicing rating below average
      anytime after the date of this Agreement.

     

    then,
      and
      in each and every case, so long as an Event of Default shall not have been
      remedied, the Servicer may, by notice in writing to the Subservicer, in addition
      to whatever rights the Servicer may have at law or in equity, including
      injunctive relief and specific performance, terminate all of the rights and
      obligations of the Subservicer under this Agreement and in and to the Mortgage
      Loans and the proceeds thereof, without the Servicer incurring any penalty
      or
      fee of any kind whatsoever in connection therewith; provided,
however, that such termination shall be without prejudice to any rights
      of the Subservicer relating to the payment of its Subservicing Fees, Monthly
      Advances, Additional Servicing Compensation, and the reimbursement of any
      Servicing Advances and Servicing Expenses which have been made by it under
      the
      terms of this Agreement through and including the date of such termination
      (together with interest thereon at the Advance Rate).  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.  On or
      after the receipt by the Subservicer of such written notice of termination
      from
      the Servicer, all authority and power of the Subservicer under this Agreement,
      whether with respect to the Mortgage Loans or otherwise, shall pass to and
      be
      vested in the Servicer, and the Subservicer agrees to cooperate with the
      Servicer in effecting the termination of the Subservicer’s responsibilities and
      rights hereunder, including, without limitation, the transfer of the Servicing
      Files and the funds held in the Accounts as set forth in Section
      8.01.  Upon such termination, the Servicer shall promptly appoint a
      successor subservicer that will also assume the role of back-up servicer under
      the Pooling and Servicing Agreement, at its expense, and who shall be reasonably
      acceptable to the Master Servicer under the Pooling and Servicing
      Agreement.

     

    The
      Servicer may waive any default by the Subservicer in the performance of its
      obligations hereunder and its consequences.  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.

     

    ARTICLE
      VIII

     

    TERMINATION;
      TRANSFER OF MORTGAGE LOANS

     

    Section
      8.01  Termination
      of Agreement.

     

    (a)  The
      Subservicer may terminate, at its sole option, this Agreement with respect
      to
      some or all of the Mortgage Loans, without cause, upon ninety (90) days written
      notice to the Servicer and the Master Servicer under the Pooling and Servicing
      Agreement.  During the period beginning on the Closing Date and ending
      on the first anniversary after the Closing Date (the “First Back-Up Period”),
      such termination shall become effective upon the earlier to occur of (i) the
      appointment of a back-up servicer under the Pooling and Servicing Agreement
      or
      (ii) the first anniversary after the Closing Date.  In the event that
      a back-up servicer is not appointed by the first anniversary after the Closing
      Date, the Servicer shall pay the Master Servicer from its own funds, the Master
      Servicer Back-Up Fee on a monthly basis until such time as a back-up servicer,
      reasonably acceptable to the Master Servicer, is appointed under the Pooling
      and
      Servicing Agreement.  During any time after the First Back-Up Period,
      such termination shall become effective upon the earlier to occur of (i) the
      appointment of a back-up servicer under the Pooling and Servicing Agreement
      or
      (ii) 180 days after the date on which written notice of termination is provided
      by the Subservicer to the Servicer and the Master Servicer under the Pooling
      and
      Servicing Agreement.  In the event that a back-up servicer is not
      appointed within 180 days of the Servicer’s receipt of such notice from the
      Subservicer, the Servicer shall pay the Master Servicer, from its own funds,
      the
      Master Servicer Back-Up Fee on a monthly basis until such time as a back-up
      servicer, reasonably acceptable to the Master Servicer, shall be appointed
      under
      the Pooling and Servicing Agreement.

     

    (b)  This
      Agreement may be terminated by the Servicer with respect to any Mortgage Loans,
      without cause, upon thirty (30) days advance written notice to the
      Subservicer.  Such termination shall not become effective until a
      successor subservicer reasonably acceptable to the Master Servicer shall have
      assumed the Subservicer’s responsibilities and obligations under this Agreement,
      including, but not limited to, the obligation under Section 6.04 to act as
      a
      back-up servicer to the Servicer under the Pooling and Servicing
      Agreement.  In the event the Servicer terminates the Subservicer
      without cause with respect to some or all of the Mortgage Loans, the Servicer
      shall be required to pay the Subservicer the applicable Deboarding
      Fees.

     

    (c)  Termination
      pursuant to this Section or as otherwise provided herein shall be without
      prejudice to any rights of the Servicer or the Subservicer which may have
      accrued through the date of termination hereunder.  Upon such
      termination, the Subservicer shall (i) remit all funds in the related Accounts
      to the Servicer or such other Person designated by the Servicer, net of accrued
      Subservicing Fees, Monthly Advances, Additional Servicing Compensation,
      Servicing Advances (with interest thereon at the Advance Rate) and Servicing
      Expenses (with interest thereon at the Advance Rate) through the termination
      date to which the Subservicer would be entitled to payment or reimbursement
      hereunder; (ii) deliver all related Servicing Files to the Servicer or to
      Persons designated by the Servicer; and (iii) fully cooperate with the Servicer
      and any new Subservicer to effectuate an orderly transition of Loan Servicing
      of
      the related Mortgage Loans.  Upon such termination, any Subservicing
      Fees, Additional Servicing Compensation, Monthly Advances, Servicing Advances
      (with interest thereon at the Advance Rate)and the Servicing Expenses (with
      interest thereon at the Advance Rate) which remain unpaid or unreimbursed after
      the Subservicer has netted out such amounts pursuant to the preceding sentence
      shall be remitted by the Servicer to the Subservicer within ten (10) Business
      Days after the Servicer’s receipt of an itemized invoice therefor.

     

    (d)  Notwithstanding
      anything herein to the contrary, the Subservicer’s rights and obligations under
      this Agreement shall expressly survive a termination of the Servicer’s servicing
      rights pursuant to the Pooling and Servicing Agreement (except a termination
      of
      the Servicer caused by an Event of Default of the Subservicer).  In
      the event of such a termination, any successor Servicer or the Trustee (if
      it
      assumes the servicing obligations of the Servicer) shall be deemed to
      automatically have assumed and agreed to this Agreement without further action
      upon becoming the successor Servicer.

     

    ARTICLE
      IX

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      9.01  Amendment;
      Waiver.

     

    This
      Agreement contains the entire agreement between the parties relating to the
      subject matter hereof, and no term or provision hereof may be amended or waived
      unless such amendment or waiver is in writing and signed by the party against
      whom such amendment or waiver is sought to be enforced.  The
      Subservicer shall not consent to any such amendment to the Agreement unless
      the
      Subservicer receives an Officer’s Certificate from the Servicer stating that the
      Servicer, after consultation with its accountants, does not believe that the
      amendment will result in the Securitization trust failing to qualify as a
“qualifying special-purpose entity” as defined in Statement of Financial
      Accounting Standards Number 140.

     

    Section
      9.02  Governing
      Law.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws, without giving effect to principles
      of
      conflicts of laws.

     

    Section
      9.03  Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and addressed
      in each case as follows:

     

    (i)       
           if to the Servicer, at:

     

    Alliance
      Bancorp

    1000
      Marina Blvd., Suite 100

    Brisbane,
      CA  94005

    Attention:  Lisa
      Duehring

     

    With
      a
      copy to:

     

    Alliance
      Bancorp

    1000
      Marina Blvd., Suite 100

    Brisbane,
      CA  94005

    Attention:  Sunday
      DeFelice

     

    With
      a
      copy to:

     

    Alliance
      Bancorp

    34
      Magnet
      Street

    Stony
      Brook, NY  11790

    Attention:  Thomas
      Sullivan

     

    (ii)           if
      to the Subservicer, by U.S. Mail at:

     

    GMAC
      Mortgage, LLC

    100
      Witmer Road

    Horsham,
      PA  19044

    Attention:  Executive
      Vice President of National Loan Administration

     

    With
      a
      Copy to:

     

    GMAC
      Mortgage, LLC

    3451
      Hammond Ave.

    Waterloo,
      IA  50702-5345

    Attention:  General
      Manager

     

    With
      a
      Copy to:

     

    GMAC
      Mortgage, LLC

    100
      Witmer Road

    Horsham,
      PA  19044

    Attention:  General
      Counsel

     

    Any
      of
      the above-referenced Persons may change its address for notices hereunder by
      giving notice of such change to the other Persons.  All notices and
      demands shall be deemed to have been given at the time of the delivery at the
      address of such Person for notices hereunder if personally delivered, mailed
      by
      certified or registered mail, postage prepaid, return receipt requested, or
      sent
      by overnight courier or telecopy; provided, however, that any
      notice delivered after normal business hours of the recipient or on a day which
      is not a Business Day shall be deemed to have been given on the next succeeding
      Business Day.

     

    To
      the
      extent that any demand, notice or communication hereunder is given to the
      Subservicer by a Responsible Officer of the Servicer, such Responsible Officer
      shall be deemed to have the requisite power and authority to bind the Servicer
      with respect to such communication, and the Subservicer may conclusively rely
      upon and shall be protected in acting or refraining from acting upon any such
      communication.  To the extent that any demand, notice or communication
      hereunder is given to the Servicer by a Responsible Officer of the Subservicer,
      such Responsible Officer shall be deemed to have the requisite power and
      authority to bind the Subservicer with respect to such communication, and the
      Servicer may conclusively rely upon and shall be protected in acting or
      refraining from acting upon any such communication.

     

    Section
      9.04  Severability
      of Provisions.

     

    If
      one or
      more of the provisions of this Agreement shall be for any reason whatever held
      invalid or unenforceable, such provisions shall be deemed severable from the
      remaining covenants, agreements and provisions of this Agreement and such
      invalidity or unenforceability shall in no way affect the validity or
      enforceability of such remaining provisions or the rights of any parties
      thereunder.  To the extent permitted by law, the parties hereto hereby
      waive any provision of law that renders any provision of this Agreement invalid
      or unenforceable in any respect.

     

    Section
      9.05  Inspection
      and Audit Rights.

     

    The
      Subservicer agrees that, on reasonable prior notice, it will permit any agent
      or
      representative of the Servicer, during the Subservicer’s normal business hours,
      to examine all the books of account, records, reports and other papers of the
      Subservicer relating to the Mortgage Loans, to make copies and extracts
      therefrom, to cause such books to be audited by accountants selected by the
      Servicer, and to discuss matters relating to the Mortgage Loans with the
      Subservicer’s officers, employees and accountants (and by this provision the
      Subservicer hereby authorizes such accountants to discuss with such agents
      or
      representatives such matters), all at such reasonable times and as often as
      may
      be reasonably requested.  Any expense incident to the exercise by the
      Servicer of any right under this Section shall be borne by the
      Servicer.

     

    Section
      9.06  Binding
      Effect; No Partnership; Counterparts.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and permitted assigns of the parties
      hereto.  Nothing herein contained shall be deemed or construed to
      create a partnership or joint venture between the parties hereto and the
      services of the Subservicer shall be rendered as an independent contractor
      for
      the Servicer.  For the purpose of facilitating the execution 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
      constitute but one and the same instrument.

     

    Section
      9.07  Protection
      of Confidential Information; No Solicitation.

     

    The
      Subservicer shall keep confidential and shall not divulge to any party, without
      the Servicer’s prior written consent, any information pertaining to the Mortgage
      Loans, the Mortgaged Properties, or the Borrowers except to the extent that
      (a)
      it is appropriate for the Subservicer to do so (i) in working with legal
      counsel, auditors, other advisors, taxing authorities or other governmental
      agencies, (ii) in accordance with Accepted Servicing Practices or (iii) when
      required by any law, regulation, ordinance, court order or subpoena or (b)
      the
      Subservicer is disseminating general statistical information relating to the
      mortgage loans being serviced by the Subservicer (including the Mortgage Loans)
      so long as the Subservicer does not identify the Servicer or the
      Borrowers.

     

    In
      addition to the foregoing, neither the Subservicer nor any of its Affiliates
      shall (i) provide any employee of the Subservicer or its Affiliates that is
      directly involved in the solicitation of borrowers in connection with the
      origination of mortgage loans by the Subservicer and its Affiliates access
      to
      any reports, documents or information in respect of any Borrower, Mortgaged
      Property or Mortgage Loan which the Subservicer has received pursuant to its
      Loan Servicing obligations hereunder, or (ii) use any such reports, documents
      or
      information in connection with such solicitation of
      borrowers.  Failure of the Subservicer to comply with its obligations
      under this Section shall result in an Event of Default hereunder.

     

    Section
      9.08  General
      Interpretive Principles.

     

    For
      purposes of this Agreement, except as otherwise expressly provided or unless
      the
      context otherwise requires:

     

    (a)  the
      terms
      defined in this Agreement have the meanings assigned to them in this Agreement
      and include the plural as well as the singular, and the use of any gender herein
      shall be deemed to include the other gender;

     

    (b)  accounting
      terms not otherwise defined herein have the meanings assigned to them in
      accordance with generally accepted accounting principles;

     

    (c)  references
      herein to an “Article,” “Section,” or other subdivision without reference to a
      document are to the designated Article, Section or other applicable subdivision
      of this Agreement;

     

    (d)  reference
      to a Section, subsection, paragraph or other subdivision without further
      reference to a specific Section is a reference to such Section, subsection,
      paragraph or other subdivision, as the case may be, as contained in the same
      Section in which the reference appears;

     

    (e)  the
      words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this
      Agreement as a whole and not to any particular provision;

     

    (f)  the
      term
“include” or “including” shall mean without limitation by reason of enumeration;
      and

     

    (g)  the
      Article, Section and subsection headings herein are for convenience of reference
      only, and shall not limit or otherwise affect the meaning of the provisions
      contained therein.

     

    Section
      9.09  Further
      Agreements.

     

    The
      Subservicer and the Servicer each agree to execute and deliver to the other
      such
      additional documents, instruments or agreements as may be reasonably requested
      by the other and as may be necessary or appropriate to effectuate the purposes
      of this Agreement.

     

    ARTICLE
      X

     

    COMPLIANCE
      WITH REGULATION AB

     

    Section
      10.01  Intent
      of the Parties; Reasonableness.

     

    The
      Subservicer and the Servicer acknowledge and agree that the purpose of Article
      X
      of this Agreement is to facilitate compliance by the Servicer and any Depositor
      with the provisions of Regulation AB and related rules and regulations of the
      Commission. Neither the Servicer nor any Depositor shall exercise its right
      to
      request delivery of information or other performance under these provisions
      other than in good faith, or for purposes other than compliance with the
      Securities Act, the Exchange Act and the rules and regulations of the Commission
      thereunder. The Subservicer acknowledges that interpretations of the
      requirements of Regulation AB may change over time, whether due to interpretive
      guidance provided by the Commission or its staff, consensus among participants
      in the asset-backed securities markets, advice of counsel, or otherwise, and
      agrees to comply with requests made by the Servicer, the Master Servicer or
      any
      Depositor in good faith for delivery of information under these provisions
      on
      the basis of evolving interpretations of Regulation AB.  In connection
      with any Pass-Through Transfer, the Subservicer shall cooperate fully with
      the
      Servicer and the Master Servicer to deliver to the Servicer (including any
      of
      its assignees or designees), the Master Servicer and any Depositor, any and
      all
      statements, reports, certifications, records and any other information necessary
      in the good faith determination of the Servicer, the Master Servicer or any
      Depositor to permit the Servicer, the Master Servicer or such Depositor to
      comply with the provisions of Regulation AB, together with such disclosures
      relating to the Subservicer, any Regulation AB Subservicer and the Mortgage
      Loans, or the servicing of the Mortgage Loans, reasonably believed by the
      Servicer or any Depositor to be necessary in order to effect such
      compliance.

     

    In
      the
      event that (i) the Subservicer does not reasonably believe that certain
      information requested under the Article X is required to be disclosed pursuant
      to Regulation AB and (ii) the Subservicer has not provided such information
      for
      any of its own securitizations, the Servicer shall pay all reasonable documented
      costs incurred by the Subservicer in connection with the preparation and
      delivery of such information, and the Subservicer shall promptly deliver such
      information after expiration of a reasonable period of time for establishing
      the
      necessary systems and procedures to produce such information, provided, however,
      that (x) that the costs incurred by the Servicer in connection with establishing
      the necessary systems and procedures will be split pro rata with any other
      party
      that makes a request for similar information and (y) if such information,
      systems and/or procedures are subsequently used by the Subservicer for the
      purposes of providing information for any of its own securitizations, the
      Subservicer shall reimburse the Servicer for the amount previously paid by
      the
      Servicer to the Subservicer for such information, systems and/or procedures,
      together with interest accrued beginning on the date such funds are paid by
      the
      Servicer to the Subservicer and ending on the date of such reimbursement, both
      inclusive.

    

    Section
      10.02  Additional
      Representations and Warranties of the Subservicer.

     

    (a)  The
      Subservicer hereby represents to the Servicer, the Master Servicer and to any
      Depositor, as of the date on which information is first provided to the
      Servicer, the Master Servicer or any Depositor under Section 10.03 that, except
      as disclosed in writing to the Servicer or such Depositor prior to such date:
      (i) the Subservicer is not aware and has not received notice that any default,
      early amortization or other performance triggering event has occurred as to
      any
      other securitization due to any act or failure to act of the Subservicer; (ii)
      the Subservicer has not been terminated as servicer in a residential mortgage
      loan securitization, either due to a servicing default or to application of
      a
      servicing performance test or trigger; (iii) no material noncompliance with
      the
      applicable servicing criteria with respect to other securitizations of
      residential mortgage loans involving the Subservicer as servicer has been
      disclosed or reported by the Subservicer; (iv) no material changes to the
      Subservicer’s policies or procedures with respect to the servicing function it
      will perform under this Agreement for mortgage loans of a type similar to the
      Mortgage Loans have occurred during the three-year period immediately preceding
      the related Pass-Through Transfer; (v) there are no aspects of the Subservicer’s
      financial condition that could have a material adverse effect on the performance
      by the Subservicer of its servicing obligations under this Agreement; (vi)
      there
      are no material legal or governmental proceedings pending (or known to be
      contemplated) against the Subservicer or any Regulation AB Subservicer; and
      (vii) there are no affiliations, relationships or transactions relating to
      the
      Subservicer or any Regulation AB Subservicer with respect to any Pass-Through
      Transfer and any party thereto identified by the related Depositor of a type
      described in Item 1119 of Regulation AB.

     

    (b)  If
      so
      requested by the Servicer, the Master Servicer or any Depositor on any date
      following the date on which information is first provided to the Servicer,
      the
      Master Servicer or any Depositor under Section 10.03, the Subservicer shall,
      within five (5) Business Days following such request, confirm in writing the
      accuracy of the representations and warranties set forth in paragraph (a) of
      this Section or, if any such representation and warranty is not accurate as
      of
      the date of such request, provide reasonably adequate disclosure of the
      pertinent facts, in writing, to the requesting party.

     

    Section
      10.03  Information
      to Be Provided by the Subservicer.

     

    The
      Subservicer shall (i) within five (5) Business Days following request by the
      Servicer or any Depositor, provide to the Servicer and such Depositor (or,
      as
      applicable, cause each Regulation AB Subservicer to provide), in writing and
      in
      form and substance reasonably satisfactory to the Servicer and such Depositor,
      the information and materials specified in paragraphs (a), (b) and (d) of this
      Section, and (e) as promptly as practicable following notice to or discovery
      by
      the Subservicer, provide to the Servicer and any Depositor (in writing and
      in
      form and substance reasonably satisfactory to the Servicer and such Depositor)
      the information specified in paragraph (b)of this Section.

     

    (a)  The
      Subservicer shall provide such information regarding its role as servicer of
      the
      Mortgage Loans, and each Regulation AB Subservicer (the Subservicer and each
      Regulation AB Subservicer, for purposes of this paragraph, a “Subservicer”), as
      is requested for the purpose of compliance with Items 1108, 1117 and 1119 of
      Regulation AB. Such information shall include, at a minimum:

     

    
      	
              (A)  

            	
              the
                Subservicer’s form of organization;

            

    

     

    
      	
              (B)  

            	
              a
                description of how long the Subservicer has been servicing residential
                mortgage loans; a general discussion of the Subservicer’s experience in
                servicing assets of any type as well as a more detailed discussion
                of the
                Subservicer’s experience in, and procedures for, the servicing function it
                will perform under this Agreement; information regarding the size,
                composition and growth of the Subservicer’s portfolio of residential
                mortgage loans of a type similar to the Mortgage Loans and information
                on
                factors related to the Subservicer that may be material, in the good
                faith
                judgment of any Depositor, to any analysis of the servicing of the
                Mortgage Loans or the related asset-backed securities, as applicable,
                including, without limitation:

            

    

     

    
      	
              (1)  

            	
              whether
                any prior securitizations of mortgage loans of a type similar to
                the
                Mortgage Loans involving the Subservicer have defaulted or experienced
                an
                early amortization or other performance triggering event because
                of
                servicing during the three-year period immediately preceding the
                related
                Pass-Through Transfer;

            

    

     

    
      	
              (2)  

            	
              the
                extent of outsourcing the Subservicer
                utilizes;

            

    

     

    
      	
              (3)  

            	
              whether
                there has been previous disclosure of material noncompliance with
                the
                applicable servicing criteria with respect to other securitizations
                of
                residential mortgage loans involving the Subservicer as a servicer
                during
                the three-year period immediately preceding the related Pass-Through
                Transfer;

            

    

     

    
      	
              (4)  

            	
              whether
                the Subservicer has been terminated as servicer in a residential
                mortgage
                loan securitization, either due to a servicing default or to application
                of a servicing performance test or trigger;
                and

            

    

     

    
      	
              (5)  

            	
              such
                other information as any Depositor may reasonably request for the
                purpose
                of compliance with Item 1108(b)(2) of Regulation
                AB;

            

    

     

    
      	
              (C)  

            	
              a
                description of any material changes during the three-year period
                immediately preceding the related Pass-Through Transfer to the
                Subservicer’s policies or procedures with respect to the servicing
                function it will perform under this Agreement for mortgage loans
                of a type
                similar to the Mortgage Loans;

            

    

     

    
      	
              (D)  

            	
              information
                regarding the Subservicer’s financial condition, to the extent that there
                is a material risk that an adverse financial event or circumstance
                involving the Subservicer could have a material adverse effect on
                the
                performance by the Subservicer of its servicing obligations under
                this
                Agreement;

            

    

     

    
      	
              (E)  

            	
              information
                regarding advances made by the Subservicer on the Mortgage Loans
                and the
                Subservicer’s overall servicing portfolio of residential mortgage loans
                for the three-year period immediately preceding the related Pass-Through
                Transfer, which may be limited to a statement by an authorized officer
                of
                the Subservicer to the effect that the Subservicer has made all advances
                required to be made on residential mortgage loans serviced by it
                during
                such period, or, if such statement would not be accurate, information
                regarding the percentage and type of advances not made as required,
                and
                the reasons for such failure to
                advance;

            

    

     

    
      	
              (F)  

            	
              a
                description of the Subservicer’s processes and procedures designed to
                address any special or unique factors involved in servicing loans
                of a
                similar type as the Mortgage Loans;

            

    

     

    
      	
              (G)  

            	
              a
                description of the Subservicer’s processes for handling delinquencies,
                losses, bankruptcies and recoveries, such as through liquidation
                of
                mortgaged properties, sale of defaulted mortgage loans or
                workouts;

            

    

     

    
      	
              (H)  

            	
              information
                as to how the Subservicer defines or determines delinquencies and
                charge-offs, including the effect of any grace period, re-aging,
                restructuring, partial payments considered current or other practices
                with
                respect to delinquency and loss
                experience;

            

    

     

    
      	
              (I)  

            	
              a
                description of any material legal or governmental proceedings pending
                (or
                known to be contemplated) against the Subservicer;
                and

            

    

     

    
      	
              (J)  

            	
              a
                description of any affiliation or relationship between the Subservicer
                and
                any of the following parties to a Pass-Through Transfer, as such
                parties
                are identified to the Subservicer by the Servicer or any Depositor
                in
                writing in advance of such Pass-Through
                Transfer:

            

    

     

    
      	
              (1)  

            	
              the
                sponsor;

            

    

     

    
      	
              (2)  

            	
              the
                depositor;

            

    

     

    
      	
              (3)  

            	
              the
                issuing entity;

            

    

     

    
      	
              (4)  

            	
              any
                servicer;

            

    

     

    
      	
              (5)  

            	
              any
                trustee;

            

    

     

    
      	
              (6)  

            	
              any
                originator;

            

    

     

    
      	
              (7)  

            	
              any
                significant obligor;

            

    

     

    
      	
              (8)  

            	
              any
                enhancement or support provider;
                and

            

    

     

    
      	
              (9)  

            	
              any
                other material transaction party.

            

    

     

    (b)  For
      the
      purpose of satisfying the reporting obligation under the Exchange Act with
      respect to any class of asset-backed securities, the Subservicer shall (or
      shall
      cause each Regulation AB Subservicer to) (i) provide prompt notice to the
      Servicer, the Master Servicer and any Depositor in writing of (A) any material
      litigation or governmental proceedings involving the Subservicer or any
      Regulation AB Subservicer, (B) any affiliations or relationships that develop
      following the closing date of a Pass-Through Transfer between the Subservicer
      or
      any Regulation AB Subservicer and any of the parties specified in clause (J)
      of
      paragraph (a) (and any other parties identified in writing by the requesting
      party) with respect to such Pass-Through Transfer, (C) any Event of Default
      under the terms of this Agreement, (D) any merger, consolidation  or
      sale of substantially all of the assets of the Subservicer, and (E) the
      Subservicer’s entry into an agreement with a Regulation AB Subservicer to
      perform or assist in the performance of any of the Subservicer’s obligations
      under this Agreement and (ii) provide to the Servicer and any Depositor a
      description of such proceedings, affiliations or relationships.

     

    (c)  As
      a
      condition to the succession to the Subservicer or any Regulation AB Subservicer
      as servicer or subservicer under this Agreement by any Person (i) into which
      the
      Subservicer or such Regulation AB Subservicer may be merged or consolidated,
      or
      (ii) which may be appointed as a successor to the Subservicer or any Regulation
      AB Subservicer, the Subservicer shall provide to the Servicer, the Master
      Servicer and any Depositor, at least 15 calendar days prior to the effective
      date of such succession or appointment, (x) written notice to the Servicer
      and
      any Depositor of such succession or appointment and (y) in writing and in form
      and substance reasonably satisfactory to the Servicer and such Depositor, all
      information reasonably requested by the Servicer or any Depositor in order
      to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      any class of asset-backed securities.

     

    (d)  In
      addition to such information as the Subservicer is obligated to provide pursuant
      to other provisions of this Agreement, not later than ten days prior to the
      deadline for the filing of any distribution report on Form 10-D in respect
      of
      any Pass-Through Transfer that includes any of the Mortgage Loans serviced
      by
      the Subservicer or any Regulation AB Subservicer, the Subservicer or such
      Regulation AB Subservicer, as applicable, shall, to the extent the Subservicer
      or such Regulation AB Subservicer has knowledge, provide to the Servicer and
      the
      Master Servicer notice of the occurrence of any of the following events 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 (as specified in
      the
      provisions of Regulation AB referenced below):

     

    (i)           any
      material modifications, extensions or waivers of pool asset terms, fees,
      penalties or payments during the distribution period or that have cumulatively
      become material over time (Item 1121(a)(11) of Regulation AB); and

     

    (ii)           material
      breaches of pool asset representations or warranties or transaction covenants
      (Item 1121(a)(12) of Regulation AB).

     

    (e)  The
      Subservicer shall provide to the Servicer and any Depositor and Master Servicer,
      evidence of the authorization of the person signing any certification or
      statement, copies or other evidence of Fidelity Bond Insurance and Errors and
      Omission Insurance policy, financial information and reports, and such other
      information related to the Subservicer or any Regulation AB Subservicer or
      the
      Subservicer or such Regulation AB Subservicer’s performance
      hereunder.

     

    Section
      10.04  Subservicer
      Compliance Statement.

     

    On
      or
      before March 15th of each
      calendar
      year with no cure period, commencing in 2008, the Subservicer shall deliver
      to
      the Servicer, the Master Servicer and any Depositor a statement of compliance
      addressed to the Servicer, the Master Servicer and such Depositor and signed
      by
      an authorized officer of the Subservicer, to the effect that (i) a review of
      the
      Subservicer’s activities during the immediately preceding calendar year (or
      applicable portion thereof) and of its performance under this Agreement during
      such period has been made under such officer’s supervision, and (ii) to the best
      of such officers’ knowledge, based on such review, the Subservicer has fulfilled
      all of its obligations under this Agreement in all material respects throughout
      such calendar year (or applicable portion thereof) or, if there has been a
      failure to fulfill any such obligation in any material respect, specifically
      identifying each such failure known to such officer and the nature and the
      status thereof.

     

    Section
      10.05  Report
      on
      Assessment of Compliance and Attestation.

     

    (a)  On
      or
      before March 15th  of each
      calendar year with no cure period, commencing in 2008, the Subservicer
      shall:

     

    (i)           deliver
      to the Servicer, the Master Servicer and any Depositor a report (in form and
      substance reasonably satisfactory to the Servicer, the Master Servicer and
      such
      Depositor) regarding the Subservicer’s assessment of compliance with the
      Servicing Criteria during the immediately preceding calendar year, as required
      under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB. Such report shall be addressed to the Servicer, the Master Servicer and
      such
      Depositor and signed by an authorized officer of the Subservicer, and shall
      address each of the “Applicable Servicing Criteria” specified on Exhibit B
      hereto;

     

    (ii)           deliver
      to the Servicer, the Master Servicer and any Depositor a report of a registered
      public accounting firm reasonably acceptable to the Servicer, the Master
      Servicer and such Depositor that attests to, and reports on, the assessment
      of
      compliance made by the Subservicer and delivered pursuant to the preceding
      paragraph. Such attestation shall be in accordance with Rules 1 02(a)(3) and
      2-02(g) of Regulation S-X under the Securities Act and the Exchange
      Act;

     

    (iii)           cause
      each Regulation AB Subservicer, and each Subcontractor determined by the
      Subservicer pursuant to Section 10.06(b) to be “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB and deliver to the
      Servicer, the Master Servicer and any Depositor an assessment of compliance
      and
      accountants’ attestation as and when provided in paragraphs (a) and (b) of this
      Section; and

     

    (iv)           deliver,
      and cause each Regulation AB Subservicer and Subcontractor described in clause
      (iii) to provide, to the Servicer, the Master Servicer any Depositor and any
      other Person that will be responsible for signing the certification (a “Sarbanes
      Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
      (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an
      asset-backed issuer with respect to a Pass-Through Transfer a certification,
      signed by the appropriate officer of the Subservicer, in the form attached
      hereto as Exhibit C.

     

    The
      Subservicer acknowledges that the parties identified in clause (a)(iv) above
      may
      rely on the certification provided by the Subservicer pursuant to such clause
      in
      signing a Sarbanes Certification and filing such with the
      Commission.

     

    (b)  Each
      assessment of compliance provided by a Regulation AB Subservicer pursuant to
      Section 10.05(a)(i) shall address each of the Servicing Criteria specified
      on a
      certification substantially in the form of Exhibit B hereto delivered to the
      Subservicer concurrently with the execution of this Agreement or, in the case
      of
      a Regulation AB Subservicer subsequently appointed as such, on or prior to
      the
      date of such appointment. An assessment of compliance provided by a
      Subcontractor pursuant to Section 10.05(a)(iii) need not address any elements
      of
      the Servicing Criteria other than those specified by the Subservicer pursuant
      to
      Section 10.06.

     

    Section
      10.06  Use
      of
      Regulation AB Subservicers and Subcontractors.

     

    The
      Subservicer shall not hire or otherwise utilize the services of any Regulation
      AB Subservicer to fulfill any of the obligations of the Subservicer as servicer
      under this Agreement unless the Subservicer complies with the provisions of
      paragraph (a) of this Section. The Subservicer shall not hire or otherwise
      utilize the services of any Subcontractor, and shall not permit any Regulation
      AB Subservicer to hire or otherwise utilize the services of any Subcontractor,
      to fulfill any of the obligations of the Subservicer under this Agreement unless
      the Subservicer complies with the provisions of paragraph (b) of this
      Section.

     

    (a)  It
      shall
      not be necessary for the Servicer to seek the consent of the Servicer, Master
      Servicer or any Depositor to the utilization of any Subservicer. The Subservicer
      shall cause any Regulation AB Subservicer used by the Subservicer (or by any
      Regulation AB Subservicer) for the benefit of any Depositor and the Master
      Servicer to comply with the provisions of this Section and with Sections 10.02,
      10.03(a), (c), (d) and (e), 10.04, 10.05 and 10.07 of this Agreement to the
      same
      extent as if such Regulation AB Subservicer were the Subservicer, and to provide
      the information required with respect to such Regulation AB Subservicer under
      Section 10.03(b) of this Agreement. The Subservicer shall be responsible for
      obtaining from each Regulation AB Subservicer and delivering to the Servicer
      and
      any Depositor and the Master Servicer any servicer compliance statement required
      to be delivered by such Regulation AB Subservicer under Section 10.04, any
      assessment of compliance and attestation required to be delivered by such
      Regulation AB Subservicer under Section 10.05 and any certification required
      to
      be delivered to the Person that will be responsible for signing the Sarbanes
      Certification under Section 10.05 as and when required to be
      delivered.

     

    (b)  It
      shall
      not be necessary for the Subservicer to seek the consent of the Servicer, the
      Master Servicer or any Depositor to the utilization of any Subcontractor. The
      Subservicer shall promptly upon request provide to the Servicer, the Master
      Servicer and any Depositor (or any designee of the Depositor, such as an
      administrator) a written description (in form and substance satisfactory to
      the
      Servicer, the Master Servicer and such Depositor) of the role and function
      of
      each Subcontractor utilized by the Subservicer or any Regulation AB Subservicer,
      specifying (i) the identity of each such Subcontractor, (ii) which (if any)
      of
      such Subcontractors are “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
      Criteria will be addressed in assessments of compliance provided by each
      Subcontractor identified pursuant to clause (ii) of this paragraph.

     

    As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Subservicer shall cause any such Subcontractor used by the
      Subservicer (or by any Regulation AB Subservicer) for the benefit of any
      Depositor and the Master Servicer to comply with the provisions of Sections
      10.05 and 10.07 of this Agreement to the same extent as if such Subcontractor
      were the Subservicer.  The Subservicer shall be responsible for
      obtaining from each Subcontractor and delivering to the Servicer and any
      Depositor any assessment of compliance and attestation and the other
      certifications required to be delivered by such Regulation AB Subservicer and
      such Subcontractor under Section 10.05, in each case as and when required to
      be
      delivered.

     

    Section
      10.07  Indemnification;
      Remedies.

     

    (a)  The
      Subservicer shall indemnify the Servicer, each affiliate of the Servicer, and
      each of the following parties participating in a Pass-Through Transfer: each
      sponsor and issuing entity; each Person (including, but not limited to, the
      Master Servicer) responsible for the preparation, execution or filing of any
      report required to be filed with the Commission with respect to such
      Pass-Through Transfer, or for execution of a certification pursuant to Rule
      13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
      Pass-Through Transfer; each broker dealer acting as underwriter, placement
      agent
      or initial purchaser, each Person who controls any of such parties or the
      Depositor (within the meaning of Section 15 of the Securities Act and Section
      20
      of the Exchange Act); and the respective present and former directors, officers,
      employees, agents and affiliates of each of the foregoing and of the Depositor
      (each, an “Indemnified Party”), and shall hold each of them harmless from and
      against any claims, 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:

     

    (i)           (A)
      any untrue statement of a material fact contained or alleged to be contained
      in
      any information, report, certification, data, accountants’ letter or other
      material provided under this Article X by or on behalf of the Subservicer,
      or
      provided under this Article X by or on behalf of any Regulation AB Subservicer
      or Subcontractor (collectively, the “Subservicer Information”), or (B) the
      omission or alleged omission to state in the Subservicer Information a material
      fact required to be stated in the Subservicer Information or necessary in order
      to make the statements therein, in the light of the circumstances under which
      they were made, not misleading; provided, by way of clarification, that clause
      (B) of this paragraph shall be construed solely by reference to the Subservicer
      Information and not to any other information communicated in connection with
      a
      sale or purchase of securities, without regard to whether the Servicer
      Information or any portion thereof is presented together with or separately
      from
      such other information;

     

    (ii)           any
      breach by the Subservicer of its obligations under this Article X, including
      particularly any failure by the Subservicer, any Regulation AB Subservicer
      or
      any Subcontractor to deliver any information, report, certification,
      accountants’ letter or other material when and as required under this Article X,
      including any failure by the Subservicer to identify pursuant to Section
      10.06(b) any Subcontractor “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB; or

     

    (iii)           any
      breach by the Subservicer of a representation or warranty set forth in Section
      10.02(a) or in a writing furnished pursuant to Section 10.02(b) and made as
      of a
      date prior to the closing date of the related Pass-Through Transfer, to the
      extent that such breach is not cured by such closing date, or any breach by
      the
      Subservicer of a representation or warranty in a writing furnished pursuant
      to
      Section 10.02(b) to the extent made as of a date subsequent to such closing
      date;

     

    The
      Servicer shall indemnify the Subservicer, each affiliate of the Subservicer
      and
      each Person who controls the Subservicer or such affiliate and their respective
      present and former directors, officers, employees and agents, 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 each of them may sustain arising out of or based
      upon any claims arising out of or in connection with any information set forth
      in any offering document prepared in connection with any Pass-Through Transfer
      other than a statement or omission arising out of, resulting from, or based
      upon
      Third-Party Information.

     

    In
      no
      event, shall the Subservicer be liable for any consequential, indirect or
      punitive damages whatsoever, whether in contract, tort (including negligence
      and
      strict liability), or any other legal or equitable principal (except to the
      extent such damages arise from or are based upon the Subservicer’s failure to
      deliver an annual statement of compliance as required by Section 10.04);
      provided, however, that such limitation shall not be applicable with respect
      to
      third party claims made against the Servicer.

    

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless an Indemnified Party, then the Subservicer agrees that it shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of any claims, losses, damages or liabilities incurred by such Indemnified
      Party
      in such proportion as is appropriate to reflect the relative fault of such
      Indemnified Party on the one hand and the Subservicer on the other.

     

    In
      the
      case of any failure of performance described in clause (a)(ii) of this Section,
      the Subservicer shall promptly reimburse the Servicer, the Master Servicer
      any
      Depositor, as applicable, and each Person responsible for the preparation,
      execution or filing of any report required to be filed with the Commission
      with
      respect to such Pass-Through Transfer, or for execution of a certification
      pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect
      to such Pass-Through Transfer, for all costs reasonably incurred by each such
      party in order to obtain the information, report, certification, accountants’
letter or other material not delivered as required by the Subservicer, any
      Regulation AB Subservicer or any Subcontractor.

     

    This
      indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

     

    (b)  (i)  Any
      failure by the Subservicer, any Regulation AB Subservicer or any Subcontractor
      to deliver any information, report, certification, accountants’ letter or other
      material when and as required under this Article X, or any breach by the
      Subservicer of a representation or warranty set forth in Section 10.02(a) or
      in
      a writing furnished pursuant to Section 10.02(b) and made as of a date prior
      to
      the closing date of the related Pass-Through Transfer, to the extent that such
      breach is not cured by such closing date, or any breach by the Subservicer
      of a
      representation or warranty in a writing furnished pursuant to Section 10.02(b)
      to the extent made as of a date subsequent to such closing date, shall, except
      as provided in clause (ii) of this paragraph, immediately and automatically,
      without notice or grace period, constitute an Event of Default with respect
      to
      the Subservicer under this Agreement, and shall entitle the Servicer or any
      Depositor, as applicable, in its sole discretion to terminate the rights and
      obligations of the Subservicer as servicer under this Agreement without payment
      (notwithstanding anything in this Agreement to the contrary) of any compensation
      to the Subservicer (and if the Subservicer is servicing any of the Mortgage
      Loans in a Pass-Through Transfer, appoint a successor servicer reasonably
      acceptable to the Servicer and the Master Servicer for such Pass-Through
      Transfer); provided that to the extent that any provision of this Agreement
      expressly provides for the survival of certain rights or obligations following
      termination of the Subservicer, such provision shall be given
      effect.

     

    (ii)           Any
      failure by the Subservicer, any Regulation AB Subservicer or any Subcontractor
      to deliver any information, report, certification or accountants’ letter when
      and as required under Section 10.04 or 10.05, including any failure by the
      Subservicer to identify pursuant to Section 10.06(b) any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, shall constitute an Event of Default with respect to the
      Subservicer under this Agreement, and shall entitle the Servicer, the Master
      Servicer or any Depositor, as applicable, in its sole discretion to terminate
      the rights and obligations of the Subservicer under this Agreement without
      payment (notwithstanding anything in this Agreement to the contrary) of any
      compensation to the Subservicer; provided that to the extent that any provision
      of this Agreement expressly provides for the survival of certain rights or
      obligations following termination of the Subservicer, such provision shall
      be
      given effect.

     

    (iii)           The
      Subservicer shall promptly reimburse the Servicer (or any designee of the
      Servicer), the Master Servicer and any Depositor, as applicable, for all
      reasonable expenses incurred by the Servicer (or such designee) or such
      Depositor, as such are incurred, in connection with the termination of the
      Subservicer and the transfer of servicing of the Mortgage Loans to a successor
      servicer. The provisions of this paragraph shall not limit whatever rights
      the
      Servicer or any Depositor may have under other provisions of this Agreement
      or
      otherwise, whether in equity or at law, such as an action for damages, specific
      performance or injunctive relief.

     

    Section
      10.08  Third
      Party Beneficiary.

     

    For
      purposes of this Article X and any related provisions thereto, the Master
      Servicer shall be considered a third-party beneficiary of this Agreement,
      entitled to all of the right and benefits hereof as if it were a direct party
      to
      this Agreement.

     

    [Signature
      Page Follows]

     

    

    IN
      WITNESS WHEREOF, the Servicer and the Subservicer have caused this Agreement
      to
      be duly executed by their respective officers thereunto duly authorized as
      of
      the date first above written.

     

    
      	 	
              GMAC
                MORTGAGE , LLC

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              (“Subservicer”)

            
	 	 
	 	 
	 	
              ALLIANCE
                BANCORP

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              (“Servicer”)

            

    

    

    EXHIBIT
      A

     

    Servicing
      File Listing

     

    
      	
              1)  

            	
              Copy
                of executed Note (including addendums, amendments, modifications,
                etc., as
                they may apply), Loan Agreement and Guaranty Agreement (if
                applicable).

            

    

     

    
      	
              2)  

            	
              Copy
                of executed and filed Deed of Trust/Mortgage (including addendums,
                amendments, modifications, etc., as they may
                apply).

            

    

     

    
      	
              3)  

            	
              Copy
                of Assignment of Leases and Rents and Security Agreement, if separate
                from
                the Deed of Trust/Mortgage.

            

    

     

    
      	
              4)  

            	
              Copy
                of any other legal document(s) referenced in the Note, Deed of
                Trust/Mortgage, Security Agreement, Loan Agreement or Guaranty
                Agreement.

            

    

     

    
      	
              5)  

            	
              Copies
                of all filed UCC Financing Statements and Lien
                Searches.

            

    

     

    
      	
              6)  

            	
              Loan
                Closing Statement.

            

    

     

    
      	
              7)  

            	
              Borrower
                (and Guarantor, if applicable) financial and operating statements,
                tax
                returns, tax identification number(s), mailing address(es), phone
                number(s), and fax number(s).  Also include property operating
                and financial statements if prepared
                separately.

            

    

     

    
      	
              8)  

            	
              Special
                Reserve Agreement(s), if
                applicable.

            

    

     

    
      	
              9)  

            	
              Property
                Information – paid tax receipts, insurance policy(ies), appraisal(s),
                flood certificate(s), and environmental
                reports.

            

    

     

    
      	
              10)  

            	
              Underwriting
                File.

            

    

     

    
      	
              11)  

            	
              Checks/Wires
                for prepaid interest, tax and insurance impounds, and special
                reserves.

            

    

     

    
      	
              12)  

            	
              Lockbox
                agreement(s), if applicable.

            

    

     

    
      	
              13)  

            	
              If
                special arrangements have been made with the borrower and/or guarantor
                that are not noted in the legal documents, a memorandum detailing
                the
                situation.

            

    

     

    

    EXHIBIT
      B

    

    
      	
               

            	
              SERVICING
                CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
                COMPLIANCE

            

    

    The
      assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
      shall address, at a minimum, the criteria identified as below as “Applicable
      Servicing Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria

            
	
              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.

            	
              X

            
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              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

            
	
              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.

            	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	
              X

            
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	
              X

            
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                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).

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
              X

            
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	
              [X]

              if
                obligated under transaction documents

            
	 	 	 

    

    

    EXHIBIT
      C

     

    FORM
      OF ANNUAL CERTIFICATION

     

    
      	 	
              Re:  

            	
              The
                [                   ]
                agreement dated as of [      ], 200[
                ] (the “Agreement”), among [IDENTIFY
                PARTIES]

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY], certify to, [the Depositor], and the Master Servicer [,Trustee],
      and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Servicer provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Servicer’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 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 Servicer during 200[ ] that were
      delivered by the Servicer to the Master Servicer pursuant to the Agreement
      (collectively, the “Servicer Servicing Information”);

     

    (2)           Based
      on my knowledge, the Servicer 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 Servicer Servicing Information;

     

    (3)           Based
      on my knowledge, all of the Servicer Servicing Information required to be
      provided by the Servicer under the Agreement has been provided to the Master
      Servicer;

     

    (4)           I
      am responsible for reviewing the activities performed by the Servicer as
      servicer under 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 Servicer has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5)           The
      Compliance Statement required to be delivered by the Servicer pursuant to [the
      Agreement]1, and the Servicing
      Assessment and Attestation Report required to be provided by the Servicer and
      by
      any Subservicer and Subcontractor pursuant to the Agreement, have been provided
      to the Master Servicer.  Any material instances of noncompliance
      described in such reports have been disclosed to the Master
      Servicer.  Any material instance of noncompliance with the Servicing
      Criteria has been disclosed in such reports.

     

     

    
      	 	Date:	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 

    

     

    

      

    

    
      1
        need to define
        agreement

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      M

     

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    The
      assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
      shall address, at a minimum, the criteria identified as below as “Applicable
      Servicing Criteria”:

     

    
      	
              Servicing
                Criteria

            	
              Applicable

              Servicing

              Criteria

            
	
              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.

            	
              X

            
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
              X

            
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              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

            
	
              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.

            	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	
              X

            
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	
              X

            
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                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).

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              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.

            	
              X

            
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
              X

            
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	
              [X]

              if
                obligated under transaction
                documents

            

    

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      N

    

    FORM
      OF ANNUAL CERTIFICATION

     

    The
      [                   ]
      agreement dated as of [      ], 200[ ] (the
“Agreement”), among [IDENTIFY PARTIES]

    

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY], certify to, [the Depositor], and the Master Servicer [,Trustee],
      and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Servicer provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Servicer’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 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 Servicer during 200[ ] that were
      delivered by the Servicer to [the Master Servicer] pursuant to the Agreement
      (collectively, the “Servicer Servicing Information”);

    

    (2)           Based
      on my knowledge, the Servicer 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 Servicer Servicing Information;

    

    (3)           Based
      on my knowledge, all of the Servicer Servicing Information required to be
      provided by the Servicer under the Agreement has been provided to [the Master
      Servicer];

    

    (4)           I
      am responsible for reviewing the activities performed by the Servicer as
      servicer under 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 Servicer has fulfilled its obligations under the Agreement in all material
      respects; and

    

    (5)           The
      Compliance Statement required to be delivered by the Servicer pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Servicer and by any Subservicer and Subcontractor pursuant
      to
      the Agreement, have been provided to [the Master Servicer].  Any
      material instances of noncompliance described in such reports have been
      disclosed to [the Master Servicer].  Any material instance of
      noncompliance with the Servicing Criteria has been disclosed in such
      reports.

    

    
      	
              Date:

            	 
	
              By:

            	 
	
              Name:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      O

     

    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 party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 3.23 of the Pooling and Servicing Agreement.

     

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 4.02, provided by the Securities Administrator based on information
      received from the party providing such information; and b) items marked “Form
      10-D report” are required to be in the Form 10-D report but not the Monthly
      Statements to Certificateholders, provided by the party
      indicated.  Information under all other Items of Form 10-D is to be
      included in the Form 10-D report.  All such information and any other
      Items on Form 8-K and Form 10-D set forth in this Exhibit shall be sent to
      the
      Securities Administrator and the Depositor.

     

    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 party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 3.23 of the Pooling and Servicing Agreement.

     

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 4.02, provided by the Securities Administrator based on information
      received from the party providing such information; and b) items marked “Form
      10-D report” are required to be in the Form 10-D report but not the Monthly
      Statements to Certificateholders, provided by the party
      indicated.  Information under all other Items of Form 10-D is to be
      included in the Form 10-D report.  All such information and any other
      Items on Form 8-K and Form 10-D set forth in this Exhibit shall be sent to
      the
      Securities Administrator and the Depositor.

     

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Trustee

              (nominal)

            	
              Depositor

            	
              Sponsor

            
	
              10-D

            	
              Must
                be filed within 15 days of the distribution date for the asset-backed
                securities.

            	 	 	 	 
	
              1

            	
              Distribution
                and Pool Performance Information

            	 	 	 	 	 	 	 
	
              Item
                1121(a) – Distribution and Pool Performance
                Information

            	 	 	 	 	 	 	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (i)
                Fees or expenses accrued and
                paid, with an identification of the general purpose of such fees
                and the
                party receiving such fees or expenses.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (ii)
                Payments accrued or paid
                with respect to enhancement or other support identified in Item 1114
                of
                Regulation AB (such as insurance premiums or other enhancement maintenance
                fees), with an identification of the general purpose of such payments
                and
                the party receiving such payments.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (iii)
                Principal, interest and
                other distributions accrued and paid on the asset-backed securities
                by
                type and by class or series and any principal or interest shortfalls
                or
                carryovers.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (iv)
                The amount of excess cash
                flow or excess spread and the disposition of excess cash
                flow.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average remaining term, pool factors and prepayment
                amounts.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

               

            	 	 	
              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            	 
	
              (9)
                Delinquency and loss information for the period.

            	
              X

               

            	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool assets.
                (methodology)

            	
              X

               

            	 	 	 	 	 	 
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              X

            	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              X

               

            	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              X

            	 	
              X

               

              (if
                agreed upon by the parties)

            	 	 	
              X

            	 
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	 	 	
              X

               

              (Monthly
                Statements to Certificateholders)

            	 	 	 	 
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool,

            	 	 	 	 	 	
              X

            	 
	
              information
                regarding any pool asset changes (other than in connection with a
                pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

            	
              X

            	
              X

            	
              X

            	 	 	
              X

            	 
	
              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1121(b) – Pre-Funding or Revolving Period Information

               

              Updated
                pool information as required under Item 1121(b).

            	 	 	 	 	 	
              X

            	 
	
              2

            	
              Legal
                Proceedings

            	 	 	 	 	 	 	 
	
              Item
                1117 – Legal proceedings pending against the following entities, or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              3

            	
              Sales
                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.

            	 	 	 	 	 	
              X

            	 
	
              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)

            	 	 	
              X

            	 	
              X

            	 	 
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 	 	 	 	 	 	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	 	 	
              X

            	 	 	 	 
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 	 	 	 	 	 	 
	
              Item
                1112(b) –Significant Obligor Financial
                Information*

            	 	 	 	 	 	
              X

            	 
	
              *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.

            	 	 	 	 	 	 	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 	 	 	 	 	 	 
	
              Item
                1114(b)(2) – Credit Enhancement Provider Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	 	 	 	
              X

            	 
	
              Obtain
                required financial information or effecting incorporation by
                reference

            	 	 	 	 	 	
              X

            	 
	
              Item
                1115(b) – Derivative Counterparty Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	 	 
	
              Determining
                current significance percentage

            	 	 	 	 	 	 	 
	
              Notify
                derivative counterparty of significance percentage and request required
                financial information

            	 	 	 	 	 	 	 
	
              Obtain
                required financial information or effecting incorporation by
                reference

            	 	 	 	 	 	 	 
	
              *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.

            	 	 	 	 	 	 	 
	
              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

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below.

            
	
              9

            	
              Exhibits

            	 	 	 	 	 	 	 
	
              Distribution
                report

            	 	 	
              X

            	 	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	 	 	 	 	 	
              X

            	 
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            	 	 	 	 
	
              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

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            
	
              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.

            	 	 	 	 	 	 	 
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Master Servicer, with respect to any of the following:

               

              Sponsor
                (Seller), Depositor, Master Servicer, affiliated Servicer, other
                Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Certificate Administrator, Trustee, significant obligor,
                credit
                enhancer (10% or more), derivatives counterparty,
                Custodian

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X

            
	
              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 Certificateholders

            	 	 	
              X

            	 	 	
              X

            	 
	
              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

            	 	 	
              X

            	 	 	
              X

            	 
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	 	 	 	 	 	
              X

            	 
	
              5.06

            	
              Change
                in Shell Company Status

            	 	 	 	 	 	 	 
	
              [Not
                applicable to ABS issuers]

            	 	 	 	 	 	
              X

            	 
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 	 	 	 	 	 	 
	
              [Not
                included in reports to be filed under Section 3.23]

            	 	 	 	 	 	
              X

            	 
	
              6.02

            	
              Change
                of Servicer or Trustee

            	 	 	 	 	 	 	 
	
              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, certificate
                administrator or trustee.

            	 	 	 	 	 	
              X

               

            	 
	 	
              Reg
                AB disclosure about any new servicer is also required.

            	
              X

            	 	 	 	 	 	 
	
              Reg
                AB disclosure about any new trustee is also required.

            	 	 	 	 	
              X
                (to the extent of a new trustee)

            	 	 
	
              Reg
                AB disclosure about any new securities administrator is also
                required.

            	 	 	
              X

            	 	 	 	 
	
              6.03

            	
              Change
                in Credit Enhancement or Other 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.

            	 	 	
              X

            	 	 	
              X

            	 
	 	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	 	 	 	 	 	
              X

            	 
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	 	 	
              X

            	 	 	 	 
	
              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.

            	 	 	 	 	 	
              X

            	 
	
              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.

            	 	 	 	 	 	
              X

            	 
	
              7.01

            	
              Regulation
                FD Disclosure

            	 	 	 	 	 	
              X

            	 
	
              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 security
                holders.

            	 	 	 	 	 	
              X

            	 
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event.

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            	 	 	 	 
	
              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

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                above.

            
	 	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 	 	 	 	 	 	 
	
              Item
                1112(b) –Significant Obligor Financial
                Information

            	 	 	 	 	 	
              X

            	 
	
              Item
                1114(b)(2) – Credit Enhancement Provider Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	 	 	 	
              X

            	 
	
              Obtain
                required financial information or effecting incorporation by
                reference

            	 	 	 	 	 	
              X

            	 
	
              Item
                1115(b) – Derivative Counterparty Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	 	 	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Notify
                derivative counterparty of significance percentage and request required
                financial information

            	 	 	
              X

            	 	 	 	 
	
              Obtain
                required financial information or effecting incorporation by
                reference

            	 	 	 	 	 	
              X

            	 
	
              Item
                1117 – Legal proceedings pending against the following entities, or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              Item
                1119 – Affiliations and relationships between the following entities, or
                their respective affiliates, that are material to
                Certificateholders:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X
                (with respect to Item 1119(a) only)

            	
              X
                (with respect to Items 1119(b)-(c) only)

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X
                (with respect to Item 1119(a) only)

            	 	
              X
                (with respect to Items 1119(b)-(c) only)

            	 
	
              Credit
                Enhancer/Support Provider

            	 	 	 	 	 	
              X

            	 
	
              Significant
                Obligor

            	 	 	 	 	 	
              X

            	 
	
              Item
                1122 – Assessment of Compliance with Servicing
                Criteria

            	
              X

            	
              X

            	
              X

            	
              X

            	 	 	 
	
              Item
                1123 – Servicer Compliance Statement

            	
              X

            	
              X

            	 	 	 	 	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      P

    

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    **SEND
      VIA FAX TO 443-367-3307 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com
      AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

    

    Wells
      Fargo Bank, N.A., as Securities Administrator

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Attn:
      Client Manager - Alliance 2007-OA1 — SEC REPORT PROCESSING

    

    Alliance
      Securities Corp.

    1000
      Marina Boulevard

    Suite
      450

    Brisbane,
      California 94005

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 12.10 the Pooling and Servicing Agreement, dated as
      of
      May 1, 2007, among Alliance Securities Corp., as depositor, Alliance Bancorp,
      as
      Servicer, Wells Fargo Bank, N.A., as master servicer and securities
      administrator, GMAC Mortgage, LLC, as back-up servicer, and Deutsche Bank
      National Trust Company, as trustee, the Undersigned, as [Name of Party], 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:

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      Q

     

    LIMITED
      POWER OF ATTORNEY

    

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that Deutsche Bank National Trust Company, a national
      banking association organized and existing under the laws of the United States,
      and having its principal place of business at 1761 East St. Andrew Place, Santa
      Ana, California, 92705, as Trustee (the “Trustee”) pursuant to that Pooling and
      Servicing Agreement dated as of May 1, 2007 (the “Agreement”), by and between
      Alliance Securities Corp., Wells Fargo Bank, N.A., GMAC Mortgage, LLC, the
      Trustee and Alliance Bancorp (the “Servicer”), hereby constitutes and appoints
      the Servicer, by and through the Servicer’s officers, the Trustee’s true and
      lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the
      Trustee’s benefit, in connection with all mortgage loans serviced by the
      Servicer pursuant to the Agreement solely for the purpose of performing such
      acts and executing such documents in the name of the Trustee necessary and
      appropriate to effectuate the following enumerated transactions in respect
      of
      any of the mortgages or deeds of trust (the “Mortgages” and the “Deeds of Trust”
respectively) and promissory notes secured thereby (the “Mortgage Notes”) for
      which the undersigned is acting as Trustee for various certificateholders
      (whether the undersigned is named therein as mortgagee or beneficiary or has
      become mortgagee by virtue of endorsement of the Mortgage Note secured by any
      such Mortgage or Deed of Trust) and for which _________ is acting as the
      Servicer.

    

    This
      Appointment shall apply only to the following enumerated transactions and
      nothing herein or in the Agreement shall be construed to the
      contrary:

    

    
      	
              1.  

            	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recording is solely for the purpose of correcting
                the
                Mortgage or Deed of Trust to conform same to the original intent
                of the
                parties thereto or to correct title errors discovered after such
                title
                insurance was issued; provided that (i) said modification or
                re-recording, in either instance, does not adversely affect the lien
                of
                the Mortgage or Deed of Trust as insured and (ii) otherwise conforms
                to the provisions of the Agreement.

            

    

     

    
      	
              2.  

            	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

     

    
      	
              3.  

            	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

     

    
      	
              4.  

            	
              The
                completion of loan assumption
                agreements.

            

    

     

    
      	
              5.  

            	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

     

    
      	
              6.  

            	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

     

    
      	
              7.  

            	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

    
 

    
      	
              8.  

            	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

     

    
      	
               

            	
              a.

            	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	
               

            	
              b.

            	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	
               

            	
              c.

            	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	
               

            	
              d.

            	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	
               

            	
              e.

            	
              the
                taking of deed in lieu of foreclosure;
                and

            

    

    

    
      	
               

            	
              f.

            	
              the
                preparation and execution of such other documents and performance
                of such
                other actions as may be necessary under the terms of the Mortgage,
                Deed of
                Trust or state law to expeditiously complete said transactions in
                paragraphs 8.a. through 8.e. above.

            

    

    

    
      	
              9.  

            	
              With
                respect to the sale of property acquired through a foreclosure or
                deed-in
                lieu of foreclosure, including, without limitation, the execution
                of the
                following documentation:

            

    

     

    
      	
               

            	
              a.

            	
              listing
                agreements;

            

    

    
      	
               

            	
              b.

            	
              purchase
                and sale agreements;

            

    

    
      	
               

            	
              c.

            	
              grant/warranty/quit
                claim deeds or any other deed causing the transfer of title of the
                property to a party contracted to purchase
                same;

            

    

    
      	
               

            	
              d.

            	
              escrow
                instructions; and

            

    

    
      	
               

            	
              e.

            	
              any
                and all documents necessary to effect the transfer of
                property.

            

    

    

    
      	
              10.  

            	
              The
                modification or amendment of escrow agreements established for repairs
                to
                the mortgaged property or reserves for replacement of personal
                property.

            

    

     

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall be effective as
      of

      [execution
        date of POA].

    

    

    This
      appointment is to be construed and interpreted as a limited power of
      attorney.  The enumeration of specific items, rights, acts or powers
      herein is not intended to, nor does it give rise to, and it is not to be
      construed as a general power of attorney.

    

    Nothing
      contained herein shall (i) limit in any manner any indemnification provided
      by the Servicer to the Trustee under the Agreement, or (ii) be construed to
      grant the Servicer the power to initiate or defend any suit, litigation or
      proceeding in the name of Deutsche Bank National Trust Company except as
      specifically provided for herein.  If the Servicer receives any notice
      of suit, litigation or proceeding in the name of Deutsche Bank National Trust
      Company, then the Servicer shall promptly forward a copy of same to the
      Trustee.

    

    This
      limited power of attorney is not intended to extend the powers granted to the
      Servicer under the Agreement or to allow the Servicer to take any action with
      respect to Mortgages, Deeds of Trust or Mortgage Notes not authorized by the
      Agreement.

    

    The
      Servicer hereby agrees to indemnify and hold the Trustee and its directors,
      officers, employees and agents harmless from and against any and all
      liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses or disbursements of any kind or nature whatsoever incurred
      by
      reason or result of or in connection with the exercise by the Servicer of the
      powers granted to it hereunder.  The foregoing indemnity shall survive
      the termination of this Limited Power of Attorney and the Agreement or the
      earlier resignation or removal of the Trustee under the Agreement.

    

    This
      Limited Power of Attorney is entered into and shall be governed by the laws
      of
      the State of New York, without regard to conflicts of law principles of such
      state.

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of Attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    IN
      WITNESS WHEREOF, Deutsche Bank National Trust Company, as Trustee has caused
      its
      corporate seal to be hereto affixed and these presents to be signed and
      acknowledged in its name and behalf by a duly elected and authorized signatory
      this ___________ day of ____________.

    

    

    
      	 	
              Deutsche
                Bank National Trust Company,

            
	 	
              as
                Trustee

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	
              Acknowledged
                and Agreed

            
	 	
              Alliance
                Bancorp

            
	 	 
	 	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              :ss.

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    

    

    On
      ________________, _____, before me, the undersigned, a Notary Public in and
      for
      said state, personally appeared ________________________________ of Deutsche
      Bank National Trust Company, as Trustee for [INSERT REFERENCE TO ISSUANCE],
      personally known to me to be the person whose name is subscribed to the within
      instrument and acknowledged to me that he/she executed that same in his/her
      authorized capacity, and that by his/her signature on the instrument the entity
      upon behalf of which the person acted and executed the instrument.

    

    WITNESS
      my hand and official
      seal.

    

    (SEAL)

    

    
      	 	 
	 	
              Notary
                Public, State of CaliforniaUnassociated Document

    
       
        
          

        

      

       

      

    

    CWABS,
      INC.,

    Depositor

     

    COUNTRYWIDE
      HOME LOANS, INC.,

    Seller

     

    PARK
      SIENNA LLC,

    Seller

     

    PARK
      GRANADA LLC,

    Seller

     

    PARK
      MONACO INC.,

    Seller

     

    COUNTRYWIDE
      HOME LOANS SERVICING LP,

    Master
      Servicer

     

    and

     

    THE
      BANK
      OF NEW YORK,

    Trustee

     

    
      
 

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of April 1, 2007

     
      
        

      

    

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-BC2

     

    
      

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    Table
      of Contents

     

    
      	
              ARTICLE
                I. DEFINITIONS

            
	
              Section
                1.01

            	
              Defined
                Terms.

            
	
              Section
                1.02

            	
              Certain
                Interpretive Provisions.

            
	
              ARTICLE
                II. CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
                WARRANTIES

            
	
              Section
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              Section
                2.02

            	
              Acceptance
                by Trustee of the Mortgage Loans.

            
	
              Section
                2.03

            	
              Representations,
                Warranties and Covenants of the Master Servicer and the
                Sellers.

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            
	
              Section
                2.05

            	
              Delivery
                of Opinion of Counsel in Connection with Substitutions and
                Repurchases.

            
	
              Section
                2.06

            	
              Authentication
                and Delivery of Certificates.

            
	
              Section
                2.07

            	
              Covenants
                of the Master Servicer.

            
	
              ARTICLE
                III. ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

            
	
              Section
                3.01

            	
              Master
                Servicer to Service Mortgage Loans.

            
	
              Section
                3.02

            	
              Subservicing;
                Enforcement of the Obligations of Master Servicer.

            
	
              Section
                3.03

            	
              Rights
                of the Depositor, the Sellers, the Certificateholders, the NIM Insurer
                and
                the Trustee in Respect of the Master Servicer.

            
	
              Section
                3.04

            	
              Trustee
                to Act as Master Servicer.

            
	
              Section
                3.05

            	
              Collection
                of Mortgage Loan Payments; Certificate Account; Distribution Account;
                Pre-Funding Account; Capitalized Interest Account.

            
	
              Section
                3.06

            	
              Collection
                of Taxes, Assessments and Similar Items; Escrow
                Accounts.

            
	
              Section
                3.07

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans.

            
	
              Section
                3.08

            	
              Permitted
                Withdrawals from the Certificate Account, Distribution Account, Carryover
                Reserve Fund and the Principal Reserve Fund.

            
	
              Section
                3.09

            	
              [Reserved].

            
	
              Section
                3.10

            	
              Maintenance
                of Hazard Insurance.

            
	
              Section
                3.11

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements.

            
	
              Section
                3.12

            	
              Realization
                Upon Defaulted Mortgage Loans; Determination of Excess Proceeds and
                Realized Losses; Repurchase of Certain Mortgage Loans.

            
	
              Section
                3.13

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              Section
                3.14

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                the
                Trustee.

            
	
              Section
                3.15

            	
              Servicing
                Compensation.

            
	
              Section
                3.16

            	
              Access
                to Certain Documentation.

            
	
              Section
                3.17

            	
              Annual
                Statement as to Compliance.

            
	
              Section
                3.18

            	
              [Reserved].

            
	
              Section
                3.19

            	
              [Reserved].

            
	
              Section
                3.20

            	
              Prepayment
                Charges.

            
	
              Section
                3.21

            	
              Swap
                Contract.

            
	
              ARTICLE
                IV. DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

            
	
              Section
                4.01

            	
              Advances;
                Remittance Reports.

            
	
              Section
                4.02

            	
              Reduction
                of Servicing Compensation in Connection with Prepayment Interest
                Shortfalls.

            
	
              Section
                4.03

            	
              [Reserved].

            
	
              Section
                4.04

            	
              Distributions.

            
	
              Section
                4.05

            	
              Monthly
                Statements to Certificateholders.

            
	
              Section
                4.06

            	
              [Reserved].

            
	
              Section
                4.07

            	
              Carryover
                Reserve Fund.

            
	
              Section
                4.08

            	
              [Reserved].

            
	
              Section
                4.09

            	
              Swap
                Trust and Swap Account.

            
	
              Section
                4.10

            	
              Distributions
                on REMIC 1 and REMIC 2 Regular Interests.

            
	
              Section
                4.11

            	
              Allocation
                of Realized Losses to REMIC 1 and REMIC 1 Regular
                Interests.

            
	
              ARTICLE
                V. THE CERTIFICATES

            
	
              Section
                5.01

            	
              The
                Certificates.

            
	
              Section
                5.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            
	
              Section
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              Section
                5.04

            	
              Persons
                Deemed Owners.

            
	
              Section
                5.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            
	
              Section
                5.06

            	
              Book-Entry
                Certificates.

            
	
              Section
                5.07

            	
              Notices
                to Depository.

            
	
              Section
                5.08

            	
              Definitive
                Certificates.

            
	
              Section
                5.09

            	
              Maintenance
                of Office or Agency.

            
	
              ARTICLE
                VI. THE DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

            
	
              Section
                6.01

            	
              Respective
                Liabilities of the Depositor, the Master Servicer and the
                Sellers.

            
	
              Section
                6.02

            	
              Merger
                or Consolidation of the Depositor, the Master Servicer or the
                Sellers.

            
	
              Section
                6.03

            	
              Limitation
                on Liability of the Depositor, the Sellers, the Master Servicer,
                the NIM
                Insurer and Others.

            
	
              Section
                6.04

            	
              Limitation
                on Resignation of Master Servicer.

            
	
              Section
                6.05

            	
              Errors
                and Omissions Insurance; Fidelity Bonds.

            
	
              ARTICLE
                VII. DEFAULT; TERMINATION OF MASTER SERVICER

            
	
              Section
                7.01

            	
              Events
                of Default.

            
	
              Section
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              Section
                7.03

            	
              Notification
                to Certificateholders.

            
	
              ARTICLE
                VIII. CONCERNING THE TRUSTEE

            
	
              Section
                8.01

            	
              Duties
                of Trustee.

            
	
              Section
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            
	
              Section
                8.03

            	
              Trustee
                Not Liable for Mortgage Loans.

            
	
              Section
                8.04

            	
              Trustee
                May Own Certificates.

            
	
              Section
                8.05

            	
              Master
                Servicer to Pay Trustee’s Fees and Expenses.

            
	
              Section
                8.06

            	
              Eligibility
                Requirements for Trustee.

            
	
              Section
                8.07

            	
              Resignation
                and Removal of Trustee.

            
	
              Section
                8.08

            	
              Successor
                Trustee.

            
	
              Section
                8.09

            	
              Merger
                or Consolidation of Trustee.

            
	
              Section
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              Section
                8.11

            	
              Tax
                Matters.

            
	
              Section
                8.12

            	
              [Reserved].

            
	
              Section
                8.13

            	
              Access
                to Records of the Trustee.

            
	
              Section
                8.14

            	
              Suits
                for Enforcement.

            
	
              ARTICLE
                IX. TERMINATION

            
	
              Section
                9.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans.

            
	
              Section
                9.02

            	
              Final
                Distribution on the Certificates.

            
	
              Section
                9.03

            	
              Additional
                Termination Requirements.

            
	
              Section
                9.04

            	
              Auction
                of the Mortgage Loans and REO Properties.

            
	
              ARTICLE
                X. MISCELLANEOUS PROVISIONS

            
	
              Section
                10.01

            	
              Amendment.

            
	
              Section
                10.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              Section
                10.03

            	
              Governing
                Law.

            
	
              Section
                10.04

            	
              Intention
                of Parties.

            
	
              Section
                10.05

            	
              Notices.

            
	
              Section
                10.06

            	
              Severability
                of Provisions.

            
	
              Section
                10.07

            	
              Assignment.

            
	
              Section
                10.08

            	
              Limitation
                on Rights of Certificateholders.

            
	
              Section
                10.09

            	
              Inspection
                and Audit Rights.

            
	
              Section
                10.10

            	
              Certificates
                Nonassessable and Fully Paid.

            
	
              Section
                10.11

            	
              Rights
                of NIM Insurer.

            
	
              ARTICLE
                XI. EXCHANGE ACT REPORTING

            
	
              Section
                11.01

            	
              Filing
                Obligations.

            
	
              Section
                11.02

            	
              Form
                10-D Filings.

            
	
              Section
                11.03

            	
              Form
                8-K Filings.

            
	
              Section
                11.04

            	
              Form
                10-K Filings.

            
	
              Section
                11.05

            	
              Sarbanes-Oxley
                Certification.

            
	
              Section
                11.06

            	
              Form
                15 Filing.

            
	
              Section
                11.07

            	
              Report
                on Assessment of Compliance and Attestation.

            
	
              Section
                11.08

            	
              Use
                of Subservicers and Subcontractors.

            
	
              Section
                11.09

            	
              Amendments.

            
	
              Section
                11.10

            	
              Reconciliation
                of Accounts.

            

    

    

    Exhibits

     

    
      
        	
                EXHIBIT
                  A

              	
                Forms
                  of Certificates

              
	
                EXHIBIT
                  A-1

              	
                Form
                  of Class 1-A Certificate

              
	
                EXHIBIT
                  A-2

              	
                Form
                  of Class 2-A-1 Certificate

              
	
                EXHIBIT
                  A-3

              	
                Form
                  of Class 2-A-2 Certificate

              
	
                EXHIBIT
                  A-4

              	
                Form
                  of Class 2-A-3 Certificate

              
	
                EXHIBIT
                  A-5

              	
                Form
                  of Class 2-A-4 Certificate

              
	
                EXHIBIT
                  A-6

              	
                Form
                  of Class M-1 Certificate

              
	
                EXHIBIT
                  A-7

              	
                Form
                  of Class M-2 Certificate

              
	
                EXHIBIT
                  A-8

              	
                Form
                  of Class M-3 Certificate

              
	
                EXHIBIT
                  A-9

              	
                Form
                  of Class M-4 Certificate

              
	
                EXHIBIT
                  A-10

              	
                Form
                  of Class M-5 Certificate

              
	
                EXHIBIT
                  A-11

              	
                Form
                  of Class M-6 Certificate

              
	
                EXHIBIT
                  A-12

              	
                Form
                  of Class M-7 Certificate

              
	
                EXHIBIT
                  A-13

              	
                Form
                  of Class M-8 Certificate

              
	
                EXHIBIT
                  A-14

              	
                Form
                  of Class M-9 Certificate

              
	
                EXHIBIT
                  A-15

              	
                Form
                  of Class B Certificate

              
	
                EXHIBIT
                  B

              	
                Form
                  of Class P Certificate

              
	
                EXHIBIT
                  C

              	
                Form
                  of Class C Certificate

              
	
                EXHIBIT
                  D

              	
                Form
                  of Class A R Certificate

              
	
                EXHIBIT
                  E

              	
                Form
                  of Tax Matters Person Certificate

              
	
                EXHIBIT
                  F

              	
                Mortgage
                  Loan Schedule

              
	
                EXHIBIT
                  F-1

              	
                List
                  of Mortgage Loans

              
	
                EXHIBIT
                  F-2

              	
                Mortgage
                  Loans for which All or a Portion of a Related Mortgage File is
                  not
                  Delivered to the Trustee on or prior to the Closing
                  Date

              
	
                EXHIBIT
                  G

              	
                Forms
                  of Certification of Trustee

              
	
                EXHIBIT
                  G-1

              	
                Form
                  of Initial Certification of Trustee (Initial Mortgage
                  Loans)

              
	
                EXHIBIT
                  G-2

              	
                Form
                  of Interim Certification of Trustee

              
	
                EXHIBIT
                  G-3

              	
                Form
                  of Delay Delivery Certification

              
	
                EXHIBIT
                  G-4

              	
                Form
                  of Initial Certification of Trustee (Subsequent Mortgage
                  Loans)

              
	
                EXHIBIT
                  H

              	
                Form
                  of Final Certification of Trustee

              
	
                EXHIBIT
                  I

              	
                Transfer
                  Affidavit for Class A R Certificates

              
	
                EXHIBIT
                  J-1

              	
                Form
                  of Transferor Certificate for Class A R Certificates

              
	
                EXHIBIT
                  J-2

              	
                Form
                  of Transferor Certificate for Private Certificates

              
	
                EXHIBIT
                  K

              	
                Form
                  of Investment Letter (Non-Rule 144A)

              
	
                EXHIBIT
                  L

              	
                Form
                  of Rule 144A Letter

              
	
                EXHIBIT
                  M

              	
                Form
                  of Request for Document Release

              
	
                EXHIBIT
                  N

              	
                Form
                  of Request for File Release

              
	
                EXHIBIT
                  O

              	
                Copy
                  of Depository Agreement

              
	
                EXHIBIT
                  P

              	
                Form
                  of Subsequent Transfer Agreement

              
	
                EXHIBIT
                  Q

              	
                [Reserved]

              
	
                EXHIBIT
                  R

              	
                [Reserved]

              
	
                EXHIBIT
                  S-1

              	
                [Reserved]

              
	
                EXHIBIT
                  S-2

              	
                [Reserved]

              
	
                EXHIBIT
                  T

              	
                Officer’s
                  Certificate with respect to Prepayments

              
	
                EXHIBIT
                  U

              	
                Form
                  of Swap Contract

              
	
                EXHIBIT
                  V-1

              	
                Form
                  of Swap Contract Novation Agreement

              
	
                EXHIBIT
                  V-2

              	
                Form
                  of Swap Contract Administration Agreement

              
	
                EXHIBIT
                  W

              	
                Form
                  of Monthly Statement

              
	
                EXHIBIT
                  X-1

              	
                Form
                  of Performance Certification (Subservicer)

              
	
                EXHIBIT
                  X-2

              	
                Form
                  of Performance Certification (Trustee)

              
	
                EXHIBIT
                  Y

              	
                Form
                  of Servicing Criteria to be Addressed in Assessment of Compliance
                  Statement

              
	
                EXHIBIT
                  Z

              	
                List
                  of Item 1119 Parties

              
	
                EXHIBIT
                  AA

              	
                Form
                  of Sarbanes-Oxley Certification (Replacement Master
                  Servicer)

              
	
                SCHEDULE
                  I

              	
                Prepayment
                  Charge Schedule and Prepayment Charge Summary

              
	
                SCHEDULE
                  II

              	
                Collateral
                  Schedule

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    POOLING
      AND SERVICING AGREEMENT, dated as of April 1, 2007, by and among CWABS, INC.,
      a
      Delaware corporation, as depositor (the “Depositor”), COUNTRYWIDE HOME LOANS,
      INC., a New York corporation, as seller (“CHL” or a “Seller”), PARK GRANADA
      LLC., a Delaware limited liability company, as a seller (“Park Granada” or a
“Seller”), PARK MONACO INC., a Delaware corporation, as a seller (“Park Monaco”
or a “Seller”), PARK SIENNA LLC, a Delaware limited liability company, as a
      seller (“Park Sienna” or a “Seller”, and together with CHL, Park Monaco and Park
      Granada, the “Sellers”), COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited
      partnership, as master servicer (the “Master Servicer”), and THE BANK OF NEW
      YORK, a New York banking corporation, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell mortgage asset-backed pass-through certificates
      (collectively, the “Certificates”), to be issued hereunder in eighteen classes,
      which in the aggregate will evidence the entire beneficial ownership interest
      in
      the Mortgage Loans (as defined herein).

     

    REMIC
      1

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (exclusive
      of
      any Pre-Funding Accounts, the Capitalized Interest Account, any Subsequent
      Mortgage Loan Interest, the Swap Contract, the Swap Trust, the Swap Account
      and
      the Carryover Reserve Fund) subject to this Agreement as a real estate mortgage
      investment conduit as defined in Section 860F of the Code (a “REMIC”) for
      federal income tax purposes, and such segregated pool of assets shall be
      designated as “REMIC 1.”  The Class R-1-R Interest will represent the
      sole class of “residual interests” in REMIC 1 for purposes of the REMIC
      Provisions (as defined herein) under the federal income tax law.  The
      following table irrevocably sets forth the designation, the REMIC 1 Remittance
      Rate, the initial Uncertificated Principal Balance for each of the “regular
      interests” in REMIC 1 and, for purposes of satisfying Treasury regulation
      Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the
      REMIC 1 Regular Interests (as defined herein).  None of the REMIC 1
      Regular Interests shall be certificated.

     

    
      	
              Designation

            	 	
              REMIC
                1

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I

            	 	
              (2)

            	 	
              $

            	
              63,699,455.56

            	 	
              June
                2037

            
	
              I-1-A

            	 	
              (2)

            	 	
              $

            	
              1,235,842.39

            	 	
              June
                2037

            
	
              I-1-B

            	 	
              (2)

            	 	
              $

            	
              1,235,842.39

            	 	
              June
                2037

            
	
              I-2-A

            	 	
              (2)

            	 	
              $

            	
              1,353,502.62

            	 	
              June
                2037

            
	
              I-2-B

            	 	
              (2)

            	 	
              $

            	
              1,353,502.62

            	 	
              June
                2037

            
	
              I-3-A

            	 	
              (2)

            	 	
              $

            	
              1,468,062.84

            	 	
              June
                2037

            
	
              I-3-B

            	 	
              (2)

            	 	
              $

            	
              1,468,062.84

            	 	
              June
                2037

            
	
              I-4-A

            	 	
              (2)

            	 	
              $

            	
              1,579,043.05

            	 	
              June
                2037

            
	
              I-4-B

            	 	
              (2)

            	 	
              $

            	
              1,579,043.05

            	 	
              June
                2037

            
	
              I-5-A

            	 	
              (2)

            	 	
              $

            	
              1,685,983.26

            	 	
              June
                2037

            
	
              I-5-B

            	 	
              (2)

            	 	
              $

            	
              1,685,983.26

            	 	
              June
                2037

            
	
              I-6-A

            	 	
              (2)

            	 	
              $

            	
              1,788,503.46

            	 	
              June
                2037

            
	
              I-6-B

            	 	
              (2)

            	 	
              $

            	
              1,788,503.46

            	 	
              June
                2037

            
	
              I-7-A

            	 	
              (2)

            	 	
              $

            	
              1,886,143.65

            	 	
              June
                2037

            
	
              I-7-B

            	 	
              (2)

            	 	
              $

            	
              1,886,143.65

            	 	
              June
                2037

            
	
              I-8-A

            	 	
              (2)

            	 	
              $

            	
              1,978,503.83

            	 	
              June
                2037

            
	
              I-8-B

            	 	
              (2)

            	 	
              $

            	
              1,978,503.83

            	 	
              June
                2037

            
	
              I-9-A

            	 	
              (2)

            	 	
              $

            	
              2,065,143.99

            	 	
              June
                2037

            
	
              I-9-B

            	 	
              (2)

            	 	
              $

            	
              2,065,143.99

            	 	
              June
                2037

            
	
              I-10-A

            	 	
              (2)

            	 	
              $

            	
              2,145,804.15

            	 	
              June
                2037

            
	
              I-10-B

            	 	
              (2)

            	 	
              $

            	
              2,145,804.15

            	 	
              June
                2037

            
	
              I-11-A

            	 	
              (2)

            	 	
              $

            	
              2,220,184.29

            	 	
              June
                2037

            
	
              I-11-B

            	 	
              (2)

            	 	
              $

            	
              2,220,184.29

            	 	
              June
                2037

            
	
              I-12-A

            	 	
              (2)

            	 	
              $

            	
              2,287,984.43

            	 	
              June
                2037

            
	
              I-12-B

            	 	
              (2)

            	 	
              $

            	
              2,287,984.43

            	 	
              June
                2037

            
	
              I-13-A

            	 	
              (2)

            	 	
              $

            	
              2,348,684.54

            	 	
              June
                2037

            
	
              I-13-B

            	 	
              (2)

            	 	
              $

            	
              2,348,684.54

            	 	
              June
                2037

            
	
              I-14-A

            	 	
              (2)

            	 	
              $

            	
              2,313,284.47

            	 	
              June
                2037

            
	
              I-14-B

            	 	
              (2)

            	 	
              $

            	
              2,313,284.47

            	 	
              June
                2037

            
	
              I-15-A

            	 	
              (2)

            	 	
              $

            	
              2,244,964.34

            	 	
              June
                2037

            
	
              I-15-B

            	 	
              (2)

            	 	
              $

            	
              2,244,964.34

            	 	
              June
                2037

            
	
              I-16-A

            	 	
              (2)

            	 	
              $

            	
              2,178,544.21

            	 	
              June
                2037

            
	
              I-16-B

            	 	
              (2)

            	 	
              $

            	
              2,178,544.21

            	 	
              June
                2037

            
	
              I-17-A

            	 	
              (2)

            	 	
              $

            	
              2,114,024.09

            	 	
              June
                2037

            
	
              I-17-B

            	 	
              (2)

            	 	
              $

            	
              2,114,024.09

            	 	
              June
                2037

            
	
              I-18-A

            	 	
              (2)

            	 	
              $

            	
              2,051,383.97

            	 	
              June
                2037

            
	
              I-18-B

            	 	
              (2)

            	 	
              $

            	
              2,051,383.97

            	 	
              June
                2037

            
	
              I-19-A

            	 	
              (2)

            	 	
              $

            	
              2,969,325.74

            	 	
              June
                2037

            
	
              I-19-B

            	 	
              (2)

            	 	
              $

            	
              2,969,325.74

            	 	
              June
                2037

            
	
              I-20-A

            	 	
              (2)

            	 	
              $

            	
              2,817,725.45

            	 	
              June
                2037

            
	
              I-20-B

            	 	
              (2)

            	 	
              $

            	
              2,817,725.45

            	 	
              June
                2037

            
	
              I-21-A

            	 	
              (2)

            	 	
              $

            	
              2,674,525.17

            	 	
              June
                2037

            
	
              I-21-B

            	 	
              (2)

            	 	
              $

            	
              2,674,525.17

            	 	
              June
                2037

            
	
              I-22-A

            	 	
              (2)

            	 	
              $

            	
              2,539,244.91

            	 	
              June
                2037

            
	
              I-22-B

            	 	
              (2)

            	 	
              $

            	
              2,539,244.91

            	 	
              June
                2037

            
	
              I-23-A

            	 	
              (2)

            	 	
              $

            	
              2,430,524.70

            	 	
              June
                2037

            
	
              I-23-B

            	 	
              (2)

            	 	
              $

            	
              2,430,524.70

            	 	
              June
                2037

            
	
              I-24-A

            	 	
              (2)

            	 	
              $

            	
              2,306,804.46

            	 	
              June
                2037

            
	
              I-24-B

            	 	
              (2)

            	 	
              $

            	
              2,306,804.46

            	 	
              June
                2037

            
	
              I-25-A

            	 	
              (2)

            	 	
              $

            	
              1,562,863.02

            	 	
              June
                2037

            
	
              I-25-B

            	 	
              (2)

            	 	
              $

            	
              1,562,863.02

            	 	
              June
                2037

            
	
              I-26-A

            	 	
              (2)

            	 	
              $

            	
              1,506,642.91

            	 	
              June
                2037

            
	
              I-26-B

            	 	
              (2)

            	 	
              $

            	
              1,506,642.91

            	 	
              June
                2037

            
	
              I-27-A

            	 	
              (2)

            	 	
              $

            	
              1,452,302.81

            	 	
              June
                2037

            
	
              I-27-B

            	 	
              (2)

            	 	
              $

            	
              1,452,302.81

            	 	
              June
                2037

            
	
              I-28-A

            	 	
              (2)

            	 	
              $

            	
              1,399,802.71

            	 	
              June
                2037

            
	
              I-28-B

            	 	
              (2)

            	 	
              $

            	
              1,399,802.71

            	 	
              June
                2037

            
	
              I-29-A

            	 	
              (2)

            	 	
              $

            	
              1,334,642.58

            	 	
              June
                2037

            
	
              I-29-B

            	 	
              (2)

            	 	
              $

            	
              1,334,642.58

            	 	
              June
                2037

            
	
              I-30-A

            	 	
              (2)

            	 	
              $

            	
              1,287,202.49

            	 	
              June
                2037

            
	
              I-30-B

            	 	
              (2)

            	 	
              $

            	
              1,287,202.49

            	 	
              June
                2037

            
	
              I-31-A

            	 	
              (2)

            	 	
              $

            	
              1,361,742.63

            	 	
              June
                2037

            
	
              I-31-B

            	 	
              (2)

            	 	
              $

            	
              1,361,742.63

            	 	
              June
                2037

            
	
              I-32-A

            	 	
              (2)

            	 	
              $

            	
              1,368,662.65

            	 	
              June
                2037

            
	
              I-32-B

            	 	
              (2)

            	 	
              $

            	
              1,368,662.65

            	 	
              June
                2037

            
	
              I-33-A

            	 	
              (2)

            	 	
              $

            	
              1,309,602.53

            	 	
              June
                2037

            
	
              I-33-B

            	 	
              (2)

            	 	
              $

            	
              1,309,602.53

            	 	
              June
                2037

            
	
              I-34-A

            	 	
              (2)

            	 	
              $

            	
              1,253,062.42

            	 	
              June
                2037

            
	
              I-34-B

            	 	
              (2)

            	 	
              $

            	
              1,253,062.42

            	 	
              June
                2037

            
	
              I-35-A

            	 	
              (2)

            	 	
              $

            	
              1,199,022.32

            	 	
              June
                2037

            
	
              I-35-B

            	 	
              (2)

            	 	
              $

            	
              1,199,022.32

            	 	
              June
                2037

            
	
              I-36-A

            	 	
              (2)

            	 	
              $

            	
              1,147,142.22

            	 	
              June
                2037

            
	
              I-36-B

            	 	
              (2)

            	 	
              $

            	
              1,147,142.22

            	 	
              June
                2037

            
	
              I-37-A

            	 	
              (2)

            	 	
              $

            	
              1,015,961.97

            	 	
              June
                2037

            
	
              I-37-B

            	 	
              (2)

            	 	
              $

            	
              1,015,961.97

            	 	
              June
                2037

            
	
              I-38-A

            	 	
              (2)

            	 	
              $

            	
              938,661.82

            	 	
              June
                2037

            
	
              I-38-B

            	 	
              (2)

            	 	
              $

            	
              938,661.82

            	 	
              June
                2037

            
	
              I-39-A

            	 	
              (2)

            	 	
              $

            	
              906,401.75

            	 	
              June
                2037

            
	
              I-39-B

            	 	
              (2)

            	 	
              $

            	
              906,401.75

            	 	
              June
                2037

            
	
              I-40-A

            	 	
              (2)

            	 	
              $

            	
              872,161.69

            	 	
              June
                2037

            
	
              I-40-B

            	 	
              (2)

            	 	
              $

            	
              872,161.69

            	 	
              June
                2037

            
	
              I-41-A

            	 	
              (2)

            	 	
              $

            	
              839,401.62

            	 	
              June
                2037

            
	
              I-41-B

            	 	
              (2)

            	 	
              $

            	
              839,401.62

            	 	
              June
                2037

            
	
              I-42-A

            	 	
              (2)

            	 	
              $

            	
              7,651,634.80

            	 	
              June
                2037

            
	
              I-42-B

            	 	
              (2)

            	 	
              $

            	
              7,651,634.80

            	 	
              June
                2037

            
	
              I-43-A

            	 	
              (2)

            	 	
              $

            	
              419,300.81

            	 	
              June
                2037

            
	
              I-43-B

            	 	
              (2)

            	 	
              $

            	
              419,300.81

            	 	
              June
                2037

            
	
              I-44-A

            	 	
              (2)

            	 	
              $

            	
              461,940.89

            	 	
              June
                2037

            
	
              I-44-B

            	 	
              (2)

            	 	
              $

            	
              461,940.89

            	 	
              June
                2037

            
	
              I-45-A

            	 	
              (2)

            	 	
              $

            	
              421,760.82

            	 	
              June
                2037

            
	
              I-45-B

            	 	
              (2)

            	 	
              $

            	
              421,760.82

            	 	
              June
                2037

            
	
              I-46-A

            	 	
              (2)

            	 	
              $

            	
              890,341.72

            	 	
              June
                2037

            
	
              I-46-B

            	 	
              (2)

            	 	
              $

            	
              890,341.72

            	 	
              June
                2037

            
	
              I-47-A

            	 	
              (2)

            	 	
              $

            	
              142,760.28

            	 	
              June
                2037

            
	
              I-47-B

            	 	
              (2)

            	 	
              $

            	
              142,760.28

            	 	
              June
                2037

            
	
              I-48-A

            	 	
              (2)

            	 	
              $

            	
              97,220.19

            	 	
              June
                2037

            
	
              I-48-B

            	 	
              (2)

            	 	
              $

            	
              97,220.19

            	 	
              June
                2037

            
	
              I-49-A

            	 	
              (2)

            	 	
              $

            	
              377,240.73

            	 	
              June
                2037

            
	
              I-49-B

            	 	
              (2)

            	 	
              $

            	
              377,240.73

            	 	
              June
                2037

            
	
              I-50-A

            	 	
              (2)

            	 	
              $

            	
              380,760.74

            	 	
              June
                2037

            
	
              I-50-B

            	 	
              (2)

            	 	
              $

            	
              380,760.74

            	 	
              June
                2037

            
	
              I-51-A

            	 	
              (2)

            	 	
              $

            	
              353,600.68

            	 	
              June
                2037

            
	
              I-51-B

            	 	
              (2)

            	 	
              $

            	
              353,600.68

            	 	
              June
                2037

            
	
              I-52-A

            	 	
              (2)

            	 	
              $

            	
              862,021.67

            	 	
              June
                2037

            
	
              I-52-B

            	 	
              (2)

            	 	
              $

            	
              862,021.67

            	 	
              June
                2037

            
	
              I-53-A

            	 	
              (2)

            	 	
              $

            	
              61,420.12

            	 	
              June
                2037

            
	
              I-53-B

            	 	
              (2)

            	 	
              $

            	
              61,420.12

            	 	
              June
                2037

            
	
              I-54-A

            	 	
              (2)

            	 	
              $

            	
              133,660.26

            	 	
              June
                2037

            
	
              I-54-B

            	 	
              (2)

            	 	
              $

            	
              133,660.26

            	 	
              June
                2037

            
	
              I-55-A

            	 	
              (2)

            	 	
              $

            	
              78,780.15

            	 	
              June
                2037

            
	
              I-55-B

            	 	
              (2)

            	 	
              $

            	
              78,780.15

            	 	
              June
                2037

            
	
              I-56-A

            	 	
              (2)

            	 	
              $

            	
              188,240.36

            	 	
              June
                2037

            
	
              I-56-B

            	 	
              (2)

            	 	
              $

            	
              188,240.36

            	 	
              June
                2037

            
	
              I-57-A

            	 	
              (2)

            	 	
              $

            	
              182,460.35

            	 	
              June
                2037

            
	
              I-57-B

            	 	
              (2)

            	 	
              $

            	
              182,460.35

            	 	
              June
                2037

            
	
              I-58-A

            	 	
              (2)

            	 	
              $

            	
              413,200.80

            	 	
              June
                2037

            
	
              I-58-B

            	 	
              (2)

            	 	
              $

            	
              413,200.80

            	 	
              June
                2037

            
	
              I-59-A

            	 	
              (2)

            	 	
              $

            	
              58,020.11

            	 	
              June
                2037

            
	
              I-59-B

            	 	
              (2)

            	 	
              $

            	
              58,020.11

            	 	
              June
                2037

            
	
              I-60-A

            	 	
              (2)

            	 	
              $

            	
              63,120.12

            	 	
              June
                2037

            
	
              I-60-B

            	 	
              (2)

            	 	
              $

            	
              63,120.12

            	 	
              June
                2037

            
	
              I-61-A

            	 	
              (2)

            	 	
              $

            	
              189,500.37

            	 	
              June
                2037

            
	
              I-61-B

            	 	
              (2)

            	 	
              $

            	
              189,500.37

            	 	
              June
                2037

            
	
              I-62-A

            	 	
              (2)

            	 	
              $

            	
              202,140.39

            	 	
              June
                2037

            
	
              I-62-B

            	 	
              (2)

            	 	
              $

            	
              202,140.39

            	 	
              June
                2037

            
	
              I-63-A

            	 	
              (2)

            	 	
              $

            	
              492,160.95

            	 	
              June
                2037

            
	
              I-63-B

            	 	
              (2)

            	 	
              $

            	
              492,160.95

            	 	
              June
                2037

            
	
              I-64-A

            	 	
              (2)

            	 	
              $

            	
              106,220.21

            	 	
              June
                2037

            
	
              I-64-B

            	 	
              (2)

            	 	
              $

            	
              106,220.21

            	 	
              June
                2037

            
	
              I-65-A

            	 	
              (2)

            	 	
              $

            	
              143,180.28

            	 	
              June
                2037

            
	
              I-65-B

            	 	
              (2)

            	 	
              $

            	
              143,180.28

            	 	
              June
                2037

            
	
              I-66-A

            	 	
              (2)

            	 	
              $

            	
              81,080.16

            	 	
              June
                2037

            
	
              I-66-B

            	 	
              (2)

            	 	
              $

            	
              81,080.16

            	 	
              June
                2037

            
	
              I-67-A

            	 	
              (2)

            	 	
              $

            	
              323,400.63

            	 	
              June
                2037

            
	
              I-67-B

            	 	
              (2)

            	 	
              $

            	
              323,400.63

            	 	
              June
                2037

            
	
              I-68-A

            	 	
              (2)

            	 	
              $

            	
              193,460.37

            	 	
              June
                2037

            
	
              I-68-B

            	 	
              (2)

            	 	
              $

            	
              193,460.37

            	 	
              June
                2037

            
	
              I-69-A

            	 	
              (2)

            	 	
              $

            	
              374,220.72

            	 	
              June
                2037

            
	
              I-69-B

            	 	
              (2)

            	 	
              $

            	
              374,220.72

            	 	
              June
                2037

            
	
              I-70-A

            	 	
              (2)

            	 	
              $

            	
              349,380.68

            	 	
              June
                2037

            
	
              I-70-B

            	 	
              (2)

            	 	
              $

            	
              349,380.68

            	 	
              June
                2037

            
	
              I-71-A

            	 	
              (2)

            	 	
              $

            	
              344,820.67

            	 	
              June
                2037

            
	
              I-71-B

            	 	
              (2)

            	 	
              $

            	
              344,820.67

            	 	
              June
                2037

            
	
              I-72-A

            	 	
              (2)

            	 	
              $

            	
              357,640.69

            	 	
              June
                2037

            
	
              I-72-B

            	 	
              (2)

            	 	
              $

            	
              357,640.69

            	 	
              June
                2037

            
	
              I-73-A

            	 	
              (2)

            	 	
              $

            	
              314,940.61

            	 	
              June
                2037

            
	
              I-73-B

            	 	
              (2)

            	 	
              $

            	
              314,940.61

            	 	
              June
                2037

            
	
              I-74-A

            	 	
              (2)

            	 	
              $

            	
              332,980.64

            	 	
              June
                2037

            
	
              I-74-B

            	 	
              (2)

            	 	
              $

            	
              332,980.64

            	 	
              June
                2037

            
	
              I-75-A

            	 	
              (2)

            	 	
              $

            	
              311,220.60

            	 	
              June
                2037

            
	
              I-75-B

            	 	
              (2)

            	 	
              $

            	
              311,220.60

            	 	
              June
                2037

            
	
              I-76-A

            	 	
              (2)

            	 	
              $

            	
              311,380.60

            	 	
              June
                2037

            
	
              I-76-B

            	 	
              (2)

            	 	
              $

            	
              311,380.60

            	 	
              June
                2037

            
	
              I-77-A

            	 	
              (2)

            	 	
              $

            	
              291,100.56

            	 	
              June
                2037

            
	
              I-77-B

            	 	
              (2)

            	 	
              $

            	
              291,100.56

            	 	
              June
                2037

            
	
              I-78-A

            	 	
              (2)

            	 	
              $

            	
              286,440.55

            	 	
              June
                2037

            
	
              I-78-B

            	 	
              (2)

            	 	
              $

            	
              286,440.55

            	 	
              June
                2037

            
	
              I-79-A

            	 	
              (2)

            	 	
              $

            	
              281,540.54

            	 	
              June
                2037

            
	
              I-79-B

            	 	
              (2)

            	 	
              $

            	
              281,540.54

            	 	
              June
                2037

            
	
              I-80-A

            	 	
              (2)

            	 	
              $

            	
              263,260.51

            	 	
              June
                2037

            
	
              I-80-B

            	 	
              (2)

            	 	
              $

            	
              263,260.51

            	 	
              June
                2037

            
	
              I-81-A

            	 	
              (2)

            	 	
              $

            	
              263,220.51

            	 	
              June
                2037

            
	
              I-81-B

            	 	
              (2)

            	 	
              $

            	
              263,220.51

            	 	
              June
                2037

            
	
              I-82-A

            	 	
              (2)

            	 	
              $

            	
              246,120.48

            	 	
              June
                2037

            
	
              I-82-B

            	 	
              (2)

            	 	
              $

            	
              246,120.48

            	 	
              June
                2037

            
	
              I-83-A

            	 	
              (2)

            	 	
              $

            	
              242,060.47

            	 	
              June
                2037

            
	
              I-83-B

            	 	
              (2)

            	 	
              $

            	
              242,060.47

            	 	
              June
                2037

            
	
              I-84-A

            	 	
              (2)

            	 	
              $

            	
              249,020.48

            	 	
              June
                2037

            
	
              I-84-B

            	 	
              (2)

            	 	
              $

            	
              249,020.48

            	 	
              June
                2037

            
	
              I-85-A

            	 	
              (2)

            	 	
              $

            	
              221,680.43

            	 	
              June
                2037

            
	
              I-85-B

            	 	
              (2)

            	 	
              $

            	
              221,680.43

            	 	
              June
                2037

            
	
              I-86-A

            	 	
              (2)

            	 	
              $

            	
              232,720.45

            	 	
              June
                2037

            
	
              I-86-B

            	 	
              (2)

            	 	
              $

            	
              232,720.45

            	 	
              June
                2037

            
	
              I-87-A

            	 	
              (2)

            	 	
              $

            	
              218,420.42

            	 	
              June
                2037

            
	
              I-87-B

            	 	
              (2)

            	 	
              $

            	
              218,420.42

            	 	
              June
                2037

            
	
              I-88-A

            	 	
              (2)

            	 	
              $

            	
              218,140.42

            	 	
              June
                2037

            
	
              I-88-B

            	 	
              (2)

            	 	
              $

            	
              218,140.42

            	 	
              June
                2037

            
	
              I-89-A

            	 	
              (2)

            	 	
              $

            	
              6,032,171.67

            	 	
              June
                2037

            
	
              I-89-B

            	 	
              (2)

            	 	
              $

            	
              6,032,171.67

            	 	
              June
                2037

            
	
              II

            	 	
              (2)

            	 	
              $

            	
              95,548,875.28

            	 	
              June
                2037

            
	
              II-1-A

            	 	
              (2)

            	 	
              $

            	
              1,853,757.61

            	 	
              June
                2037

            
	
              II-1-B

            	 	
              (2)

            	 	
              $

            	
              1,853,757.61

            	 	
              June
                2037

            
	
              II-2-A

            	 	
              (2)

            	 	
              $

            	
              2,030,247.38

            	 	
              June
                2037

            
	
              II-2-B

            	 	
              (2)

            	 	
              $

            	
              2,030,247.38

            	 	
              June
                2037

            
	
              II-3-A

            	 	
              (2)

            	 	
              $

            	
              2,202,087.16

            	 	
              June
                2037

            
	
              II-3-B

            	 	
              (2)

            	 	
              $

            	
              2,202,087.16

            	 	
              June
                2037

            
	
              II-4-A

            	 	
              (2)

            	 	
              $

            	
              2,368,556.95

            	 	
              June
                2037

            
	
              II-4-B

            	 	
              (2)

            	 	
              $

            	
              2,368,556.95

            	 	
              June
                2037

            
	
              II-5-A

            	 	
              (2)

            	 	
              $

            	
              2,528,966.74

            	 	
              June
                2037

            
	
              II-5-B

            	 	
              (2)

            	 	
              $

            	
              2,528,966.74

            	 	
              June
                2037

            
	
              II-6-A

            	 	
              (2)

            	 	
              $

            	
              2,682,746.54

            	 	
              June
                2037

            
	
              II-6-B

            	 	
              (2)

            	 	
              $

            	
              2,682,746.54

            	 	
              June
                2037

            
	
              II-7-A

            	 	
              (2)

            	 	
              $

            	
              2,829,206.35

            	 	
              June
                2037

            
	
              II-7-B

            	 	
              (2)

            	 	
              $

            	
              2,829,206.35

            	 	
              June
                2037

            
	
              II-8-A

            	 	
              (2)

            	 	
              $

            	
              2,967,746.17

            	 	
              June
                2037

            
	
              II-8-B

            	 	
              (2)

            	 	
              $

            	
              2,967,746.17

            	 	
              June
                2037

            
	
              II-9-A

            	 	
              (2)

            	 	
              $

            	
              3,097,706.01

            	 	
              June
                2037

            
	
              II-9-B

            	 	
              (2)

            	 	
              $

            	
              3,097,706.01

            	 	
              June
                2037

            
	
              II-10-A

            	 	
              (2)

            	 	
              $

            	
              3,218,695.85

            	 	
              June
                2037

            
	
              II-10-B

            	 	
              (2)

            	 	
              $

            	
              3,218,695.85

            	 	
              June
                2037

            
	
              II-11-A

            	 	
              (2)

            	 	
              $

            	
              3,330,265.71

            	 	
              June
                2037

            
	
              II-11-B

            	 	
              (2)

            	 	
              $

            	
              3,330,265.71

            	 	
              June
                2037

            
	
              II-12-A

            	 	
              (2)

            	 	
              $

            	
              3,431,965.57

            	 	
              June
                2037

            
	
              II-12-B

            	 	
              (2)

            	 	
              $

            	
              3,431,965.57

            	 	
              June
                2037

            
	
              II-13-A

            	 	
              (2)

            	 	
              $

            	
              3,523,015.46

            	 	
              June
                2037

            
	
              II-13-B

            	 	
              (2)

            	 	
              $

            	
              3,523,015.46

            	 	
              June
                2037

            
	
              II-14-A

            	 	
              (2)

            	 	
              $

            	
              3,469,915.53

            	 	
              June
                2037

            
	
              II-14-B

            	 	
              (2)

            	 	
              $

            	
              3,469,915.53

            	 	
              June
                2037

            
	
              II-15-A

            	 	
              (2)

            	 	
              $

            	
              3,367,435.66

            	 	
              June
                2037

            
	
              II-15-B

            	 	
              (2)

            	 	
              $

            	
              3,367,435.66

            	 	
              June
                2037

            
	
              II-16-A

            	 	
              (2)

            	 	
              $

            	
              3,267,805.79

            	 	
              June
                2037

            
	
              II-16-B

            	 	
              (2)

            	 	
              $

            	
              3,267,805.79

            	 	
              June
                2037

            
	
              II-17-A

            	 	
              (2)

            	 	
              $

            	
              3,171,025.91

            	 	
              June
                2037

            
	
              II-17-B

            	 	
              (2)

            	 	
              $

            	
              3,171,025.91

            	 	
              June
                2037

            
	
              II-18-A

            	 	
              (2)

            	 	
              $

            	
              3,077,066.03

            	 	
              June
                2037

            
	
              II-18-B

            	 	
              (2)

            	 	
              $

            	
              3,077,066.03

            	 	
              June
                2037

            
	
              II-19-A

            	 	
              (2)

            	 	
              $

            	
              4,453,974.26

            	 	
              June
                2037

            
	
              II-19-B

            	 	
              (2)

            	 	
              $

            	
              4,453,974.26

            	 	
              June
                2037

            
	
              II-20-A

            	 	
              (2)

            	 	
              $

            	
              4,226,574.55

            	 	
              June
                2037

            
	
              II-20-B

            	 	
              (2)

            	 	
              $

            	
              4,226,574.55

            	 	
              June
                2037

            
	
              II-21-A

            	 	
              (2)

            	 	
              $

            	
              4,011,774.83

            	 	
              June
                2037

            
	
              II-21-B

            	 	
              (2)

            	 	
              $

            	
              4,011,774.83

            	 	
              June
                2037

            
	
              II-22-A

            	 	
              (2)

            	 	
              $

            	
              3,808,855.09

            	 	
              June
                2037

            
	
              II-22-B

            	 	
              (2)

            	 	
              $

            	
              3,808,855.09

            	 	
              June
                2037

            
	
              II-23-A

            	 	
              (2)

            	 	
              $

            	
              3,645,775.30

            	 	
              June
                2037

            
	
              II-23-B

            	 	
              (2)

            	 	
              $

            	
              3,645,775.30

            	 	
              June
                2037

            
	
              II-24-A

            	 	
              (2)

            	 	
              $

            	
              3,460,195.54

            	 	
              June
                2037

            
	
              II-24-B

            	 	
              (2)

            	 	
              $

            	
              3,460,195.54

            	 	
              June
                2037

            
	
              II-25-A

            	 	
              (2)

            	 	
              $

            	
              2,344,286.98

            	 	
              June
                2037

            
	
              II-25-B

            	 	
              (2)

            	 	
              $

            	
              2,344,286.98

            	 	
              June
                2037

            
	
              II-26-A

            	 	
              (2)

            	 	
              $

            	
              2,259,957.09

            	 	
              June
                2037

            
	
              II-26-B

            	 	
              (2)

            	 	
              $

            	
              2,259,957.09

            	 	
              June
                2037

            
	
              II-27-A

            	 	
              (2)

            	 	
              $

            	
              2,178,447.19

            	 	
              June
                2037

            
	
              II-27-B

            	 	
              (2)

            	 	
              $

            	
              2,178,447.19

            	 	
              June
                2037

            
	
              II-28-A

            	 	
              (2)

            	 	
              $

            	
              2,099,697.29

            	 	
              June
                2037

            
	
              II-28-B

            	 	
              (2)

            	 	
              $

            	
              2,099,697.29

            	 	
              June
                2037

            
	
              II-29-A

            	 	
              (2)

            	 	
              $

            	
              2,001,957.42

            	 	
              June
                2037

            
	
              II-29-B

            	 	
              (2)

            	 	
              $

            	
              2,001,957.42

            	 	
              June
                2037

            
	
              II-30-A

            	 	
              (2)

            	 	
              $

            	
              1,930,797.51

            	 	
              June
                2037

            
	
              II-30-B

            	 	
              (2)

            	 	
              $

            	
              1,930,797.51

            	 	
              June
                2037

            
	
              II-31-A

            	 	
              (2)

            	 	
              $

            	
              2,042,607.37

            	 	
              June
                2037

            
	
              II-31-B

            	 	
              (2)

            	 	
              $

            	
              2,042,607.37

            	 	
              June
                2037

            
	
              II-32-A

            	 	
              (2)

            	 	
              $

            	
              2,052,987.35

            	 	
              June
                2037

            
	
              II-32-B

            	 	
              (2)

            	 	
              $

            	
              2,052,987.35

            	 	
              June
                2037

            
	
              II-33-A

            	 	
              (2)

            	 	
              $

            	
              1,964,397.47

            	 	
              June
                2037

            
	
              II-33-B

            	 	
              (2)

            	 	
              $

            	
              1,964,397.47

            	 	
              June
                2037

            
	
              II-34-A

            	 	
              (2)

            	 	
              $

            	
              1,879,587.58

            	 	
              June
                2037

            
	
              II-34-B

            	 	
              (2)

            	 	
              $

            	
              1,879,587.58

            	 	
              June
                2037

            
	
              II-35-A

            	 	
              (2)

            	 	
              $

            	
              1,798,527.68

            	 	
              June
                2037

            
	
              II-35-B

            	 	
              (2)

            	 	
              $

            	
              1,798,527.68

            	 	
              June
                2037

            
	
              II-36-A

            	 	
              (2)

            	 	
              $

            	
              1,720,707.78

            	 	
              June
                2037

            
	
              II-36-B

            	 	
              (2)

            	 	
              $

            	
              1,720,707.78

            	 	
              June
                2037

            
	
              II-37-A

            	 	
              (2)

            	 	
              $

            	
              1,523,938.03

            	 	
              June
                2037

            
	
              II-37-B

            	 	
              (2)

            	 	
              $

            	
              1,523,938.03

            	 	
              June
                2037

            
	
              II-38-A

            	 	
              (2)

            	 	
              $

            	
              1,407,988.18

            	 	
              June
                2037

            
	
              II-38-B

            	 	
              (2)

            	 	
              $

            	
              1,407,988.18

            	 	
              June
                2037

            
	
              II-39-A

            	 	
              (2)

            	 	
              $

            	
              1,359,598.25

            	 	
              June
                2037

            
	
              II-39-B

            	 	
              (2)

            	 	
              $

            	
              1,359,598.25

            	 	
              June
                2037

            
	
              II-40-A

            	 	
              (2)

            	 	
              $

            	
              1,308,238.31

            	 	
              June
                2037

            
	
              II-40-B

            	 	
              (2)

            	 	
              $

            	
              1,308,238.31

            	 	
              June
                2037

            
	
              II-41-A

            	 	
              (2)

            	 	
              $

            	
              1,259,098.38

            	 	
              June
                2037

            
	
              II-41-B

            	 	
              (2)

            	 	
              $

            	
              1,259,098.38

            	 	
              June
                2037

            
	
              II-42-A

            	 	
              (2)

            	 	
              $

            	
              11,477,415.20

            	 	
              June
                2037

            
	
              II-42-B

            	 	
              (2)

            	 	
              $

            	
              11,477,415.20

            	 	
              June
                2037

            
	
              II-43-A

            	 	
              (2)

            	 	
              $

            	
              628,949.19

            	 	
              June
                2037

            
	
              II-43-B

            	 	
              (2)

            	 	
              $

            	
              628,949.19

            	 	
              June
                2037

            
	
              II-44-A

            	 	
              (2)

            	 	
              $

            	
              692,909.11

            	 	
              June
                2037

            
	
              II-44-B

            	 	
              (2)

            	 	
              $

            	
              692,909.11

            	 	
              June
                2037

            
	
              II-45-A

            	 	
              (2)

            	 	
              $

            	
              632,639.18

            	 	
              June
                2037

            
	
              II-45-B

            	 	
              (2)

            	 	
              $

            	
              632,639.18

            	 	
              June
                2037

            
	
              II-46-A

            	 	
              (2)

            	 	
              $

            	
              1,335,508.28

            	 	
              June
                2037

            
	
              II-46-B

            	 	
              (2)

            	 	
              $

            	
              1,335,508.28

            	 	
              June
                2037

            
	
              II-47-A

            	 	
              (2)

            	 	
              $

            	
              214,139.72

            	 	
              June
                2037

            
	
              II-47-B

            	 	
              (2)

            	 	
              $

            	
              214,139.72

            	 	
              June
                2037

            
	
              II-48-A

            	 	
              (2)

            	 	
              $

            	
              145,829.81

            	 	
              June
                2037

            
	
              II-48-B

            	 	
              (2)

            	 	
              $

            	
              145,829.81

            	 	
              June
                2037

            
	
              II-49-A

            	 	
              (2)

            	 	
              $

            	
              565,859.27

            	 	
              June
                2037

            
	
              II-49-B

            	 	
              (2)

            	 	
              $

            	
              565,859.27

            	 	
              June
                2037

            
	
              II-50-A

            	 	
              (2)

            	 	
              $

            	
              571,139.26

            	 	
              June
                2037

            
	
              II-50-B

            	 	
              (2)

            	 	
              $

            	
              571,139.26

            	 	
              June
                2037

            
	
              II-51-A

            	 	
              (2)

            	 	
              $

            	
              530,399.32

            	 	
              June
                2037

            
	
              II-51-B

            	 	
              (2)

            	 	
              $

            	
              530,399.32

            	 	
              June
                2037

            
	
              II-52-A

            	 	
              (2)

            	 	
              $

            	
              1,293,028.33

            	 	
              June
                2037

            
	
              II-52-B

            	 	
              (2)

            	 	
              $

            	
              1,293,028.33

            	 	
              June
                2037

            
	
              II-53-A

            	 	
              (2)

            	 	
              $

            	
              92,129.88

            	 	
              June
                2037

            
	
              II-53-B

            	 	
              (2)

            	 	
              $

            	
              92,129.88

            	 	
              June
                2037

            
	
              II-54-A

            	 	
              (2)

            	 	
              $

            	
              200,489.74

            	 	
              June
                2037

            
	
              II-54-B

            	 	
              (2)

            	 	
              $

            	
              200,489.74

            	 	
              June
                2037

            
	
              II-55-A

            	 	
              (2)

            	 	
              $

            	
              118,169.85

            	 	
              June
                2037

            
	
              II-55-B

            	 	
              (2)

            	 	
              $

            	
              118,169.85

            	 	
              June
                2037

            
	
              II-56-A

            	 	
              (2)

            	 	
              $

            	
              282,359.64

            	 	
              June
                2037

            
	
              II-56-B

            	 	
              (2)

            	 	
              $

            	
              282,359.64

            	 	
              June
                2037

            
	
              II-57-A

            	 	
              (2)

            	 	
              $

            	
              273,689.65

            	 	
              June
                2037

            
	
              II-57-B

            	 	
              (2)

            	 	
              $

            	
              273,689.65

            	 	
              June
                2037

            
	
              II-58-A

            	 	
              (2)

            	 	
              $

            	
              619,799.20

            	 	
              June
                2037

            
	
              II-58-B

            	 	
              (2)

            	 	
              $

            	
              619,799.20

            	 	
              June
                2037

            
	
              II-59-A

            	 	
              (2)

            	 	
              $

            	
              87,029.89

            	 	
              June
                2037

            
	
              II-59-B

            	 	
              (2)

            	 	
              $

            	
              87,029.89

            	 	
              June
                2037

            
	
              II-60-A

            	 	
              (2)

            	 	
              $

            	
              94,679.88

            	 	
              June
                2037

            
	
              II-60-B

            	 	
              (2)

            	 	
              $

            	
              94,679.88

            	 	
              June
                2037

            
	
              II-61-A

            	 	
              (2)

            	 	
              $

            	
              284,249.63

            	 	
              June
                2037

            
	
              II-61-B

            	 	
              (2)

            	 	
              $

            	
              284,249.63

            	 	
              June
                2037

            
	
              II-62-A

            	 	
              (2)

            	 	
              $

            	
              303,209.61

            	 	
              June
                2037

            
	
              II-62-B

            	 	
              (2)

            	 	
              $

            	
              303,209.61

            	 	
              June
                2037

            
	
              II-63-A

            	 	
              (2)

            	 	
              $

            	
              738,239.05

            	 	
              June
                2037

            
	
              II-63-B

            	 	
              (2)

            	 	
              $

            	
              738,239.05

            	 	
              June
                2037

            
	
              II-64-A

            	 	
              (2)

            	 	
              $

            	
              159,329.79

            	 	
              June
                2037

            
	
              II-64-B

            	 	
              (2)

            	 	
              $

            	
              159,329.79

            	 	
              June
                2037

            
	
              II-65-A

            	 	
              (2)

            	 	
              $

            	
              214,769.72

            	 	
              June
                2037

            
	
              II-65-B

            	 	
              (2)

            	 	
              $

            	
              214,769.72

            	 	
              June
                2037

            
	
              II-66-A

            	 	
              (2)

            	 	
              $

            	
              121,619.84

            	 	
              June
                2037

            
	
              II-66-B

            	 	
              (2)

            	 	
              $

            	
              121,619.84

            	 	
              June
                2037

            
	
              II-67-A

            	 	
              (2)

            	 	
              $

            	
              485,099.37

            	 	
              June
                2037

            
	
              II-67-B

            	 	
              (2)

            	 	
              $

            	
              485,099.37

            	 	
              June
                2037

            
	
              II-68-A

            	 	
              (2)

            	 	
              $

            	
              290,189.63

            	 	
              June
                2037

            
	
              II-68-B

            	 	
              (2)

            	 	
              $

            	
              290,189.63

            	 	
              June
                2037

            
	
              II-69-A

            	 	
              (2)

            	 	
              $

            	
              561,329.28

            	 	
              June
                2037

            
	
              II-69-B

            	 	
              (2)

            	 	
              $

            	
              561,329.28

            	 	
              June
                2037

            
	
              II-70-A

            	 	
              (2)

            	 	
              $

            	
              524,069.32

            	 	
              June
                2037

            
	
              II-70-B

            	 	
              (2)

            	 	
              $

            	
              524,069.32

            	 	
              June
                2037

            
	
              II-71-A

            	 	
              (2)

            	 	
              $

            	
              517,229.33

            	 	
              June
                2037

            
	
              II-71-B

            	 	
              (2)

            	 	
              $

            	
              517,229.33

            	 	
              June
                2037

            
	
              II-72-A

            	 	
              (2)

            	 	
              $

            	
              536,459.31

            	 	
              June
                2037

            
	
              II-72-B

            	 	
              (2)

            	 	
              $

            	
              536,459.31

            	 	
              June
                2037

            
	
              II-73-A

            	 	
              (2)

            	 	
              $

            	
              472,409.39

            	 	
              June
                2037

            
	
              II-73-B

            	 	
              (2)

            	 	
              $

            	
              472,409.39

            	 	
              June
                2037

            
	
              II-74-A

            	 	
              (2)

            	 	
              $

            	
              499,469.36

            	 	
              June
                2037

            
	
              II-74-B

            	 	
              (2)

            	 	
              $

            	
              499,469.36

            	 	
              June
                2037

            
	
              II-75-A

            	 	
              (2)

            	 	
              $

            	
              466,829.40

            	 	
              June
                2037

            
	
              II-75-B

            	 	
              (2)

            	 	
              $

            	
              466,829.40

            	 	
              June
                2037

            
	
              II-76-A

            	 	
              (2)

            	 	
              $

            	
              467,069.40

            	 	
              June
                2037

            
	
              II-76-B

            	 	
              (2)

            	 	
              $

            	
              467,069.40

            	 	
              June
                2037

            
	
              II-77-A

            	 	
              (2)

            	 	
              $

            	
              436,649.44

            	 	
              June
                2037

            
	
              II-77-B

            	 	
              (2)

            	 	
              $

            	
              436,649.44

            	 	
              June
                2037

            
	
              II-78-A

            	 	
              (2)

            	 	
              $

            	
              429,659.45

            	 	
              June
                2037

            
	
              II-78-B

            	 	
              (2)

            	 	
              $

            	
              429,659.45

            	 	
              June
                2037

            
	
              II-79-A

            	 	
              (2)

            	 	
              $

            	
              422,309.46

            	 	
              June
                2037

            
	
              II-79-B

            	 	
              (2)

            	 	
              $

            	
              422,309.46

            	 	
              June
                2037

            
	
              II-80-A

            	 	
              (2)

            	 	
              $

            	
              394,889.49

            	 	
              June
                2037

            
	
              II-80-B

            	 	
              (2)

            	 	
              $

            	
              394,889.49

            	 	
              June
                2037

            
	
              II-81-A

            	 	
              (2)

            	 	
              $

            	
              394,829.49

            	 	
              June
                2037

            
	
              II-81-B

            	 	
              (2)

            	 	
              $

            	
              394,829.49

            	 	
              June
                2037

            
	
              II-82-A

            	 	
              (2)

            	 	
              $

            	
              369,179.52

            	 	
              June
                2037

            
	
              II-82-B

            	 	
              (2)

            	 	
              $

            	
              369,179.52

            	 	
              June
                2037

            
	
              II-83-A

            	 	
              (2)

            	 	
              $

            	
              363,089.53

            	 	
              June
                2037

            
	
              II-83-B

            	 	
              (2)

            	 	
              $

            	
              363,089.53

            	 	
              June
                2037

            
	
              II-84-A

            	 	
              (2)

            	 	
              $

            	
              373,529.52

            	 	
              June
                2037

            
	
              II-84-B

            	 	
              (2)

            	 	
              $

            	
              373,529.52

            	 	
              June
                2037

            
	
              II-85-A

            	 	
              (2)

            	 	
              $

            	
              332,519.57

            	 	
              June
                2037

            
	
              II-85-B

            	 	
              (2)

            	 	
              $

            	
              332,519.57

            	 	
              June
                2037

            
	
              II-86-A

            	 	
              (2)

            	 	
              $

            	
              349,079.55

            	 	
              June
                2037

            
	
              II-86-B

            	 	
              (2)

            	 	
              $

            	
              349,079.55

            	 	
              June
                2037

            
	
              II-87-A

            	 	
              (2)

            	 	
              $

            	
              327,629.58

            	 	
              June
                2037

            
	
              II-87-B

            	 	
              (2)

            	 	
              $

            	
              327,629.58

            	 	
              June
                2037

            
	
              II-88-A

            	 	
              (2)

            	 	
              $

            	
              327,209.58

            	 	
              June
                2037

            
	
              II-88-B

            	 	
              (2)

            	 	
              $

            	
              327,209.58

            	 	
              June
                2037

            
	
              II-89-A

            	 	
              (2)

            	 	
              $

            	
              9,048,228.33

            	 	
              June
                2037

            
	
              II-89-B

            	 	
              (2)

            	 	
              $

            	
              9,048,228.33

            	 	
              June
                2037

            
	
              I-LT-P

            	 	
              (2)

            	 	
              $

            	
              100.00

            	 	
              June
                2037

            
	
              I-LT-AR

            	 	
              (2)

            	 	
              $

            	
              100.00

            	 	
              June
                2037

            

    

    ________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loan with the latest maturity date has been designated as the “latest
                possible maturity date” for each REMIC 1 Regular
                Interest.

            

    

    
      	
              (1)

            	
              Calculated
                in accordance with the definition of “REMIC 1 Remittance Rate”
                herein.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    REMIC
      2

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as REMIC 2.
      The
      R-2-R Interest will represent the sole class of “residual interests” in REMIC 2
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, REMIC 2 Remittance Rate, initial
      Uncertificated Principal Balance on each of the “regular interests” in REMIC 2
      (the “REMIC 2 Regular Interests”). None of the REMIC 2 Regular Interests will be
      certificated.

     

    
      	
              
                Designation

              

            	
              
                REMIC
                  2 Remittance Rate

              

            	
              
                Uncertificated
                  Principal Balance

              

            	
              
                Latest
                  Possible Maturity Date(1)

              

            
	
              LT-AA

            	
              (2)

            	
               $           318,500,006.63

            	
              June
                2037

            
	
              LT-1A

            	
              (2)

            	
               $               1,025,700.00

            	
              June
                2037

            
	
              LT-2A1

            	
              (2)

            	
               $                  864,505.00

            	
              June
                2037

            
	
              LT-2A2

            	
              (2)

            	
               $                  116,790.00

            	
              June
                2037

            
	
              LT-2A3

            	
              (2)

            	
               $                  387,770.00

            	
              June
                2037

            
	
              LT-2A4

            	
              (2)

            	
               $                  169,485.00

            	
              June
                2037

            
	
              LT-M1

            	
              (2)

            	
               $                  117,000.00

            	
              June
                2037

            
	
              LT-M2

            	
              (2)

            	
               $                  133,250.00

            	
              June
                2037

            
	
              LT-M3

            	
              (2)

            	
               $                    45,500.00

            	
              June
                2037

            
	
              LT-M4

            	
              (2)

            	
               $                    56,875.00

            	
              June
                2037

            
	
              LT-M5

            	
              (2)

            	
               $                    60,125.00

            	
              June
                2037

            
	
              LT-M6

            	
              (2)

            	
               $                    30,875.00

            	
              June
                2037

            
	
              LT-M7

            	
              (2)

            	
               $                    42,250.00

            	
              June
                2037

            
	
              LT-M8

            	
              (2)

            	
               $                    29,250.00

            	
              June
                2037

            
	
              LT-M9

            	
              (2)

            	
               $                    42,250.00

            	
              June
                2037

            
	
              LT-B

            	
              (2)

            	
               $                    47,125.00

            	
              June
                2037

            
	
              LT-ZZ

            	
              (2)

            	
               $               3,331,250.14

            	
              June
                2037

            
	
              LT-P

            	
              (2)

            	
               $                         100.00

            	
              June
                2037

            
	
              LT-AR

            	
              (2)

            	
               $                         100.00

            	
              June
                2037

            
	
              LT-1SUB

            	
              (2)

            	
               $                      5,485.95

            	
              June
                2037

            
	
              LT-1GRP

            	
              (2)

            	
               $                    25,999.97

            	
              June
                2037

            
	
              LT-2SUB

            	
              (2)

            	
               $                    11,618.53

            	
              June
                2037

            
	
              LT-2GRP

            	
              (2)

            	
               $                    38,999.83

            	
              June
                2037

            
	
              LT-XX

            	
              (2)

            	
               $           324,917,902.48

            	
              June
                2037

            
	
              II-IO

            	
              (2)

            	
              (3)

            	
              June
                2037

            

    

    ________________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loan with the latest maturity date has been designated as the “latest
                possible maturity date” for each REMIC 2 Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                as provided in the definition of “REMIC 2 Remittance Rate”
                herein.

            

    

    
      	
              (3)

            	
              REMIC
                2 Regular Interest II-IO will not have an Uncertificated Principal
                Balance, but will accrue interest on its Uncertificated Notional
                Amount as
                defined herein.

            

    

     

    

    REMIC
      3

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as REMIC 3.
      The
      R-3-R Interest will represent the sole class of “residual interests” in REMIC 3
      for purposes of the REMIC Provisions under federal income tax law. The following
      table irrevocably sets forth the designation, Pass-Through Rate, aggregate
      Initial Certificate Principal Balance and Final Scheduled Distribution Date
      for
      each Class of Certificates comprising the interests representing “regular
      interests” in REMIC 3.

     

    
      	
              
                Designation

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Aggregate
                  Initial Certificate Principal Balance

              

            	
              
                Latest
                  Possible Maturity Date(1)

              

            
	
              Class
                1-A

            	
              (2)

            	
              $    205,140,000.00

            	
              June
                2037

            
	
              Class
                2-A-1

            	
              (2)

            	
              $    172,901,000.00

            	
              June
                2037

            
	
              Class
                2-A-2

            	
              (2)

            	
              $    23,358,000.00

            	
              June
                2037

            
	
              Class
                2-A-3

            	
              (2)

            	
              $    77,554,000.00

            	
              June
                2037

            
	
              Class
                2-A-4

            	
              (2)

            	
              $    33,897,000.00

            	
              June
                2037

            
	
              Class
                M-1

            	
              (2)

            	
              $    23,400,000.00

            	
              June
                2037

            
	
              Class
                M-2

            	
              (2)

            	
              $    26,650,000.00

            	
              June
                2037

            
	
              Class
                M-3

            	
              (2)

            	
              $              
                9,100,000.00

            	
              June
                2037

            
	
              Class
                M-4

            	
              (2)

            	
              $    11,375,000.00

            	
              June
                2037

            
	
              Class
                M-5

            	
              (2)

            	
              $    12,025,000.00

            	
              June
                2037

            
	
              Class
                M-6

            	
              (2)

            	
              $       6,175,000.00

            	
              June
                2037

            
	
              Class
                M-7

            	
              (2)

            	
              $        8,450,000.00

            	
              June
                2037

            
	
              Class
                M-8

            	
              (2)

            	
              $        5,850,000.00

            	
              June
                2037

            
	
              Class
                M-9

            	
              (2)

            	
              $        8,450,000.00

            	
              June
                2037

            
	
              Class
                B

            	
              (2)

            	
              $        9,425,000.00

            	
              June
                2037

            
	
              Class
                C Certificate

            	
              (3)

            	
                        $          16,250,013.53

            	
              June
                2037

            
	
              Class
                P Certificate

            	
              (4)

            	
                        $                      100.00

            	
              June
                2037

            
	
              Class
                A-R

            	
              (5)

            	
                        $                      100.00

            	
              June
                2037

            
	
              Class
                Swap-IO Interest

            	
              (6)

            	
              (6)

            	
              June
                2037

            

    

    _______________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loan with the latest maturity date has been designated as the “latest
                possible maturity date” for each REMIC 3 Regular
                Certificate.

            

    

    (2)           Interest
      will accrue at a rate equal to the Pass-Through Rate, as defined
      herein.

    
      	
              (3)

            	
              The
                Class C Certificate will accrue interest at its variable Pass-Through
                Rate
                on the Class C Notional Amount outstanding from time to time which
                shall
                equal the Uncertificated Principal Balance of the REMIC 2 Regular
                Interests (other than REMIC 2 Regular Interest LT-P). The Class C
                Certificate will not accrue interest on their Certificate Principal
                Balance initially equal to
                $16,230,649.00.

            

    

    
      	
              (4)

            	
              The
                Class P Certificate will be not entitled to distributions of interest,
                but
                will be entitled to all Prepayment Charges distributed with respect
                REMIC
                2 Regular Interest LT-P.

            

    

    
      	
              (5)

            	
              The
                Class A-R Certificates represent the sole class of residual interests
                in
                each REMIC created hereunder.  The Class A-R Certificates will
                not be entitled to distributions of
                interest.

            

    

    
      	
              (6)

            	
              The
                Class SWAP-IO Interest will not have a Pass-Through Rate or an
                Uncertificated Principal Balance, but will be entitled to 100% of
                amounts
                distributed on REMIC 2 Regular Interest
                II-IO.

            

    

    

     

    The
      foregoing REMIC structure is intended to cause all of the cash from the Mortgage
      Loans to flow through to REMIC 3 as cash flow on REMIC regular interests,
      without creating any shortfall— actual or potential (other than for credit
      losses)— to any REMIC regular interest.  It is not intended that the
      Class A-R Certificates be entitled to any cash flows pursuant to this Agreement
      except as provided in Section 3.08(a) hereunder.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      I.

    DEFINITIONS

     

    
      	
              Section
                1.01  

            	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the following meanings:

     

    40-Year
      Mortgage Loan:  A Mortgage Loan with an original term to maturity
      of 40 years.

     

    Acceptable
      Bid Amount:  Either (i) a bid equal to or greater than the Minimum
      Auction Amount or (ii) the highest bid submitted by a Qualified Bidder in an
      auction if the Directing Certificateholder agrees to pay the related Auction
      Supplement Amount.

     

    Account:  The
      Escrow Account, the Carryover Reserve Fund, the Certificate Account, the
      Distribution Account, the Pre-Funding Account, the Capitalized Interest Account,
      the Principal Reserve Fund, the Swap Account or any other account related to
      the
      Trust Fund, the Swap Trust or the Mortgage Loans.

     

    Accrual
      Period:  With respect to any Distribution Date and each Class of
      Interest-Bearing Certificates, the period commencing on the immediately
      preceding Distribution Date (or, in the case of the first Distribution Date,
      the
      Closing Date) and ending on the day immediately preceding such Distribution
      Date.  With respect to any Distribution Date and the Class C
      Certificates, the calendar month preceding the month in which such Distribution
      Date occurs.  All calculations of interest on the Interest-Bearing
      Certificates will be made on the basis of the actual number of days elapsed
      in
      the related Accrual Period and on a 360-day year.  All calculations of
      interest on the Class C Certificates will be made on the basis of a 360-day
      year
      consisting of twelve 30-day months.

     

    Adjustable
      Rate Mortgage Loans:  The
      Mortgage Loans identified in the
      Mortgage Loan Schedule as having a Mortgage Rate which is adjustable in
      accordance with the terms of the related Mortgage Note.

     

    Adjusted
      Mortgage Rate: As to each Mortgage Loan, the Mortgage Rate less the
      Servicing Fee Rate.

     

    Adjusted
      Net Mortgage Rate:  As to each Mortgage Loan, the Mortgage Rate
      less the related Expense Fee Rate.

     

    Adjusted
      Replacement Upfront Amount:  As defined in Section
      3.21.

     

    Adjustment
      Date:  As to each Adjustable Rate Mortgage Loan, each date on
      which the related Mortgage Rate is subject to adjustment, as provided in the
      related Mortgage Note.

     

    Advance:  The
      aggregate of the advances required to be made by the Master Servicer with
      respect to any Distribution Date pursuant to Section 4.01, the amount of any
      such advances being equal to the aggregate of payments of principal of, and
      interest on the Stated Principal Balance of, the Mortgage Loans (net of the
      Servicing Fees) that were due on the related Due Date and not received by the
      Master Servicer as of the close of business on the related Determination Date
      including an amount equivalent to interest on the Stated Principal Balance
      of
      each Mortgage Loan as to which the related Mortgaged Property is an REO Property
      or as to which the related Mortgaged Property has been liquidated but such
      Mortgage Loan has not yet become a Liquidated Mortgage Loan; provided, however,
      that the net monthly income (if any) from such REO Property deposited in the
      Certificate Account for such Distribution Date pursuant to Section 3.12 may
      be
      used to offset such Advance for the related REO Property; provided, further,
      that for the avoidance of doubt, no Advances shall be required to be made in
      respect of any Liquidated Mortgage Loan.

     

    Agreement:  This
      Pooling and Servicing Agreement and any and all amendments or supplements hereto
      made in accordance with the terms herein.

     

    Amount
      Held for Future Distribution:  As to any Distribution Date, the
      aggregate amount held in the Certificate Account at the close of business on
      the
      immediately preceding Determination Date on account of (i) all Scheduled
      Payments or portions thereof received in respect of the Mortgage Loans due
      after
      the related Due Date, (ii) Principal Prepayments received in respect of such
      Mortgage Loans after the last day of the related Prepayment Period and (iii)
      Liquidation Proceeds and Subsequent Recoveries received in respect of such
      Mortgage Loans after the last day of the related Due Period.

     

    Applied
      Realized Loss Amount:  With respect to any Distribution Date and
      any Loan Group or Loan Groups, the amount, if any, by which, the aggregate
      Certificate Principal Balance of the Class(es) of Certificates listed opposite
      such Loan Group(s) in the following table (after all distributions of principal
      on such Distribution Date) exceeds the sum of (x) the aggregate Stated Principal
      Balance of the Mortgage Loans in such Loan Group(s) for such Distribution Date
      and (y) the amount on deposit in the Pre-Funding Account in respect of such
      Loan
      Group(s); provided, however, that an Applied Realized Loss Amount will not
      exist
      for a single Loan Group with respect to its corresponding Class A Certificates
      unless the Certificate Principal Balances of the Subordinate Certificates have
      been reduced to zero.

     

    
      	
              Loan
                Group(s)

            	
              Class(es)
                of Certificates

            
	 	 
	
              1
                and 2

            	
              Subordinate

            
	
              1

            	
              1-A

            
	
              2

            	
              2-A

            

    

     

    Appraised
      Value:  The appraised value of the Mortgaged Property based upon
      the appraisal made for the originator of the related Mortgage Loan by an
      independent fee appraiser at the time of the origination of the related Mortgage
      Loan, or the sales price of the Mortgaged Property at the time of such
      origination, whichever is less, or with respect to any Mortgage Loan originated
      in connection with a refinancing, the appraised value of the Mortgaged Property
      based upon the appraisal made at the time of such refinancing.

     

    Auction
      Supplement Amount:  As defined in Section 9.04(c).

     

    Bankruptcy
      Code:  Title 11 of the United States Code.

     

    Bid
      Determination Date:  As defined in Section 9.04(b).

     

    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 5.06).  As of the Closing Date,
      each Class of Offered Certificates (other than the Class A-R Certificates)
      constitutes a Class of Book-Entry Certificates.

     

    Business
      Day:  Any day other than (i) a Saturday or a Sunday or (ii) a day
      on which banking institutions in the State of New York or California or the
      city
      in which the Corporate Trust Office of the Trustee is located are authorized
      or
      obligated by law or executive order to be closed.

     

    Capitalized
      Interest Account: The separate Eligible Account designated as such and
      created and maintained by the Trustee pursuant to Section 3.05(e).  The
      Capitalized Interest Account shall be treated as an “outside reserve fund” under
      applicable Treasury regulations and shall not be part of any
      REMIC.  Except as provided in Section 3.05(e), any investment earnings
      on the amounts on deposit in the Capitalized Interest Account shall be treated
      as owned by the Depositor and shall be taxable to the Depositor.

     

    Capitalized
      Interest Deposit:  $0.

     

    Capitalized
      Interest Release Amount:  With respect to any Subsequent Transfer
      Date, an amount equal to the product of (1) the sum of (a) the Trustee Fee
      Rate
      and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans
      (excluding any Subsequent Mortgage Loans conveyed to the Trust Fund during
      the
      calendar month in which such Subsequent Transfer Date occurs) as of the first
      day of the Due Period beginning in the month in which such Subsequent Transfer
      Date occurs (after giving effect to Principal Prepayments received during the
      Prepayment Period, if any, that ends during such Due Period), (2) the Subsequent
      Transfer Date Transfer Amount for such Subsequent Transfer Date and (3) a
      fraction, the numerator of which is the number of calendar months in the period
      beginning with the calendar month in which such Subsequent Transfer Date occurs
      and ending with the calendar month containing the latest date on which the
      Funding Period could end, and the denominator of which is 12.

     

    Capitalized
      Interest Requirement:  With respect to each Funding Period
      Distribution Date, 1/12 of the product of (1) the sum of (a) the Trustee Fee
      Rate and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage
      Loans (excluding any Subsequent Mortgage Loans conveyed to the Trust Fund during
      the calendar month preceding such Distribution Date) as of the first day of
      the
      related Due Period (after giving effect to Principal Prepayments received during
      the Prepayment Period, if any, that ends during such Due Period) and (2) the
      amount on deposit in the Pre-Funding Account as of the last day of the calendar
      month preceding such Funding Period Distribution Date (or, if the Funding Period
      ended during such calendar month, as of the last day of the Funding
      Period).

     

    Carryover
      Reserve Fund:  The separate Eligible Account created and initially
      maintained by the Trustee pursuant to Section 4.07 in the name of the Trustee
      for the benefit of the Certificateholders and designated “The Bank of New York
      in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates,
      Series 2007-BC2”.  Funds in the Carryover Reserve Fund shall be held
      in trust for the Certificateholders for the uses and purposes set forth in
      this
      Agreement.

     

    Certificate:  Any
      one of the certificates of any Class executed and authenticated by the Trustee
      in substantially the forms attached hereto as Exhibits A-1 through A-15, Exhibit
      B, Exhibit C, Exhibit D and Exhibit E.

     

    Certificate
      Account:  The separate Eligible Account created and initially
      maintained by the Master Servicer pursuant to Section 3.05(b) at Countrywide
      Bank, F.S.B., which is an affiliate of the Master Servicer in the name of the
      Master Servicer for the benefit of the Trustee on behalf of the
      Certificateholders and designated “Countrywide Home Loans Servicing LP in trust
      for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series
      2007-BC2”.  Funds in the Certificate Account shall be held in trust
      for the Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Certificate
      Owner:  With respect to a Book-Entry Certificate, the person that
      is the beneficial owner of such Book-Entry Certificate.

     

    Certificate
      Principal Balance:  As to any Certificate (other than the Class C
      Certificates) and as of any Distribution Date, the Initial Certificate Principal
      Balance of such Certificate (A) less the sum of (i) all amounts distributed
      with
      respect to such Certificate in reduction of the Certificate Principal Balance
      thereof on previous Distribution Dates pursuant to Section 4.04(b) and (ii)
      any
      Applied Realized Loss Amounts allocated to such Certificate on previous
      Distribution Dates pursuant to Section 4.04(g), and (B) increased by any
      Subsequent Recoveries allocated to such Certificate pursuant to Section 4.04(h)
      on such Distribution Date.  References herein to the Certificate
      Principal Balance of a Class of Certificates shall mean the Certificate
      Principal Balances of all Certificates in such Class.  As to any Class
      C Certificate and as of any Distribution Date, an amount equal to the excess,
      if
      any, of (i) the aggregate Stated Principal Balance of the Mortgage Loans over
      (ii) the aggregate Certificate Principal Balance of the Senior Certificates
      and
      Subordinate Certificates.  With respect to any Certificate (other than
      the Class C Certificates) of a Class and any Distribution Date, the portion
      of
      the Certificate Principal Balance of such Class represented by such Certificate
      equal to the product of the Percentage Interest evidenced by such Certificate
      and the Certificate Principal Balance of such Class.

     

    Certificate
      Register:  The register maintained pursuant to Section 5.02
      hereof.

     

    Certificateholder
      or Holder:  The person in whose name a Certificate is registered
      in the Certificate Register (initially, Cede & Co., as nominee for the
      Depository, in the case of any Class of Book-Entry Certificates), except that
      solely for the purpose of giving any consent pursuant to this Agreement, any
      Certificate registered in the name of the Depositor or any affiliate of the
      Depositor shall be deemed not to be Outstanding and the Voting Interest
      evidenced thereby shall not be taken into account in determining whether the
      requisite amount of Voting Interests necessary to effect such consent has been
      obtained; provided that if any such Person (including the Depositor) owns 100%
      of the Voting Interests evidenced by a Class of Certificates, such Certificates
      shall be deemed to be Outstanding for purposes of any provision hereof (other
      than the second sentence of Section 10.01 hereof) that requires the consent
      of
      the Holders of Certificates of a particular Class as a condition to the taking
      of any action hereunder.  The Trustee is entitled to rely conclusively
      on a certification of the Depositor or any affiliate of the Depositor in
      determining which Certificates are registered in the name of an affiliate of
      the
      Depositor.

     

    Certification
      Party:  As defined in Section 11.05.

     

    Certifying
      Person:  As defined in Section 11.05.

     

    CHL:  Countrywide
      Home Loans, Inc., a New York corporation, and its successors and
      assigns.

     

    CHL
      Mortgage Loans:  The Mortgage Loans identified as such on the
      Mortgage Loan Schedule for which CHL is the applicable Seller.

     

    Class:  All
      Certificates bearing the same Class designation as set forth in Section 5.01
      hereof.

     

    Class
      1-A Certificate:  Any Certificate designated as a “Class 1-A
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      1-A Net Rate Cap:  For any Distribution Date, the weighted average
      Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 1 as of the
      first
      day of the related Due Period (after giving effect to Principal Prepayments
      received during the Prepayment Period that ends during such Due Period),
      adjusted to an effective rate reflecting the calculation of interest on the
      basis of the actual number of days elapsed during the related Accrual Period
      and
      a 360-day year, minus a fraction, expressed as a percentage, the numerator
      of
      which is (a) the product of (x) the sum of (1) the Net Swap Payment payable
      to
      the Swap Counterparty with respect to such Distribution Date times a fraction,
      the numerator of which is equal to 360 and the denominator of which is equal
      to
      the actual number of days in the related Accrual Period and (2) any Swap
      Termination Payment payable to the Swap Counterparty for such Distribution
      Date
      (other than a Swap Termination Payment due to a Swap Counterparty Trigger Event)
      times a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the related Accrual Period and (y) a fraction,
      the
      numerator of which is the Interest Funds for Loan Group 1 for such Distribution
      Date, and the denominator of which is the Interest Funds for Loan Group 1 and
      Loan Group 2 for such Distribution Date, and the denominator of which is (b)
      the
      sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan
      Group 1 as of the first day of the related Due Period (after giving effect
      to
      Principal Prepayments received during the Prepayment Period that ends during
      such Due Period) plus any amounts on deposit in the Pre-Funding Account in
      respect of Loan Group 1 as of the first day of that Due Period.

     

    Class
      1-A Principal Distribution Target Amount: With respect to any Distribution
      Date, the excess of: (1) the Certificate Principal Balance of the Class 1-A
      Certificates immediately prior to such Distribution Date, over (2) the lesser
      of
      (i) 57.80% of the aggregate Stated Principal Balance of the Mortgage Loans
      in
      Loan Group 1 for the Distribution Date and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans in Loan Group 1 for the Distribution Date minus
      0.50% of the sum of the aggregate Cut-off Date Principal Balance of the Initial
      Mortgage Loans in Loan Group 1 as of the Initial Cut-off Date and the Group
      1
      Pre-Funded Amount.

    

    Class
      2-A-1 Certificate:  Any Certificate designated as a “Class 2-A-1
      Certificate” on the face thereof, in the form of Exhibit A-2 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-A-2 Certificate:  Any Certificate designated as a “Class 2-A-2
      Certificate” on the face thereof, in the form of Exhibit A-3 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-A-3 Certificate:  Any Certificate designated as a “Class 2-A-3
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-A-4 Certificate:  Any Certificate designated as a “Class 2-A-4
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      2-A Certificate:  Any Class 2-A-1, Class 2-A-2, Class 2-A-3 or
      Class 2-A-4 Certificate.

     

    Class
      2-A Net Rate Cap:  For any Distribution Date, the weighted average
      Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2 as of the
      first
      day of the related Due Period (after giving effect to Principal Prepayments
      received during the Prepayment Period that ends during such Due Period),
      adjusted to an effective rate reflecting the calculation of interest on the
      basis of the actual number of days elapsed during the related Accrual Period
      and
      a 360-day year, minus a fraction, expressed as a percentage, the numerator
      of
      which is (a) the product of (x) the sum of (1) the Net Swap Payment payable
      to
      the Swap Counterparty with respect to such Distribution Date times a fraction,
      the numerator of which is 360 and the denominator of which is the actual number
      of days in the related Accrual Period and (2) any Swap Termination Payment
      payable to the Swap Counterparty for such Distribution Date (other than a Swap
      Termination Payment due to a Swap Counterparty Trigger Event) times a fraction,
      the numerator of which is equal to 360 and the denominator of which is equal
      to
      the actual number of days in the related Accrual Period and (y) a fraction,
      the
      numerator of which is the Interest Funds for Loan Group 2 for such Distribution
      Date, and the denominator of which is the Interest Funds for Loan Group 1 and
      Loan Group 2 for such Distribution Date, and the denominator of which is (b)
      the
      sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan
      Group 2 as of the first day of the related Due Period (after giving effect
      to
      Principal Prepayments received during the Prepayment Period that ends during
      such Due Period) plus any amounts on deposit in the Pre-Funding Account in
      respect of Loan Group 2 as of the first day of that Due Period.

     

    Class
      2-A Principal Distribution Target Amount: With respect to any Distribution
      Date, the excess of: (1) the aggregate Certificate Principal Balance of the
      Class 2-A Certificates immediately prior to the Distribution Date, over (2)
      the
      lesser of (i) 57.80% of the aggregate Stated Principal Balance of the Mortgage
      Loans in Loan Group 2 for the Distribution Date and (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans in Loan Group 2 for the Distribution
      Date minus 0.50% of the sum of the aggregate Cut-off Date Principal Balance
      of
      the Initial Mortgage Loans in Loan Group 2 as of the Initial Cut-off Date and
      the Group 2 Pre-Funded Amount.

     

    Class
      A Principal Distribution Target Amount: With respect to any Distribution
      Date, the excess of: (1) the aggregate Certificate Principal Balance of the
      Class A Certificates immediately prior to such Distribution Date, over (2)
      the
      lesser of (i) 57.80% of the aggregate Stated Principal Balance of the Mortgage
      Loans for the Distribution Date and (ii) the aggregate Stated Principal Balance
      of the Mortgage Loans for the Distribution Date minus the OC Floor.

     

    Class
      A-R Certificate:  Any Certificate designated as a “Class A-R
      Certificate” on the face thereof, in the form of Exhibit D hereto or, in the
      case of the Tax Matters Person Certificate, Exhibit E hereto, in either case
      representing the right to distributions as set forth herein.  The
      Class A-R Certificates represent ownership of the R-1-R Interest, the R-2-R
      Interest and the R-3-R Interest.

     

    Class
      A Certificate:  Any Class 1-A or Class 2-A
      Certificate.

     

    Class
      B Certificate:  Any Certificate designated as a “Class B
      Certificate” on the face thereof, in the form of Exhibit A-15 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      C Certificate:   Any Certificate designated as a “Class C
      Certificate” on the face thereof, in the form of Exhibit C hereto, representing
      the right to distributions as set forth herein.

     

    Class
      C Current Interest:  For any Distribution Date, the interest
      accrued on the Class C Notional Amount during the related Accrual Period at
      the
      related Pass-Through Rate.  All calculations of interest on the Class
      C Certificates will be made on the basis of a 360-day year consisting of twelve
      30-day months.

     

    Class
      C Notional Amount: The aggregate amount of the Uncertificated Principal
      Balance of the REMIC 2 Regular Interests other than REMIC 2 Regular Interest
      LT-P.

     

    Class
      IO Distribution Amount:  As defined in Section 4.9 hereof. For
      purposes of clarity, the Class IO Distribution Amount for any Distribution
      Date
      shall equal the amount payable to the Swap Contract Administrator on such
      Distribution Date in excess of the amount payable on the Class SWAP-IO Interest
      on such Distribution Date, all as further provided in Section 4.9
      hereof.

     

    Class
      M Certificates: The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8 and Class M-9 Certificates.

     

    Class
      M-1 Certificate:  Any Certificate designated as a “Class M-1
      Certificate” on the face thereof, in the form of Exhibit A-6 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-2 Certificate:  Any Certificate designated as a “Class M-2
      Certificate” on the face thereof, in the form of Exhibit A-7 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-3 Certificate:  Any Certificate designated as a “Class M-3
      Certificate” on the face thereof, in the form of Exhibit A-8 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-4 Certificate:  Any Certificate designated as a “Class M-4
      Certificate” on the face thereof, in the form of Exhibit A-9 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-5 Certificate:  Any Certificate designated as a “Class M-5
      Certificate” on the face thereof, in the form of Exhibit A-10 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-6 Certificate:  Any Certificate designated as a “Class M-6
      Certificate” on the face thereof, in the form of Exhibit A-11 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-7 Certificate:  Any Certificate designated as a “Class M-7
      Certificate” on the face thereof, in the form of Exhibit A-12 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-8 Certificate:  Any Certificate designated as a “Class M-8
      Certificate” on the face thereof, in the form of Exhibit A-13 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      M-9 Certificate:  Any Certificate designated as a “Class M-9
      Certificate” on the face thereof, in the form of Exhibit A-14 hereto,
      representing the right to distributions as set forth herein.

     

    Class
      P Certificate: Any Certificate designated as a “Class P Certificate” on the
      face thereof, in the form of Exhibit B hereto, representing the right to
      distributions as set forth herein.

     

    Class
      P Principal Distribution Date:  The first Distribution Date that
      occurs after the end of the latest Prepayment Charge Period for all Mortgage
      Loans that have a Prepayment Charge Period.

     

    Class
      SWAP-IO Interest:  An uncertificated interest in the Trust Fund
      evidencing a Regular Interest in REMIC 3.

     

    Closing
      Date:  April 27, 2007.

     

    Code:  The
      Internal Revenue Code of 1986, including any successor or amendatory
      provisions.

     

    Collateral
      Schedule:  Schedule II hereto.

     

    Commission:  The
      U.S. Securities and Exchange Commission.

     

    Compensating
      Interest:  With respect to each Loan Group and any Distribution
      Date, an amount equal to the lesser of (x) one-half of the Servicing Fee for
      the
      Mortgage Loans in that Loan Group for the related Due Period and (y) the
      aggregate Prepayment Interest Shortfalls for the Mortgage Loans in that Loan
      Group for such Distribution Date.

     

    Confirmation:
      The confirmation, reference number 1503413L, with a date of April 27, 2007,
      evidencing a transaction between the Swap Counterparty and CHL relating to
      the
      Swap Contract.

     

    Corporate
      Trust Office:  The designated office of the Trustee in the State
      of New York where at any particular time its corporate trust business with
      respect to this Agreement shall be administered, which office at the date of
      the
      execution of this Agreement is located at 101 Barclay Street, Floor 4W, New
      York, New York 10286 (Attention:  Corporate Trust MBS Administration),
      telephone: (212) 815-3236, facsimile: (212) 815-3986.

     

    Corresponding
      Certificate:  With respect to each REMIC 2 Regular Interest, as
      follows:

     

    
      	
              
                REMIC
                  2 Regular Interest

              

            	
              
                Class

              

            
	
              REMIC
                2 Regular Interest LT-1A

            	
              1-A

            
	
              REMIC
                2 Regular Interest LT-2A1

            	
              2-A-1

            
	
              REMIC
                2 Regular Interest LT-2A2

            	
              2-A-2

            
	
              REMIC
                2 Regular Interest LT-2A3

            	
              2-A-3

            
	
              REMIC
                2 Regular Interest LT-2A4

            	
              2-A-4

            
	
              REMIC
                2 Regular Interest LT-M1

            	
              M-1

            
	
              REMIC
                2 Regular Interest LT-M2

            	
              M-2

            
	
              REMIC
                2 Regular Interest LT-M3

            	
              M-3

            
	
              REMIC
                2 Regular Interest LT-M4

            	
              M-4

            
	
              REMIC
                2 Regular Interest LT-M5

            	
              M-5

            
	
              REMIC
                2 Regular Interest LT-M6

            	
              M-6

            
	
              REMIC
                2 Regular Interest LT-M7

            	
              M-7

            
	
              REMIC
                2 Regular Interest LT-M8

            	
              M-8

            
	
              REMIC
                2 Regular Interest LT-M9

            	
              M-9

            
	
              REMIC
                2 Regular Interest LT-B

            	
              B

            
	
              REMIC
                2 Regular Interest LT-AR

            	
              A-R

            
	
              REMIC
                2 Regular Interest LT-P

            	
              P

            

    

     

    Credit
      Bureau Risk Score:  A statistical credit score obtained by CHL in
      connection with the origination of a Mortgage Loan.

     

    Cumulative
      Loss Trigger Event: With respect to a Distribution Date on or after the
      Stepdown Date, a Cumulative Loss Trigger Event will be in effect if (x) the
      aggregate amount of Realized Losses on the Mortgage Loans from the Cut-off
      Date
      for each such Mortgage Loan to (and including) the last day of the related
      Due
      Period (reduced by the aggregate amount of any Subsequent Recoveries received
      through the last day of that Due Period) exceeds (y) the applicable percentage,
      for such Distribution Date, of the sum of the aggregate Cut-off Date Principal
      Balance of the Initial Mortgage Loans and the Pre-Funded Amount, as set forth
      below:

     

    
      	
              Distribution
                Date

            	
              Percentage

            
	
              May
                2009 — April 2010

            	
              1.40%
                with respect to May 2009, plus an additional 1/12th of 1.70% for
                each
                month thereafter through April 2010

               

            
	
              May
                2010 — April 2011

            	
              3.10%
                with respect to May 2010, plus an additional 1/12th of 1.85% for
                each
                month thereafter through April 2011

               

            
	
              May
                2011 — April 2012

            	
              4.95%
                with respect to May 2011, plus an additional 1/12th of 1.50% for
                each
                month thereafter through April 2012

               

            
	
              May
                2012 — April 2013

            	
              6.45%
                with respect to May 2012, plus an additional 1/12th of 0.80% for
                each
                month thereafter through April 2013

               

            
	
              May
                2013 — April 2014

            	
              7.25%
                with respect to May 2013, plus an additional 1/12th of 0.10% for
                each
                month thereafter through April 2014

               

            
	
              May
                2014 and thereafter

            	
              7.35%

            

    

    

    Current
      Interest:  With respect to each Class of Interest-Bearing
      Certificates and each Distribution Date, the interest accrued at the applicable
      Pass-Through Rate for the related Accrual Period on the Certificate Principal
      Balance of such Class immediately prior to such Distribution
      Date.  All calculations of interest on the Interest-Bearing
      Certificates will be made on the basis of the actual number of days elapsed
      in
      the related Accrual Period and on a 360-day year.

     

    Cut-off
      Date:  When used with respect to any Mortgage Loan the “Cut-off
      Date” shall mean the Initial Cut-off Date or the related Subsequent Cut-off
      Date, as the case may be.

     

    Cut-off
      Date Principal Balance:  As to any Initial Mortgage Loan, the
      unpaid principal balance thereof as of the close of business on the Initial
      Cut-off Date.  As to any Subsequent Mortgage Loan, the unpaid
      principal balance thereof as of the close of business on the related Subsequent
      Cut-off Date after application of all payments of principal due on or prior
      to
      such Cut-off Date, whether or not received, and all Principal Prepayments
      received on or prior to such Cut-off Date, but without giving effect to any
      installments of principal received in respect of Due Dates after such Cut-off
      Date.

     

    Debt
      Service Reduction:  With respect to any Mortgage Loan, a reduction
      by a court of competent jurisdiction in a proceeding under the Bankruptcy Code
      in the Scheduled Payment for such Mortgage Loan that became final and
      non-appealable, except such a reduction resulting from a Deficient Valuation
      or
      any other reduction that results in a permanent forgiveness of
      principal.

     

    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, or any reduction
      in
      the amount of principal to be paid in connection with any Scheduled Payment
      that
      results in a permanent forgiveness of principal, which valuation or reduction
      results from an order of such court that is final and non-appealable in a
      proceeding under the Bankruptcy Code.

     

    Definitive
      Certificates:  As defined in Section 5.06.

     

    Delay
      Delivery Mortgage Loans:  (i) The Initial Mortgage Loans
      identified on the schedule of Mortgage Loans hereto set forth on Exhibit F-2
      hereof for which all or a portion of a related Mortgage File is not delivered
      to
      the Trustee on or prior to the Closing Date, and (ii) the Subsequent Mortgage
      Loans identified on the schedule of Subsequent Mortgage Loans set forth in
      Annex
      A to each related Subsequent Transfer Agreement for which all or a portion
      of
      the related Mortgage File is not delivered to the Trustee on or prior to the
      related Subsequent Transfer Date.  The Depositor shall deliver (or
      cause delivery of) the Mortgage Files to the Trustee:  (A) with
      respect to at least 50% of the Initial Mortgage Loans in each Loan Group, not
      later than the Closing Date and with respect to at least 10% of the Subsequent
      Mortgage Loans in each Loan Group conveyed on a Subsequent Transfer Date, not
      later than such Subsequent Transfer Date, (B) with respect to at least an
      additional 40% of the Initial Mortgage Loans in each Loan Group, not later
      than
      20 days after the Closing Date, and not later than 20 days after the relevant
      Subsequent Transfer Date with respect to the remaining Subsequent Mortgage
      Loans
      conveyed on such Subsequent Transfer Date, and (C) with respect to the remaining
      Initial Mortgage Loans, not later than thirty days after the Closing
      Date.  To the extent that any Seller shall be in possession of any
      Mortgage Files with respect to any Delay Delivery Mortgage Loan, until delivery
      of such Mortgage File to the Trustee as provided in Section 2.01, such Seller
      shall hold such files as agent and in trust for the Trustee.

     

    Deleted
      Mortgage Loan:  A Mortgage Loan replaced or to be replaced by a
      Replacement Mortgage Loan.

     

    Delinquency
      Trigger Event: With respect to any Distribution Date on or after the
      Stepdown Date, a Delinquency Trigger Event will be in effect if the Rolling
      Sixty-Day Delinquency Rate for Outstanding Mortgage Loans equals or exceeds
      the
      product of (x) the Senior Enhancement Percentage for such Distribution Date
      and
      (y) the applicable percentage listed below for the most senior Class of
      Interest-Bearing Certificates:

     

    
      	
              Class

            	
              Percentage

            
	 	 
	
              A

            	
              37.91%

            
	
              Class
                M-1

            	
              45.71%

            
	
              Class
                M-2

            	
              59.70%

            
	
              Class
                M-3

            	
              66.67%

            
	
              Class
                M-4

            	
              78.05%

            
	
              Class
                M-5

            	
              95.24%

            
	
              Class
                M-6

            	
              107.38%

            
	
              Class
                M-7

            	
              130.08%

            
	
              Class
                M-8

            	
              152.38%

            
	
              Class
                M-9

            	
              202.53%

            
	
              Class
                B

            	
              320.00%

            

    

     

    Denomination:  With
      respect to each Certificate, the amount set forth on the face thereof as the
      “Initial Certificate Balance of this Certificate” or, if not the foregoing, the
      Percentage Interest appearing on the face thereof, as applicable.

     

    Depositor:  CWABS,
      Inc., a Delaware corporation, or its successor in interest.

     

    Depository:  The
      initial Depository shall be The Depository Trust Company, the nominee of which
      is Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as
      amended.  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(a)(5) of the Uniform
      Commercial Code of the State of New York.

     

    Depository
      Agreement:  With respect to the Book-Entry Certificates, the
      agreement among the Depositor and the initial Depository, dated as of the
      Closing Date, substantially in the form of Exhibit O.

     

    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, the 15th day
      of the month
      of such Distribution Date or, if such 15th day is
      not a
      Business Day, the immediately preceding Business Day.

     

    Directing
      Certificateholder: As defined in Section 9.04(a)

     

    Distribution
      Account:  The separate Eligible Account created and maintained by
      the Trustee pursuant to Section 3.05(c) in the name of the Trustee for the
      benefit of the Certificateholders and designated “The Bank of New York, in trust
      for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series
      2007-BC2”.  Funds in the Distribution Account shall be held in trust
      for the Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Distribution
      Account Deposit Date:  As to any Distribution Date, 1:00 p.m.
      Pacific time on the Business Day immediately preceding such Distribution
      Date.

     

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

     

    Due
      Date:  With respect to any Mortgage Loan and Due Period, the due
      date for Scheduled Payments of interest and/or principal on that Mortgage Loan
      occurring in such Due Period as provided in the related Mortgage
      Note.

     

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

     

    EDGAR:  The
      Commission’s Electronic Data Gathering, Analysis and Retrieval
      system.

     

    Eligible
      Account:  Any of (i) an account or accounts maintained with a
      federal or state chartered depository institution or trust company, the
      long-term unsecured debt obligations and 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 debt obligations of such
      holding company, if Moody’s is not a Rating Agency) are rated by each Rating
      Agency in one of its two highest long-term and its highest short-term rating
      categories respectively, at the time any amounts are held on deposit therein,
      or
      (ii) an account or accounts in a depository institution or trust company in
      which such accounts are insured by the FDIC (to the limits established by the
      FDIC) and the uninsured deposits in which accounts are otherwise secured such
      that, as evidenced by an Opinion of Counsel delivered to the Trustee and to
      each
      Rating Agency, the Certificateholders have a claim with respect to the funds
      in
      such account or a perfected first priority security interest against any
      collateral (which shall be limited to Permitted Investments) securing such
      funds
      that is superior to claims of any other depositors or creditors of the
      depository institution or trust company in which such account is maintained,
      or
      (iii) a trust account or accounts maintained with the corporate trust department
      of a federal or state chartered depository institution or trust company having
      capital and surplus of not less than $50,000,000, acting in its fiduciary
      capacity or (iv) any other account acceptable to the Rating Agencies without
      reduction or withdrawal of their then-current ratings of the Certificates as
      evidenced by a letter from each Rating Agency to the
      Trustee.  Eligible Accounts may bear interest, and may include, if
      otherwise qualified under this definition, accounts maintained with the
      Trustee.

     

    Eligible
      Repurchase Month:  As defined in Section 3.12(d)
      hereof.

     

    EPD
      Protected Mortgage Loan:  A Mortgage Loan that (i) was originated
      not more than one year prior to the Closing Date, the related Supplement
      Transfer Date or the date of substitution, as applicable, (ii) was purchased
      by
      a Seller or one of its affiliates pursuant to a purchase agreement containing
      provisions under which the seller thereunder has become obligated to repurchase
      such Mortgage Loan from Countrywide due to a Scheduled Payment due on or prior
      to the first Scheduled Payment owing to the Trust Fund becoming delinquent
      and
      (iii) was not purchased through CHL’s Correspondent Lending
      Division.

     

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

     

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

     

    ERISA-Restricted
      Certificates:  The Class A-R, Class P, Class C and Class B
      Certificates and of any Class that ceases to satisfy the applicable rating
      requirement under the Underwriter’s Exemption.

     

    Escrow
      Account:  As defined in Section 3.06 hereof.

     

    Event
      of Default:  As defined in Section 7.01 hereof.

     

    Excess
      Cashflow:  With respect to any Distribution Date the sum of (i)
      the amount remaining after the distribution of interest to Certificateholders
      for such Distribution Date pursuant to Section 4.04(a)(iv)(B), (ii) the amount
      remaining after the distribution of principal to Certificateholders for such
      Distribution Date, pursuant to Section 4.04(b)(1)(B)(ii) or 4.04(b)(2)(C) and
      (iii) the Overcollateralization Reduction Amount for such Distribution
      Date.

     

    Excess
      Overcollateralization Amount: With respect to any Distribution Date, the
      excess, if any, of the Overcollateralized Amount for such Distribution Date
      over
      the Overcollateralization Target Amount for such Distribution Date.

     

    Excess
      Proceeds:  With respect to any Liquidated Mortgage Loan, the
      amount, if any, by which the sum of any Liquidation Proceeds and Subsequent
      Recoveries are in excess of the sum of (i) the unpaid principal balance of
      such
      Liquidated Mortgage Loan as of the date of liquidation of such Liquidated
      Mortgage Loan plus (ii) interest at the Mortgage Rate from the Due Date as
      to
      which interest was last paid or advanced to Certificateholders (and not
      reimbursed to the Master Servicer) up to the Due Date in the month in which
      Liquidation Proceeds are required to be distributed on the Stated Principal
      Balance of such Liquidated Mortgage Loan outstanding during each Due Period
      as
      to which such interest was not paid or advanced.

     

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

     

    Exchange
      Act Reports:  Any reports on Form 10-D, Form 8-K and Form 10-K
      required to be filed by the Depositor with respect to the Trust Fund under
      the
      Exchange Act.

     

    Expense
      Fee Rate:  With respect to any Mortgage Loan, the sum of (i) the
      Servicing Fee Rate, (ii) the Trustee Fee Rate and (iii) with respect to any
      Mortgage Loan covered by a lender-paid mortgage insurance policy, the related
      mortgage insurance premium rate.

     

    Extra
      Principal Distribution Amount:  With respect to any Distribution
      Date and each of Loan Group 1 and Loan Group 2, the lesser of (1) the
      Overcollateralization Deficiency Amount and (2) the Excess Cashflow available
      for payment thereof, to be allocated between Loan Group 1 and Loan Group 2,
      pro
      rata, based on the Principal Remittance Amount for each such Loan Group for
      such
      Distribution Date.

     

    Fannie
      Mae:  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.

     

    Final
      Maturity OC Trigger: With respect to any Distribution Date on or after the
      Distribution Date in May 2027, the Final Maturity OC Trigger will be in effect
      if and for so long as the Overcollateralized Amount for that Distribution Date
      (calculated after giving effect to all distributions to be made prior to the
      time of determination) is less than the outstanding aggregate Stated Principal
      Balance of all 40-Year Mortgage Loans as of the Due Date occurring in the month
      of that Distribution Date (after giving effect to Principal Prepayments received
      during the Prepayment Period ending in the same month as the Distribution
      Date).

     

    Five-Year
      Hybrid Mortgage Loan:  A Mortgage Loan having a Mortgage Rate that
      is fixed for 60 months after origination thereof before such Mortgage Rate
      becomes subject to adjustment.

     

    Fixed
      Rate Mortgage Loans:  The Mortgage Loans identified in the
      Mortgage Loan Schedule as having a Mortgage Rate which is fixed for the life
      of
      the related Mortgage, including in each case any Mortgage Loans delivered in
      replacement thereof.

     

    Form
      10-D Disclosure Item:  With respect to any Person, any material
      litigation or governmental proceedings pending against such Person, or against
      any of the Trust Fund, the Depositor, the Trustee, any co-trustee, the Master
      Servicer or any Subservicer, if such Person has actual knowledge
      thereof.

     

    Form
      10-K Disclosure Item:  With respect to any Person, (a) Form 10-D
      Disclosure Item, and (b) any affiliations or relationships between such Person
      and any Item 1119 Party.

     

    Freddie
      Mac:  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
      Period:  The period from the Closing Date to and including the
      earlier to occur of (x) the date the amount in the Pre-Funding Account is less
      than $175,000 and (y) June 11, 2007.

     

    Funding
      Period Distribution Date:  Each Distribution Date during the
      Funding Period and, if the Funding Period ends on or after the Distribution
      Date
      in a month, the immediately succeeding Distribution Date.

     

    Gross
      Margin:  The percentage set forth in the related Mortgage Note to
      be added to the Index for use in determining the Mortgage Rate for each
      Adjustable Rate Mortgage Loan on each of its Adjustment Dates.

     

    Group
      1 Mortgage Loans:  The group of Mortgage Loans identified in the
      related Mortgage Loan Schedule as “Group 1 Mortgage Loans”, including in each
      case any Mortgage Loans delivered in replacement thereof.

     

    Group
      1 Overcollateralization Reduction Amount: With respect to any Distribution
      Date, the Overcollateralization Reduction Amount for such Distribution Date
      multiplied by a fraction, the numerator of which is (x) the Principal Remittance
      Amount for Loan Group 1 for such Distribution Date, and the denominator of
      which
      is (y) the aggregate Principal Remittance Amount for Loan Group 1 and Loan
      Group
      2 for such Distribution Date.

     

    Group
      1 Pre-Funded Amount:  The portion of the Pre-Funded Amount
      allocable for purchase of Subsequent Mortgage Loans as Group 1 Mortgage Loans
      on
      the Closing Date, which shall equal $284.71.

     

    Group
      2 Mortgage Loans:  The group of Mortgage Loans identified in the
      related Mortgage Loan Schedule as “Group 2 Mortgage Loans”, including in each
      case any Mortgage Loans delivered in replacement thereof.

     

    Group
      2 Overcollateralization Reduction Amount: With respect to any Distribution
      Date, the Overcollateralization Reduction Amount for such Distribution Date
      multiplied by a fraction, the numerator of which is the Principal Remittance
      Amount for Loan Group 2 for such Distribution Date, and the denominator of
      which
      is the aggregate Principal Remittance Amount for Loan Group 1 and Loan Group
      2
      for such Distribution Date.

     

    Group
      2 Pre-Funded Amount:  The portion of the Pre-Funded Amount
      allocable for purchase of Subsequent Mortgage Loans as Group 2 Mortgage Loans
      on
      the Closing Date, which shall equal $1,684.45.

     

    Index:  As
      to any Adjustable Rate Mortgage Loan on any Adjustment Date related thereto,
      the
      index for the adjustment of the Mortgage Rate set forth as such in the related
      Mortgage Note, or, if the Index in the Mortgage Note ceases to be published
      or
      becomes unavailable for any reason, then the Index shall be a new index selected
      by the Master Servicer, based on comparable information and in accordance with
      the Mortgage Note and applicable law.

     

    Initial
      Adjustment Date:  As to any Adjustable Rate Mortgage Loan, the
      first Adjustment Date following the origination of such Mortgage
      Loan.

     

    Initial
      Certificate Account Deposit:  An amount equal to the aggregate of
      all amounts in respect of (i) principal of the Initial Mortgage Loans due after
      the Initial Cut-off Date and received by the Master Servicer before the Closing
      Date and not applied in computing the Cut-off Date Principal Balance thereof
      and
      (ii) interest on the Initial Mortgage Loans due after the Initial Cut-off Date
      and received by the Master Servicer before the Closing Date.

     

    Initial
      Certificate Principal Balance:  With respect to any Certificate
      (other than the Class C Certificates) the Certificate Principal Balance of
      such
      Certificate or any predecessor Certificate on the Closing Date.

     

    Initial
      Cut-off Date:  In the case of any Initial Mortgage Loan, the later
      of (x) April 1, 2007 and (y) the date of origination of such Mortgage
      Loan.

     

    Initial
      Deposit:  $13.53.

     

    Initial
      Group 1 Mortgage Loan:  Any of the Group 1 Mortgage Loans included
      in the Trust as of the Closing Date.

     

    Initial
      Group 2 Mortgage Loan:  Any of the Group 2 Mortgage Loans included
      in the Trust as of the Closing Date.

     

    Initial
      Mortgage Loan:  A Mortgage Loan conveyed to the Trustee on the
      Closing Date pursuant to this Agreement as identified on the Mortgage Loan
      Schedule delivered to the Trustee on the Closing Date.

     

    Initial
      Mortgage Rate:  As to each Adjustable Rate Mortgage Loan, the
      Mortgage Rate in effect prior to the Initial Adjustment Date.

     

    Initial
      Periodic Rate Cap:  With respect to each Adjustable Rate Mortgage
      Loan, the percentage specified in the related Mortgage Note that limits the
      permissible increase or decrease in the Mortgage Rate on its initial Adjustment
      Date.

     

    Insurance
      Policy:  With respect to any Mortgage Loan included in the Trust
      Fund, any insurance policy, including all riders and endorsements thereto in
      effect with respect to such Mortgage Loan, including any replacement policy
      or
      policies for any Insurance Policy.

     

    Insurance
      Proceeds:  Proceeds paid in respect of the Mortgage Loans pursuant
      to any Insurance Policy or any other insurance policy covering a Mortgage Loan,
      to the extent such proceeds are payable to the mortgagee under the Mortgage,
      the
      Master Servicer or the trustee under the deed of trust and are not applied
      to
      the restoration of the related Mortgaged Property or released to the Mortgagor
      in accordance with the procedures that the Master Servicer would follow in
      servicing mortgage loans held for its own account, in each case other than
      any
      amount included in such Insurance Proceeds in respect of Insured Expenses and
      received either prior to or in connection with such Mortgage Loan becoming
      a
      Liquidated Mortgage Loan.

     

    Insured
      Expenses:  Expenses covered by an Insurance Policy or any other
      insurance policy with respect to the Mortgage Loans.

     

    Interest-Bearing
      Certificates:  The Class A Certificates and the Subordinate
      Certificates.

     

    Interest
      Carry Forward Amount:  With respect to each Class of
      Interest-Bearing Certificates and each Distribution Date, the excess of (i)
      the
      Current Interest for such Class with respect to prior Distribution Dates over
      (ii) the amount actually distributed to such Class with respect to interest
      on
      such prior Distribution Dates.

     

    Interest
      Determination Date:  With respect to the first Accrual Period for
      the Interest-Bearing Certificates, and solely for purposes of calculating the
      Marker Rate, REMIC 2 Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1,
      REMIC 2 Regular Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC 2
      Regular Interest LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular
      Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4,
      REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular
      Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9
      and REMIC 2 Regular Interest LT-B and REMIC 2 Regular Interest
      LT-ZZ.  With respect to any Accrual Period for the Interest-Bearing
      Certificates, and solely for purposes of calculating the Marker Rate, the REMIC
      2 Regular Interests listed in the previous sentence, the second LIBOR Business
      Day preceding the commencement of such Accrual Period.

     

    Interest
      Funds:  With respect to any Distribution Date and Loan Group, the
      Interest Remittance Amount for such Loan Group and Distribution Date, less
      the
      portion of the Trustee Fee for such Distribution Date allocable to such Loan
      Group, plus the Adjusted Replacement Upfront Amount, if any, allocable to that
      Loan Group.

     

    Interest
      Remittance Amount:  With respect to the Mortgage Loans in each
      Loan Group and any Distribution Date, (x) the sum, without duplication, of
      (i)
      all scheduled interest collected during the related Due Period with respect
      to
      the related Mortgage Loans less the related Servicing Fee, (ii) all interest
      on
      prepayments received during the related Prepayment Period with respect to such
      Mortgage Loans, other than Prepayment Interest Excess, (iii) all related
      Advances relating to interest with respect to such Mortgage Loans, (iv) all
      related Compensating Interest with respect to such Mortgage Loans, (v)
      Liquidation Proceeds with respect to such Mortgage Loans collected during the
      related Due Period (to the extent such Liquidation Proceeds relate to interest)
      and (vi) Seller Interest Shortfall Payments with respect to such Mortgage Loans
      for such Distribution Date, (vii) in the case of the first Distribution Date,
      the Initial Deposit and (viii) in the case of each Funding Period Distribution
      Date, the portion of the Capitalized Interest Requirement for such Distribution
      Date allocable to such Loan Group, if any, less (y) all reimbursements to the
      Master Servicer during the related Due Period for Advances of interest
      previously made allocable to such Loan Group.

     

    Investment
      Letter:  As defined in Section 5.02(b).

     

    Item
      1119 Party:  The Depositor, any Seller, the Master Servicer, the
      Trustee, any Subservicer, any originator identified in the Prospectus
      Supplement, the Swap Counterparty and any other material transaction party,
      as
      identified in Exhibit Z hereto, as updated pursuant to Section
      11.04.

     

    Latest
      Possible Maturity Date:  The Distribution Date following the third
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-off Date.

     

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

     

    Limited
      Exchange Act Reporting Obligations:  The obligations of the Master
      Servicer under Section 3.17(b), Section 6.02 and Section 6.04 with respect
      to
      notice and information to be provided to the Depositor and Article XI (except
      Section 11.07(a)(1) and (2)).

     

    Liquidated
      Mortgage Loan:  With respect to any Distribution Date, a defaulted
      Mortgage Loan that has been liquidated through deed-in-lieu of foreclosure,
      foreclosure sale, trustee’s sale or other realization as provided by applicable
      law governing the real property subject to the related Mortgage and any security
      agreements and as to which the Master Servicer has certified in the related
      Prepayment Period that it has received all amounts it expects to receive in
      connection with such liquidation.

     

    Liquidation
      Proceeds:  Amounts, including Insurance Proceeds, received in
      connection with the partial or complete liquidation of Mortgage Loans, whether
      through trustee’s sale, foreclosure sale or otherwise or amounts received in
      connection with any condemnation or partial release of a Mortgaged Property
      and
      any other proceeds received in connection with an REO Property received in
      connection with or prior to such Mortgage Loan becoming a Liquidated Mortgage
      Loan (other than the amount of such net proceeds representing any profit
      realized by the Master Servicer in connection with the disposition of any such
      properties), less the sum of related unreimbursed Advances, Servicing Fees
      and
      Servicing Advances.

     

    Loan
      Group:  Either of Loan Group 1 or Loan Group 2.

     

    Loan
      Group 1:  The Group 1 Mortgage Loans.

     

    Loan
      Group 2:  The Group 2 Mortgage Loans.

     

    Loan
      Number and Borrower Identification Mortgage Loan Schedule:  With
      respect to any Subsequent Transfer Date, the Loan Number and Borrower
      Identification Mortgage Loan Schedule delivered in connection with such
      Subsequent Transfer Date pursuant to Section 2.01(f).  Each Loan
      Number and Borrower Identification Mortgage Loan Schedule shall contain the
      information specified in the definition of “Mortgage Loan Schedule” with respect
      to the Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date,
      and
      each Loan Number and Borrower Identification Mortgage Loan Schedule shall be
      deemed to be included in the Mortgage Loan Schedule.

     

    Loan-to-Value
      Ratio:  The fraction, expressed as a percentage, the numerator of
      which is the original principal balance of the related Mortgage Loan and the
      denominator of which is the Appraised Value of the related Mortgaged
      Property.

     

    Majority
      Holder:  As to any Class of Certificates, the Holders of
      Certificates evidencing at least 51% of the Voting Rights allocated to such
      Class of Certificates.

     

    Marker
      Rate:  With respect to the Class C Certificates and any
      Distribution Date, a per annum rate equal to two (2) times the weighted average
      of the REMIC 2 Remittance Rate for REMIC 2 Regular Interest LT-1A, REMIC 2
      Regular Interest LT-2A1, REMIC 2 Regular Interest LT-2A2, REMIC 2 Regular
      Interest LT-2A3,  REMIC 2 Regular Interest LT-2A4, REMIC 2 Regular
      Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3,
      REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular
      Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8,
      REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-B and REMIC 2
      Regular Interest LT-ZZ, with the rate on each such REMIC 2 Regular Interest
      (other than REMIC 2 Regular Interest LT-ZZ) subject to the lesser of (i)
      One-Month LIBOR plus the related Margin and (ii) the related Net Rate Cap for
      the purpose of this calculation for such Distribution Date and with the rate
      on
      REMIC 2 Regular Interest LT-ZZ subject to a cap of zero for the purpose of
      this
      calculation; provided, however, that solely for this purpose, calculations
      of
      the REMIC 2 Remittance Rate and the related caps with respect to REMIC 2 Regular
      Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular Interest
      LT-2A2, REMIC 2 Regular Interest LT-2A3,  REMIC 2 Regular Interest
      LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC
      2
      Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest
      LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC
      2
      Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular
      Interest LT-B shall be multiplied by a fraction, the numerator of which is
      the
      actual number of days in the Interest Accrual Period and the denominator of
      which is 30.

     

    Margin:  With
      respect to any Accrual Period and Class of Interest-Bearing Certificates, the
      per annum rate indicated in the following table:

     

    
      	
              Class

            	
              Margin
                (1)

            	
              Margin
                (2)

            
	
              Class
                1-A                                                

            	
              0.200%

            	
              0.400%

            
	
              Class
                2-A-1                                                

            	
              0.090%

            	
              0.180%

            
	
              Class
                2-A-2                                                

            	
              0.180%

            	
              0.360%

            
	
              Class
                2-A-3                                                

            	
              0.240%

            	
              0.480%

            
	
              Class
                2-A-4                                                

            	
              0.290%

            	
              0.580%

            
	
              Class
                M-1                                                

            	
              0.340%

            	
              0.510%

            
	
              Class
                M-2                                                

            	
              0.360%

            	
              0.540%

            
	
              Class
                M-3                                                

            	
              0.480%

            	
              0.720%

            
	
              Class
                M-4                                                

            	
              0.800%

            	
              1.200%

            
	
              Class
                M-5                                                

            	
              0.950%

            	
              1.425%

            
	
              Class
                M-6                                                

            	
              1.350%

            	
              2.025%

            
	
              Class
                M-7                                                

            	
              2.000%

            	
              3.000%

            
	
              Class
                M-8                                                

            	
              2.000%

            	
              3.000%

            
	
              Class
                M-9                                                

            	
              2.000%

            	
              3.000%

            
	
              Class
                B                                                

            	
              2.000%

            	
              3.000%

            

    

    

    
      	
              (1)

            	
              For
                any Accrual Period relating to any Distribution Date occurring on
                or prior
                to the Optional Termination Date.

            

    

    
      	
              (2)

            	
              For
                any Accrual Period relating to any Distribution Date occurring after
                the
                Optional Termination Date.

            

    

     

    Master
      Servicer:  Countrywide Home Loans Servicing LP, a Texas limited
      partnership, and its successors and assigns, in its capacity as master servicer
      hereunder.

     

    Master
      Servicer Advance Date:  As to any Distribution Date, the Business
      Day immediately preceding such Distribution Date.

     

    Master
      Servicer Prepayment Charge Payment Amount:  The amounts (i)
      payable by the Master Servicer in respect of any Prepayment Charges waived
      other
      than in accordance with the standard set forth in the first sentence of Section
      3.20(a), or (ii) collected from the Master Servicer in respect of a remedy
      for
      the breach of the representation made by CHL set forth in Section
      3.20(c).

     

    Maximum
      LT-ZZ Uncertificated Interest Deferral Amount: With respect to any
      Distribution Date, the excess of (i) accrued interest at the REMIC 2 Remittance
      Rate applicable to REMIC 2 Regular Interest LT-ZZ for such Distribution Date
      on
      a balance equal to the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT-ZZ minus the REMIC 2 Overcollateralization Amount, in each case
      for
      such Distribution Date, over (ii) the Uncertificated Interest on REMIC 2 Regular
      Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular Interest
      LT-2A2, REMIC 2 Regular Interest LT-2A3,  REMIC 2 Regular Interest
      LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC
      2
      Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest
      LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC
      2
      Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular
      Interest LT-B for such Distribution Date, with the rate on each such REMIC
      2
      Regular Interest subject to a cap equal to the lesser of (i) One-Month LIBOR
      plus the related certificate Margin and (ii) the related Pass-Through Rate;
      provided, however, that solely for this purpose, calculations of the REMIC
      2
      Remittance Rate and the related caps with respect to each such REMIC 2 Regular
      Interest (other than REMIC 2 Regular Interest LT-ZZ) shall be multiplied by
      a
      fraction, the numerator of which is the actual number of days in the Interest
      Accrual Period and the denominator of which is 30.

     

    Maximum
      Mortgage Rate:  With respect to each Adjustable Rate Mortgage
      Loan, the maximum rate of interest set forth as such in the related Mortgage
      Note.

     

    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.

     

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

     

    Minimum
      Auction Amount:  With respect to any auction of the Mortgage Loans
      and any REO Properties pursuant to Section 9.04, the sum of (i) the Termination
      Price that would be payable by the NIM Insurer if the Optional Termination
      were
      exercised in the following calendar month pursuant to Section 9.01 and (ii)
      all
      reasonable fees and expenses incurred by the Trustee in connection with any
      auction conducted pursuant to Section 9.04.

     

    Minimum
      Mortgage Rate:  With respect to each Adjustable Rate Mortgage
      Loan, the minimum rate of interest set forth as such in the related Mortgage
      Note.

     

    Modified
      Mortgage Loan:  As defined in Section 3.12(a).

     

    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
      and assigns.

     

    Monthly
      Statement:  The statement delivered to the Certificateholders
      pursuant to Section 4.05.

     

    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 ownership interest in an estate in fee simple in real 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 delivered
      to the Trustee to be added to the Mortgage File pursuant to this
      Agreement.

     

    Mortgage
      Loan Schedule:  The list of Mortgage Loans (as from time to time
      amended by the Master Servicer to reflect the deletion of Liquidated Mortgage
      Loans and Deleted Mortgage Loans and the addition of (x) Replacement Mortgage
      Loans pursuant to the provisions of this Agreement and (y) Subsequent Mortgage
      Loans pursuant to the provisions of this Agreement and any Subsequent Transfer
      Agreement) transferred to the Trustee as part of the Trust Fund and from time
      to
      time subject to this Agreement, attached hereto as Exhibit F-1, setting forth
      in
      the following information with respect to each Mortgage Loan:

     

    (i)           
       the loan number;

     

    (ii)         
        the Loan Group;

     

    (iii)           the
      Appraised Value;

     

    (iv)          the
      Initial Mortgage Rate;

     

    (v)           the
      maturity date;

     

    (vi)          the
      original principal balance;

     

    (vii)         the
      Cut-off Date Principal Balance;

     

    (viii)        the
      first payment date of the Mortgage Loan;

     

    (ix)          the
      Scheduled Payment in effect as of the Cut-off Date;

     

    (x)           the
      Loan-to-Value Ratio at origination;

     

    (xi)          a
      code indicating whether the residential dwelling at the time of origination
      was
      represented to be owner-occupied;

     

    (xii)          a
      code indicating whether the residential dwelling is either (a) a detached
      single-family dwelling, (b) a two-family residential property, (c) a
      three-family residential property, (d) a four-family residential property,
      (e)
      planned unit development, (f) a low-rise condominium unit, (g) a high-rise
      condominium unit or (h) manufactured housing;

     

    
      (xiii)          [reserved];

       

      
        (xiv)          the
          purpose of the Mortgage Loan;

         

        
          (xv)          with
            respect to each Adjustable Rate Mortgage
            Loan:

        

      

    

     

    (A)  the
      frequency of each Adjustment Date;

     

    (B)  the
      next
      Adjustment Date;

     

    (C)  the
      Maximum Mortgage Rate;

     

    (D)  the
      Minimum Mortgage Rate;

     

    (E)  the
      Mortgage Rate as of the Cut-off Date;

     

    (F)  the
      related Initial Periodic Rate Cap and Subsequent Periodic Rate Cap;
      and

     

    (G)  the
      Gross
      Margin;

     

    
      (xvi)          a
        code
        indicating whether the Mortgage Loan is a CHL Mortgage Loan, a Park Granada
        Mortgage Loan, a Park Monaco Mortgage Loan or a Park Sienna Mortgage
        Loan;

       

      
        (xvii)          the
          premium rate for any lender-paid mortgage insurance, if
          applicable;

         

        
          (xviii)          a
            code
            indicating whether the Mortgage Loan is a Fixed Rate Mortgage Loan or
            an
            Adjustable Rate Mortgage Loan; and

           

          
            (xix)          the
              Servicing Fee Rate for the Mortgage Loan as of the applicable Cut-off
              Date and,
              if the Servicing Fee Rate is subject to increase following the initial
              Adjustment Date for the Mortgage Loan, the Servicing Fee Rate for the
              Mortgage
              Loan following the initial Adjustment
              Date.

          

        

      

    

     

    Such
      schedule shall also set forth the total of the amounts described under (vii)
      above for all of the Mortgage Loans and for each Loan Group.  The
      Mortgage Loan Schedule shall be deemed to include each Loan Number and Borrower
      Identification Mortgage Loan Schedule delivered pursuant to Section 2.01(f)
      and
      all the related Subsequent Mortgage Loans and Subsequent Mortgage Loan
      information included therein.

     

    Mortgage
      Loans:  Such of the mortgage loans transferred and assigned to the
      Trustee pursuant to the provisions hereof and any Subsequent Transfer Agreement
      as from time to time are held as part of the Trust Fund (including any REO
      Property), the mortgage loans so held being identified in the Mortgage Loan
      Schedule, notwithstanding foreclosure or other acquisition of title of the
      related Mortgaged Property.  Any mortgage loan that was intended by
      the parties hereto to be transferred to the Trust Fund as indicated by such
      Mortgage Loan Schedule which is in fact not so transferred for any reason,
      including a breach of the representation contained in Section 2.02 hereof,
      shall
      continue to be a Mortgage Loan hereunder until the Purchase Price with respect
      thereto has been paid to the Trust Fund.

     

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

     

    Mortgage
      Pool:  The aggregate of the Mortgage Loans identified in the
      Mortgage Loan Schedule.

     

    Mortgage
      Rate:  The annual rate of interest borne by a Mortgage Note from
      time to time.

     

    Mortgaged
      Property:  The underlying property securing a Mortgage
      Loan.

     

    Mortgagor:  The
      obligors on a Mortgage Note.

     

    Net
      Mortgage Rate:  As to each Mortgage Loan, and at any time, the per
      annum rate equal to the Mortgage Rate at such time less the Servicing Fee
      Rate.

     

    Net
      Rate Cap:  With respect to any Distribution Date and (i) the Class
      1-A Certificates, the Class 1-A Net Rate Cap, (ii) each Class of Class 2-A
      Certificates, the Class 2-A Net Rate Cap and (iii) each Class of Subordinate
      Certificates, the Subordinate Net Rate Cap.

     

    Net
      Rate Carryover:  With respect to any Class of Interest-Bearing
      Certificates and any Distribution Date, the sum of (A) the excess of (i) the
      amount of interest that such Class would otherwise have accrued for such
      Distribution Date had the Pass-Through Rate for such Class and the related
      Accrual Period not been determined based on the applicable Net Rate Cap, over
      (ii) the amount of interest accrued on such Class at the applicable Net Rate
      Cap
      for such Distribution Date and (B) the Net Rate Carryover for such Class for
      all
      previous Distribution Dates not previously paid pursuant to Section 4.04,
      together with interest thereon at the then-applicable Pass-Through Rate for
      such
      Class, without giving effect to the applicable Net Rate Cap.

     

    Net
      Swap Payment:  With respect to any Distribution Date and payment
      by the Swap Contract Administrator to the Swap Counterparty, the excess, if
      any,
      of the “Fixed Amount” (as defined in the Swap Contract) with respect to such
      Distribution Date over the “Floating Amount” (as defined in the Swap Contract)
      with respect to such Distribution Date.  With respect to any
      Distribution Date and payment by the Swap Counterparty to the Swap Contract
      Administrator, the excess, if any, of the “Floating Amount” (as defined in the
      Swap Contract) with respect to such Distribution Date over the “Fixed Amount”
(as defined in the Swap Contract) with respect to such Distribution
      Date

     

    NIM
      Insurer: Any insurer guarantying at the request of CHL certain payments
      under notes backed or secured by the Class C or Class P
      Certificates.

     

    Nonrecoverable
      Advance:  Any portion of an Advance previously made or proposed to
      be made by the Master Servicer that, in the good faith judgment of the Master
      Servicer, will not or, in the case of a current delinquency, would not, be
      ultimately recoverable by the Master Servicer from the related Mortgagor,
      related Liquidation Proceeds or otherwise.

     

    Non-United
      States Person:  A Person that is not a citizen or resident of the
      United States, a corporation, partnership, or other entity (treated as a
      corporation or a partnership for federal income tax purposes) created or
      organized in or under the laws of the United States, any state thereof or the
      District of Columbia, an estate whose income from sources without the United
      States is includible in gross income for United States federal income tax
      purposes regardless of its connection with the conduct of a trade or business
      within the United States, or 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 persons have authority to control all substantial decisions
      of the trustor.

     

    OC
      Floor:  With respect to any Distribution Date, an amount equal to
      0.50% of the sum of the aggregate Cut-off Date Principal Balance of the Initial
      Mortgage Loans and the Pre-Funded Amount.

     

    Offered
      Certificates: The Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class
      M-5, Class M-6, Class M-7, Class M-8 and Class A-R Certificates.

     

    Officer’s
      Certificate: A certificate (i) in the case of the Depositor, signed by the
      Chairman of the Board, the Vice Chairman of the Board, the President, a Managing
      Director, a Vice President (however denominated), an Assistant Vice President,
      the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant
      Secretaries of the Depositor, (ii) in the case of the Master Servicer, signed
      by
      the President, an Executive Vice President, a Vice President, an Assistant
      Vice
      President, the Treasurer, or one of the Assistant Treasurers or Assistant
      Secretaries of Countrywide GP, Inc., its general partner, (iii) if provided
      for
      in this Agreement, signed by a Servicing Officer, as the case may be, and
      delivered to the Depositor and the Trustee, as the case may be, as required
      by
      this Agreement, or (iv) in the case of any other Person, signed by an authorized
      officer of such Person.

     

    One-Month
      LIBOR:  With respect to any Accrual Period for the
      Interest-Bearing Certificates, the rate determined by the Trustee on the related
      Interest Determination Date on the basis of the rate for U.S. dollar deposits
      for one month as quoted on the Bloomberg Terminal on such Interest Determination
      Date; provided that the parties hereto acknowledge that One-Month LIBOR
      calculated for the first Accrual Period for the Interest-Bearing Certificates
      shall equal 5.320% per annum.  If such rate is not quoted on the
      Bloomberg Terminal (or if such service is no longer offered, such other service
      for displaying One-Month LIBOR or comparable rates as may be reasonably selected
      by the Trustee), One-Month LIBOR for the applicable Accrual Period for the
      Interest-Bearing Certificates will be the Reference Bank Rate.  If no
      such quotations can be obtained by the Trustee and no Reference Bank Rate is
      available, One-Month LIBOR will be One-Month LIBOR applicable to the preceding
      Accrual Period for the Interest-Bearing Certificates.

     

    Opinion
      of Counsel:  A written opinion of counsel, who may be counsel for
      the Depositor or the Master Servicer, reasonably acceptable to each addressee
      of
      such opinion; provided that with respect to Section 6.04 or 10.01, or the
      interpretation or application of the REMIC Provisions, such counsel must (i) in
      fact be independent of the Depositor and the Master Servicer, (ii) not have
      any
      direct financial interest in the Depositor or the Master Servicer or in any
      affiliate of either and (iii) not be connected with the Depositor or the Master
      Servicer as an officer, employee, promoter, underwriter, trustee, partner,
      director or person performing similar functions.

     

    Optional
      Termination:  The termination of the Trust Fund provided hereunder
      pursuant to clause (a) of the first sentence of Section 9.01
      hereof.

     

    Optional
      Termination Date:  The first Distribution Date on which the
      aggregate Stated Principal Balance of the Mortgage Loans is less than or equal
      to 10% of the sum of the aggregate Cut-off Date Principal Balance of the Initial
      Mortgage Loans and the Pre-Funded Amount.

     

    Original
      Value:  The value of the property underlying a Mortgage Loan
      based, in the case of the purchase of the underlying Mortgaged Property, on
      the
      lower of an appraisal satisfactory to the Master Servicer or the sales price
      of
      such property or, in the case of a refinancing, on an appraisal satisfactory
      to
      the Master Servicer.

     

    OTS:  The
      Office of Thrift Supervision.

     

    Outstanding:  With
      respect to the Certificates as of any date of determination, all Certificates
      theretofore executed and authenticated under this Agreement except:

     

    (i)           Certificates
      theretofore canceled by the Trustee or delivered to the Trustee for
      cancellation; and

     

    (ii)           Certificates
      in exchange for which or in lieu of which other Certificates have been executed
      and delivered by the Trustee pursuant to this Agreement.

     

    Outstanding
      Mortgage Loan:  As of any Distribution Date, a Mortgage Loan with
      a Stated Principal Balance greater than zero that was not the subject of a
      Principal Prepayment in full, and that did not become a Liquidated Mortgage
      Loan, prior to the end of the related Prepayment Period.

     

    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 (after giving effect to
      distribution of the Principal Distribution Amount (other than the portion
      thereof consisting of the Extra Principal Distribution Amount) on such
      Distribution Date).

     

    Overcollateralization
      Reduction Amount: With respect to any Distribution Date, an amount equal to
      the lesser of (i) the Excess Overcollateralization Amount for such Distribution
      Date and (ii) the aggregate Principal Remittance Amount for Loan Group 1 and
      Loan Group 2 for such Distribution Date.

     

    Overcollateralization
      Target Amount:  With respect to any Distribution Date (a) prior to
      the Stepdown Date, an amount equal to 2.50% of the sum of the Cut-off Date
      Principal Balance of the Initial Mortgage Loans and the Pre-Funded Amount and
      (b) on or after the Stepdown Date, the greater of (i) an amount equal to 5.00%
      of the aggregate Stated Principal Balance of the Mortgage Loans for the current
      Distribution Date and (ii) the OC Floor; provided, however, that if a Trigger
      Event is in effect on any Distribution Date, the Overcollateralization Target
      Amount will be the Overcollateralization Target Amount as in effect for the
      prior Distribution Date.

     

    Overcollateralized
      Amount:  With respect to any Distribution Date, the amount, if
      any, by which (x) the sum of the aggregate Stated Principal Balance of the
      Mortgage Loans for such Distribution Date and any amount on deposit in the
      Pre-Funding Account exceeds (y) the aggregate Certificate Principal Balance
      of
      the Interest-Bearing Certificates as of such Distribution Date (after giving
      effect to distribution of the Principal Remittance Amounts to be made on such
      Distribution Date and, in the case of the Distribution Date immediately
      following the end of the Funding Period, any amounts to be released from the
      Pre-Funding Account).

     

    Ownership
      Interest:  As to any Certificate, any ownership 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.

     

    Park
      Granada:  Park Granada LLC, a Delaware limited liability company,
      and its successors and assigns.

     

    Park
      Granada Mortgage Loans:  The Mortgage Loans identified as such on
      the Mortgage Loan Schedule for which Park Granada is the applicable
      Seller.

     

    Park
      Monaco:  Park Monaco Inc., a Delaware corporation, and its
      successors and assigns.

     

    Park
      Monaco Mortgage Loans:  The Mortgage Loans identified as such on
      the Mortgage Loan Schedule for which Park Monaco is the applicable
      Seller.

     

    Park
      Sienna:  Park Sienna LLC, a Delaware limited liability company,
      and its successors and assigns.

     

    Park
      Sienna Mortgage Loans:  The Mortgage Loans identified as such on
      the Mortgage Loan Schedule for which Park Sienna is the applicable
      Seller.

     

    Pass-Through
      Rate:  With respect to any Accrual Period and each Class of
      Interest-Bearing Certificates the lesser of (x) One-Month LIBOR for such Accrual
      Period plus the Margin for such Class and Accrual Period and (y) the applicable
      Net Rate Cap for such Class and the related Distribution Date.

     

    With
      respect to the Class C Certificate and any Distribution Date, a rate per annum
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LT-P and REMIC
      2
      Regular Interest LT-AR and (ii) interest on the Uncertificated Principal Balance
      of each REMIC 2 Regular Interest listed in clause (y) at a rate equal to the
      related REMIC 2 Remittance Rate minus the Marker Rate and the denominator of
      which is (y) the aggregate Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT-AA, REMIC 2 Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1,
      REMIC 2 Regular Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC 2
      Regular Interest LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular
      Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4,
      REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular
      Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest
      LT-M9,  REMIC 2 Regular Interest LT-B and REMIC 2 Regular Interest
      LT-ZZ.

     

    With
      respect to the Class SWAP-IO Interest, the Class SWAP-IO Interest shall not
      have
      a Pass-Through Rate, but interest for such Regular Interest and each
      Distribution Date shall be an amount equal to 100% of the amounts distributable
      to REMIC 2 Regular Interest II-IO for such Distribution Date.

     

    Percentage
      Interest:  With respect to any Interest-Bearing Certificate, a
      fraction, expressed as a percentage, the numerator of which is the Certificate
      Principal Balance represented by such Certificate and the denominator of which
      is the aggregate Certificate Principal Balance of the related
      Class.  With respect to the Class C, Class P and Class A-R
      Certificates, the portion of the Class evidenced thereby, expressed as a
      percentage, as stated on the face of such Certificate.

     

    Performance
      Certification:  As defined in Section 11.05.

     

    Permitted
      Investments:  At any time, any one or more of the following
      obligations and securities, each of which shall mature no later than 90 days
      after acquisition:

     

    (i)           obligations
      of the United States or any agency thereof, provided such obligations are backed
      by the full faith and credit of the United States;

     

    (ii)           general
      obligations of or obligations guaranteed by any state of the United States
      or
      the District of Columbia receiving the highest long-term debt rating of each
      Rating Agency, or such lower rating as each Rating Agency has confirmed in
      writing is sufficient for the ratings originally assigned to the Certificates
      by
      such Rating Agency;

     

    (iii)           commercial
      or finance company paper which is then receiving the highest commercial or
      finance company paper rating of each Rating Agency, or such lower rating as
      each
      Rating Agency has confirmed in writing is sufficient for the ratings originally
      assigned to the Certificates by such Rating Agency;

     

    (iv)           certificates
      of deposit, demand or time deposits, or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States or of any state thereof and subject to supervision and examination
      by federal and/or state banking authorities, provided that the commercial paper
      and/or long term unsecured debt obligations of such depository institution
      or
      trust company (or in the case of the principal depository institution in a
      holding company system, the commercial paper or long-term unsecured debt
      obligations of such holding company, but only if Moody’s is not a Rating Agency)
      are then rated one of the two highest long-term and the highest short-term
      ratings of each such Rating Agency for such securities, or such lower ratings
      as
      each Rating Agency has confirmed in writing is sufficient for the ratings
      originally assigned to the Certificates by such Rating Agency;

     

    (v)           repurchase
      obligations with respect to any security described in clauses (i) and (ii)
      above, in either case entered into with a depository institution or trust
      company (acting as principal) described in clause (iv) above;

     

    (vi)           securities
      (other than stripped bonds, stripped coupons or instruments sold at a purchase
      price in excess of 115% of the face amount thereof) bearing interest or sold
      at
      a discount issued by any corporation incorporated under the laws of the United
      States or any state thereof which, at the time of such investment, have one
      of
      the two highest long term ratings of each Rating Agency (except (x) if the
      Rating Agency is Moody’s, such rating shall be the highest commercial paper
      rating of S&P for any such securities) and (y), or such lower rating as each
      Rating Agency has confirmed in writing is sufficient for the ratings originally
      assigned to the Certificates by such Rating Agency;

     

    (vii)           interests
      in any money market fund which at the date of acquisition of the interests
      in
      such fund and throughout the time such interests are held in such fund has
      the
      highest applicable long term rating by each Rating Agency or such lower rating
      as each Rating Agency has confirmed in writing is sufficient for the ratings
      originally assigned to the Certificates by such Rating Agency;

     

    (viii)                      short
      term investment funds sponsored by any trust company or national banking
      association incorporated under the laws of the United States or any state
      thereof which on the date of acquisition has been rated by each Rating Agency
      in
      their respective highest applicable rating category or such lower rating as
      each
      Rating Agency has confirmed in writing is sufficient for the ratings originally
      assigned to the Certificates by such Rating Agency; and

     

    (ix)           such
      other relatively risk free investments having a specified stated maturity and
      bearing interest or sold at a discount acceptable to each Rating Agency as
      will
      not result in the downgrading or withdrawal of the rating then assigned to
      the
      Certificates by any Rating Agency, as evidenced by a signed writing delivered
      by
      each Rating Agency, and reasonably acceptable to the NIM Insurer, as evidenced
      by a signed writing delivered by the NIM Insurer;

     

    provided,
      that no such instrument shall be a Permitted Investment if such instrument
      (i)
      evidences the right to receive interest only payments with respect to the
      obligations underlying such instrument, (ii) is purchased at a premium or (iii)
      is purchased at a deep discount; provided further that no such instrument shall
      be a Permitted Investment (A) if such instrument evidences principal and
      interest payments derived from obligations underlying such instrument and the
      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, or (B) if it may be redeemed at a price below the purchase price
      (the foregoing clause (B) not to apply to investments in units of money market
      funds pursuant to clause (vii) above); provided further that no amount
      beneficially owned by any REMIC (including, without limitation, any amounts
      collected by the Master Servicer but not yet deposited in the Certificate
      Account) may be invested in investments (other than money market funds) treated
      as equity interests for Federal income tax purposes, unless the Master Servicer
      shall receive an Opinion of Counsel, at the expense of Master Servicer, to
      the
      effect that such investment will not adversely affect the status of any such
      REMIC as a REMIC under the Code or result in imposition of a tax on any such
      REMIC.  Permitted Investments that are subject to prepayment or call
      may not be purchased at a price in excess of par.

     

    Permitted
      Transferee:  Any Person other than (i) the United States, any
      State or political subdivision thereof, or any agency or instrumentality of
      any
      of the foregoing, (ii) a foreign government, International Organization or
      any
      agency or instrumentality of either of the foregoing, (iii) an organization
      (except certain farmers’ cooperatives described in section 521 of the Code) that
      is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
      by section 511 of the Code on unrelated business taxable income) on any excess
      inclusions (as defined in section 860E(c)(1) of the Code) with respect to any
      Class A-R Certificate, (iv) rural electric and telephone cooperatives described
      in section 1381(a)(2)(C) of the Code, (v) an “electing large partnership” as
      defined in section 775 of the Code, (vi) a Person that is not a citizen or
      resident of the United States, a corporation, partnership, or other entity
      (treated as a corporation or a partnership for federal income tax purposes)
      created or organized in or under the laws of the United States, any state
      thereof or the District of Columbia, or an estate whose income from sources
      without the United States is includible in gross income for United States
      federal income tax purposes regardless of its connection with the conduct of
      a
      trade or business within the United States, or 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 Persons have authority to control all
      substantial decisions of the trustor unless such Person has furnished the
      transferor and the Trustee with a duly completed Internal Revenue Service Form
      W-8ECI, and (vii) any other Person so designated by the Trustee based upon
      an
      Opinion of Counsel that the Transfer of an Ownership Interest in a Class A-R
      Certificate to such Person may cause any REMIC formed hereunder to fail to
      qualify as a REMIC at any time that any Certificates are
      Outstanding.  The terms “United States,” “State” and “International
      Organization” shall have the meanings set forth in section 7701 of the Code or
      successor provisions.  A corporation will not be treated as an
      instrumentality of the United States or of any State or political subdivision
      thereof for these purposes if all of its activities are subject to tax and,
      with
      the exception of the Federal Home Loan Mortgage Corporation, a majority of
      its
      board of directors is not selected by such government unit.

     

    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.

     

    Plan:  An
      “employee benefit plan” as defined in section 3(3) of ERISA that is subject to
      Title I of ERISA, a “plan” as defined in section 4975 of the Code that is
      subject to section 4975 of the Code, or any Person investing on behalf of or
      with plan assets (as defined in 29 CFR § 2510.3-101 or otherwise under ERISA) of
      such an employee benefit plan or plan.

     

    Pool
      Stated Principal Balance:  With respect to any Distribution Date,
      the aggregate of the Stated Principal Balances of the Mortgage Loans which
      are
      Outstanding Mortgage Loans.

     

    Pre-Funded
      Amount:  The amount deposited in the Pre-Funding Account on the
      Closing Date, which shall equal $1,969.16.

     

    Pre-Funding
      Account:  The separate Eligible Account created and maintained by
      the Trustee pursuant to Section 3.05 in the name of the Trustee for the benefit
      of the Certificateholders and designated “The Bank of New York, in trust for
      registered holders of CWABS, Inc., Asset-Backed Certificates, Series
      2007-BC2.”  Funds in the Pre-Funding 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
      Pre-Funding Account will be for the account of CHL.

     

    Prepayment
      Assumption:  The applicable rate of prepayment, as described in
      the Prospectus Supplement relating to the Certificates.

     

    Prepayment
      Charge:  With respect to any Mortgage Loan, the charges or
      premiums, if any, due in connection with a full or partial prepayment of such
      Mortgage Loan within the related Prepayment Charge Period in accordance with
      the
      terms thereof (other than any Master Servicer Prepayment Charge Payment
      Amount).

     

    Prepayment
      Charge Period:  With respect to any Mortgage Loan, the period of
      time during which a Prepayment Charge may be imposed.

     

    Prepayment
      Charge Schedule:  As of the Initial Cut-off Date with respect to
      each Initial Mortgage Loan and as of the Subsequent Cut-off Date with respect
      to
      each Subsequent Mortgage Loan, a list attached hereto as Schedule I (including
      the Prepayment Charge Summary attached thereto), setting forth the following
      information with respect to each Prepayment Charge:

     

    (i)           the
      Mortgage Loan identifying number;

     

    (ii)           a
      code indicating the type of Prepayment Charge;

     

    (iii)           the
      state of origination of the related Mortgage Loan;

     

    (iv)           the
      date on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (v)           the
      term of the related Prepayment Charge; and

     

    (vi)           the
      principal balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    As
      of the
      Closing Date, the Prepayment Charge Schedule shall contain the necessary
      information for each Initial Mortgage Loan.  The Prepayment Charge
      Schedule shall be amended by the Master Servicer upon the sale of any Subsequent
      Mortgage Loans to the Trust Fund.  In addition, the Prepayment Charge
      Schedule shall be amended from time to time by the Master Servicer in accordance
      with the provisions of this Agreement and a copy of each related amendment
      shall
      be furnished by the Master Servicer to the Class P and Class C
      Certificateholders and the NIM Insurer.

     

    Prepayment
      Interest Excess:  With respect to any Distribution Date, for each
      Mortgage Loan that was the subject of a Principal Prepayment during the period
      from the related Due Date to the end of the related Prepayment Period, any
      payment of interest received in connection therewith (net of any applicable
      Servicing Fee) representing interest accrued for any portion of such month
      of
      receipt.

     

    Prepayment
      Interest Shortfall:  With respect to any Distribution Date, for
      each Mortgage Loan that was the subject of a partial Principal Prepayment or
      a
      Principal Prepayment in full during the period from the beginning of the related
      Prepayment Period to the Due Date in such Prepayment Period (other than a
      Principal Prepayment in full resulting from the purchase of a Mortgage Loan
      pursuant to Section 2.02, 2.03, 2.04, 3.12 or 9.01 hereof) and for each Mortgage
      Loan that became a Liquidated Mortgage Loan during the related Due Period,
      the
      amount, if any, by which (i) one month’s interest at the applicable Net Mortgage
      Rate on the Stated Principal Balance of such Mortgage Loan immediately prior
      to
      such prepayment (or liquidation) or in the case of a partial Principal
      Prepayment on the amount of such prepayment (or Liquidation Proceeds) exceeds
      (ii) the amount of interest paid or collected in connection with such Principal
      Prepayment or such Liquidation Proceeds.

     

    Prepayment
      Period:  As to any Distribution Date and related Due Date, the
      period beginning with the opening of business on the sixteenth day of the
      calendar month preceding the month in which such Distribution Date occurs (or,
      with respect to the first Distribution Date, the period beginning with the
      opening of business on the day immediately following the Initial Cut-off Date)
      and ending on the close of business on the fifteenth day of the month in which
      such Distribution Date occurs.

     

    Prime
      Rate: The prime commercial lending rate of The Bank of New York, as publicly
      announced to be in effect from time to time.  The Prime Rate shall be
      adjusted automatically, without notice, on the effective date of any change
      in
      such prime commercial lending rate.  The Prime Rate is not necessarily
      The Bank of New York’s lowest rate of interest.

     

    Principal
      Distribution Amount:  With respect to each Distribution Date and a
      Loan Group, the sum of (i) the Principal Remittance Amount for such Loan Group
      for such Distribution Date less any portion of such amount used to cover any
      payment due to the Swap Counterparty with respect to such Distribution Date
      pursuant to Section 4.09, (ii) the Extra Principal Distribution Amount for
      such
      Loan Group for such Distribution Date, and (iii) with respect to the
      Distribution Date immediately following the end of the Funding Period, the
      amount, if any, remaining in the Pre-Funding Account at the end of the Funding
      Period (net of any investment income therefrom) allocable to such Loan Group,
      minus (iv) (a) the amount of any Group 1 Overcollateralization Reduction Amount,
      in the case of Loan Group 1 and (b) the amount of any Group 2
      Overcollateralization Reduction Amount, in the case of Loan Group
      2.

     

    Principal
      Prepayment:  Any Mortgagor payment or other recovery of (or
      proceeds with respect to) principal on a Mortgage Loan (including loans
      purchased or repurchased under Sections 2.02, 2.03, 2.04, 3.12 and 9.01 hereof)
      that is received in advance of its scheduled Due Date to the extent it is not
      accompanied by an amount as to interest representing scheduled interest due
      on
      any date or dates in any month or months subsequent to the month of
      prepayment.  Partial Principal Prepayments shall be applied by the
      Master Servicer in accordance with the terms of the related Mortgage
      Note.

     

    Principal
      Remittance Amount:  With respect to the Mortgage Loans in each
      Loan Group and any Distribution Date, (a) the sum, without duplication, of:
      (i) the scheduled principal collected with respect to such Mortgage Loans during
      the related Due Period or advanced with respect to such Distribution Date,
      (ii)
      Principal Prepayments collected in the related Prepayment Period, with respect
      to such Mortgage Loans, (iii) the Stated Principal Balance of each such Mortgage
      Loan that was repurchased by a Seller or purchased by the Master Servicer with
      respect to such Distribution Date, (iv) the amount, if any, by which the
      aggregate unpaid principal balance of any Replacement Mortgage Loans delivered
      by the Sellers in connection with a substitution of any Mortgage Loan is less
      than the aggregate unpaid principal balance of any Deleted Mortgage Loans and
      (v) all Liquidation Proceeds (to the extent such Liquidation Proceeds related
      to
      principal) and Subsequent Recoveries collected during the related Due Period;
      less (b) all Advances relating to principal and certain expenses reimbursable
      pursuant to Section 3.08(a) or Section 6.03 and reimbursed during the related
      Due Period, in each case with respect to such Loan Group.

     

    Principal
      Reserve Fund:  The separate Eligible Account created and initially
      maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee
      for the benefit of the Certificateholders and designated “The Bank of New York
      in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates,
      Series 2007-BC2”.  Funds in the Principal Reserve Fund shall be held
      in trust for the Certificateholders for the uses and purposes set forth in
      this
      Agreement.

     

    Private
      Certificates:  The Class M-9, Class B, Class C and Class P
      Certificates.

     

    Prospectus:  The
      prospectus dated April 26, 2007, relating to asset-backed securities to be
      sold
      by the Depositor.

     

    Prospectus
      Supplement:  The prospectus supplement dated April 26, 2007,
      relating to the public offering of the certain Classes of Certificates offered
      thereby.

     

    PTCE
      95-60:  As defined in Section 5.02(b).

     

    PUD:  A
      Planned Unit Development.

     

    Purchase
      Price:  With respect to any Mortgage Loan (x) required to be (1)
      repurchased by a Seller or purchased by the Master Servicer, as applicable,
      pursuant to Section 2.02, 2.03 or 3.12 hereof or (2) repurchased by the
      Depositor pursuant to Section 2.04 hereof, or (y) that the Master Servicer
      has a
      right to purchase pursuant to Section 3.12 hereof, an amount equal to the sum
      of
      (i) 100% of the unpaid principal balance (or, if such purchase or repurchase,
      as
      the case may be, is effected by the Master Servicer, the Stated Principal
      Balance) of the Mortgage Loan as of the date of such purchase, (ii) accrued
      interest thereon at the applicable Mortgage Rate (or, if such purchase or
      repurchase, as the case may be, is effected by the Master Servicer, at the
      Net
      Mortgage Rate) from (a) the date through which interest was last paid by the
      Mortgagor (or, if such purchase or repurchase, as the case may be, is effected
      by the Master Servicer, the date through which interest was last advanced and
      not reimbursed by the Master Servicer) to (b) the Due Date in the month in
      which
      the Purchase Price is to be distributed to Certificateholders and (iii) any
      costs, expenses and damages incurred by the Trust Fund resulting from any
      violation of any predatory or abusive lending law in connection with such
      Mortgage Loan.

     

    Qualified
      Bidder:  With respect to any auction pursuant to Section 9.04, any
      institution that is a regular purchaser and/or seller in the secondary market
      of
      residential mortgage loans as determined by the Trustee (or any advisor on
      its
      behalf), in its sole discretion, and any holder of an interest in the Class
      C
      Certificates; provided, however, that neither CHL nor any of its affiliates
      shall constitute a Qualified Bidder.

     

    R-1-R
      Interest:  The uncertificated Residual Interest in REMIC
      1.

     

    R-2-R
      Interest:  The uncertificated Residual Interest in REMIC
      2.

     

    R-3-R
      Interest:  The uncertificated Residual Interest in REMIC
      3.

     

    Rating
      Agency:  Each of Moody’s and S&P.  If any such
      organization or its successor is no longer in existence, “Rating Agency” shall
      be a nationally recognized statistical rating organization, or other comparable
      Person, identified as a “Rating Agency” in the Underwriter’s Exemption and
      designated by the Depositor, notice of which designation shall be given to
      the
      Trustee.  References herein to a given rating category of a Rating
      Agency shall mean such rating category without giving effect to any
      modifiers.

     

    Realized
      Loss:  With respect to each Liquidated Mortgage Loan, an amount
      (not less than zero or more than the Stated Principal Balance of the Mortgage
      Loan) as of the date of such liquidation, equal to (i) the Stated Principal
      Balance of such Liquidated Mortgage Loan as of the date of such liquidation,
      minus (ii) the Liquidation Proceeds, if any, received in connection with such
      liquidation during the month in which such liquidation occurs, to the extent
      applied as recoveries of principal of the Liquidated Mortgage Loan. With respect
      to each Mortgage Loan that has become the subject of a Deficient Valuation,
      (i)
      if the value of the related Mortgaged Property was reduced below the principal
      balance of the related Mortgage Note, the amount by which the value of the
      Mortgaged Property was reduced below the principal balance of the related
      Mortgage Note, and (ii) if the principal amount due under the related Mortgage
      Note has been reduced, the difference between the principal balance of the
      Mortgage Loan outstanding immediately prior to such Deficient Valuation and
      the
      principal balance of the Mortgage Loan as reduced by the Deficient
      Valuation.  With respect to each Mortgage Loan that has become the
      subject of a Debt Service Reduction and any Distribution Date, the amount,
      if
      any, by which the related Scheduled Payment was reduced.

     

    Record
      Date:  With respect to any Distribution Date and the
      Interest-Bearing Certificates, the Business Day immediately preceding such
      Distribution Date, or if such Certificates are no longer Book-Entry
      Certificates, the last Business Day of the month preceding the month of such
      Distribution Date.  With respect to the Class A-R, Class C and Class P
      Certificates, the last Business Day of the month preceding the month of a
      Distribution Date.

     

    Reference
      Bank Rate:  With respect to any Accrual Period, the arithmetic
      mean (rounded upwards, if necessary, to the nearest whole multiple of 0.03125%)
      of the offered rates for United States dollar deposits for one month that are
      quoted by the Reference Banks as of 11:00 a.m., New York City time, on the
      related Interest Determination Date to prime banks in the London interbank
      market for a period of one month in amounts approximately equal to the
      outstanding aggregate Certificate Principal Balance of the Interest-Bearing
      Certificates on such Interest Determination Date, provided that at least two
      such Reference Banks provide such rate.  If fewer than two offered
      rates appear, the Reference Bank Rate will be the arithmetic
      mean  (rounded upwards, if necessary, to the nearest whole multiple of
      0.03125%) of the rates quoted by one or more major banks in New York City,
      selected by the Trustee, as of 11:00 a.m., New York City time, on such date
      for
      loans in U.S. dollars to leading European banks for a period of one month in
      amounts approximately equal to the aggregate Certificate Principal Balance
      of
      the Interest-Bearing Certificates on such Interest Determination
      Date.

     

    Reference
      Banks:  Barclays Bank PLC, Deutsche Bank and NatWest, N.A.,
      provided that if any of the foregoing banks are not suitable to serve as a
      Reference Bank, then any leading banks selected by the Trustee which are engaged
      in transactions in Eurodollar deposits in the international Eurocurrency market
      (i) with an established place of business in London, England, (ii) not
      controlling, under the control of or under common control with the Depositor,
      CHL or the Master Servicer and (iii) which have been designated as such by
      the
      Trustee.

     

    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 A-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 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 be provided by the Commission or its staff from
      time to time and publicly available.

     

    Relief
      Act:  The Servicemembers Civil Relief Act.

     

    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.

     

    REMIC
      1:  The segregated pool of assets described in the Preliminary
      Statement.

     

    REMIC
      1 Group I Regular Interests: REMIC 1 Regular Interest I, REMIC 1 Regular
      Interest I-1-A through REMIC 1 Regular Interest I-89-B as designated in the
      Preliminary Statement hereto.

     

    REMIC
      1 Group II Regular Interests:  REMIC 1 Regular Interest II, REMIC
      1 Regular Interest II-1-A through REMIC II Regular Interest II-89-B as
      designated in the Preliminary Statement hereto.

     

    REMIC
      1 Regular Interest:  Any of the separate non-certificated
      beneficial ownership interests in REMIC 1 issued hereunder and designated as
      a
      Regular Interest in REMIC 1. Each REMIC 1 Regular Interest shall accrue interest
      at the related REMIC 1 Remittance Rate in effect from time to time, and shall
      be
      entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto. The designations
      for
      the respective REMIC 1 Regular Interests are set forth in the Preliminary
      Statement hereto. The REMIC 1 Regular Interests consist of the REMIC 1 Group
      I
      Regular Interests and the REMIC 1 Group II Regular Interests.

     

    REMIC
      1 Remittance Rate:  With respect to each REMIC 1 Group I Regular
      Interest ending with the designation “A”, a per annum rate equal to the weighted
      average of the Mortgage Rates of the Group 1 Mortgage Loans less the Expense
      Fee
      Rate, multiplied by 2, subject to a maximum rate of 10.000%. With respect to
      each REMIC 1 Group I Regular Interest ending with the designation “B”, the
      greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
      by the weighted average of the Mortgage Rates of the Group 1 Mortgage Loans
      less
      the Expense Fee Rate, over (ii) 10.000% and (y) 0.00%. With respect to each
      REMIC 1 Group II Regular Interest ending with the designation “A”, a per annum
      rate equal to the weighted average of the Mortgage Rates of the Group 2 Mortgage
      Loans less the Expense Fee Rate, multiplied by 2, subject to a maximum rate
      of
      10.000%. With respect to each REMIC 1 Group II Regular Interest ending with
      the
      designation “B”, the greater of (x) a per annum rate equal to the excess, if
      any, of (i) 2 multiplied by the weighted average of the Mortgage Rates of the
      Group 2 Mortgage Loans less the sum of Expense Fee Rate over (ii) 10.000% and
      (y) 0.00%. With respect to REMIC 1 Regular Interest I, the weighted average
      of
      the Mortgage Rates of the Group 1 Mortgage Loans.   With respect
      to REMIC 1 Regular Interest II, the weighted average of the Mortgage Rates
      of
      the Group 2 Mortgage Loans.  With respect to REMIC 1 Regular Interest
      I-LT-P and REMIC 1 Regular Interest I-LT-AR, 0.00%.

     

    REMIC
      2:  The segregated pool of assets described in the Preliminary
      Statement.

     

    REMIC
      2 Interest Loss Allocation Amount:  With respect to any
      Distribution Date, an amount (subject to adjustment based on the actual number
      of days elapsed in the respective Interest Accrual Periods for the indicated
      Regular Interests for such Distribution Date) equal to (a) the product of (i)
      50% of the aggregate Stated Principal Balance of the Mortgage Loans and REO
      Properties then outstanding and (ii) the REMIC 2 Remittance Rate for REMIC
      2
      Regular Interest LT-AA minus the Marker Rate, divided by (b) 12.

     

    REMIC
      2 Marker Allocation Percentage: 50% of any amount payable or loss
      attributable from the Mortgage Loans, which shall be allocated to REMIC 2
      Regular Interest LT-AA, REMIC 2 Regular Interest LT-1A, REMIC 2 Regular Interest
      LT-2A1, REMIC 2 Regular Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC
      2 Regular Interest LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular
      Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4,
      REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular
      Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest
      LT-M9,  REMIC 2 Regular Interest LT-B and REMIC 2 Regular Interest
      LT-ZZ.  With respect to REMIC 2 Regular Interest LT-P and REMIC 2
      Regular Interest LT-AR, 0.00%.

     

    REMIC
      2 Overcollateralization Target Amount: 0.50% of the Overcollateralization
      Target Amount.

     

    REMIC
      2 Overcollateralized Amount:  With respect to any date of
      determination, (i) 0.50% of the aggregate Uncertificated Principal Balance
      of
      the REMIC 2 Regular Interests minus (ii) the aggregate Uncertificated Balance
      of
      REMIC 2 Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular
      Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC 2 Regular Interest
      LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC
      2
      Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest
      LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC
      2
      Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9,  REMIC 2
      Regular Interest LT-B, REMIC 2 Regular Interest LT-AR and REMIC 2 Regular
      Interest LT-P in each case as of such date of determination.

     

    REMIC
      2 Principal Loss Allocation Amount:  With respect to any
      Distribution Date, an amount equal to the product of (i) 50% of the aggregate
      Stated Principal Balance of the Mortgage Loans and REO Properties then
      outstanding and (ii) one minus a fraction, the numerator of which is two times
      the aggregate Uncertificated Principal Balance of REMIC 2 Regular Interest
      LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular Interest LT-2A2, REMIC
      2
      Regular Interest LT-2A3, REMIC 2 Regular Interest LT-2A4, REMIC 2 Regular
      Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3,
      REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular
      Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8,
      REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-B, and the
      denominator of which is the aggregate Uncertificated Principal Balance of REMIC
      2 Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular
      Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC 2 Regular Interest
      LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC
      2
      Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest
      LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC
      2
      Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9,  REMIC 2
      Regular Interest LT-B and REMIC 2 Regular Interest LT-ZZ.

     

    REMIC
      2 Regular Interest:  Any of the separate non-certificated
      beneficial ownership interests in REMIC 2 issued hereunder and designated as
      a
“regular interest” in REMIC 2. Each REMIC 2 Regular Interest shall accrue
      interest at the related REMIC 2 Remittance Rate in effect from time to time,
      and
      shall be entitled to distributions of principal (other than REMIC 2 Regular
      Interest II-IO), subject to the terms and conditions hereof, in an aggregate
      amount equal to its initial Uncertificated Balance as set forth in the
      Preliminary Statement hereto. The following is a list of each of the REMIC
      2
      Regular Interests: REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest
      LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular Interest LT-2A2, REMIC
      2
      Regular Interest LT-2A3, REMIC 2 Regular Interest LT-2A4, REMIC 2 Regular
      Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3,
      REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular
      Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8,
      REMIC 2 Regular Interest LT-M9,  REMIC 2 Regular Interest LT-B, REMIC
      2 Regular Interest LT-ZZ, REMIC 2 Regular Interest LT-P, REMIC 2 Regular
      Interest LT-AR, REMIC 2 Regular Interest LT-XX, REMIC 2 Regular Interest
      LT-1SUB, REMIC 2 Regular Interest LT-1GRP, REMIC 2 Regular Interest LT-2SUB,
      REMIC 2 Regular Interest LT-2GRP and REMIC 2 Regular Interest
      II-IO.

     

    REMIC
      2 Remittance Rate:  With respect to REMIC 2 Regular Interest
      LT-AA, REMIC 2 Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC
      2
      Regular Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC 2 Regular
      Interest LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2,
      REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular
      Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7,
      REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9,  REMIC
      2 Regular Interest LT-ZZ, REMIC 2 Regular Interest LT-P, REMIC 2 Regular
      Interest LT-1SUB, REMIC 2 Regular Interest LT-2SUB and REMIC 2 Regular Interest
      LT-XX, a per annum rate (but not less than zero) equal to the weighted average
      of: (x) with respect to REMIC 1 Regular Interest I, REMIC 1 Regular Interest
      II
      and each REMIC 1 Regular Interest ending with the designation “B”, the weighted
      average of the REMIC 1 Remittance Rates for such REMIC 1 Regular Interests,
      weighted on the basis of the Uncertificated Principal Balances of such REMIC
      1
      Regular Interests for each such Distribution Date and (y) with respect to REMIC
      1 Regular Interests ending with the designation “A”, for each Distribution Date
      listed below, the weighted average of the rates listed below for each such
      REMIC
      1 Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest for each such
      Distribution Date:

     

    

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	
              2

            	
              I-2-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-2-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate REMIC 1 Remittance
                Rate

            
	 	
              I-1-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A

            	
              REMIC
                1 Remittance Rate

            
	
              3

            	
              I-3-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-3-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                1 Remittance Rate

            
	
              4

            	
              I-4-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-4-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                1 Remittance Rate

            
	
              5

            	
              I-5-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-5-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                1 Remittance Rate

            
	
              6

            	
              I-6-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-6-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                1 Remittance Rate

            
	
              7

            	
              I-7-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-7-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                1 Remittance Rate

            
	
              8

            	
              I-8-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-8-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                1 Remittance Rate

            
	
              9

            	
              I-9-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-9-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                1 Remittance Rate

            
	
              10

            	
              I-10-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-10-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                1 Remittance Rate

            
	
              11

            	
              I-11-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-11-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                1 Remittance Rate

            
	
              12

            	
              I-12-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-12-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                1 Remittance Rate

            
	
              13

            	
              I-13-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-13-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                1 Remittance Rate

            
	
              14

            	
              I-14-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-14-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                1 Remittance Rate

            
	
              15

            	
              I-15-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-15-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                1 Remittance Rate

            
	
              16

            	
              I-16-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-16-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                1 Remittance Rate

            
	
              17

            	
              I-17-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-17-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                1 Remittance Rate

            
	
              18

            	
              I-18-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-18-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                1 Remittance Rate

            
	
              19

            	
              I-19-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-19-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                1 Remittance Rate

            
	
              20

            	
              I-20-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-20-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                1 Remittance Rate

            
	
              21

            	
              I-21-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-21-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                1 Remittance Rate

            
	
              22

            	
              I-22-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-22-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                1 Remittance Rate

            
	
              23

            	
              I-23-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-23-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                1 Remittance Rate

            
	
              24

            	
              I-24-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-24-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                1 Remittance Rate

            
	
              25

            	
              I-25-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-25-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                1 Remittance Rate

            
	
              26

            	
              I-26-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-26-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                1 Remittance Rate

            
	
              27

            	
              I-27-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-27-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                1 Remittance Rate

            
	
              28

            	
              I-28-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-28-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                1 Remittance Rate

            
	
              29

            	
              I-29-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-29-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                1 Remittance Rate

            
	
              30

            	
              I-30-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-30-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                1 Remittance Rate

            
	
              31

            	
              I-31-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-31-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                1 Remittance Rate

            
	
              32

            	
              I-32-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-32-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                1 Remittance Rate

            
	
              33

            	
              I-33-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-33-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                1 Remittance Rate

            
	
              34

            	
              I-34-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-34-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                1 Remittance Rate

            
	
              35

            	
              I-35-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-35-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                1 Remittance Rate

            
	
              36

            	
              I-36-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-36-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                1 Remittance Rate

            
	
              37

            	
              I-37-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-37-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                1 Remittance Rate

            
	
              38

            	
              I-38-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-38-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                1 Remittance Rate

            
	
              39

            	
              I-39-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-39-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                1 Remittance Rate

            
	
              40

            	
              I-40-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-40-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                1 Remittance Rate

            
	
              41

            	
              I-41-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-41-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                1 Remittance Rate

            
	
              42

            	
              I-42-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-42-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                1 Remittance Rate

            
	
              43

            	
              I-43-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-43-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                1 Remittance Rate

            
	
              44

            	
              I-44-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-44-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                1 Remittance Rate

            
	
              45

            	
              I-45-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-41-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-44-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                1 Remittance Rate

            
	
              46

            	
              I-46-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-46-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-45-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-45-A

            	
              REMIC
                1 Remittance Rate

            
	
              47

            	
              I-47-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-47-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-46-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-46-A

            	
              REMIC
                1 Remittance Rate

            
	
              48

            	
              I-48-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-48-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-47-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-47-A

            	
              REMIC
                1 Remittance Rate

            
	
              49

            	
              I-49-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-49-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-48-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-48-A

            	
              REMIC
                1 Remittance Rate

            
	
              50

            	
              I-50-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-50-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-49-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-49-A

            	
              REMIC
                1 Remittance Rate

            
	
              51

            	
              I-51-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-51-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-50-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-50-A

            	
              REMIC
                1 Remittance Rate

            
	
              52

            	
              I-52-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-52-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-51-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-51-A

            	
              REMIC
                1 Remittance Rate

            
	
              53

            	
              I-53-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-53-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-52-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-52-A

            	
              REMIC
                1 Remittance Rate

            
	
              54

            	
              I-54-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-54-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-53-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-53-A

            	
              REMIC
                1 Remittance Rate

            
	
              55

            	
              I-55-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-55-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-54-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-54-A

            	
              REMIC
                1 Remittance Rate

            
	
              56

            	
              I-56-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-56-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-55-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-55-A

            	
              REMIC
                1 Remittance Rate

            
	
              57

            	
              I-57-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-57-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-56-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-56-A

            	
              REMIC
                1 Remittance Rate

            
	
              58

            	
              I-58-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-58-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-57-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-57-A

            	
              REMIC
                1 Remittance Rate

            
	
              59

            	
              I-59-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-59-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-58-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-58-A

            	
              REMIC
                1 Remittance Rate

            
	
              60

            	
              I-60-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-60-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-59-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-59-A

            	
              REMIC
                1 Remittance Rate

            
	
              61

            	
              I-61-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-61-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-60-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-60-A

            	
              REMIC
                1 Remittance Rate

            
	
              62

            	
              I-62-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-62-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-61-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-61-A

            	
              REMIC
                1 Remittance Rate

            
	
              63

            	
              I-63-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-63-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-62-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-62-A

            	
              REMIC
                1 Remittance Rate

            
	
              64

            	
              I-64-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-64-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-63-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-63-A

            	
              REMIC
                1 Remittance Rate

            
	
              65

            	
              I-65-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-65-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-64-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-64-A

            	
              REMIC
                1 Remittance Rate

            
	
              66

            	
              I-66-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-66-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-65-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-65-A

            	
              REMIC
                1 Remittance Rate

            
	
              67

            	
              I-67-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-67-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-66-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-66-A

            	
              REMIC
                1 Remittance Rate

            
	
              68

            	
              I-68-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-68-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-67-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-67-A

            	
              REMIC
                1 Remittance Rate

            
	
              69

            	
              I-69-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-68-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-68-A

            	
              REMIC
                1 Remittance Rate

            
	
              70

            	
              I-70-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-70-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-69-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-69-A

            	
              REMIC
                1 Remittance Rate

            
	
              71

            	
              I-71-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-71-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-70-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-70-A

            	
              REMIC
                1 Remittance Rate

            
	
              72

            	
              I-72-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-72-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-71-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-71-A

            	
              REMIC
                1 Remittance Rate

            
	
              73

            	
              I-73-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-73-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-72-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-72-A

            	
              REMIC
                1 Remittance Rate

            
	
              74

            	
              I-74-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-74-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-73-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-73-A

            	
              REMIC
                1 Remittance Rate

            
	
              75

            	
              I-75-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-75-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-74-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-74-A

            	
              REMIC
                1 Remittance Rate

            
	
              76

            	
              I-76-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-76-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-75-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-75-A

            	
              REMIC
                1 Remittance Rate

            
	
              77

            	
              I-77-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-77-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-76-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-76-A

            	
              REMIC
                1 Remittance Rate

            
	
              78

            	
              I-78-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-78-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-77-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-77-A

            	
              REMIC
                1 Remittance Rate

            
	
              79

            	
              I-79-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-79-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-78-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-78-A

            	
              REMIC
                1 Remittance Rate

            
	
              80

            	
              I-80-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-80-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-79-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-79-A

            	
              REMIC
                1 Remittance Rate

            
	
              81

            	
              I-81-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-81-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-80-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-80-A

            	
              REMIC
                1 Remittance Rate

            
	
              82

            	
              I-82-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-82-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-81-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-81-A

            	
              REMIC
                1 Remittance Rate

            
	
              83

            	
              I-83-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-83-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-82-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-82-A

            	
              REMIC
                1 Remittance Rate

            
	
              84

            	
              I-84-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-84-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-83-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-83-A

            	
              REMIC
                1 Remittance Rate

            
	
              85

            	
              I-85-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-85-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-84-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-84-A

            	
              REMIC
                1 Remittance Rate

            
	
              86

            	
              I-86-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-86-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-85-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-85-A

            	
              REMIC
                1 Remittance Rate

            
	
              87

            	
              I-87-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-87-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-86-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-86-A

            	
              REMIC
                1 Remittance Rate

            
	
              88

            	
              I-88-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-88-A
                and II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-87-A

            	
              REMIC
                1 Remittance Rate

            
	 	
              II-1-A
                through II-87-A

            	
              REMIC
                1 Remittance Rate

            
	
              89

            	
              I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              I-1-A
                through I-88-A

            	
              REMIC
                2 Remittance Rate

            
	 	
              II-1-A
                through II-88-A

            	
              REMIC
                2 Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-89-A

            	
              REMIC
                2 Remittance Rate

            
	 	
              II-1-A
                through II-89-A

            	
              REMIC
                2 Remittance Rate

            

    

    

    

    With
      respect to REMIC 2 Regular Interest LT-1GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of (x) with respect to REMIC 1 Regular
      Interest I and REMIC 1 Group I Regular Interests ending with the designation
      “B”, the weighted average of the REMIC 1 Remittance Rates for such REMIC 1
      Regular Interests, weighted on the basis of the Uncertificated Principal
      Balances of each such REMIC 1 Regular Interest for each such Distribution Date
      and (y) with respect to REMIC 1 Group I Regular Interests ending with the
      designation “A”, for each Distribution Date listed below, the weighted average
      of the rates listed below for such REMIC 1 Regular Interests listed below,
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC 1 Regular Interest for each such Distribution Date:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  1 Regular Interest

              

            	
              
                Rate

              

            
	
              1

            	
              I-1-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	
              2

            	
              I-2-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A

            	
               REMIC
                1 Remittance Rate

            
	
              3

            	
              I-3-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                and I-2-A

            	
               REMIC
                1 Remittance Rate

            
	
              4

            	
              I-4-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-3-A

            	
               REMIC
                1 Remittance Rate

            
	
              5

            	
              I-5-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-4-A

            	
               REMIC
                1 Remittance Rate

            
	
              6

            	
              I-6-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-5-A

            	
               REMIC
                1 Remittance Rate

            
	
              7

            	
              I-7-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-6-A

            	
               REMIC
                1 Remittance Rate

            
	
              8

            	
              I-8-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-7-A

            	
               REMIC
                1 Remittance Rate

            
	
              9

            	
              I-9-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-8-A

            	
               REMIC
                1 Remittance Rate

            
	
              10

            	
              I-10-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-9-A

            	
               REMIC
                1 Remittance Rate

            
	
              11

            	
              I-11-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-10-A

            	
               REMIC
                1 Remittance Rate

            
	
              12

            	
              I-12-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-11-A

            	
               REMIC
                1 Remittance Rate

            
	
              13

            	
              I-13-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-12-A

            	
               REMIC
                1 Remittance Rate

            
	
              14

            	
              I-14-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-13-A

            	
               REMIC
                1 Remittance Rate

            
	
              15

            	
              I-15-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-14-A

            	
               REMIC
                1 Remittance Rate

            
	
              16

            	
              I-16-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-15-A

            	
               REMIC
                1 Remittance Rate

            
	
              17

            	
              I-17-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-16-A

            	
               REMIC
                1 Remittance Rate

            
	
              18

            	
              I-18-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-17-A

            	
               REMIC
                1 Remittance Rate

            
	
              19

            	
              I-19-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-18-A

            	
               REMIC
                1 Remittance Rate

            
	
              20

            	
              I-20-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-19-A

            	
               REMIC
                1 Remittance Rate

            
	
              21

            	
              I-21-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-20-A

            	
               REMIC
                1 Remittance Rate

            
	
              22

            	
              I-22-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-21-A

            	
               REMIC
                1 Remittance Rate

            
	
              23

            	
              I-23-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-22-A

            	
               REMIC
                1 Remittance Rate

            
	
              24

            	
              I-24-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-23-A

            	
               REMIC
                1 Remittance Rate

            
	
              25

            	
              I-25-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-24-A

            	
               REMIC
                1 Remittance Rate

            
	
              26

            	
              I-26-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-25-A

            	
               REMIC
                1 Remittance Rate

            
	
              27

            	
              I-27-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-26-A

            	
               REMIC
                1 Remittance Rate

            
	
              28

            	
              I-28-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-27-A

            	
               REMIC
                1 Remittance Rate

            
	
              29

            	
              I-29-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-28-A

            	
               REMIC
                1 Remittance Rate

            
	
              30

            	
              I-30-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-29-A

            	
               REMIC
                1 Remittance Rate

            
	
              31

            	
              I-31-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-30-A

            	
               REMIC
                1 Remittance Rate

            
	
              32

            	
              I-32-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-31-A

            	
               REMIC
                1 Remittance Rate

            
	
              33

            	
              I-33-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-32-A

            	
               REMIC
                1 Remittance Rate

            
	
              34

            	
              I-34-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-33-A

            	
               REMIC
                1 Remittance Rate

            
	
              35

            	
              I-35-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-34-A

            	
               REMIC
                1 Remittance Rate

            
	
              36

            	
              I-36-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-35-A

            	
               REMIC
                1 Remittance Rate

            
	
              37

            	
              I-37-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-36-A

            	
               REMIC
                1 Remittance Rate

            
	
              38

            	
              I-38-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-37-A

            	
               REMIC
                1 Remittance Rate

            
	
              39

            	
              I-39-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-38-A

            	
               REMIC
                1 Remittance Rate

            
	
              40

            	
              I-40-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-39-A

            	
               REMIC
                1 Remittance Rate

            
	
              41

            	
              I-41-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-40-A

            	
               REMIC
                1 Remittance Rate

            
	
              42

            	
              I-42-A
                and I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-41-A

            	
               REMIC
                1 Remittance Rate

            
	
              43

            	
              I-43-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-42-A

            	
               REMIC
                1 Remittance Rate

            
	
              44

            	
              I-44-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-43-A

            	
               REMIC
                1 Remittance Rate

            
	
              45

            	
              I-45-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-44-A

            	
               REMIC
                1 Remittance Rate

            
	
              46

            	
              I-46-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-45-A

            	
               REMIC
                1 Remittance Rate

            
	
              47

            	
              I-47-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-46-A

            	
               REMIC
                1 Remittance Rate

            
	
              48

            	
              I-48-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-47-A

            	
               REMIC
                1 Remittance Rate

            
	
              49

            	
              I-49-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-48-A

            	
               REMIC
                1 Remittance Rate

            
	
              50

            	
              I-50-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-49-A

            	
               REMIC
                1 Remittance Rate

            
	
              51

            	
              I-51-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-50-A

            	
               REMIC
                1 Remittance Rate

            
	
              52

            	
              I-52-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-51-A

            	
               REMIC
                1 Remittance Rate

            
	
              53

            	
              I-53-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-52-A

            	
               REMIC
                1 Remittance Rate

            
	
              54

            	
              I-54-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-53-A

            	
               REMIC
                1 Remittance Rate

            
	
              55

            	
              I-55-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-54-A

            	
               REMIC
                1 Remittance Rate

            
	
              56

            	
              I-56-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-55-A

            	
               REMIC
                1 Remittance Rate

            
	
              57

            	
              I-57-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-56-A

            	
               REMIC
                1 Remittance Rate

            
	
              58

            	
              I-58-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-57-A

            	
               REMIC
                1 Remittance Rate

            
	
              59

            	
              I-59-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-58-A

            	
               REMIC
                1 Remittance Rate

            
	
              60

            	
              I-60-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-59-A

            	
               REMIC
                1 Remittance Rate

            
	
              61

            	
              I-61-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-60-A

            	
               REMIC
                1 Remittance Rate

            
	
              62

            	
              I-62-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-61-A

            	
               REMIC
                1 Remittance Rate

            
	
              63

            	
              I-63-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-62-A

            	
               REMIC
                1 Remittance Rate

            
	
              64

            	
              I-64-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-63-A

            	
               REMIC
                1 Remittance Rate

            
	
              65

            	
              I-65-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-64-A

            	
               REMIC
                1 Remittance Rate

            
	
              66

            	
              I-66-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-65-A

            	
               REMIC
                1 Remittance Rate

            
	
              67

            	
              I-67-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-66-A

            	
               REMIC
                1 Remittance Rate

            
	
              68

            	
              I-68-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-67-A

            	
               REMIC
                1 Remittance Rate

            
	
              69

            	
              I-69-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-68-A

            	
               REMIC
                1 Remittance Rate

            
	
              70

            	
              I-70-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-69-A

            	
               REMIC
                1 Remittance Rate

            
	
              71

            	
              I-71-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-70-A

            	
               REMIC
                1 Remittance Rate

            
	
              72

            	
              I-72-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-71-A

            	
               REMIC
                1 Remittance Rate

            
	
              73

            	
              I-73-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-72-A

            	
               REMIC
                1 Remittance Rate

            
	
              74

            	
              I-74-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-73-A

            	
               REMIC
                1 Remittance Rate

            
	
              75

            	
              I-75-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-74-A

            	
               REMIC
                1 Remittance Rate

            
	
              76

            	
              I-76-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-75-A

            	
               REMIC
                1 Remittance Rate

            
	
              77

            	
              I-77-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-76-A

            	
               REMIC
                1 Remittance Rate

            
	
              78

            	
              I-78-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-77-A

            	
               REMIC
                1 Remittance Rate

            
	
              79

            	
              I-79-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-78-A

            	
               REMIC
                1 Remittance Rate

            
	
              80

            	
              I-80-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-79-A

            	
               REMIC
                1 Remittance Rate

            
	
              81

            	
              I-81-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-80-A

            	
               REMIC
                1 Remittance Rate

            
	
              82

            	
              I-82-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-81-A

            	
               REMIC
                1 Remittance Rate

            
	
              83

            	
              I-83-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-82-A

            	
               REMIC
                1 Remittance Rate

            
	
              84

            	
              I-84-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-83-A

            	
               REMIC
                1 Remittance Rate

            
	
              85

            	
              I-85-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-84-A

            	
               REMIC
                1 Remittance Rate

            
	
              86

            	
              I-86-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-85-A

            	
               REMIC
                1 Remittance Rate

            
	
              87

            	
              I-87-A
                through I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-86-A

            	
               REMIC
                1 Remittance Rate

            
	
              88

            	
              I-88-A
                and I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-87-A

            	
               REMIC
                1 Remittance Rate

            
	
              89

            	
              I-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of  REMIC 1
                Remittance Rate

            
	 	
              I-1-A
                through I-88-A

            	
               REMIC
                1 Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-89-A

            	
               REMIC
                1 Remittance Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LT-2GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of (x) with respect to REMIC 1 Regular
      Interest II and REMIC 1 Group II Regular Interests ending with the designation
      “B”, the weighted average of the REMIC 1 Remittance Rates for such REMIC 1
      Regular Interests, weighted on the basis of the Uncertificated Principal
      Balances of each such REMIC 1 Regular Interest for each such Distribution Date
      and (y) with respect to REMIC 1 Group II Regular Interests ending with the
      designation “A”, for each Distribution Date listed below, the weighted average
      of the rates listed below for such REMIC 1 Regular Interests listed below,
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC 1 Regular Interest for each such Distribution Date:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  1 Regular Interest

              

            	
              
                Rate

              

            
	
              1

            	
              II-1-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	 	 
	
              2

            	
              II-2-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              3

            	
              II-3-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              4

            	
              II-4-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              5

            	
              II-5-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              6

            	
              II-6-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              7

            	
              II-7-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              8

            	
              II-8-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              9

            	
              II-9-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              10

            	
              II-10-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              11

            	
              II-11-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              12

            	
              II-12-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              13

            	
              II-13-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              14

            	
              II-14-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              15

            	
              II-15-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              16

            	
              II-16-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              17

            	
              II-17-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              18

            	
              II-18-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              19

            	
              II-19-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              20

            	
              II-20-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              21

            	
              II-21-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              22

            	
              II-22-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              23

            	
              II-23-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              24

            	
              II-24-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              25

            	
              II-25-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              26

            	
              II-26-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              27

            	
              II-27-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              28

            	
              II-28-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              29

            	
              II-29-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              30

            	
              II-30-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              31

            	
              II-31-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              32

            	
              II-32-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              33

            	
              II-33-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              34

            	
              II-34-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              35

            	
              II-35-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              36

            	
              II-36-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              37

            	
              II-37-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              38

            	
              II-38-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              39

            	
              II-39-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              40

            	
              II-40-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              41

            	
              II-41-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              42

            	
              II-42-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              43

            	
              II-43-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              44

            	
              II-44-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              45

            	
              II-45-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-44-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              46

            	
              II-46-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-45-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              47

            	
              II-47-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-46-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              48

            	
              II-48-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-47-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              49

            	
              II-49-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-48-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              50

            	
              II-50-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-49-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              51

            	
              II-51-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-50-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              52

            	
              II-52-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-51-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              53

            	
              II-53-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-52-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              54

            	
              II-54-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-53-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              55

            	
              II-55-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-54-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              56

            	
              II-56-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-55-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              57

            	
              II-57-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-56-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              58

            	
              II-58-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-57-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              59

            	
              II-59-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-58-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              60

            	
              II-60-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-59-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              61

            	
              II-61-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-60-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              62

            	
              II-62-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-61-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              63

            	
              II-63-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-62-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              64

            	
              II-64-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-63-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              65

            	
              II-65-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-64-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              66

            	
              II-66-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-65-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              67

            	
              II-89-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-66-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              68

            	
              II-68-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-89-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              69

            	
              II-69-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-68-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              70

            	
              II-70-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-69-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              71

            	
              II-71-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-70-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              72

            	
              II-72-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-71-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              73

            	
              II-73-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-72-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              74

            	
              II-74-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-73-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              75

            	
              II-75-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-74-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              76

            	
              II-76-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-75-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              77

            	
              II-77-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-76-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              78

            	
              II-78-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-77-A

            	
              REMIC
                1 Remittance Rate

            
	 	 	 
	
              79

            	
              II-79-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-78-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              80

            	
              II-80-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-79-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              81

            	
              II-81-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-80-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              82

            	
              II-82-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-81-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              83

            	
              II-83-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-82-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              84

            	
              II-84-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-83-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              85

            	
              II-85-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-84-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              86

            	
              II-86-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-85-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              87

            	
              II-87-A
                through II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-86-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              88

            	
              II-88-A
                and II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-87-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              89

            	
              II-89-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of REMIC 1 Remittance
                Rate

            
	 	
              II-1-A
                through II-88-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              II-1-A
                through II-89-A

            	
              REMIC
                1 Remittance Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest II-IO, and (i) the first Distribution Date
      through the 89th Distribution
      Date,
      the excess of (x) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests including the designation
“A”,
      over (y) 2 multiplied by Swap LIBOR and (ii) thereafter, 0.00%.

     

    REMIC
      2 Subordinate Allocation Percentage: 50% of any amount payable from or loss
      attributable to the Mortgage Loans, which shall be allocated to REMIC 2 Regular
      Interest LT-1SUB, REMIC 2 Regular Interest LT-1GRP, REMIC 2 Regular Interest
      LT-2SUB, REMIC 2 Regular Interest LT-2GRP and REMIC 2 Regular Interest
      LT-XX.

     

    REMIC
      2 Subordinated Balance Ratio: The ratio among the Uncertificated Principal
      Balances of each REMIC 2 Regular Interest ending with the designation “SUB,”
equal to the ratio between, with respect to each such REMIC 2 Regular Interest,
      the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans
      in the related Loan Group over (y) the current Certificate Principal Balance
      of
      Class A Certificates in the related Loan Group.

     

    REMIC
      3:  The segregated pool of assets consisting of all of the REMIC 2
      Regular Interests conveyed in trust to the Trustee, for the benefit of the
      Holders of the LIBOR Certificates, the Class SWAP-IO Interest, the Class P
      Certificate and the Class AR Certificate (in respect of the R-3-R Interest),
      pursuant to Article II hereunder, and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

    Remittance
      Report:  A report prepared by the Master Servicer and delivered to
      the Trustee and the NIM Insurer in accordance with Section 4.04.

     

    REO
      Property:  A Mortgaged Property acquired by the Master Servicer
      through foreclosure or deed-in-lieu of foreclosure in connection with a
      defaulted Mortgage Loan.

     

    Replacement
      Mortgage Loan:  A Mortgage Loan substituted by a Seller for a
      Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
      in a Request for File Release, (i) have a Stated Principal Balance, after
      deduction of the principal portion of the Scheduled Payment due in the month
      of
      substitution, not in excess of, and not less than 90% of the Stated Principal
      Balance of the Deleted Mortgage Loan; (ii) with respect to any Fixed Rate
      Mortgage Loan, have a Mortgage Rate not less than or no more than 1% per annum
      higher than the Mortgage Rate of the Deleted Mortgage Loan and, with respect
      to
      any Adjustable Rate Mortgage Loan:  (a) have a Maximum Mortgage Rate
      no more than 1% per annum higher or lower than the Maximum Mortgage Rate of
      the
      Deleted Mortgage Loan; (b) have a Minimum Mortgage Rate no more than 1% per
      annum higher or lower than the Minimum Mortgage Rate of the Deleted Mortgage
      Loan; (c) have the same Index and intervals between Adjustment Dates as that
      of
      the Deleted Mortgage Loan; (d) have a Gross Margin not more than 1% per annum
      higher or lower than that of the Deleted Mortgage Loan; and (e) have an Initial
      Periodic Rate Cap and a Subsequent Periodic Rate Cap each not more than 1%
      lower
      than that of the Deleted Mortgage Loan; (iii) have the same or higher credit
      quality characteristics than that of the Deleted Mortgage Loan; (iv) be accruing
      interest at a rate not more than 1% per annum higher or lower than that of
      the
      Deleted Mortgage Loan; (v) have a Loan-to-Value Ratio no higher than that 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)
      not permit conversion of the Mortgage Rate from a fixed rate to a variable
      rate
      or vice versa; (viii) provide for a Prepayment Charge on terms substantially
      similar to those of the Prepayment Charge, if any, of the Deleted Mortgage
      Loan;
      (ix) have the same occupancy type and lien priority as the Deleted Mortgage
      Loan; and (x) comply with each representation and warranty set forth in Section
      2.03 as of the date of substitution; provided, however, that notwithstanding
      the
      foregoing, to the extent that compliance with clause (x) of this definition
      would cause a proposed Replacement Mortgage Loan to fail to comply with one
      or
      more of clauses (i), (ii), (iv), (viii) and/or (ix) of this definition, then
      such proposed Replacement Mortgage Loan must comply with clause (x) and need
      not
      comply with one or more of clauses (i), (ii), (iv), (viii) and/or (ix), to
      the
      extent, and only to the extent, necessary to assure that the Replacement
      Mortgage Loan otherwise complies with clause (x).

     

    Reportable
      Event:  Any event required to be reported on Form 8-K, and in any
      event, the following:

     

    (a)           entry
      into a definitive agreement related to the Trust Fund, the Certificates or
      the
      Mortgage Loans, or an amendment to a Transaction Document, even if the Depositor
      is not a party to such agreement (e.g., a servicing agreement with a servicer
      contemplated by Item 1108(a)(3) of Regulation AB);

     

    (b)           termination
      of a Transaction Document (other than by expiration of the agreement on its
      stated termination date or as a result of all parties completing their
      obligations under such agreement), even if the Depositor is not a party to
      such
      agreement (e.g., a servicing agreement with a servicer contemplated by Item
      1108(a)(3) of Regulation AB);

     

    (c)           with
      respect to the Master Servicer only, if the Master Servicer becomes aware of
      any
      bankruptcy or receivership with respect to CHL, the Depositor, the Master
      Servicer, any Subservicer, the Trustee, the Swap Counterparty, any enhancement
      or support provider contemplated by Items 1114(b) or 1115 of Regulation AB,
      or
      any other material party contemplated by Item 1101(d)(1) of Regulation
      AB;

     

    (d)           with
      respect to the Trustee, the Master Servicer and the Depositor only, the
      occurrence of an early amortization, performance trigger or other event,
      including an Event of Default under this Agreement;

     

    (e)           any
      amendment to this Agreement;

     

    (f)           the
      resignation, removal, replacement, substitution of the Master Servicer, any
      Subservicer, the Trustee or any co-trustee;

     

    (g)           with
      respect to the Master Servicer only, if the Master Servicer becomes aware that
      (i) any material enhancement or support specified in Item 1114(a)(1) through
      (3)
      of Regulation AB or Item 1115 of Regulation AB that was previously applicable
      regarding one or more classes of the Certificates has terminated other than
      by
      expiration of the contract on its stated termination date or as a result of
      all
      parties completing their obligations under such agreement; (ii) any material
      enhancement specified in Item 1114(a)(1) through (3) of Regulation AB or Item
      1115 of Regulation AB has been added with respect to one or more classes of
      the
      Certificates; or (iii) any existing material enhancement or support specified
      in
      Item 1114(a)(1) through (3) of Regulation AB or Item 1115 of Regulation AB
      with
      respect to one or more classes of the Certificates has been materially amended
      or modified; and

     

    (h)           with
      respect to the Trustee, the Master Servicer and the Depositor only, a required
      distribution to Holders of the Certificates is not made as of the required
      Distribution Date under this Agreement.

     

    Reporting
      Subcontractor:  With respect to the Master Servicer or the
      Trustee, any Subcontractor determined by such Person pursuant to Section
      11.08(b) to be “participating in the servicing function” within the meaning of
      Item 1122 of Regulation AB.  References to a Reporting Subcontractor
      shall refer only to the Subcontractor of such Person and shall not refer to
      Subcontractors generally.

     

    Representing
      Party:  As defined in Section 2.03(g).

     

    Request
      for Document Release:  A Request for Document Release submitted by
      the Master Servicer to the Trustee, substantially in the form of Exhibit
      M.

     

    Request
      for File Release:  A Request for File Release submitted by the
      Master Servicer to the Trustee, substantially in the form of Exhibit
      N.

     

    Required
      Carryover Reserve Fund Deposit:  With respect to any Distribution
      Date, an amount equal to the excess of (i) $1,000 over (ii) the amount of funds
      on deposit in the Carryover Reserve Fund after giving effect to all other
      deposits and withdrawals therefrom on such Distribution Date.

     

    Required
      Insurance Policy:  With respect to any Mortgage Loan, any
      insurance policy that is required to be maintained from time to time under
      this
      Agreement.

     

    Residual
      Interest:  The sole class of “residual interests” in a REMIC
      within the meaning of Section 860G(a)(2) of the Code.

     

    Responsible
      Officer:  When used with respect to the Trustee, any Vice
      President, any Assistant Vice President, the Secretary, any Assistant Secretary,
      any Trust Officer or any other officer of the Trustee customarily performing
      functions similar to those performed by any of the above designated officers
      and
      also to whom, with respect to a particular matter, such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

    Rolling
      Sixty-Day Delinquency Rate:  With respect to any Distribution Date
      on or after the Stepdown Date and any Loan Group or Loan Groups, the average
      of
      the Sixty-Day Delinquency Rates for such Loan Group or Loan Groups and such
      Distribution Date and the two immediately preceding Distribution
      Dates.

     

    Rule
      144A:  Rule 144A under the Securities Act.

     

    Rule
      144A Letter:  As defined in Section 5.02(b).

     

    S&P:  Standard
      & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and
      its successors.

     

    Sarbanes-Oxley
      Certification:  As defined in Section 11.05.

     

    Scheduled
      Payment:  With respect to any Mortgage Loan, the scheduled monthly
      payment of principal and/or interest due on any Due Date on such Mortgage Loan
      which is payable by the related Mortgagor from time to time under the related
      Mortgage Note, determined: (a) after giving effect to (i) any Deficient
      Valuation and/or Debt Service Reduction with respect to such Mortgage Loan
      and
      (ii) any reduction in the amount of interest collectible from the related
      Mortgagor pursuant to the Relief Act or any similar state or local law; (b)
      without giving effect to any extension granted or agreed to by the Master
      Servicer pursuant to Section 3.05(a); and (c) on the assumption that all other
      amounts, if any, due under such Mortgage Loan are paid when due.

     

    Securities
      Act:  The Securities Act of 1933, as amended.

     

    Seller
      Interest Shortfall Payment:  With respect to any Initial Mortgage
      Loan that does not have a first payment date on or before the Due Date in the
      month of the first Distribution Date or any Subsequent Mortgage Loan that does
      not have a first payment date on or before the Due Date in the month immediately
      following the related Subsequent Transfer Date, an amount equal to one month’s
      interest at the related Adjusted Mortgage Rate on the Cut-off Date Principal
      Balance of that Mortgage Loan.

     

    Sellers:  CHL,
      in its capacity as seller of the CHL Mortgage Loans to the Depositor, Park
      Granada, in its capacity as seller of the Park Granada Mortgage Loans to the
      Depositor, Park Monaco, in its capacity as seller of the Park Monaco Mortgage
      Loans to the Depositor, and Park Sienna, in its capacity as seller of the Park
      Sienna Mortgage Loans to the Depositor.

     

    Senior
      Certificates:  The Class A and Class A-R
      Certificates.

     

    Senior
      Enhancement Percentage:  With respect to a Distribution Date, the
      fraction (expressed as a percentage) (1) the numerator of which is the excess
      of
      (a) the aggregate Stated Principal Balance of the Mortgage Loans for the
      preceding Distribution Date over (b) (i) before the Certificate Principal
      Balances of the Senior Certificates have been reduced to zero, the sum of the
      Certificate Principal Balances of the Senior Certificates, or (ii) after the
      Certificate Principal Balances of the Senior Certificates have been reduced
      to
      zero, the Certificate Principal Balance of the most senior Class of Subordinate
      Certificates outstanding, as of the related Master Servicer Advance Date, and
      (2) the denominator of which is the aggregate Stated Principal Balance of the
      Mortgage Loans for the preceding Distribution Date.

     

    Servicing
      Advances:  All customary, reasonable and necessary “out of pocket”
costs and expenses incurred in the performance by the Master Servicer of
      its
      servicing obligations hereunder, including, but not limited to, the cost of
      (i)
      the preservation, restoration and protection of a Mortgaged Property, (ii)
      any
      enforcement or judicial proceedings, including foreclosures, (iii) the
      management and liquidation of any REO Property and (iv) compliance with the
      obligations under Section 3.10.

     

    Servicing
      Criteria:  The “servicing criteria” set forth in Item 1122(d) of
      Regulation AB.

     

    Servicing
      Fee:  As to each Mortgage Loan and any Distribution Date, an
      amount equal to one month’s interest at the Servicing Fee Rate on the Stated
      Principal Balance of such Mortgage Loan for the preceding Distribution Date
      or,
      in the event of any payment of interest that accompanies a Principal Prepayment
      in full made by the Mortgagor, interest at the Servicing Fee Rate on the Stated
      Principal Balance of such Mortgage Loan for the period covered by such payment
      of interest.

     

    Servicing
      Fee Rate:  With respect to each Mortgage Loan, the per annum rate
      set forth on the Mortgage Loan Schedule for such Mortgage Loan.

     

    Servicing
      Officer:  Any officer of the Master Servicer involved in, or
      responsible for, the administration and servicing of the Mortgage Loans whose
      name and facsimile signature appear on a list of servicing officers furnished
      to
      the Trustee by the Master Servicer on the Closing Date pursuant to this
      Agreement, as such list may from time to time be amended.

     

    Sixty-Day
      Delinquency Rate:  With respect to any Distribution Date on or
      after the Stepdown Date, a fraction, expressed as a percentage, the numerator
      of
      which is the aggregate Stated Principal Balance for such Distribution Date
      of
      all Mortgage Loans 60 or more days delinquent as of the close of business on
      the
      last day of the calendar month preceding such Distribution Date (including
      Mortgage Loans in foreclosure, bankruptcy and REO Properties) and the
      denominator of which is the aggregate Stated Principal Balance for such
      Distribution Date of all Mortgage Loans.

     

    Startup
      Date: The Closing Date is hereby designated as the “startup day” of the
      Trust Fund within the meaning of Section 860G(a)(9) of the Code.

     

    Stated
      Principal Balance:  With respect to any Mortgage Loan or related
      REO Property (i) as of the related Cut-off Date, the Cut-off Date Principal
      Balance for such Mortgage Loan, and (ii) as of any other Distribution Date,
      the
      Stated Principal Balance of the Mortgage Loan as of its Cut-off Date, minus
      the
      sum of (a) the principal portion of the Scheduled Payments (x) due with respect
      to such Mortgage Loan during each Due Period ending prior to such Distribution
      Date and (y) that were received by the Master Servicer as of the close of
      business on the Determination Date related to such Distribution Date or with
      respect to which Advances were made as of the Master Servicer Advance Date
      related to such Distribution Date, (b) all Principal Prepayments with respect
      to
      such Mortgage Loan received by the Master Servicer during each Prepayment Period
      ending prior to such Distribution Date, (c) all Liquidation Proceeds collected
      with respect to such Mortgage Loan during each Due Period ending prior to such
      Distribution Date, to the extent applied by the Master Servicer as recoveries
      of
      principal in accordance with Section 3.12 and (d) any Realized Loss previously
      incurred in connection with a Deficient Valuation or Debt Service
      Reduction.  The Stated Principal Balance of any Mortgage Loan that
      becomes a Liquidated Mortgage Loan will be zero on each date following the
      Due
      Period in which such Mortgage Loan becomes a Liquidated Mortgage
      Loan.  References herein to the Stated Principal Balance of the
      Mortgage Loans at any time shall mean the aggregate Stated Principal Balance
      of
      all Mortgage Loans in the Trust Fund as of such time, and references herein
      to
      the Stated Principal Balance of a Loan Group at any time shall mean the
      aggregate Stated Principal Balance of all Mortgage Loans in such Loan Group
      at
      such time.

     

    Stepdown
      Date:  The earlier to occur of (a) the Distribution Date
      immediately following the Distribution Date on which the aggregate Certificate
      Principal Balance of the Senior Certificates is reduced to zero, and (b) the
      later to occur of (x) the Distribution Date in May 2010 and (y) the first
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Senior Certificates (after calculating anticipated distributions on such
      Distribution Date) is less than or equal to 57.80% of the aggregate Stated
      Principal Balance of the Mortgage Loans for such Distribution Date.

     

    Stepdown
      Target Subordination Percentage:  For each Class of Subordinate
      Certificates, the respective percentage indicated in the following
      table:

     

    
      	 	
              
                Stepdown
                  Target Subordination Percentage

              

            
	
              Class
                M-1                                                   

            	
              35.00%

            
	
              Class
                M-2                                                   

            	
              26.80%

            
	
              Class
                M-3                                                   

            	
              24.00%

            
	
              Class
                M-4                                                   

            	
              20.50%

            
	
              Class
                M-5                                                   

            	
              16.80%

            
	
              Class
                M-6                                                   

            	
              14.90%

            
	
              Class
                M-7                                                   

            	
              12.30%

            
	
              Class
                M-8                                                   

            	
              10.50%

            
	
              Class
                M-9                                                   

            	
              7.90%

            
	
              Class
                B                                                   

            	
              5.00%

            

    

     

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

     

    Subordinate
      Certificates:  The Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class B
      Certificates.

     

    Subordinate
      Class Principal Distribution Amount:  With respect to any
      Distribution Date and any Class of Subordinate Certificates, the excess of
      (1)
      the sum of (a) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account distribution of the Class A Principal
      Distribution Target Amount for such Distribution Date), (b) the aggregate
      Certificate Principal Balance of any Class(es) of Subordinate Certificates
      that
      are senior to the subject Class (in each case, after taking into account
      distribution of the Subordinate Class Principal Distribution Amount(s) for
      such
      senior Class(es) of Certificates for such Distribution Date), and (c) the
      Certificate Principal Balance of the subject Class of Subordinate Certificates
      immediately prior to such Distribution Date over (2) the lesser of (a) the
      product of (x) 100% minus the Stepdown Target Subordination Percentage for
      the
      subject Class of Certificates and (y) the aggregate Stated Principal Balance
      of
      the Mortgage Loans for such Distribution Date and (b) the aggregate Stated
      Principal Balance of the Mortgage Loans for such Distribution Date minus the
      OC
      Floor; provided, however, that if such Class of Subordinate Certificates is
      the
      only Class of Subordinate Certificates outstanding on such Distribution Date,
      that Class will be entitled to receive the entire remaining Principal
      Distribution Amount for Loan Group 1 and Loan Group 2 until the Certificate
      Principal Balance thereof is reduced to zero.

     

    Subordinate
      Net Rate Cap:  With respect to any Distribution Date and each
      Class of Subordinate Certificates, the weighted average of the Class 1-A Net
      Rate Cap and the Class 2-A Net Rate Cap, weighted on the basis of the excess
      (if
      any) of the sum of the aggregate Stated Principal Balance as of such
      Distribution Date of the Mortgage Loans in the related Loan Group and the amount
      on deposit in the Pre-Funding Account in respect of that Loan Group over the
      outstanding Certificate Principal Balance(s) of the related Senior
      Certificates.

     

    Subsequent
      Certificate Account Deposit:  With respect to any Subsequent
      Transfer Date, an amount equal to the aggregate of all amounts in respect of
      (i)
      principal of the related Subsequent Mortgage Loans due after the related
      Subsequent Cut-off Date and received by the Master Servicer on or before such
      Subsequent Transfer Date and not applied in computing the Cut-off Date Principal
      Balance thereof and (ii) interest on the such Subsequent Mortgage Loans due
      after such Subsequent Cut-off Date and received by the Master Servicer on or
      before the Subsequent Transfer Date.

     

    Subsequent
      Cut-off Date:  In the case of any Subsequent Mortgage Loan, the
      later of (x) the first day of the month of the related Subsequent Transfer
      Date
      and (y) the date of origination of such Subsequent Mortgage Loan.

     

    Subsequent
      Mortgage Loan:  Any Mortgage Loan conveyed to the Trustee on a
      Subsequent Transfer Date, and listed on the related Loan Number and Borrower
      Identification Mortgage Loan Schedule delivered pursuant to Section
      2.01(f).  When used with respect to a single Subsequent Transfer Date,
“Subsequent Mortgage Loan” shall mean a Subsequent Mortgage Loan conveyed
      to the Trustee on such Subsequent Transfer Date.

     

    Subsequent
      Mortgage Loan Interest:  Any amount constituting (i) a monthly
      payment of interest received or advanced at the Mortgage Rate with respect
      to a
      Subsequent Mortgage Loan in Loan Group 1 during the Due Period relating to
      the
      first Distribution Date in excess of 0.00% per annum and (ii) a monthly payment
      of interest received or advanced at the Mortgage Rate with respect to a
      Subsequent Mortgage Loan in Loan Group 2 during the Due Period relating to
      the
      first Distribution Date in excess of 0.00% per annum.  The Subsequent
      Mortgage Loan Interest shall be distributable to the Class A-R
      Certificates.   The Subsequent Mortgage Loan Interest shall not
      be an asset of any REMIC.

     

    Subsequent
      Periodic Rate Cap:  With respect to each Adjustable Rate Mortgage
      Loan, the percentage specified in the related Mortgage Note that limits
      permissible increases and decreases in the Mortgage Rate on any Adjustment
      Date
      (other than the initial Adjustment Date).

     

    Subsequent
      Recoveries:  As to any Distribution Date, with respect to a
      Liquidated Mortgage Loan that resulted in a Realized Loss in a prior calendar
      month, unexpected amounts received by the Master Servicer (net of any related
      expenses permitted to be reimbursed pursuant to Section 3.08 and 3.12)
      specifically related to such Liquidated Mortgage Loan after the classification
      of such Mortgage Loan as a Liquidated Mortgage Loan.

     

    Subsequent
      Transfer Agreement:  A Subsequent Transfer Agreement substantially
      in the form of Exhibit P hereto, executed and delivered by the Sellers, the
      Depositor and the Trustee as provided in Section 2.01(d).

     

    Subsequent
      Transfer Date:  For any Subsequent Transfer Agreement, the
“Subsequent Transfer Date” identified in such Subsequent Transfer Agreement;
      provided, however, the Subsequent Transfer Date for any Subsequent Transfer
      Agreement must be a Business Day and may not be a date earlier than the date
      on
      which the Subsequent Transfer Agreement is executed and delivered by the parties
      thereto pursuant to Section 2.01(d).

     

    Subsequent
      Transfer Date Purchase Amount:  With respect to any Subsequent
      Transfer Date, the “Subsequent Transfer Date Purchase Amount” identified in the
      related Subsequent Transfer Agreement which shall be an estimate of the
      aggregate Stated Principal Balances of the Subsequent Mortgage Loans identified
      in such Subsequent Transfer Agreement.

     

    Subsequent
      Transfer Date Transfer Amount:  With respect to any Subsequent
      Transfer Date, an amount equal to the lesser of (i) the aggregate Stated
      Principal Balances as of the related Subsequent Cut-off Dates of the Subsequent
      Mortgage Loans conveyed on such Subsequent Transfer Date, as listed on the
      related Loan Number and Borrower Identification Mortgage Loan Schedule delivered
      pursuant to Section 2.01(f) and (ii) the amount on deposit in the Pre-Funding
      Account.

     

    Subservicer:  As
      defined in Section 3.02(a).

     

    Subservicing
      Agreement:  As defined in Section 3.02(a).

     

    Substitution
      Adjustment Amount:  The meaning ascribed to such term pursuant to
      Section 2.03(g).

     

    Substitution
      Amount:  With respect to any Mortgage Loan substituted pursuant to
      Section 2.03(g), the excess of (x) the principal balance of the Mortgage Loan
      that is substituted for, over (y) the principal balance of the related
      substitute Mortgage Loan, each balance being determined as of the date of
      substitution.

     

    Successful
      Auction:  An auction held pursuant to Section 9.04 at which at
      least three Qualified Bidders submitted bids and at least one of those bids
      was
      an Acceptable Bid Amount.

     

    Swap
      Account:  The separate Eligible Account created and initially
      maintained by the Swap Trustee pursuant to Section 4.09.

     

    Swap
      Contract:  The swap contract, dated as of April 27, 2007, between
      CHL and the Swap Counterparty, including any schedule, confirmations, credit
      support annex or other credit support document relating thereto, and attached
      hereto as Exhibit U.

     

    Swap
      Contract Administration Agreement:  The swap contract
      administration agreement dated as of the Closing Date among CHL, the Trustee
      and
      the Swap Contract Administrator, a form of which is attached hereto as Exhibit
      V-2.

     

    Swap
      Contract Administrator:  The Bank of New York, in its capacity as
      swap contract administrator under the Swap Contract Administration
      Agreement.

     

    Swap
      Contract Novation Agreement:  The Novation confirmation dated as
      of the Closing Date among CHL, the Swap Contract Administrator and the Swap
      Counterparty, a form of which is attached hereto as Exhibit V-1.

     

    Swap
      Counterparty:  The swap counterparty under the Swap
      Agreement.  Initially, the Swap Counterparty shall be Lehman Brothers
      Special Financing Inc.

     

    Swap
      Contract Termination Date:  The Distribution Date in August
      2014.

     

    Swap
      Counterparty Trigger Event:  A Swap Termination Payment that is
      triggered upon (i) an “Event of Default” under the Swap Contract with respect to
      which the Swap Counterparty is the sole “Defaulting Party” (as defined in the
      Swap Contract) or (ii) a “Termination Event” under the Swap Contract with
      respect to which the Swap Counterparty is the sole “Affected Party” (as defined
      in the Swap Contract).

     

    Swap
      Credit Support Annex:  The credit support annex, dated as of April
      27, 2007, between the Swap Contract Administrator and the Swap Counterparty
      which is annexed to and forms part of the Swap Agreement.

    

    Swap
      LIBOR: A per annum
      rate equal to the floating rate payable by the Swap Counterparty
      to the Swap
      Contract Administrator under the
      Swap Contract.

    

    Swap
      Termination Payment:  The payment payable to either party under
      the Swap Contract due to an early termination of the Swap Contract.

     

    Swap
      Trust:  The trust fund established by Section 4.09.

     

    Swap
      Trustee:    The Bank of New York, a New York banking
      corporation, not in its individual capacity, but solely in its capacity as
      trustee for the benefit of the Holders of the Interest-Bearing Certificates
      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.

     

    Tax
      Matters Person:  The person designated as “tax matters person” in
      the manner provided under Treasury regulation § 1.860F-4(d) and Treasury
      regulation § 301.6231(a)(7)-1.  Initially, this person shall be the
      Trustee.

     

    Tax
      Matters Person Certificate:  With respect to the REMIC 1, REMIC 2
      and REMIC 3, the Class A-R Certificate with a Denomination of $0.05 and in
      the
      form of Exhibit E hereto.

     

    Termination
      Price:  As defined in Section 9.01.

     

    Terminator:  As
      defined in Section 9.01.

     

    Three-Year
      Hybrid Mortgage Loan:  A Mortgage Loan having a Mortgage Rate that
      is fixed for 36 months after origination thereof before such Mortgage Rate
      becomes subject to adjustment.

     

    Transaction
      Documents:  This Agreement, the Swap Contract, the Swap Contract
      Administration Agreement and any other document or agreement entered into in
      connection with the Trust Fund, the Certificates or the Mortgage
      Loans.

     

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

     

    Transfer
      Affidavit:  As defined in Section 5.02(c).

     

    Transferor
      Certificate:  As defined in Section 5.02(b).

     

    Trigger
      Event:  Is in effect with respect to any Distribution Date on or
      after the Stepdown Date, if a Delinquency Trigger Event is in effect with
      respect to that Distribution Date or a Cumulative Loss Trigger Event is in
      effect with respect to that Distribution Date.

     

    Trust
      Fund:  The corpus of the trust created hereunder consisting of (i)
      the Mortgage Loans and all interest and principal received on or with respect
      thereto after the Cut-off Date to the extent not applied in computing the
      Cut-off Date Principal Balance thereof, exclusive of interest not required
      to be
      deposited in the Certificate Account pursuant to Section 3.05(b)(2); (ii) the
      Certificate Account, the Distribution Account, the Principal Reserve Fund,
      the
      Carryover Reserve Fund, the Pre-Funding Account, the Capitalized Interest
      Account and all amounts deposited therein pursuant to the applicable provisions
      of this Agreement; (iii) property that secured a Mortgage Loan and has been
      acquired by foreclosure, deed in lieu of foreclosure or otherwise; (iv) the
      mortgagee’s rights under the Insurance Policies with respect to the Mortgage
      Loan; and (v) all proceeds of the conversion, voluntary or involuntary, of
      any
      of the foregoing into cash or other liquid property.

     

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

     

    Trustee
      Advance Notice:  As defined in Section 4.01(d).

     

    Trustee
      Advance Rate: With respect to any Advance made by the Trustee pursuant to
      Section 4.01(d), a per annum rate of interest determined as of the date of
      such
      Advance equal to the Prime Rate in effect on such date plus 5.00%.

     

    Trustee
      Fee:  As to any Distribution Date, an amount equal to one-twelfth
      of the Trustee Fee Rate multiplied by the sum of (i) the Pool Stated Principal
      Balance and (ii) any amounts remaining in the Pre-Funding Account (excluding
      any
      investment earnings thereon) with respect to such Distribution
      Date.

     

    Trustee
      Fee Rate:  With respect to each Mortgage Loan, the per annum rate
      agreed upon in writing on or prior to the Closing Date by the Trustee and the
      Depositor, which is 0.009% per annum.

     

    Two-Year
      Hybrid Mortgage Loan:  A Mortgage Loan having a Mortgage Rate that
      is fixed for 24 months after origination thereof before such Mortgage Rate
      becomes subject to adjustment.

     

    Uncertificated
      Principal Balance:  The amount of any REMIC Regular Interest
      (other than REMIC 2 Regular Interest II-IO) outstanding as of any date of
      determination. As of the Closing Date, the Uncertificated Principal Balance
      of
      each REMIC Regular Interest (other than REMIC 2 Regular Interest II-IO) shall
      equal the amount set forth in the Preliminary Statement hereto as its initial
      uncertificated balance. On each Distribution Date, the Uncertificated Principal
      Balance of each REMIC Regular Interest (other than REMIC 2 Regular Interest
      II-IO) shall be reduced by all distributions of principal made on such REMIC
      Regular Interest on such Distribution Date pursuant to Section 4.10 and, if
      and
      to the extent necessary and appropriate, shall be further reduced on such
      Distribution Date by Realized Losses as provided in Section 4.11. The
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be
      increased by interest deferrals as provided in Section 4.10. The Uncertificated
      Principal Balance of each REMIC Regular Interest shall never be less than
      zero.

     

    Uncertificated
      Interest: With respect to any REMIC Regular Interest for any Distribution
      Date, one month’s interest at the REMIC Remittance Rate applicable to such REMIC
      Regular Interest for such Distribution Date, accrued on the Uncertificated
      Principal Balance or Uncertificated Notional Amount thereof immediately prior
      to
      such Distribution Date. Uncertificated Interest in respect of any REMIC Regular
      Interest shall accrue on the basis of a 360-day year consisting of twelve 30-day
      months. Uncertificated Interest with respect to each Distribution Date, as
      to
      any REMIC  Regular Interest, shall be reduced by an amount equal to
      the sum of the aggregate Prepayment Interest Shortfall, if any, for such
      Distribution Date to the extent not covered by payments of Compensating Interest
      pursuant to Section 3.05(b), if any, allocated, in each case, to such REMIC
      Regular Interest pursuant to Section 4.10. In addition, Uncertificated Interest
      with respect to each Distribution Date, as to any REMIC Regular Interest shall
      be reduced by Realized Losses, if any, allocated to such REMIC Regular Interest
      pursuant to Section 4.11.

     

    Uncertificated
      Notional Amount:  With respect to REMIC 2 Regular Interest II-IO
      and each Distribution Date listed below, the aggregate Uncertificated Principal
      Balance of the REMIC 1 Regular Interests ending with the designation “A” listed
      below:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  1 Regular Interests

              

            
	
              1

            	
              I-1-A
                through I-89-A and II-1-A through II-89-A

            
	
              2

            	
              I-2-A
                through I-89-A and II-2-A through II-89-A

            
	
              3

            	
              I-3-A
                through I-89-A and II-3-A through II-89-A

            
	
              4

            	
              I-4-A
                through I-89-A and II-4-A through II-89-A

            
	
              5

            	
              I-5-A
                through I-89-A and II-5-A through II-89-A

            
	
              6

            	
              I-6-A
                through I-89-A and II-6-A through II-89-A

            
	
              7

            	
              I-7-A
                through I-89-A and  II-7-A through II-89-A

            
	
              8

            	
              I-8-A
                through I-89-A and  II-8-A through II-89-A

            
	
              9

            	
              I-9-A
                through I-89-A and  II-9-A through II-89-A

            
	
              10

            	
              I-10-A
                through I-89-A and  II-10-A through II-89-A

            
	
              11

            	
              I-11-A
                through I-89-A and  II-11-A through II-89-A

            
	
              12

            	
              I-12-A
                through I-89-A and  II-12-A through II-89-A

            
	
              13

            	
              I-13-A
                through I-89-A and  II-13-A through II-89-A

            
	
              14

            	
              I-14-A
                through I-89-A and  II-14-A through II-89-A

            
	
              15

            	
              I-15-A
                through I-89-A and  II-15-A through II-89-A

            
	
              16

            	
              I-16-A
                through I-89-A and  II-16-A through II-89-A

            
	
              17

            	
              I-17-A
                through I-89-A and  II-17-A through II-89-A

            
	
              18

            	
              I-18-A
                through I-89-A and  II-18-A through II-89-A

            
	
              19

            	
              I-19-A
                through I-89-A and II-19-A through II-89-A

            
	
              20

            	
              I-20-A
                through I-89-A and II-20-A through II-89-A

            
	
              21

            	
              I-21-A
                through I-89-A and II-21-A through II-89-A

            
	
              22

            	
              I-22-A
                through I-89-A and II-22-A through II-89-A

            
	
              23

            	
              I-23-A
                through I-89-A and II-23-A through II-89-A

            
	
              24

            	
              I-24-A
                through I-89-A and II-24-A through II-89-A

            
	
              25

            	
              I-25-A
                through I-89-A and II-25-A through II-89-A

            
	
              26

            	
              I-26-A
                through I-89-A and II-26-A through II-89-A

            
	
              27

            	
              I-27-A
                through I-89-A and II-27-A through II-89-A

            
	
              28

            	
              I-28-A
                through I-89-A and II-28-A through II-89-A

            
	
              29

            	
              I-29-A
                through I-89-A and II-29-A through II-89-A

            
	
              30

            	
              I-30-A
                through I-89-A and II-30-A through II-89-A

            
	
              31

            	
              I-31-A
                through I-89-A and II-31-A through II-89-A

            
	
              32

            	
              I-32-A
                through I-89-A and II-32-A through II-89-A

            
	
              33

            	
              I-33-A
                through I-89-A and II-33-A through II-89-A

            
	
              34

            	
              I-34-A
                through I-89-A and II-34-A through II-89-A

            
	
              35

            	
              I-35-A
                through I-89-A and II-35-A through II-89-A

            
	
              36

            	
              I-36-A
                through I-89-A and II-36-A through II-89-A

            
	
              37

            	
              I-37-A
                through I-89-A and II-37-A through II-89-A

            
	
              38

            	
              I-38-A
                through I-89-A and II-38-A through II-89-A

            
	
              39

            	
              I-39-A
                through I-89-A and II-39-A through II-89-A

            
	
              40

            	
              I-40-A
                through I-89-A and II-40-A through II-89-A

            
	
              41

            	
              I-41-A
                through I-89-A and II-41-A through II-89-A

            
	
              42

            	
              I-42-A
                through I-89-A and II-42-A through II-89-A

            
	
              43

            	
              I-43-A
                through I-89-A and II-43-A through II-89-A

            
	
              44

            	
              I-44-A
                through I-89-A and II-44-A through II-89-A

            
	
              45

            	
              I-45-A
                through I-89-A and II-45-A through II-89-A

            
	
              46

            	
              I-46-A
                through I-89-A and II-46-A through II-89-A

            
	
              47

            	
              I-47-A
                through I-89-A and II-47-A through II-89-A

            
	
              48

            	
              I-48-A
                through I-89-A and II-48-A through II-89-A

            
	
              49

            	
              I-49-A
                through I-89-A and II-49-A through II-89-A

            
	
              50

            	
              I-50-A
                through I-89-A and II-50-A through II-89-A

            
	
              51

            	
              I-51-A
                through I-89-A and II-51-A through II-89-A

            
	
              52

            	
              I-52-A
                through I-89-A and II-52-A through II-89-A

            
	
              53

            	
              I-53-A
                through I-89-A and II-53-A through II-89-A

            
	
              54

            	
              I-54-A
                through I-89-A and II-54-A through II-89-A

            
	
              55

            	
              I-55-A
                through I-89-A and II-55-A through II-89-A

            
	
              56

            	
              I-56-A
                through I-89-A and II-56-A through II-89-A

            
	
              57

            	
              I-57-A
                through I-89-A and II-57-A through II-89-A

            
	
              58

            	
              I-58-A
                through I-89-A and II-58-A through II-89-A

            
	
              59

            	
              I-59-A
                through I-89-A and II-59-A through II-89-A

            
	
              60

            	
              I-60-A
                through I-89-A and II-60-A through II-89-A

            
	
              61

            	
              I-61-A
                through I-89-A and II-61-A through II-89-A

            
	
              62

            	
              I-62-A
                through I-89-A and II-62-A through II-89-A

            
	
              63

            	
              I-63-A
                through I-89-A and II-63-A through II-89-A

            
	
              64

            	
              I-64-A
                through I-89-A and II-64-A through II-89-A

            
	
              65

            	
              I-65-A
                through I-89-A and II-65-A through II-89-A

            
	
              66

            	
              I-66-A
                through I-89-A and II-66-A through II-89-A

            
	
              67

            	
              I-67-A
                through I-89-A and II-67-A through II-89-A

            
	
              68

            	
              I-68-A
                through I-89-A and II-68-A through II-89-A

            
	
              69

            	
              I-69-A
                through I-89-A and II-69-A through II-89-A

            
	
              70

            	
              I-70-A
                through I-89-A and II-70-A through II-89-A

            
	
              71

            	
              I-71-A
                through I-89-A and II-71-A through II-89-A

            
	
              72

            	
              I-72-A
                through I-89-A and II-72-A through II-89-A

            
	
              73

            	
              I-73-A
                through I-89-A and II-73-A through II-89-A

            
	
              74

            	
              I-74-A
                through I-89-A and II-74-A through II-89-A

            
	
              75

            	
              I-75-A
                through I-89-A and II-75-A through II-89-A

            
	
              76

            	
              I-76-A
                through I-89-A and II-76-A through II-89-A

            
	
              77

            	
              I-77-A
                through I-89-A and II-77-A through II-89-A

            
	
              78

            	
              I-78-A
                through I-89-A and II-78-A through II-89-A

            
	
              79

            	
              I-79-A
                through I-89-A and II-79-A through II-89-A

            
	
              80

            	
              I-80-A
                through I-89-A and II-80-A through II-89-A

            
	
              81

            	
              I-81-A
                through I-89-A and II-81-A through II-89-A

            
	
              82

            	
              I-82-A
                through I-89-A and II-82-A through II-89-A

            
	
              83

            	
              I-83-A
                through I-89-A and II-83-A through II-89-A

            
	
              84

            	
              I-84-A
                through I-89-A and II-84-A through II-89-A

            
	
              85

            	
              I-85-A
                through I-89-A and II-85-A through II-89-A

            
	
              86

            	
              I-86-A
                through I-89-A and II-86-A through II-89-A

            
	
              87

            	
              I-87-A
                through I-89-A and II-87-A through II-89-A

            
	
              88

            	
              I-88-A
                through I-89-A and II-88-A through II-89-A

            
	
              89

            	
              I-89-A
                and II-89-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      II-IO.

     

    Underwriter’s
      Exemption:  Prohibited Transaction Exemption 2007-05, 72 Fed. Reg.
      13130 (2007), as amended (or any successor thereto), or any substantially
      similar administrative exemption granted by the U.S. Department of
      Labor.

     

    Underwriter:  Countrywide
      Securities Corporation.

     

    Unpaid
      Realized Loss Amount:  For any Class of Certificates and any
      Distribution Date, (x) the portion of the aggregate Applied Realized Loss Amount
      previously allocated to that Class remaining unpaid from prior Distribution
      Dates minus (y) any increase in the Certificate Principal Balance of
      that Class due to the allocation of Subsequent Recoveries to the Certificate
      Principal Balance of that Class pursuant to Section 4.04(h).

     

    Voting
      Rights:  The voting rights of all the Certificates that are
      allocated to any Certificates for purposes of the voting provisions
      hereunder.  Voting Rights allocated to each Class of Certificates
      shall be allocated 97% to the Certificates other than the Class A-R, Class
      C and
      Class P Certificates (with the allocation among the Certificates to be in
      proportion to the Certificate Principal Balance of each Class relative to the
      Certificate Principal Balance of all other such Classes), and 1% to each of
      the
      Class A-R, Class C and Class P Certificates.  Voting Rights will be
      allocated among the Certificates of each such Class in accordance with their
      respective Percentage Interests.

     

    Winning
      Bidder:  With respect to a Successful Auction, the Qualified
      Bidder that bids the highest price.

     

    
      	
              Section
                1.02  

            	
              Certain
                Interpretive Provisions.

            

    

     

    All
      terms
      defined in this Agreement shall have the defined meanings when used in any
      certificate, agreement or other document delivered pursuant hereto unless
      otherwise defined therein. For purposes of this Agreement and all such
      certificates and other documents, unless the context otherwise requires: (a)
      accounting terms not otherwise defined in this Agreement, and accounting terms
      partly defined in this Agreement to the extent not defined, shall have the
      respective meanings given to them under generally accepted accounting
      principles; (b) the words “hereof,” “herein” and “hereunder” and words of
      similar import refer to this Agreement (or the certificate, agreement or other
      document in which they are used) as a whole and not to any particular provision
      of this Agreement (or such certificate, agreement or document); (c) references
      to any Section, Schedule or Exhibit are references to Sections, Schedules and
      Exhibits in or to this Agreement, and references to any paragraph, subsection,
      clause or other subdivision within any Section or definition refer to such
      paragraph, subsection, clause or other subdivision of such Section or
      definition; (d) the term “including” means “including without limitation”; (e)
      references to any law or regulation refer to that law or regulation as amended
      from time to time and include any successor law or regulation; (f) references
      to
      any agreement refer to that agreement as amended from time to time; (g)
      references to any Person include that Person’s permitted successors and assigns;
      and (h) a Mortgage Loan is “30 days delinquent” if a Scheduled Payment has not
      been received by the close of business on the Due Date on which the next
      Scheduled Payment is due. Similarly for “60 days delinquent,” “90 days
      delinquent” and so on.  Unless otherwise provided in this Agreement,
      the determination as to whether a Mortgage Loan falls into a delinquency
      category shall be made as of the close of business on the last day of each
      month
      prior to the date of determining the delinquency.

     

    ARTICLE
      II.

    CONVEYANCE
      OF MORTGAGE LOANS;

    REPRESENTATIONS
      AND WARRANTIES

     

    
      	
              Section
                2.01  

            	
              Conveyance
                of Mortgage Loans.

            

    

     

    (a)  Each
      Seller hereby sells, transfers, assigns, sets over and otherwise conveys to
      the
      Depositor, without recourse, all the right, title and interest of such Seller
      in
      and to the applicable Initial Mortgage Loans, including all interest and
      principal received and receivable by such Seller on or with respect to
      applicable Initial Mortgage Loans after the Initial Cut-off Date (to the extent
      not applied in computing the Cut-off Date Principal Balance thereof) or
      deposited into the Certificate Account by the Master Servicer on behalf of
      such
      Seller as part of the Initial Certificate Account Deposit as provided in this
      Agreement.  The Master Servicer confirms that, on behalf of the
      Sellers, concurrently with the transfer and assignment, it has deposited into
      the Certificate Account the Initial Certificate Account Deposit.

     

    Immediately
      upon the conveyance of the Initial Mortgage Loans referred to in the preceding
      paragraph, the Depositor sells, transfers, assigns, sets over and otherwise
      conveys to the Trustee for benefit of the Certificateholders, without recourse,
      all right title and interest in the Initial Mortgage Loans.

     

    CHL
      further agrees (x) to cause The Bank of New York to enter into the Swap Contract
      Administration Agreement as Swap Contract Administrator and (y) to assign all
      of
      its right, title and interest in and to the interest rate swap transaction
      evidenced by the Confirmation, and to cause all of its obligations in respect
      of
      such transaction to be assumed by, the Swap Contract Administrator, on the
      terms
      and conditions set forth in the Swap Contract Novation Agreement.

     

    (b)  Subject
      to the execution and delivery of the related Subsequent Transfer Agreement
      as
      provided by Section 2.01(d) and the terms and conditions of this Agreement,
      each
      Seller sells, transfers, assigns, sets over and otherwise conveys to the
      Depositor, without recourse, on each Subsequent Transfer Date, all the right,
      title and interest of such Seller in and to the related Subsequent Mortgage
      Loans, including all interest and principal received and receivable by such
      Seller on or with respect to such Subsequent Mortgage Loans after the related
      Subsequent Cut-off Date (to the extent not applied in computing the Cut-off
      Date
      Principal Balance thereof) or deposited into the Certificate Account by the
      Master Servicer on behalf of such Seller as part of any related Subsequent
      Certificate Account Deposit as provided in this Agreement, other than principal
      due on such Subsequent Mortgage Loans on or prior to the related Subsequent
      Cut-off Date and interest accruing prior to the related Subsequent Cut-off
      Date.

     

    Immediately
      upon the conveyance of the Subsequent Mortgage Loans referred to in the
      preceding paragraph, the Depositor sells, transfers, assigns, sets over and
      otherwise conveys to the Trustee for benefit of the Certificateholders, without
      recourse, all right title and interest in the Subsequent Mortgage
      Loans.

     

    (c)  Each
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans by the Depositor and has agreed to take the actions specified
      herein.  The Depositor, concurrently with the execution and delivery
      of this Agreement, hereby sells, transfers, assigns and otherwise conveys to
      the
      Trustee for the use and benefit of the Certificateholders, without recourse,
      all
      right title and interest in the portion of the Trust Fund not otherwise conveyed
      to the Trustee pursuant to Section 2.01(a) or (b).

     

    (d)  On
      any
      Business Day during the Funding Period designated by CHL to the Trustee, the
      Sellers, the Depositor and the Trustee shall complete, execute and deliver
      a
      Subsequent Transfer Agreement.  After the execution and delivery of
      such Subsequent Transfer Agreement, on the Subsequent Transfer Date, the Trustee
      shall set aside in the Pre-Funding Account an amount equal to the related
      Subsequent Transfer Date Purchase Amount.

     

    (e)  The
      transfer of Subsequent Mortgage Loans on the Subsequent Transfer Date is subject
      to the satisfaction of each of the following conditions:

     

    (1)  the
      Trustee and the Underwriter will be provided Opinions of Counsel addressed
      to
      the Rating Agencies as with respect to the sale of the Subsequent Mortgage
      Loans
      conveyed on such Subsequent Transfer Date (such opinions being substantially
      similar to the opinions delivered on the Closing Date to the Rating Agencies
      with respect to the sale of the Initial Mortgage Loans on the Closing Date),
      to
      be delivered as provided in Section 2.01(f);

     

    (2)  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 by the Rating
      Agencies;

     

    (3)  the
      Depositor shall deliver to the Trustee an Officer’s Certificate confirming the
      satisfaction of each of the conditions set forth in this Section 2.01(e)
      required to be satisfied by such Subsequent Transfer Date;

     

    (4)  each
      Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date satisfies
      the
      representations and warranties applicable to it under this Agreement, provided,
      however, that with respect to a breach of a representation and warranty with
      respect to a Subsequent Mortgage Loan set forth in this clause (4), the
      obligation under Section 2.03(g) of this Agreement of the applicable Seller,
      to
      cure, repurchase or replace such Subsequent Mortgage Loan shall constitute
      the
      sole remedy against such Seller respecting such breach available to
      Certificateholders, the Depositor or the Trustee;

     

    (5)  the
      Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date were
      selected in a manner reasonably believed not to be adverse to the interests
      of
      the Certificateholders;

     

    (6)  no
      Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date was 30 or
      more days delinquent as of the related Cut-off Date;

     

    (7)  following
      the conveyance of the Subsequent Mortgage Loans on such Subsequent Transfer
      Date, the characteristics of each Loan Group will not vary by more than the
      amount specified below (other than the percentage of Mortgage Loans secured
      by
      Mortgaged Properties located in the State of California, which will not exceed
      50% of the Mortgage Pool and the percentage of Mortgage Loans in the Credit
      Grade Categories of “C” or below, which will not exceed 10% of the Mortgage
      Loans in each Loan Group) from the characteristics listed below; provided that
      for the purpose of making such calculations, the characteristics for any Initial
      Mortgage Loan made will be taken as of the Initial Cut-off Date and the
      characteristics for any Subsequent Mortgage Loans will be taken as of the
      Subsequent Cut-off Date;

     

    
      	
              Loan
                Group 1

               

            	 	 	 
	
              
                Characteristic

              

            	 	
              
                Value

              

            	
              
                Permitted
                  Variance or Range

              

            
	
              Weighted
                Average Mortgage
                Rate                                                                  

            	
              8.169%

            	
              ±0.10%

            
	
              Weighted
                Average Original Loan-to-Value Ratio

            	
              82.15%

            	
              ±3.00%

            
	
              Weighted
                Average Credit Bureau Risk Score

            	
              601
                points

            	
              ±5
                points

            
	
              Percentage
                Originated under Full Doc Program

            	
              52.55%

            	
              ±3.00%

            
	
              Weighted
                Average Gross Margin of Adjustable
                Rate Mortgage
                Loans                                                                  

            	
              6.370%

            	
              ±0.10%

            
	
              Maximum
                Concentration of Mortgage Loans with Mortgaged Properties in the
                State of
                California

            	
              32.65%

            	
              N/A

            

    

    

     

    
      	
              Loan
                Group 2

               

            	 	 	 
	
              
                Characteristic

              

            	 	
              
                Value

              

            	
              
                Permitted
                  Variance or Range

              

            
	
              Weighted
                Average Mortgage
                Rate                                                                  

            	
              8.291%

            	
              ±0.10%

            
	
              Weighted
                Average Original Loan-to-Value Ratio

            	
              76.30%

            	
              ±3.00%

            
	
              Weighted
                Average Credit Bureau Risk Score

            	
              613
                points

            	
              ±5
                points

            
	
              Percentage
                Originated under Full Doc Program

            	
              52.55%

            	
              ±3.00%

            
	
              Weighted
                Average Gross Margin of Adjustable
                Rate Mortgage
                Loans                                                                

            	
              6.406%

            	
              ±0.10%

            
	
              Maximum
                Concentration of Mortgage Loans with Mortgaged Properties in the
                State of
                California

            	
              32.70%

            	
              N/A

            
	 	 	 

    

    (8)  none
      of
      the Sellers or the Depositor is insolvent and neither of the Sellers nor the
      Depositor will be rendered insolvent by the conveyance of Subsequent Mortgage
      Loans on such Subsequent Transfer Date; and

     

    (9)  the
      Trustee and the Underwriter will be provided with an Opinion of Counsel, which
      Opinion of Counsel shall not be at the expense of either the Trustee or the
      Trust Fund, addressed to the Trustee, to the effect that such purchase of
      Subsequent Mortgage Loans will not (i) result in the imposition of the tax
      on
“prohibited transactions” on the Trust Fund or contributions after the Startup
      Date, as defined in Sections 860F(a)(2) and 860G(d) of the Code, respectively
      or
      (ii) cause any REMIC formed hereunder to fail to qualify as a REMIC, such
      opinion to be delivered as provided in Section 2.01(f).

     

    The
      Trustee shall not be required to investigate or otherwise verify compliance
      with
      these conditions, except for its own receipt of documents specified above,
      and
      shall be entitled to rely on the required Officer’s Certificate.

     

    (f)  Within
      six Business Days after each Subsequent Transfer Date, upon (1) delivery to
      the
      Trustee by the Depositor of the Opinions of Counsel referred to in Section
      2.01(e)(1) and (e)(9), (2) delivery to the Trustee by CHL (on behalf of each
      Seller) of a Loan Number and Borrower Identification Mortgage Loan Schedule
      reflecting the Subsequent Mortgage Loans conveyed on such Subsequent Transfer
      Date and the Loan Group into which each Subsequent Mortgage Loan was conveyed,
      (3) deposit in the Certificate Account by the Master Servicer on behalf of
      the
      Sellers of the applicable Subsequent Certificate Account Deposit, and (4)
      delivery to the Trustee by the Depositor of an Officer’s Certificate confirming
      the satisfaction of each of the conditions precedent set forth in this Section
      2.01(f) (which such Officer’s Certificate shall set forth the Subsequent
      Transfer Date Transfer Amount and Capitalized Interest Release Amount, if any,
      for such Subsequent Transfer Date), the Trustee shall remit to CHL (on behalf
      of
      CHL and the other Sellers) the Subsequent Transfer Date Transfer Amount from
      such funds that were set aside in the Pre-Funding Account pursuant to Section
      2.01(d) and shall distribute any Capitalized Interest Release Amount for such
      Subsequent Transfer Date to the order of CHL.  The positive
      difference, if any, between the Subsequent Transfer Date Transfer Amount and
      the
      Subsequent Transfer Date Purchase Amount shall be re-invested by the Trustee
      in
      the Pre-Funding Account.

     

    The
      Trustee 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.

     

    Within
      thirty days after each Subsequent Transfer Date, the Depositor shall deliver
      to
      the Trustee a letter of a nationally recognized firm of independent public
      accountants stating whether or not the Subsequent Mortgage Loans conveyed on
      such Subsequent Transfer Date conform to the characteristics described in
      Section 2.01(e)(6) and (7).

     

    (g)  In
      connection with the transfer and assignment of each Mortgage Loan, the Depositor
      has delivered to, and deposited with, the Trustee (or, in the case of the Delay
      Delivery Mortgage Loans, will deliver to, and deposit with, the Trustee within
      the time periods specified in the definition of Delay Delivery Mortgage Loans)
      (except as provided in clause (vi) below) for the benefit of the
      Certificateholders, the following documents or instruments with respect to
      each
      such Mortgage Loan so assigned (with respect to each Mortgage Loan, clause
      (i)
      through (vi) below, together, the “Mortgage File” for each such Mortgage
      Loan):

     

    (i)  the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of ________________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements;

     

    (ii)  in
      the
      case of each Mortgage Loan that is not a MERS Mortgage Loan, the original
      recorded Mortgage or a copy of such Mortgage, with recording information, and
      in
      the case of each MERS Mortgage Loan, the original Mortgage or a copy of such
      Mortgage, with recording information, noting the presence of the MIN of the
      Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan
      if
      the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon,
      or a copy of the Mortgage certified by the public recording office in which
      such
      Mortgage has been recorded;

     

    (iii)  in
      the
      case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed
      assignment of the Mortgage to “Asset-Backed Certificates, Series 2007-BC2,
      CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee
      under the Pooling and Servicing Agreement dated as of April 1, 2007, without
      recourse” or a copy of such assignment, with recording information, (each such
      assignment, when duly and validly completed, to be in recordable form and
      sufficient to effect the assignment of and transfer to the assignee thereof,
      under the Mortgage to which such assignment relates);

     

    (iv)  the
      original recorded assignment or assignments of the Mortgage or a copy of such
      assignments, with recording information, together with all interim recorded
      assignments of such Mortgage or a copy of such assignments, with recording
      information (in each case noting the presence of a MIN in the case of each
      MERS
      Mortgage Loan);

     

    (v)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)  the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders thereto or,
      in
      the event such original title policy has not been received from the insurer,
      such original or duplicate original lender’s title policy and all riders thereto
      shall be delivered within one year of the Closing Date.

     

    In
      addition, in connection with the assignment of any MERS Mortgage Loan, each
      Seller agrees that it will cause, at such Seller’s own expense, the MERS® System
      to indicate (and provide evidence to the Trustee that it has done so) that
      such
      Mortgage Loans have been assigned by such Seller to the Trustee in accordance
      with this Agreement for the benefit of the Certificateholders by including
      (or
      deleting, in the case of Mortgage Loans which are repurchased in accordance
      with
      this Agreement) in such computer files (a) the code “[IDENTIFY TRUSTEE SPECIFIC
      CODE]” in the field “[IDENTIFY THE FIELD NAME FOR TRUSTEE]” which identifies the
      Trustee and (b) the code “[IDENTIFY SERIES SPECIFIC CODE NUMBER]” in the field
“Pool Field” which identifies the series of the Certificates issued in
      connection with such Mortgage Loans.  The Sellers further agree that
      they will not, and will not permit the Master Servicer to, and the Master
      Servicer agrees that it will not, alter the codes referenced in this paragraph
      with respect to any Mortgage Loan during the term of this Agreement unless
      and
      until such Mortgage Loan is repurchased in accordance with the terms of this
      Agreement.

     

    In
      the
      event that in connection with any Mortgage Loan that is not a MERS Mortgage
      Loan
      a Seller cannot deliver the original recorded Mortgage or all interim recorded
      assignments of the Mortgage satisfying the requirements of clause (ii), (iii)
      or
      (iv) concurrently with the execution and delivery hereof, such Seller shall
      deliver or cause to be delivered to the Trustee a true copy of such Mortgage
      and
      of each such undelivered interim assignment of the Mortgage each certified
      by
      such Seller, the applicable title company, escrow agent or attorney, or the
      originator of such Mortgage, as the case may be, to be a true and complete
      copy
      of the original Mortgage or assignment of Mortgage submitted for
      recording.  For any such Mortgage Loan that is not a MERS Mortgage
      Loan each Seller shall promptly deliver or cause to be delivered to the Trustee
      such original Mortgage and such assignment or assignments with evidence of
      recording indicated thereon upon receipt thereof from the public recording
      official, or a copy thereof, certified, if appropriate, by the relevant
      recording office, but in no event shall any such delivery be made later than
      270
      days following the Closing Date; provided that in the event that by such date
      such Seller is unable to deliver or cause to be delivered each such Mortgage
      and
      each interim assignment by reason of the fact that any such documents have
      not
      been returned by the appropriate recording office, or, in the case of each
      interim assignment, because the related Mortgage has not been returned by the
      appropriate recording office, such Seller shall deliver or cause to be delivered
      such documents to the Trustee as promptly as possible upon receipt
      thereof.  If the public recording office in which a Mortgage or
      interim assignment thereof is recorded retains the original of such Mortgage
      or
      assignment, a copy of the original Mortgage or assignment so retained, with
      evidence of recording thereon, certified to be true and complete by such
      recording office, shall satisfy a Seller’s obligations in Section
      2.01.  If any document submitted for recording pursuant to this
      Agreement is (x) lost prior to recording or rejected by the applicable recording
      office, the applicable Seller shall immediately prepare or cause to be prepared
      a substitute and submit it for recording, and shall deliver copies and originals
      thereof in accordance with the foregoing or (y) lost after recording, the
      applicable Seller shall deliver to the Trustee a copy of such document certified
      by the applicable public recording office to be a true and complete copy of
      the
      original recorded document.  Each Seller shall promptly forward or
      cause to be forwarded to the Trustee (x) from time to time additional original
      documents evidencing an assumption or modification of a Mortgage Loan and (y)
      any other documents required to be delivered by the Depositor or the Master
      Servicer to the Trustee within the time periods specified in this Section
      2.01.

     

    With
      respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the
      related Mortgaged Property and Mortgage File are located in any jurisdiction
      under the laws of which the recordation of the assignment specified in clause
      (iii) above is not necessary to protect the Trustee’s and the
      Certificateholders’ interest in the related Mortgage Loan, as evidenced by an
      Opinion of Counsel delivered by CHL to the Trustee within 90 days of the Closing
      Date (which opinion may be in the form of a “survey” opinion and is not required
      to be delivered by counsel admitted to practice law in the jurisdiction as
      to
      which such opinion applies), in lieu of recording the assignment specified
      in
      clause (iii) above, the applicable Seller may deliver an unrecorded assignment
      in blank, in form otherwise suitable for recording to the Trustee; provided
      that
      if the related Mortgage has not been returned from the applicable public
      recording office, such assignment, or any copy thereof, of the Mortgage may
      exclude the information to be provided by the recording office.  As to
      any Mortgage Loan other than a MERS Mortgage Loan, the procedures of the
      preceding sentence shall be applicable only so long as the related Mortgage
      File
      is maintained in the possession of the Trustee in the State or jurisdiction
      described in such sentence.  In the event that with respect to
      Mortgage Loans other than MERS Mortgage Loans (I) any Seller, the Depositor,
      the
      Master Servicer or the NIM Insurer gives written notice to the Trustee that
      recording is required to protect the right, title and interest of the Trustee
      on
      behalf of the Certificateholders in and to any Mortgage Loan, (II) a court
      recharacterizes any sale of the Mortgage Loans as a financing, or (III) as
      a
      result of any change in or amendment to the laws of the State or jurisdiction
      described in the first sentence of this paragraph or any applicable political
      subdivision thereof, or any change in official position regarding application
      or
      interpretation of such laws, including a holding by a court of competent
      jurisdiction, such recording is so required, the Trustee shall complete the
      assignment in the manner specified in clause (iii) above and CHL shall submit
      or
      cause to be submitted for recording as specified above or, should CHL fail
      to
      perform such obligations, the Trustee shall cause the Master Servicer, at the
      Master Servicer’s expense, to cause each such previously unrecorded assignment
      to be submitted for recording as specified above.  In the event a
      Mortgage File is released to the Master Servicer as a result of the Master
      Servicer’s having completed a Request for Document Release, the Trustee shall
      complete the assignment of the related Mortgage in the manner specified in
      clause (iii) above.

     

    So
      long
      as the Trustee or its agent maintains an office in the State of California,
      the
      Trustee or its agent shall maintain possession of and not remove or attempt
      to
      remove from the State of California any of the Mortgage Files as to which the
      related Mortgaged Property is located in such State.  In the event
      that a Seller fails to record an assignment of a Mortgage Loan as herein
      provided within 90 days of notice of an event set forth in clause (I), (II)
      or
      (III) of the preceding paragraph, the Master Servicer shall prepare and, if
      required hereunder, file such assignments for recordation in the appropriate
      real property or other records office.  Each Seller hereby appoints
      the Master Servicer (and any successor servicer hereunder) as its
      attorney-in-fact with full power and authority acting in its stead for the
      purpose of such preparation, execution and filing.

     

    In
      the
      case of Mortgage Loans that become the subject of a Principal Prepayment between
      the Closing Date (in the case of Initial Mortgage Loans) or related Subsequent
      Transfer Date (in the case of Subsequent Mortgage Loans) and the Cut-off Date,
      CHL shall deposit or cause to be deposited in the Certificate Account the amount
      required to be deposited therein with respect to such payment pursuant to
      Section 3.05 hereof.

     

    Notwithstanding
      anything to the contrary in this Agreement, within thirty days after the Closing
      Date (in the case of Initial Mortgage Loans) or within twenty days after the
      related Subsequent Transfer Date (in the case of Subsequent Mortgage Loans),
      CHL
      (on behalf of each Seller) shall either (i) deliver to the Trustee the Mortgage
      File as required pursuant to this Section 2.01 for each Delay Delivery Mortgage
      Loan or (ii) (A) repurchase the Delay Delivery Mortgage Loan or (B) substitute
      the Delay Delivery Mortgage Loan for a Replacement Mortgage Loan, which
      repurchase or substitution shall be accomplished in the manner and subject
      to
      the conditions set forth in Section 2.03, provided that if CHL fails to deliver
      a Mortgage File for any Delay Delivery Mortgage Loan within the period provided
      in the prior sentence, the cure period provided for in Section 2.02 or in
      Section 2.03 shall not apply to the initial delivery of the Mortgage File for
      such Delay Delivery Mortgage Loan, but rather CHL shall have five (5) Business
      Days to cure such failure to deliver.  CHL shall promptly provide each
      Rating Agency with written notice of any cure, repurchase or substitution made
      pursuant to the proviso of the preceding sentence. On or before the thirtieth
      (30th) day (or if such thirtieth day is not a Business Day, the succeeding
      Business Day) after the Closing Date (in the case of Initial Mortgage Loans)
      or
      within twenty days after the related Subsequent Transfer Date (in the case
      of
      Subsequent Mortgage Loans), the Trustee shall, in accordance with the provisions
      of Section 2.02, send a Delay Delivery Certification substantially in the form
      annexed hereto as Exhibit G-3 (with any applicable exceptions noted thereon)
      for
      all Delay Delivery Mortgage Loans delivered within thirty (30) days after such
      date.  The Trustee will promptly send a copy of such Delay Delivery
      Certification to each Rating Agency.

     

    Each
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans sold by such Seller to the Depositor and has agreed to take
      the
      actions specified herein.  The Depositor, concurrently with the
      execution and delivery of this Agreement, hereby sells, transfers, assigns
      and
      otherwise conveys to the Trustee for the use and benefit of the
      Certificateholders, without recourse, all right title and interest in the
      portion of the Trust Fund not otherwise conveyed to the Trust Fund pursuant
      to
      Sections 2.01(a) or (b).

     

    
      	
              Section
                2.02  

            	
              Acceptance
                by Trustee of the Mortgage
                Loans.

            

    

     

    (a)  The
      Trustee acknowledges receipt, subject to the limitations contained in and any
      exceptions noted in the Initial Certification in the form annexed hereto as
      Exhibit G-1 and in the list of exceptions attached thereto, of the documents
      referred to in clauses (i) and (iii) of Section 2.01(g) above with respect
      to
      the Initial Mortgage Loans and all other assets included in the Trust Fund
      and
      declares that it holds and will hold such documents and the other documents
      delivered to it constituting the Mortgage Files, and that it holds or will
      hold
      such other assets included in the Trust Fund, in trust for the exclusive use
      and
      benefit of all present and future Certificateholders.

     

    The
      Trustee agrees to execute and deliver on the Closing Date to the Depositor,
      the
      Master Servicer and CHL (on behalf of each Seller) an Initial Certification
      substantially in the form annexed hereto as Exhibit G-1 to the effect that,
      as
      to each Initial Mortgage Loan listed in the Mortgage Loan Schedule (other than
      any Initial Mortgage Loan paid in full or any Initial Mortgage Loan specifically
      identified in such certification as not covered by such certification), the
      documents described in Section 2.01(g)(i) and, in the case of each Initial
      Mortgage Loan that is not a MERS Mortgage Loan, the documents described in
      Section 2.01(g)(iii) with respect to such Initial Mortgage Loans as are in
      the
      Trustee’s possession and based on its review and examination and only as to the
      foregoing documents, such documents appear regular on their face and relate
      to
      such Initial Mortgage Loan.  The Trustee agrees to execute and deliver
      within 30 days after the Closing Date to the Depositor, the Master Servicer
      and
      CHL (on behalf of each Seller) an Interim Certification substantially in the
      form annexed hereto as Exhibit G-2 to the effect that, as to each Initial
      Mortgage Loan listed in the Mortgage Loan Schedule (other than any Initial
      Mortgage Loan paid in full or any Initial Mortgage Loan specifically identified
      in such certification as not covered by such certification) all documents
      required to be delivered to the Trustee pursuant to the Agreement with respect
      to such Initial Mortgage Loans are in its possession (except those documents
      described in Section 2.01(g)(vi)) and based on its review and examination and
      only as to the foregoing documents, (i) such documents appear regular on their
      face and relate to such Initial Mortgage Loan, and (ii) the information set
      forth in items (i), (iv), (v), (vi), (viii), (ix) and (xv) of the definition
      of
      the “Mortgage Loan Schedule” accurately reflects information set forth in the
      Mortgage File.  On or before the thirtieth (30th) day after the
      Closing Date (or if such thirtieth day is not a Business Day, the succeeding
      Business Day), the Trustee shall deliver to the Depositor, the Master Servicer
      and CHL (on behalf of each Seller) a Delay Delivery Certification with respect
      to the Initial Mortgage Loans substantially in the form annexed hereto as
      Exhibit G-3, with any applicable exceptions noted thereon.  The
      Trustee shall be under no duty or obligation to inspect, review or examine
      such
      documents, instruments, certificates or other papers to determine that the
      same
      are genuine, enforceable or appropriate for the represented purpose or that
      they
      have actually been recorded in the real estate records or that they are other
      than what they purport to be on their face.

     

    Not
      later
      than 180 days after the Closing Date, the Trustee shall deliver to the
      Depositor, the Master Servicer, CHL (on behalf of each Seller) and any
      Certificateholder that so requests, a Final Certification with respect to the
      Initial Mortgage Loans substantially in the form annexed hereto as Exhibit
      H,
      with any applicable exceptions noted thereon.

     

    In
      connection with the Trustee’s completion and delivery of such Final
      Certification, the Trustee shall review each Mortgage File with respect to
      the
      Initial Mortgage Loans to determine that such Mortgage File contains the
      following documents:

     

    (i)  the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of ________________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements;

     

    (ii)  in
      the
      case of each Initial Mortgage Loan that is not a MERS Mortgage Loan, the
      original recorded Mortgage or a copy of such Mortgage, with recording
      information, and in the case of each Initial Mortgage Loan that is a MERS
      Mortgage Loan, the original Mortgage or a copy of such Mortgage, with recording
      information, noting the presence of the MIN of the Initial Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Initial Mortgage
      Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy
      of
      the Mortgage certified by the public recording office in which Mortgage has
      been
      recorded;

     

    (iii)  in
      the
      case of each Initial Mortgage Loan that is not a MERS Mortgage Loan, a duly
      executed assignment of the Mortgage or a copy thereof with recording
      information, in either case in the form permitted by Section 2.01;

     

    (iv)  the
      original recorded assignment or assignments of the Mortgage or a copy of such
      assignments, with recording information, together with all interim recorded
      assignments of such Mortgage or a copy of such assignments, with recording
      information (in each case noting the presence of a MIN in the case of each
      MERS
      Mortgage Loan);

     

    (v)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)  the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders
      thereto.

     

    If,
      in
      the course of such review, the Trustee finds any document or documents
      constituting a part of such Mortgage File that do not meet the requirements
      of
      clauses (i)-(iv) and (vi) above, the Trustee shall include such exceptions
      in
      such Final Certification (and the Trustee shall state in such Final
      Certification whether any Mortgage File does not then include the original
      or
      duplicate original lender’s title policy or a printout of the electronic
      equivalent and all riders thereto).  If the public recording office in
      which a Mortgage or assignment thereof is recorded retains the original of
      such
      Mortgage or assignment, a copy of the original Mortgage or assignment so
      retained, with evidence of recording thereon, certified to be true and complete
      by such recording office, shall be deemed to satisfy the requirements of clause
      (ii), (iii) or (iv) above, as applicable.  CHL shall promptly correct
      or cure such defect referred to above within 90 days from the date it was so
      notified of such defect and, if CHL does not correct or cure such defect within
      such period, CHL shall either (A) if the time to cure such defect expires prior
      to the end of the second anniversary of the Closing Date, substitute for the
      related Initial Mortgage Loan a Replacement Mortgage Loan, which substitution
      shall be accomplished in the manner and subject to the conditions set forth
      in
      Section 2.03, or (B) purchase such Initial Mortgage Loan from the Trust Fund
      within 90 days from the date CHL was notified of such defect in writing at
      the
      Purchase Price of such Initial Mortgage Loan; provided that any such
      substitution pursuant to (A) above or repurchase pursuant to (B) above shall
      not
      be effected prior to the delivery to the Trustee of the Opinion of Counsel
      required by Section 2.05 hereof and any substitution pursuant to (A) above
      shall
      not be effected prior to the additional delivery to the Trustee of a Request
      for
      File Release.  No substitution will be made in any calendar month
      after the Determination Date for such month.  The Purchase Price for
      any such Initial Mortgage Loan shall be deposited by CHL in the Certificate
      Account and, upon receipt of such deposit and Request for File Release with
      respect thereto, the Trustee shall release the related Mortgage File to CHL
      and
      shall execute and deliver at CHL’s request such instruments of transfer or
      assignment as CHL has prepared, in each case without recourse, as shall be
      necessary to vest in CHL, or a designee, the Trustee’s interest in any Initial
      Mortgage Loan released pursuant hereto.  If pursuant to the foregoing
      provisions CHL repurchases an Initial Mortgage Loan that is a MERS Mortgage
      Loan, the Master Servicer shall cause MERS to execute and deliver an assignment
      of the Mortgage in recordable form to transfer the Mortgage from MERS to CHL
      and
      shall cause such Mortgage to be removed from registration on the MERS® System in
      accordance with MERS’ rules and regulations.

     

    The
      Trustee shall retain possession and custody of each Mortgage File in accordance
      with and subject to the terms and conditions set forth herein.  Each
      Seller shall promptly deliver to the Trustee, upon the execution or receipt
      thereof, the originals of such other documents or instruments constituting
      the
      Mortgage File that come into the possession of such Seller from time to
      time.

     

    It
      is
      understood and agreed that the obligation of CHL to substitute for or to
      purchase any Mortgage Loan that does not meet the requirements of Section
      2.02(a) above shall constitute the sole remedy respecting such defect available
      to the Trustee, the Depositor and any Certificateholder against any
      Seller.

     

    It
      is
      understood and agreed that the obligation of CHL to substitute for or to
      purchase, pursuant to Section 2.02(a), any Initial Mortgage Loan whose Mortgage
      File contains any document or documents that does not meet the requirements
      of
      clauses (i)-(iv) and (vi) above and which defect is not corrected or cured
      by
      CHL within 90 days from the date it was notified of such defect, shall
      constitute the sole remedy respecting such defect available to the Trustee,
      the
      Depositor and any Certificateholder against any Seller.

     

    (b)  The
      Trustee agrees to execute and deliver on the Subsequent Transfer Date to the
      Depositor, the Master Servicer and CHL (on behalf of each Seller) an Initial
      Certification substantially in the form annexed hereto as Exhibit G-4 to the
      effect 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 such certification as not covered
      by
      such certification), the documents described in Section 2.01(g)(i) and, in
      the
      case of each Subsequent Mortgage Loan that is not a MERS Mortgage Loan, the
      documents described in Section 2.01(g)(iii), with respect to such Subsequent
      Mortgage Loan are in its possession, and based on its review and examination
      and
      only as to the foregoing documents, such documents appear regular on their
      face
      and relate to such Subsequent Mortgage Loan.

     

    The
      Trustee agrees to execute and deliver within 30 days after the Subsequent
      Transfer Date to the Depositor, the Master Servicer and CHL (on behalf of each
      Seller) an Interim Certification substantially in the form annexed hereto as
      Exhibit G-2 to the effect 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 such certification
      as
      not covered by such certification), all documents required to be delivered
      to it
      pursuant to this Agreement with respect to such Subsequent Mortgage Loan are
      in
      its possession (except those described in Section 2.01(g)(vi)) and based on
      its
      review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and relate to such Subsequent Mortgage
      Loan, and (ii) the information set forth in items (i), (iv), (v), (vi), (viii),
      (ix) and (xv) of the definition of the “Mortgage Loan Schedule” accurately
      reflects information set forth in the Mortgage File.  On or before the
      thirtieth (30th) day after the Subsequent Transfer Date (or if such thirtieth
      day is not a Business Day, the succeeding Business Day), the Trustee shall
      deliver to the Depositor, the Master Servicer and CHL (on behalf of each Seller)
      a Delay Delivery Certification with respect to the Subsequent Mortgage Loans
      substantially in the form annexed hereto as Exhibit G-3, with any applicable
      exceptions noted thereon, together with a Subsequent Certification substantially
      in the form annexed hereto as Exhibit G-4.  The Trustee shall be under
      no duty or obligation to inspect, review or examine such documents, instruments,
      certificates or other papers to determine that the same are genuine, enforceable
      or appropriate for the represented purpose or that they have actually been
      recorded in the real estate records or that they are other than what they
      purport to be on their face.

     

    Not
      later
      than 180 days after the Subsequent Transfer Date, the Trustee shall deliver
      to
      the Depositor, the Master Servicer, CHL (on behalf of each Seller) and to any
      Certificateholder that so requests a Final Certification with respect to the
      Subsequent Mortgage Loans substantially in the form annexed hereto as Exhibit
      H,
      with any applicable exceptions noted thereon.

     

    In
      connection with the Trustee’s completion and delivery of such Final
      Certification, the Trustee shall review each Mortgage File with respect to
      the
      Subsequent Mortgage Loans to determine that such Mortgage File contains the
      following documents:

     

    (i)  the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of ________________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements;

     

    (ii)  in
      the
      case of each Subsequent Mortgage Loan that is not a MERS Mortgage Loan, the
      original recorded Mortgage or a copy of such Mortgage, with recording
      information, and in the case of each Subsequent Mortgage Loan that is a MERS
      Mortgage Loan, the original Mortgage or a copy of such Mortgage, with recording
      information, noting the presence of the MIN of the Subsequent Mortgage Loan
      and
      language indicating that the Subsequent Mortgage Loan is a MOM Loan if the
      Subsequent Mortgage Loan is a MOM Loan, with evidence of recording indicated
      thereon, or a copy of the Mortgage certified by the public recording office
      in
      which Mortgage has been recorded;

     

    (iii)  in
      the
      case of each Subsequent Mortgage Loan that is not a MERS Mortgage Loan, a duly
      executed assignment of the Mortgage or a copy thereof with recording
      information, in either case in the form permitted by Section 2.01;

     

    (iv)  the
      original recorded assignment or assignments of the Mortgage or a copy of such
      assignments, with recording information, together with all interim recorded
      assignments of such Mortgage or a copy of such assignments, with recording
      information (in each case noting the presence of a MIN in the case of each
      MERS
      Mortgage Loan);

     

    (v)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)  the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders
      thereto.

     

    If,
      in
      the course of such review, the Trustee finds any document or documents
      constituting a part of such Mortgage File that do not meet the requirements
      of
      clauses (i)-(iv) and (vi) above, the Trustee shall include such exceptions
      in
      such Final Certification (and the Trustee shall state in such Final
      Certification whether any Mortgage File does not then include the original
      or
      duplicate original lender’s title policy or a printout of the electronic
      equivalent and all riders thereto).  If the public recording office in
      which a Mortgage or assignment thereof is recorded retains the original of
      such
      Mortgage or assignment, a copy of the original Mortgage or assignment so
      retained, with evidence of recording thereon, certified to be true and complete
      by such recording office, shall be deemed to satisfy the requirements of clause
      (ii), (iii) or (iv) above, as applicable.  CHL shall promptly correct
      or cure such defect referred to above within 90 days from the date it was so
      notified of such defect and, if CHL does not correct or cure such defect within
      such period, CHL shall either (A) if the time to cure such defect expires prior
      to the end of the second anniversary of the Closing Date, substitute for the
      related Subsequent Mortgage Loan a Replacement Mortgage Loan, which substitution
      shall be accomplished in the manner and subject to the conditions set forth
      in
      Section 2.03, or (B) purchase such Subsequent Mortgage Loan from the Trust
      Fund
      within 90 days from the date CHL was notified of such defect in writing at
      the
      Purchase Price of such Subsequent Mortgage Loan; provided that any such
      substitution pursuant to (A) above or repurchase pursuant to (B) above shall
      not
      be effected prior to the delivery to the Trustee of the Opinion of Counsel
      required by Section 2.05 hereof and any substitution pursuant to (A) above
      shall
      not be effected prior to the additional delivery to the Trustee of a Request
      for
      File Release.  No substitution will be made in any calendar month
      after the Determination Date for such month.  The Purchase Price for
      any such Subsequent Mortgage Loan shall be deposited by CHL in the Certificate
      Account and, upon receipt of such deposit and Request for File Release with
      respect thereto, the Trustee shall release the related Mortgage File to CHL
      and
      shall execute and deliver at CHL’s request such instruments of transfer or
      assignment as CHL has prepared, in each case without recourse, as shall be
      necessary to vest in CHL, or a designee, the Trustee’s interest in any
      Subsequent Mortgage Loan released pursuant hereto.  If pursuant to the
      foregoing provisions CHL repurchases a Subsequent Mortgage Loan that is a MERS
      Mortgage Loan, the Master Servicer shall cause MERS to execute and deliver
      an
      assignment of the Mortgage in recordable form to transfer the Mortgage from
      MERS
      to CHL and shall cause such Mortgage to be removed from registration on the
      MERS® System in accordance with MERS’ rules and regulations.

     

    The
      Trustee shall retain possession and custody of each Mortgage File in accordance
      with and subject to the terms and conditions set forth herein.  Each
      Seller shall promptly deliver to the Trustee, upon the execution or receipt
      thereof, the originals of such other documents or instruments constituting
      the
      Mortgage File that come into the possession of such Seller from time to
      time.

     

    It
      is
      understood and agreed that the obligation of the Sellers to substitute for
      or to
      purchase, pursuant to Section 2.02(b), any Subsequent Mortgage Loan whose
      Mortgage File contains any document or documents that does not meet the
      requirements of clauses (i)-(iv) and (vi) above and which defect is not
      corrected or cured by such Seller within 90 days from the date it was notified
      of such defect, shall constitute the sole remedy respecting such defect
      available to the Trustee, the Depositor and any Certificateholder against the
      Sellers.

     

    
      	
              Section
                2.03  

            	
              Representations,
                Warranties and Covenants of the Master Servicer and the
                Sellers.

            

    

     

    (a)  The
      Master Servicer hereby represents and warrants to the Depositor and the Trustee
      as follows, as of the date hereof with respect to the Initial Mortgage Loans,
      and the related Subsequent Transfer Date with respect to the Subsequent Mortgage
      Loans:

     

    (1)  The
      Master Servicer is duly organized as a Texas limited partnership and is validly
      existing and in good standing under the laws of the State of Texas and is duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Master Servicer in any state in which a
      Mortgaged Property is located or is otherwise not required under applicable
      law
      to effect such qualification and, in any event, is in compliance with the doing
      business laws of any such state, to the extent necessary to ensure its ability
      to enforce each Mortgage Loan, to service the Mortgage Loans in accordance
      with
      the terms of this Agreement and to perform any of its other obligations under
      this Agreement in accordance with the terms hereof.

     

    (2)  The
      Master Servicer has the full partnership power and authority to sell and service
      each Mortgage Loan, and to execute, deliver and perform, and to enter into
      and
      consummate the transactions contemplated by this Agreement and has duly
      authorized by all necessary partnership action on the part of the Master
      Servicer the execution, delivery and performance of this Agreement; and this
      Agreement, assuming the due authorization, execution and delivery hereof by
      the
      other parties hereto, constitutes a legal, valid and binding obligation of
      the
      Master Servicer, enforceable against the Master Servicer in accordance with
      its
      terms, except that (a) the enforceability hereof may be limited by bankruptcy,
      insolvency, moratorium, receivership and other similar laws relating to
      creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought.

     

    (3)  The
      execution and delivery of this Agreement by the Master Servicer, the servicing
      of the Mortgage Loans by the Master Servicer under this Agreement, the
      consummation of any other of the transactions contemplated by this Agreement,
      and the fulfillment of or compliance with the terms hereof are in the ordinary
      course of business of the Master Servicer and will not (A) result in a material
      breach of any term or provision of the certificate of limited partnership,
      partnership agreement or other organizational document of the Master Servicer
      or
      (B) materially conflict with, result in a material breach, violation or
      acceleration of, or result in a material default under, the terms of any other
      material agreement or instrument to which the Master Servicer is a party or
      by
      which it may be bound, or (C) constitute a material violation of any statute,
      order or regulation applicable to the Master Servicer of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over the
      Master Servicer; and the Master Servicer is not in breach or violation of any
      material indenture or other material agreement or instrument, or in violation
      of
      any statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair the Master Servicer’s ability to perform or meet
      any of its obligations under this Agreement.

     

    (4)  The
      Master Servicer is an approved servicer of conventional mortgage loans for
      Fannie Mae and Freddie Mac and is a mortgagee approved by the Secretary of
      Housing and Urban Development pursuant to sections 203 and 211 of the National
      Housing Act.

     

    (5)  No
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened, against the Master Servicer that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of the Master Servicer to service the Mortgage Loans or to perform
      any
      of its other obligations under this Agreement or any Subsequent Transfer
      Agreement in accordance with the terms hereof or thereof.

     

    (6)  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 hereby, or if any such consent,
      approval, authorization or order is required, the Master Servicer has obtained
      the same.

     

    (7)  The
      Master Servicer is a member of MERS in good standing, and will comply in all
      material respects with the rules and procedures of MERS in connection with
      the
      servicing of the Mortgage Loans for as long as such Mortgage Loans are
      registered with MERS.

     

    (8)  With
      respect to each Mortgage Loan in Loan Group 1, the Master Servicer has fully
      furnished and will fully furnish accurate and complete information (i.e.,
      favorable and unfavorable) on its borrower credit files to Equifax, Experian,
      and Trans Union Credit Information Company (three of the credit repositories),
      on a monthly basis and in accordance with the Fair Credit Reporting Act and
      its
      implementing regulations.

     

    (b)  CHL
      hereby represents and warrants to the Depositor and the Trustee as follows,
      as
      of the Initial Cut-off Date in the case of the Initial Mortgage Loans and as
      of
      the related Subsequent Cut-off Date in the case of the Subsequent Mortgage
      Loans
      (unless otherwise indicated or the context otherwise requires, percentages
      with
      respect to the Initial Mortgage Loans in the Trust Fund or in a Loan Group
      or
      Loan Groups are measured by the Cut-off Date Principal Balance of the Initial
      Mortgage Loans in the Trust Fund or of the Initial Mortgage Loans in the related
      Loan Group or Loan Groups, as applicable):

     

    (1)  CHL
      is
      duly organized as a New York corporation and is validly existing and in good
      standing under the laws of the State of New York and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement and
      each Subsequent Transfer Agreement to be conducted by CHL in any state in which
      a Mortgaged Property is located or is otherwise not required under applicable
      law to effect such qualification and, in any event, is in compliance with the
      doing business laws of any such state, to the extent necessary to ensure its
      ability to enforce each Mortgage Loan, to sell the CHL Mortgage Loans in
      accordance with the terms of this Agreement and each Subsequent Transfer
      Agreement and to perform any of its other obligations under this Agreement
      and
      each Subsequent Transfer Agreement in accordance with the terms hereof and
      thereof.

     

    (2)  CHL
      has
      the full corporate power and authority to sell each CHL Mortgage Loan, and
      to
      execute, deliver and perform, and to enter into and consummate the transactions
      contemplated by this Agreement and each Subsequent Transfer Agreement and has
      duly authorized by all necessary corporate action on the part of CHL the
      execution, delivery and performance of this Agreement and each Subsequent
      Transfer Agreement; and this Agreement and each Subsequent Transfer Agreement,
      assuming the due authorization, execution and delivery hereof by the other
      parties hereto, constitutes a legal, valid and binding obligation of CHL,
      enforceable against CHL in accordance with its terms, except that (a) the
      enforceability hereof may be limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally and
      (b) the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to equitable defenses and to the discretion
      of
      the court before which any proceeding therefor may be brought.

     

    (3)  The
      execution and delivery of this Agreement and each Subsequent Transfer Agreement
      by CHL, the sale of the CHL Mortgage Loans by CHL under this Agreement and
      each
      Subsequent Transfer Agreement, the consummation of any other of the transactions
      contemplated by this Agreement and each Subsequent Transfer Agreement, and
      the
      fulfillment of or compliance with the terms hereof and thereof are in the
      ordinary course of business of CHL and will not (A) result in a material breach
      of any term or provision of the charter or by-laws of CHL or (B) materially
      conflict with, result in a material breach, violation or acceleration of, or
      result in a material default under, the terms of any other material agreement
      or
      instrument to which CHL is a party or by which it may be bound, or (C)
      constitute a material violation of any statute, order or regulation applicable
      to CHL of any court, regulatory body, administrative agency or governmental
      body
      having jurisdiction over CHL; and CHL is not in breach or violation of any
      material indenture or other material agreement or instrument, or in violation
      of
      any statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair CHL’s ability to perform or meet any of its
      obligations under this Agreement and each Subsequent Transfer
      Agreement.

     

    (4)  CHL
      is an
      approved seller of conventional mortgage loans for Fannie Mae and Freddie Mac
      and is a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to sections 203 and 211 of the National Housing Act.

     

    (5)  No
      litigation is pending or, to the best of CHL’s knowledge, threatened, against
      CHL that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or any Subsequent Transfer Agreement or the
      ability of CHL to sell the CHL Mortgage Loans or to perform any of its other
      obligations under this Agreement or any Subsequent Transfer Agreement in
      accordance with the terms hereof or thereof.

     

    (6)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by CHL of, or
      compliance by CHL with, this Agreement or any Subsequent Transfer Agreement
      or
      the consummation of the transactions contemplated hereby, or if any such
      consent, approval, authorization or order is required, CHL has obtained the
      same.

     

    (7)  The
      information set forth on Exhibit F-1 hereto with respect to each Initial
      Mortgage Loan is true and correct in all material respects as of the Closing
      Date.

     

    (8)  CHL
      will
      treat the transfer of the CHL Mortgage Loans to the Depositor as a sale of
      the
      CHL Mortgage Loans for all tax, accounting and regulatory purposes.

     

    (9)  None
      of
      the Mortgage Loans is more than 30 days delinquent.

     

    (10)  No
      Mortgage Loan had a Loan-to-Value Ratio at origination in excess of
      100.00%.

     

    (11)  Each
      Mortgage Loan is secured by a valid and enforceable first lien on the related
      Mortgaged Property subject only to (1) the lien of non-delinquent current real
      property taxes and assessments, (2) covenants, conditions and restrictions,
      rights of way, easements and other matters of public record as of the date
      of
      recording of such Mortgage, such exceptions appearing of record being acceptable
      to mortgage lending institutions generally or specifically reflected in the
      appraisal made in connection with the origination of the related Mortgage Loan
      and (3) other matters to which like properties are commonly subject that do
      not
      materially interfere with the benefits of the security intended to be provided
      by such Mortgage.

     

    (12)  Immediately
      prior to the assignment of each CHL Mortgage Loan to the Depositor, CHL had
      good
      title to, and was the sole owner of, such CHL Mortgage Loan free and clear
      of
      any pledge, lien, encumbrance 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 the same pursuant to this
      Agreement.

     

    (13)  There
      is
      no delinquent tax or assessment lien against any Mortgaged
      Property.

     

    (14)  There
      is
      no valid offset, claim, defense or counterclaim to any Mortgage Note or
      Mortgage, including the obligation of the Mortgagor to pay the unpaid principal
      of or interest on such Mortgage Note.

     

    (15)  There
      are
      no mechanics’ liens or claims for work, labor or material affecting any
      Mortgaged Property that are or may be a lien prior to, or equal with, the lien
      of such Mortgage, except those that are insured against by the title insurance
      policy referred to in item (18) below.

     

    (16)  As
      of the
      Closing Date in the case of the Initial Mortgage Loans and as of the related
      Subsequent Transfer Date in the case of the Subsequent Mortgage Loans, to the
      best of CHL’s knowledge, each Mortgaged Property is free of material damage and
      is in good repair.

     

    (17)  As
      of the
      Closing Date in the case of the Initial Mortgage Loans and as of the related
      Subsequent Transfer Date in the case of the Subsequent Mortgage Loans, neither
      CHL nor any prior holder of any Mortgage has modified the Mortgage in any
      material respect (except that a Mortgage Loan may have been modified by a
      written instrument that has been recorded or submitted for recordation, if
      necessary, to protect the interests of the Certificateholders and the original
      or a copy of which has been delivered to the Trustee); satisfied, cancelled
      or
      subordinated such Mortgage in whole or in part; released the related Mortgaged
      Property in whole or in part from the lien of such Mortgage; or executed any
      instrument of release, cancellation, modification (except as expressly permitted
      above) or satisfaction with respect thereto.

     

    (18)  A
      lender’s policy of title insurance together with a condominium endorsement and
      extended coverage endorsement, if applicable, in an amount at least equal to
      the
      Cut-off Date Principal Balance of each such Mortgage Loan or a commitment
      (binder) to issue the same was effective on the date of the origination of
      each
      Mortgage Loan, each such policy is valid and remains in full force and effect,
      and each such policy was issued by a title insurer qualified to do business
      in
      the jurisdiction where the Mortgaged Property is located and acceptable to
      Fannie Mae and Freddie Mac and is in a form acceptable to Fannie Mae and Freddie
      Mac, which policy insures the Sellers and successor owners of indebtedness
      secured by the insured Mortgage, as to the first priority lien, of the Mortgage
      subject to the exceptions set forth in paragraph (11) above; to the best of
      CHL’s knowledge, no claims have been made under such mortgage title insurance
      policy and no prior holder of the related Mortgage, including any Seller, has
      done, by act or omission, anything that would impair the coverage of such
      mortgage title insurance policy.

     

    (19)  No
      Initial Mortgage Loan was the subject of a Principal Prepayment in full between
      the Initial Cut-off Date and the Closing Date.  No Subsequent Mortgage
      Loan was the subject of a Principal Prepayment in full between the Subsequent
      Cut-off Date and the Subsequent Transfer Date.

     

    (20)  To
      the
      best of CHL’s knowledge, all of the improvements that were included for the
      purpose of determining the Appraised Value of the Mortgaged Property lie wholly
      within the boundaries and building restriction lines of such property, and
      no
      improvements on adjoining properties encroach upon the Mortgaged
      Property.

     

    (21)  To
      the
      best of CHL’s knowledge, no improvement located on or being part of the
      Mortgaged Property is in violation of any applicable zoning law or
      regulation.  To the best of CHL’s knowledge, all inspections, licenses
      and certificates required to be made or issued with respect to all occupied
      portions of the Mortgaged Property and, with respect to the use and occupancy
      of
      the same, including but not limited to certificates of occupancy and fire
      underwriting certificates, have been made or obtained from the appropriate
      authorities, unless the lack thereof would not have a material adverse effect
      on
      the value of such Mortgaged Property, and the Mortgaged Property is lawfully
      occupied under applicable law.

     

    (22)  The
      Mortgage Note and the related Mortgage are genuine, and each is the legal,
      valid
      and binding obligation of the maker thereof, enforceable in accordance with
      its
      terms and under applicable law, except that (a) the enforceability thereof
      may
      be limited by bankruptcy, insolvency, moratorium, receivership and other similar
      laws relating to creditors’ rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought.  To the best of CHL’s knowledge,
      all parties to the Mortgage Note and the Mortgage had legal capacity to execute
      the Mortgage Note and the Mortgage and each Mortgage Note and Mortgage have
      been
      duly and properly executed by such parties.

     

    (23)  The
      proceeds of the Mortgage Loan have been fully disbursed, there is no requirement
      for future advances thereunder, and any and all requirements as to completion
      of
      any on-site or off-site improvements and as to disbursements of any escrow
      funds
      therefor have been complied with.  All costs, fees and expenses
      incurred in making, or closing or recording the Mortgage Loan were
      paid.

     

    (24)  The
      related Mortgage contains customary and enforceable provisions that render
      the
      rights and remedies of the holder thereof adequate for the realization against
      the Mortgaged Property of the benefits of the security, including, (i) in the
      case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
      otherwise by judicial foreclosure.

     

    (25)  With
      respect to each Mortgage constituting a deed of trust, a trustee, duly qualified
      under applicable law to serve as such, has been properly designated and
      currently so serves and is named in such Mortgage, and no fees or expenses
      are
      or will become payable by the Certificateholders to the trustee under the deed
      of trust, except in connection with a trustee’s sale after default by the
      Mortgagor.

     

    (26)  Each
      Mortgage Note and each Mortgage is acceptable in form to Fannie Mae and Freddie
      Mac.

     

    (27)  There
      exist no deficiencies with respect to escrow deposits and payments, if such
      are
      required, for which customary arrangements for repayment thereof have not been
      made, and no escrow deposits or payments of other charges or payments due the
      Sellers have been capitalized under the Mortgage or the related Mortgage
      Note.

     

    (28)  The
      origination, underwriting, servicing and collection practices with respect
      to
      each Mortgage Loan have been in all respects legal, proper, prudent and
      customary in the mortgage lending and servicing business, as conducted by
      prudent lending institutions which service mortgage loans of the same type
      in
      the jurisdiction in which the Mortgaged Property is located.

     

    (29)  There
      is
      no pledged account or other security other than real estate securing the
      Mortgagor’s obligations.

     

    (30)  No
      Mortgage Loan has a shared appreciation feature, or other contingent interest
      feature.

     

    (31)  Each
      Mortgage Loan contains a customary “due on sale” clause.

     

    (32)  No
      less
      than approximately the percentage specified in the Collateral Schedule of the
      Initial Mortgage Loans in Loan Group 1 and Loan Group 2 are secured by single
      family detached dwellings.  No more than approximately the percentage
      specified in the Collateral Schedule of the Initial Mortgage Loans in Loan
      Group
      1 and Loan Group 2 are secured by two-to four family dwellings.  No
      more than approximately the percentage specified in the Collateral Schedule
      of
      the Initial Mortgage Loans in Loan Group 1 and Loan Group 2 are secured by
      low-rise condominium units.  No more than approximately the percentage
      specified in the Collateral Schedule of the Initial Mortgage Loans in Loan
      Group
      2 are secured by high-rise condominium units.  No more than
      approximately the percentage specified in the Collateral Schedule of the Initial
      Mortgage Loans in Loan Group 1 and Loan Group 2 are secured by
      PUDs.  No more than approximately the percentage specified in the
      Collateral Schedule of the Initial Mortgage Loans in Loan Group 1 and Loan
      Group
      2 are secured by townhomes.  No more than approximately the percentage
      specified in the Collateral Schedule of the Initial Mortgage Loans in Loan
      Group
      2 are secured by rowhouse.  No more than approximately the percentage
      specified in the Collateral Schedule of the Initial Mortgage Loans in Loan
      Group
      1 and Loan Group 2 are secured by manufactured housing.

     

    (33)  Each
      Initial Mortgage Loan in Loan Group 1 and Loan Group 2 was originated on or
      after the date specified in the Collateral Schedule.

     

    (34)  Each
      Initial Mortgage Loan that is an Adjustable Rate Mortgage Loan, other than
      a
      Two-Year Hybrid Mortgage Loan, a Three-Year Hybrid Mortgage Loan or a Five-Year
      Hybrid Mortgage Loan, had an initial Adjustment Date no later than the
      applicable date specified on the Collateral Schedule; each Initial Mortgage
      Loan
      that is a Two-Year Hybrid Mortgage Loan had an initial Adjustment Date no later
      than the applicable date specified on the Collateral Schedule; each Initial
      Mortgage Loan that is a Three-Year Hybrid Mortgage Loan had an initial
      Adjustment Date no later than the applicable date specified on the Collateral
      Schedule; and each Initial Mortgage Loan that is a Five-Year Hybrid Mortgage
      Loan had an initial Adjustment Date no later than the applicable date specified
      on the Collateral Schedule.

     

    (35)  Approximately
      the percentage specified in the Collateral Schedule of the Initial Mortgage
      Loans in Loan Group 1 and Loan Group 2 provide for a Prepayment
      Charge.

     

    (36)  On
      the
      basis of representations made by the Mortgagors in their loan applications,
      no
      more than approximately the percentage specified in the Collateral Schedule
      of
      the Initial Mortgage Loans in Loan Group 1 and Loan Group 2, respectively,
      are
      secured by investor properties, no less than approximately the percentage
      specified in the Collateral Schedule of the Initial Mortgage Loans in Loan
      Group
      1 and Loan Group 2 respectively, are secured by owner-occupied Mortgaged
      Properties that are primary residences,  and no less than
      approximately the percentage specified in the Collateral Schedule of the Initial
      Mortgage Loans in Loan Group 1 and Loan Group 2 respectively, are secured by
      owner-occupied Mortgaged Properties that are second homes.

     

    (37)  At
      the
      Cut-off Date, the improvements upon each Mortgaged Property are covered by
      a
      valid and existing hazard insurance policy with a generally acceptable carrier
      that provides for fire and extended coverage and coverage for such other hazards
      as are customary in the area where the Mortgaged Property is located in an
      amount that is at least equal to the lesser of (i) the maximum insurable value
      of the improvements securing such Mortgage Loan or (ii) the greater of (a)
      the
      outstanding principal balance of the Mortgage Loan and (b) an amount such that
      the proceeds of such policy shall be sufficient to prevent the Mortgagor and/or
      the mortgagee from becoming a co-insurer.  If the Mortgaged Property
      is a condominium unit, it is included under the coverage afforded by a blanket
      policy for the condominium unit.  All such individual insurance
      policies and all flood policies referred to in item (38) below contain a
      standard mortgagee clause naming the applicable Seller or the original
      mortgagee, and its successors in interest, as mortgagee, and the applicable
      Seller has received no notice that any premiums due and payable thereon have
      not
      been paid; the Mortgage obligates the Mortgagor thereunder to maintain all
      such
      insurance, including flood insurance, at the Mortgagor’s cost and expense, and
      upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
      obtain and maintain such insurance at the Mortgagor’s cost and expense and to
      seek reimbursement therefor from the Mortgagor.

     

    (38)  If
      the
      Mortgaged Property is in an area identified in the Federal Register by the
      Federal Emergency Management Agency as having special flood hazards, a flood
      insurance policy in a form meeting the requirements of the current guidelines
      of
      the Flood Insurance Administration is in effect with respect to such Mortgaged
      Property with a generally acceptable carrier in an amount representing coverage
      not less than the least of (A) the original outstanding principal balance of
      the
      Mortgage Loan, (B) the minimum amount required to compensate for damage or
      loss
      on a replacement cost basis, or (C) the maximum amount of insurance that is
      available under the Flood Disaster Protection Act of 1973, as
      amended.

     

    (39)  To
      the
      best of CHL’s knowledge, there is no proceeding occurring, pending or threatened
      for the total or partial condemnation of the Mortgaged Property.

     

    (40)  There
      is
      no material monetary default existing under any Mortgage or the related Mortgage
      Note and, to the best of CHL’s knowledge, there is no material event that, with
      the passage of time or with notice and the expiration of any grace or cure
      period, would constitute a default, breach, violation or event of acceleration
      under the Mortgage or the related Mortgage Note; and no Seller has waived any
      default, breach, violation or event of acceleration.

     

    (41)  Each
      Mortgaged Property is improved by a one- to four-family residential dwelling,
      including condominium units and dwelling units in PUDs.  To the best
      of CHL’s knowledge, no improvement to a Mortgaged Property includes a
      cooperative or a mobile home or constitutes other than real property under
      state
      law.

     

    (42)  Each
      Mortgage Loan is being serviced by the Master Servicer.

     

    (43)  Any
      future advances made prior to the Cut-off Date have been consolidated with
      the
      outstanding principal amount secured by the Mortgage, and the secured principal
      amount, as consolidated, bears a single interest rate and single repayment
      term
      reflected on the Mortgage Loan Schedule.  The consolidated principal
      amount does not exceed the original principal amount of the Mortgage
      Loan.  The Mortgage Note does not permit or obligate the Master
      Servicer to make future advances to the Mortgagor at the option of the
      Mortgagor.

     

    (44)  All
      taxes, governmental assessments, insurance premiums, water, sewer and municipal
      charges, leasehold payments or ground rents that previously became due and
      owing
      have been paid, or an escrow of funds has been established in an amount
      sufficient to pay for every such item that remains unpaid and that has been
      assessed, but is not yet due and payable.  Except for (A) payments in
      the nature of escrow payments, and (B) interest accruing from the date of the
      Mortgage Note or date of disbursement of the Mortgage proceeds, whichever is
      later, to the day that precedes by one month the Due Date of the first
      installment of principal and interest, including without limitation, taxes
      and
      insurance payments, the Master Servicer has not advanced funds, or induced,
      solicited or knowingly received any advance of funds by a party other than
      the
      Mortgagor, directly or indirectly, for the payment of any amount required by
      the
      Mortgage.

     

    (45)  The
      Mortgage Loans originated by CHL were underwritten in all material respects
      in
      accordance with CHL’s underwriting guidelines for credit blemished quality
      mortgage loans or, with respect to Mortgage Loans purchased by CHL were
      underwritten in all material respects in accordance with customary and prudent
      underwriting guidelines generally used by originators of credit blemished
      quality mortgage loans.

     

    (46)  Prior
      to
      the approval of the Mortgage Loan application, an appraisal of the related
      Mortgaged Property was obtained from a qualified appraiser, duly appointed
      by
      the originator, who had no interest, direct or indirect, in the Mortgaged
      Property or in any loan made on the security thereof, and whose compensation
      is
      not affected by the approval or disapproval of the Mortgage Loan; such appraisal
      is in a form acceptable to Fannie Mae and Freddie Mac.

     

    (47)  None
      of
      the Mortgage Loans is a graduated payment mortgage loan or a growing equity
      mortgage loan, and no Mortgage Loan is subject to a buydown or similar
      arrangement.

     

    (48)  The
      Mortgage Rates borne by the Initial Mortgage Loans in Loan Group 1 and Loan
      Group 2 as of the Cut-off Date ranged between the approximate per annum
      percentages specified on the Collateral Schedule and the weighted average
      Mortgage Rate as of the Cut-off Date was approximately the per annum rate
      specified on the Collateral Schedule.

     

    (49)  The
      Mortgage Loans were selected from among the outstanding one- to four-family
      mortgage loans in the applicable Seller’s portfolio at the Closing Date as to
      which the representations and warranties made as to the Mortgage Loans set
      forth
      in this Section 2.03(b) and Sections 2.03(c) and 2.03(d) can be
      made.  No selection was made in a manner that would adversely affect
      the interests of Certificateholders.

     

    (50)  The
      Gross
      Margins on the Initial Mortgage Loans in Loan Group 1 and Loan Group 2 range
      between the approximate percentages specified on the Collateral Schedule, and
      the weighted average Gross Margin was approximately the percentage specified
      in
      the Collateral Schedule.

     

    (51)  Each
      of
      the Initial Mortgage Loans in the Mortgage Pool has a Due Date on or before
      the
      date specified in the Collateral Schedule.

     

    (52)  The
      Mortgage Loans, individually and in the aggregate, conform in all material
      respects to the descriptions thereof in the Prospectus Supplement.

     

    (53)  There
      is
      no obligation on the part of any Seller under the terms of the Mortgage or
      related Mortgage Note to make payments in addition to those made by the
      Mortgagor.

     

    (54)  Any
      leasehold estate securing a Mortgage Loan has a term of not less than five
      years
      in excess of the term of the related Mortgage Loan.

     

    (55)  Each
      Mortgage Loan represents a “qualified mortgage” within the meaning of Section
      860(a)(3) of the Code (but without regard to the rule in Treasury Regulation
§
1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage,
      or
      any substantially similar successor provision) and applicable Treasury
      regulations promulgated thereunder.

     

    (56)  No
      Mortgage Loan was either a “consumer credit contract” or a “purchase money loan”
as such terms are defined in 16 C.F.R. § 433 nor is any Mortgage Loan a
“mortgage” as defined in 15 U.S.C. § 1602(aa).

     

    (57)  To
      the
      extent required under applicable law, each originator and subsequent mortgagee
      or servicer of the Mortgage Loan complied with all licensing requirements and
      was authorized to transact and do business in the jurisdiction in which the
      related Mortgaged Property is located at all times when it held or serviced
      the
      Mortgage Loan.  Any and all requirements of any federal, state or
      local laws or regulations, including, without limitation, usury,
      truth-in-lending, real estate settlement procedures, consumer credit protection,
      anti-predatory lending, fair credit reporting, unfair collection practice,
      equal
      credit opportunity, fair housing and disclosure laws and regulations, applicable
      to the solicitation, origination, collection and servicing of such Mortgage
      Loan
      have been complied with in all material respects; and any obligations of the
      holder of the Mortgage Note, Mortgage and other loan documents have been
      complied with in all material respects; servicing of each Mortgage Loan has
      been
      in accordance with prudent mortgage servicing standards, any applicable laws,
      rules and regulations and in accordance with the terms of the Mortgage Notes,
      Mortgage and other loan documents, whether such origination and servicing was
      done by the applicable Seller, its affiliates, or any third party which
      originated the Mortgage Loan on behalf of, or sold the Mortgage Loan to, any
      of
      them, or any servicing agent of any of the foregoing.

     

    (58)  The
      methodology used in underwriting the extension of credit for the Mortgage Loan
      employs objective mathematical principles which relate the borrower’s income,
      assets and liabilities to the proposed payment and such underwriting methodology
      does not rely on the extent of the borrower’s equity in the collateral as the
      principal determining factor in approving such credit extension.  Such
      underwriting methodology confirmed that at the time of origination
      (application/approval) the borrower had a reasonable ability to make timely
      payments on the Mortgage Loan.

     

    (59)  No
      borrower was required to purchase any credit life, disability, accident or
      health insurance product as a condition of obtaining the extension of
      credit.  No borrower obtained a prepaid single-premium credit life,
      disability, accident or health insurance  policy in connection with
      the origination of the Mortgage Loan.

     

    (60)  If
      the
      Mortgage Loan provides that the interest rate on the principal balance of the
      related Mortgage Loan may be adjusted, all of the terms of the related Mortgage
      pertaining to interest rate adjustments, payment adjustments and adjustments
      of
      the outstanding principal balance have been made in accordance with the terms
      of
      the related Mortgage Note and applicable law and are enforceable and such
      adjustments will not affect the priority of the Mortgage lien.

     

    (61)  The
      Mortgaged Property complies with all applicable laws, rules and regulations
      relating to environmental matters, including but not limited to those relating
      to radon, asbestos and lead paint and no Seller nor, to the best of CHL’s
      knowledge, the Mortgagor, has received any notice of any violation or potential
      violation of such law.

     

    (62)  There
      is
      no action, suit or proceeding pending, or to the best of CHL’s knowledge,
      threatened or likely to be asserted with respect to the Mortgage Loan against
      or
      affecting any Seller before or by any court, administrative agency, arbitrator
      or governmental body.

     

    (63)  No
      action, inaction, or event has occurred and no state of fact exists or has
      existed that has resulted or will result in the exclusion from, denial of,
      or
      defense to coverage under any applicable hazard insurance policy, irrespective
      of the cause of such failure of coverage.  In connection with the
      placement of any such insurance, no commission, fee, or other compensation
      has
      been or will be received by CHL or any designee of CHL or any corporation in
      which CHL or any officer, director, or employee had a financial interest at
      the
      time of placement of such insurance.

     

    (64)  Each
      Mortgage Loan has a fully assignable life of loan tax service contract which
      may
      be assigned without the payment of any fee.

     

    (65)  No
      Mortgagor has notified CHL or the Master Servicer on CHL’s behalf, and CHL has
      no knowledge, of any relief requested or allowed to a Mortgagor under the Relief
      Act or any similar state or local law.

     

    (66)  Each
      Mortgage Loan was originated by a savings and loan association, savings bank,
      commercial bank, credit union, insurance company, or mortgage banking company
      which is supervised and examined by a federal or state authority, or by a
      mortgagee approved by the Secretary of Housing and Urban Development pursuant
      to
      Sections 2.03 and 2.11 of the National Housing Act.

     

    (67)  Each
      Mortgage Loan was (A) originated no earlier than six months prior to the time
      the applicable Seller purchased such Mortgage Loan pursuant to a mortgage loan
      purchase agreement or other similar agreement and (B) underwritten or
      reunderwritten by the applicable Seller in accordance with the applicable
      Seller’s underwriting guidelines in effect at the time the loan was underwritten
      or reunderwritten, as applicable.

     

    (68)  Each
      Mortgage Loan, at the time it was originated and as of the Closing Date or
      the
      related Subsequent Transfer Date, as applicable, complied in all material
      respects with applicable local, state and federal laws, including, but not
      limited to, all predatory and abusive lending laws.

     

    (69)  None
      of
      the Mortgage Loans is a “high cost” mortgage loan as defined by applicable
      federal, state and local predatory and abusive lending laws.

     

    (70)  Each
      Prepayment Charge is enforceable and was originated in compliance with all
      applicable federal, state and local laws.

     

    (71)  None
      of
      the Mortgage Loans that are secured by property located in the State of Illinois
      are in violation of the provisions of the Illinois Interest Act; 815 Ill. Comp.
      Stat. 205/0.01 (2004).

     

    (72)  There
      is
      no Mortgage Loan in the Trust Fund that was originated on or after March 7,
      2003, which is a “high cost home loan” as defined under the Georgia Fair Lending
      Act.

     

    (73)  No
      Mortgage Loan in the Trust Fund is a High Cost Loan or Covered Loan, as
      applicable (as such terms are defined in the then-current Standard & Poor’s
      LEVELS® Glossary which is now Version 5.7, Appendix E) and no Mortgage Loan
      originated on or after October 1, 2002 through March 6, 2003 is governed by
      the
      Georgia Fair Lending Act.

     

    (74)  Each
      Mortgage Loan is secured by a “single family residence” within the meaning of
      Section 25(e)(10) of the Code.  The fair market value of the
      manufactured home securing each Mortgage Loan was at least equal to 80% of
      the
      adjusted issue price of the contract at either (i) the time the contract was
      originated (determined pursuant to the REMIC Provisions) or (ii) the time the
      contract is transferred to the purchaser. Each Mortgage Loan is a “qualified
      mortgage” under Section 860G(a)(3) of the Code.

     

    (75)  No
      Mortgage Loan in the Trust Fund is a “high cost home,” “covered” (excluding home
      loans defined as "covered home loans" in the New Jersey Home Ownership Security
      Act of 2002 that were originated between November 26, 2003 and July 7, 2004),
      “high risk home” or “predatory” loan under any applicable state, federal or
      local law (or a similarly classified loan using different terminology under
      a
      law imposing heightened regulatory scrutiny or additional legal liability for
      residential mortgage loans having high interest rates, points and/or
      fees).

     

    (76)  There
      is
      no Mortgage Loan in the Trust Fund that was originated on or after October
      1,
      2002 and before March 7, 2003, which is secured by property located in the
      State
      of Georgia.

     

    (77)  Representations
      and Warranties relating to the Mortgage Loans in Loan Group 1:

     

    (A)  Each
      Mortgage Loan in Loan Group 1 at the time it was made complied in all material
      respects with applicable local, state, and federal laws, including, but not
      limited to, all applicable predatory, abusive and fair lending
      laws;

     

    (B)  No
      Mortgage Loan in Loan Group 1 is covered by the Home Ownership and Equity
      Protection Act of 1994 (“HOEPA”);

     

    (C)  As
      part
      of the due diligence process relating to the Certificates, CHL reviewed a
      statistically significant sampling of 100 mortgage loans proposed for inclusion
      in Loan Group 1 and confirmed the following:  none of the mortgage
      loans sampled that are secured by the borrower’s principal residence exceeded
      the thresholds set by HOEPA and its implementing regulations, including 12
      CFR §
226.32(a)(1)(i).  Such loans that exceeded these thresholds were not
      included in Loan Group 1.  CHL confirms that (a) the mortgage loans
      sampled include refinance and purchase money mortgage loans; (b) the sampling
      was done using methodology ordinarily and customarily used by underwriters
      of
      residential mortgage-backed securities to diligence pools of residential
      mortgage loans; and (c) it is not aware of any mortgage loans that are secured
      by the borrower’s principal residence that were not sampled that exceed the
      thresholds set by HOEPA;

     

    (D)  There
      is
      no Mortgage Loan in Loan Group 1 that was originated on or after October 1,
      2002
      and before March 7, 2003 which is secured by property located in the State
      of
      Georgia;

     

    (E)  No
      Mortgage Loan in Loan Group 1 is a “high cost home,” “covered” (excluding home
      loans defined as “covered home loans” in the New Jersey Home Ownership Security
      Act of 2002 that were originated between November 26, 2003 and July 7, 2004),
      “high risk home” or “predatory” loan under any applicable state, federal or
      local law (or a similarly classified loan using different terminology under
      a
      law imposing heightened regulatory scrutiny or additional legal liability for
      residential mortgage loans having high interest rates, points and/or
      fees;

     

    (F)  No
      borrower with respect to a Mortgage Loan in Loan Group 1 obtained a prepaid
      single-premium credit life, credit disability, credit unemployment or credit
      property insurance policy in connection with the origination of the Mortgage
      Loan;

     

    (G)  With
      respect to any Mortgage Loan in Loan Group 1 that contains a provision
      permitting imposition of a penalty upon a prepayment prior to
      maturity;

     

    
      	
              (a)  

            	
              if
                the Mortgage Loan is secured by the borrower’s principal residence, the
                Mortgage Loan provides some benefit to the borrower (e.g. a rate
                or fee
                reduction) in exchange for accepting such prepayment
                penalty;

            

    

     

    
      	
              (b)  

            	
              if
                the Mortgage Loan is secured by the borrower’s principal residence, the
                Mortgage Loan’s originator had a written policy of offering the borrower,
                or requiring third-party brokers to offer the borrower, the option
                of
                obtaining a mortgage loan that did not require payment of such a
                penalty;

            

    

     

    
      	
              (c)  

            	
              the
                prepayment penalty was adequately disclosed to the borrower pursuant
                to
                applicable state and federal law;

            

    

     

    
      	
              (d)  

            	
              no
                such Mortgage Loan originated on or after October 1, 2002 will provide
                for
                prepayment penalties for a term in excess of three years, and any
                such
                Mortgage Loan originated prior to such date will not provide for
                prepayment penalties in excess of five years; in each case unless
                the loan
                was modified to reduce the prepayment period to no more than three
                years
                from the date of the note and the borrower was notified in writing
                of such
                reduction in prepayment period;

            

    

     

    
      	
              (e)  

            	
              such
                prepayment penalty shall not be imposed in any instance where the
                Mortgage
                Loan is accelerated or paid off in connection with the workout of
                a
                delinquent mortgage or due to the borrower’s default, notwithstanding that
                the terms of the Mortgage Loan or state or federal law might permit
                the
                imposition of such penalty;

            

    

     

    (H)  With
      respect to each Mortgage Loan in Loan Group 1, the borrower was not encouraged
      or required to select a mortgage loan product offered by the Mortgage Loan’s
      originator which is a higher cost product designed for less creditworthy
      borrowers, taking into account such facts as, without limitation, the Mortgage
      Loan’s requirements and the borrower’s credit history, income, assets and
      liabilities;

     

    (I)  The
      methodology used in underwriting the extension of credit for each Mortgage
      Loan
      in Loan Group 1 did not rely solely on the extent of the borrower’s equity in
      the collateral as the principal determining factor in approving such extension
      of credit.  The methodology employed related objective criteria such
      as the borrower’s income, assets and liabilities, to the proposed mortgage
      payment and, based on such methodology, the Mortgage Loan’s originator made a
      reasonable determination that at the time of origination the borrower had the
      ability to make timely payments on the Mortgage Loan;

     

    (J)  No
      borrower under a Mortgage Loan in Loan Group 1 that is secured by the borrower’s
      principal residence was charged points and fees in an amount greater than (a)
      $1,000 or (b) 5% of the principal amount of such mortgage loan, whichever is
      greater.  For purposed of this representation, “points and fees” (x)
      include origination, underwriting, broker and finder’s fees and charges that the
      lender imposed as a condition of making the mortgage loan, whether they are
      paid
      to the lender or a third party; and (y) exclude bona fide discount points,
      fees
      paid for actual services rendered in connection with the origination of the
      mortgage (such as attorneys’ fees, notaries fees and fees paid for property
      appraisals, credit reports, surveys, title examinations and extracts, flood
      and
      tax certifications, and home inspections); the cost of mortgage insurance or
      credit-risk price adjustments; the costs of title, hazard, and flood insurance
      policies; state and local transfer taxes or fees; escrow deposits for the future
      payment of taxes and insurance premiums; and other miscellaneous fees and
      charges, which miscellaneous fees and charges, in total, do not exceed 0.25
      percent of the loan amount;

     

    (K)  With
      respect to any Mortgage Loan in Loan Group 1 originated on or after August
      1,
      2004, neither the related mortgage nor the related mortgage note requires the
      borrower to submit to arbitration to resolve any dispute arising out of or
      relating in any way to the mortgage loan transaction;

     

    (L)  The
      Mortgage Loans in Loan Group 1 are exclusively secured by single-family (1-4
      unit) residential housing.  None of such mortgage loans are on
      multifamily, commercial, industrial, agricultural or undeveloped property,
      or on
      any property located anywhere except the continental United States, Alaska,
      Hawaii, Puerto Rico, the Virgin Islands or Guam;

     

    (M)  None
      of
      the Mortgage Loans in Loan Group 1 is secured by a condominium unit that is
      part
      of a condominium development that operates as, or holds itself out to be, a
      condominium hotel (“condotel”); and

     

    (N)  Each
      Mortgage Loan in Loan Group 1 had an original principal balance that conforms
      to
      Freddie Mac guidelines concerning original principal balance limits at the
      time
      of the origination of such mortgage loan.

     

    (78)  The
      representations in Section 2.03(c)(1)-(6), 2.03(d)(1)-(6) and 2.03(e)(1)-(6)
      are
      true and correct.

     

    (c)  Park
      Monaco hereby represents and warrants to the Depositor and the Trustee as
      follows, as of the Cut-off Date:

     

    (1)  Park
      Monaco is duly organized as a Delaware corporation and is validly existing
      and
      in good standing under the laws of the State of Delaware and is duly authorized
      and qualified to transact any and all business contemplated by this Agreement
      and each Subsequent Transfer Agreement to be conducted by Park Monaco in any
      state in which a Mortgaged Property securing a Park Monaco Mortgage Loan is
      located or is otherwise not required under applicable law to effect such
      qualification and, in any event, is in compliance with the doing business laws
      of any such state, to the extent necessary to ensure its ability to enforce
      each
      Park Monaco Mortgage Loan, to sell the Park Monaco Mortgage Loans in accordance
      with the terms of this Agreement and each Subsequent Transfer Agreement and
      to
      perform any of its other obligations under this Agreement in accordance with
      the
      terms hereof.

     

    (2)           Park
      Monaco has the full company power and authority to sell each Park Monaco
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by this Agreement and each Subsequent
      Transfer Agreement and has duly authorized by all necessary company action
      on
      the part of Park Monaco the execution, delivery and performance of this
      Agreement and each Subsequent Transfer Agreement; and this Agreement and each
      Subsequent Transfer Agreement, assuming the due authorization, execution and
      delivery hereof by the other parties hereto, constitutes a legal, valid and
      binding obligation of Park Monaco, enforceable against Park Monaco in accordance
      with its terms, except that (a) the enforceability hereof may be limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought.

     

    (3)           The
      execution and delivery of this Agreement and each Subsequent Transfer Agreement
      by Park Monaco, the sale of the Park Monaco Mortgage Loans by Park Monaco under
      this Agreement and each Subsequent Transfer Agreement, the consummation of
      any
      other of the transactions contemplated by this Agreement and each Subsequent
      Transfer Agreement and the fulfillment of or compliance with the terms hereof
      are in the ordinary course of business of Park Monaco and will not (A) result
      in
      a material breach of any term or provision of the certificate of formation
      or
      limited liability company agreement of Park Monaco or (B) materially conflict
      with, result in a material breach, violation or acceleration of, or result
      in a
      material default under, the terms of any other material agreement or instrument
      to which Park Monaco is a party or by which it may be bound, or (C) constitute
      a
      material violation of any statute, order or regulation applicable to Park Monaco
      of any court, regulatory body, administrative agency or governmental body having
      jurisdiction over Park Monaco; and Park Monaco is not in breach or violation
      of
      any material indenture or other material agreement or instrument, or in
      violation of any statute, order or regulation of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it which
      breach or violation may materially impair Park Monaco’s ability to perform or
      meet any of its obligations under this Agreement.

     

    (4)           No
      litigation is pending or, to the best of Park Monaco’s knowledge, threatened,
      against Park Monaco that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or any Subsequent Transfer
      Agreement or the ability of Park Monaco to sell the Park Monaco Mortgage Loans
      or to perform any of its other obligations under this Agreement or any
      Subsequent Transfer Agreement in accordance with the terms hereof or
      thereof.

     

    (5)           No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by Park Monaco
      of,
      or compliance by Park Monaco with, this Agreement or any Subsequent Transfer
      Agreement or the consummation of the transactions contemplated hereby, or if
      any
      such consent, approval, authorization or order is required, Park Monaco has
      obtained the same.

     

    (6)           Park
      Monaco will treat the transfer of the Park Monaco Mortgage Loans to the
      Depositor as a sale of the Park Monaco Mortgage Loans for all tax, accounting
      and regulatory purposes.

     

    (7)           Immediately
      prior to the assignment of each Park Monaco Mortgage Loan to the Depositor,
      Park
      Monaco had good title to, and was the sole owner of, such the Park Monaco
      Mortgage Loan free and clear of any pledge, lien, encumbrance 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 the
      same pursuant to this Agreement.

     

    (d)  Park
      Sienna hereby represents and warrants to the Depositor and the Trustee as
      follows, as of the Cut-off Date:

     

    (1)           Park
      Sienna is duly organized as a Delaware limited liability company and is validly
      existing and in good standing under the laws of the State of Delaware and is
      duly authorized and qualified to transact any and all business contemplated
      by
      this Agreement and each Subsequent Transfer Agreement to be conducted by Park
      Sienna in any state in which a Mortgaged Property securing a Park Sienna
      Mortgage Loan is located or is otherwise not required under applicable law
      to
      effect such qualification and, in any event, is in compliance with the doing
      business laws of any such state, to the extent necessary to ensure its ability
      to enforce each Park Sienna Mortgage Loan, to sell the Park Sienna Mortgage
      Loans in accordance with the terms of this Agreement and each Subsequent
      Transfer Agreement and to perform any of its other obligations under this
      Agreement in accordance with the terms hereof.

     

    (2)           Park
      Sienna has the full company power and authority to sell each Park Sienna
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by this Agreement and each Subsequent
      Transfer Agreement and has duly authorized by all necessary company action
      on
      the part of Park Sienna the execution, delivery and performance of this
      Agreement and each Subsequent Transfer Agreement; and this Agreement and each
      Subsequent Transfer Agreement, assuming the due authorization, execution and
      delivery hereof by the other parties hereto, constitutes a legal, valid and
      binding obligation of Park Sienna, enforceable against Park Sienna in accordance
      with its terms, except that (a) the enforceability hereof may be limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought.

     

    (3)           The
      execution and delivery of this Agreement and each Subsequent Transfer Agreement
      by Park Sienna, the sale of the Park Sienna Mortgage Loans by Park Sienna under
      this Agreement and each Subsequent Transfer Agreement, the consummation of
      any
      other of the transactions contemplated by this Agreement and each Subsequent
      Transfer Agreement and the fulfillment of or compliance with the terms hereof
      are in the ordinary course of business of Park Sienna and will not (A) result
      in
      a material breach of any term or provision of the certificate of formation
      or
      limited liability company agreement of Park Sienna or (B) materially conflict
      with, result in a material breach, violation or acceleration of, or result
      in a
      material default under, the terms of any other material agreement or instrument
      to which Park Sienna is a party or by which it may be bound, or (C) constitute
      a
      material violation of any statute, order or regulation applicable to Park Sienna
      of any court, regulatory body, administrative agency or governmental body having
      jurisdiction over Park Sienna; and Park Sienna is not in breach or violation
      of
      any material indenture or other material agreement or instrument, or in
      violation of any statute, order or regulation of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it which
      breach or violation may materially impair Park Sienna’s ability to perform or
      meet any of its obligations under this Agreement.

     

    (4)           No
      litigation is pending or, to the best of Park Sienna’s knowledge, threatened,
      against Park Sienna that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or any Subsequent Transfer
      Agreement or the ability of Park Sienna to sell the Park Sienna Mortgage Loans
      or to perform any of its other obligations under this Agreement or any
      Subsequent Transfer Agreement in accordance with the terms hereof or
      thereof.

     

    (5)           No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by Park Sienna
      of,
      or compliance by Park Sienna with, this Agreement or any Subsequent Transfer
      Agreement or the consummation of the transactions contemplated hereby, or if
      any
      such consent, approval, authorization or order is required, Park Sienna has
      obtained the same.

     

    (6)           Park
      Sienna will treat the transfer of the Park Sienna Mortgage Loans to the
      Depositor as a sale of the Park Sienna Mortgage Loans for all tax, accounting
      and regulatory purposes.

     

    (7)           Immediately
      prior to the assignment of each Park Sienna Mortgage Loan to the Depositor,
      Park
      Sienna had good title to, and was the sole owner of, such the Park Sienna
      Mortgage Loan free and clear of any pledge, lien, encumbrance 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 the
      same pursuant to this Agreement.

     

    (e)  Park
      Granada hereby represents and warrants to the Depositor and the Trustee as
      follows, as of the Cut-off Date:

     

    (1)           Park
      Granada is duly organized as a Delaware limited liability company and is validly
      existing and in good standing under the laws of the State of Delaware and is
      duly authorized and qualified to transact any and all business contemplated
      by
      this Agreement and each Subsequent Transfer Agreement to be conducted by Park
      Granada in any state in which a Mortgaged Property securing a Park Granada
      Mortgage Loan is located or is otherwise not required under applicable law
      to
      effect such qualification and, in any event, is in compliance with the doing
      business laws of any such state, to the extent necessary to ensure its ability
      to enforce each Park Granada Mortgage Loan, to sell the Park Granada Mortgage
      Loans in accordance with the terms of this Agreement and each Subsequent
      Transfer Agreement and to perform any of its other obligations under this
      Agreement in accordance with the terms hereof.

     

    (2)           Park
      Granada has the full company power and authority to sell each Park Granada
      Mortgage Loan, and to execute, deliver and perform, and to enter into and
      consummate the transactions contemplated by this Agreement and each Subsequent
      Transfer Agreement and has duly authorized by all necessary company action
      on
      the part of Park Granada the execution, delivery and performance of this
      Agreement and each Subsequent Transfer Agreement; and this Agreement and each
      Subsequent Transfer Agreement, assuming the due authorization, execution and
      delivery hereof by the other parties hereto, constitutes a legal, valid and
      binding obligation of Park Granada, enforceable against Park Granada in
      accordance with its terms, except that (a) the enforceability hereof may be
      limited by bankruptcy, insolvency, moratorium, receivership and other similar
      laws relating to creditors’ rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought.

     

    (3)           The
      execution and delivery of this Agreement and each Subsequent Transfer Agreement
      by Park Granada, the sale of the Park Granada Mortgage Loans by Park Granada
      under this Agreement and each Subsequent Transfer Agreement, the consummation
      of
      any other of the transactions contemplated by this Agreement and each Subsequent
      Transfer Agreement and the fulfillment of or compliance with the terms hereof
      are in the ordinary course of business of Park Granada and will not (A) result
      in a material breach of any term or provision of the certificate of formation
      or
      limited liability company agreement of Park Granada or (B) materially conflict
      with, result in a material breach, violation or acceleration of, or result
      in a
      material default under, the terms of any other material agreement or instrument
      to which Park Granada is a party or by which it may be bound, or (C) constitute
      a material violation of any statute, order or regulation applicable to Park
      Granada of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over Park Granada; and Park Granada is not in breach
      or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair Park Granada’s ability to
      perform or meet any of its obligations under this Agreement.

     

    (4)           No
      litigation is pending or, to the best of Park Granada’s knowledge, threatened,
      against Park Granada that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or any Subsequent Transfer
      Agreement or the ability of Park Granada to sell the Park Granada Mortgage
      Loans
      or to perform any of its other obligations under this Agreement or any
      Subsequent Transfer Agreement in accordance with the terms hereof or
      thereof.

     

    (5)           No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by Park Granada
      of,
      or compliance by Park Granada with, this Agreement or any Subsequent Transfer
      Agreement or the consummation of the transactions contemplated hereby, or if
      any
      such consent, approval, authorization or order is required, Park Granada has
      obtained the same.

     

    (6)           Park
      Granada will treat the transfer of the Park Granada Mortgage Loans to the
      Depositor as a sale of the Park Granada Mortgage Loans for all tax, accounting
      and regulatory purposes.

     

    (7)           Immediately
      prior to the assignment of each Park Granada Mortgage Loan to the Depositor,
      Park Granada had good title to, and was the sole owner of, such the Park Granada
      Mortgage Loan free and clear of any pledge, lien, encumbrance 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 the
      same pursuant to this Agreement.

     

    (f)  [reserved]

     

    (g)  Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in Section 2.03(a) through (f) that materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan, the party
      discovering such breach shall give prompt notice thereof to the other parties,
      the NIM Insurer and the Swap Counterparty.  Each of the Master
      Servicer and the Sellers (each, a “Representing Party”) hereby covenants with
      respect to the representations and warranties set forth in Sections 2.03(a)
      through (f) that within 90 days of the earlier of the discovery by such
      Representing Party or receipt of written notice by such Representing Party
      from
      any party of a breach of any representation or warranty set forth herein made
      that materially and adversely affects the interests of the Certificateholders
      in
      any Mortgage Loan, it shall cure such breach in all material respects and,
      if
      such breach is not so cured, shall, (i) if such 90-day period expires prior
      to
      the second anniversary of the Closing Date, remove such Mortgage Loan (a
“Deleted Mortgage Loan”) from the Trust Fund and substitute in its place a
      Replacement Mortgage Loan, in the manner and subject to the conditions set
      forth
      in this Section; or (ii) repurchase the affected Mortgage Loan or Mortgage
      Loans
      from the Trustee at the Purchase Price in the manner set forth below; provided
      that (a) any such substitution pursuant to (i) above or repurchase pursuant
      to
      (ii) above shall not be effected prior to the delivery to the Trustee of the
      Opinion of Counsel required by Section 2.05 hereof, (b) any such substitution
      pursuant to (i) above shall not be effected prior to the additional delivery
      to
      the Trustee of a Request for File Release and (c) any such substitution pursuant
      to (i) above shall include a payment by the applicable Representing Party of
      any
      amount as calculated under item (iii) of the definition of “Purchase
      Price”.  Any Representing Party liable for a breach under this Section
      2.03 shall promptly reimburse the Master Servicer or the Trustee for any
      expenses reasonably incurred by the Master Servicer or the Trustee in respect
      of
      enforcing the remedies for such breach.  To enable the Master Servicer
      to amend the Mortgage Loan Schedule, any Representing Party liable for a breach
      under this Section 2.03 shall, unless it cures such breach in a timely fashion
      pursuant to this Section 2.03, promptly notify the Master Servicer whether
      such
      Representing Party intends either to repurchase, or to substitute for, the
      Mortgage Loan affected by such breach.  With respect to the
      representations and warranties described in this Section that are made to the
      best of the Representing Party’s knowledge, if it is discovered by any of the
      Depositor, the Master Servicer, the Sellers 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, notwithstanding
      the Representing Party’s lack of knowledge with respect to the substance of such
      representation or warranty, such inaccuracy shall be deemed a breach of the
      applicable representation or warranty.  Any breach of any
      representation set forth in Section 2.03(a)(8) or Section 2.03(b)(77) may ONLY
      be deemed to materially and adversely affect the Certificateholders if (i)
      Freddie Mac is a Certificate Owner, (ii) Freddie Mac is the party asserting
      the
      existence of the breach and (iii) Freddie Mac and the Sellers so
      agree.

     

    With
      respect to any Replacement Mortgage Loan or Loans, the applicable Seller
      delivering such Replacement Mortgage Loan shall deliver to the Trustee for
      the
      benefit of the Certificateholders the related Mortgage Note, Mortgage and
      assignment of the Mortgage, and such other documents and agreements as are
      required by Section 2.01, with the Mortgage Note endorsed and the Mortgage
      assigned as required by Section 2.01.  No substitution will be made in
      any calendar month after the Determination Date for such
      month.  Scheduled Payments due with respect to Replacement Mortgage
      Loans in the Due Period related to the Distribution Date on which such proceeds
      are to be distributed shall not be part of the Trust Fund and will be retained
      by the applicable Seller delivering such Replacement Mortgage Loan on such
      Distribution Date.  For the month of substitution, distributions to
      Certificateholders will include the Scheduled Payment due on any Deleted
      Mortgage Loan for the related Due Period and thereafter the applicable Seller
      shall be entitled to retain all amounts received in respect of such Deleted
      Mortgage Loan.  The Master Servicer shall amend the Mortgage Loan
      Schedule for the benefit of the Certificateholders to reflect the removal of
      such Deleted Mortgage Loan and the substitution of the Replacement Mortgage
      Loan
      or Loans and the Master Servicer shall deliver the amended Mortgage Loan
      Schedule to the Trustee.  Upon such substitution, the Replacement
      Mortgage Loan or Loans shall be subject to the terms of this Agreement in all
      respects, and the applicable Seller delivering such Replacement Mortgage Loan
      shall be deemed to have made with respect to such Replacement Mortgage Loan
      or
      Loans, as of the date of substitution, the representations and warranties set
      forth in Section 2.03(b), (c), (d), (e) or (f) with respect to such Mortgage
      Loan.  Upon any such substitution and the deposit to the Certificate
      Account of the amount required to be deposited therein in connection with such
      substitution as described in the following paragraph, the Trustee shall release
      to the Representing Party the Mortgage File relating to such Deleted Mortgage
      Loan and held for the benefit of the Certificateholders and shall execute and
      deliver at the Master Servicer’s direction such instruments of transfer or
      assignment as have been prepared by the Master Servicer, in each case without
      recourse, as shall be necessary to vest in the applicable Seller, or its
      respective designee, title to the Trustee’s interest in any Deleted Mortgage
      Loan substituted for pursuant to this Section 2.03.

     

    For
      any
      month in which any Seller substitutes one or more Replacement Mortgage Loans
      for
      one or more Deleted Mortgage Loans, the Master Servicer will determine the
      amount (if any) by which the aggregate principal balance of all such Replacement
      Mortgage Loans as of the date of substitution is less than the Stated Principal
      Balance (after application of the principal portion of the Scheduled Payment
      due
      in the month of substitution) of all such Deleted Mortgage Loans.  An
      amount equal to the aggregate of the deficiencies described in the preceding
      sentence (such amount, the “Substitution Adjustment Amount”) shall be forwarded
      by the applicable Seller to the Master Servicer and deposited by the Master
      Servicer into the Certificate Account not later than the Determination Date
      for
      the Distribution Date relating to the Prepayment Period during which the related
      Mortgage Loan became required to be purchased or replaced
      hereunder.

     

    In
      the
      event that a Seller shall have repurchased a Mortgage Loan, the Purchase Price
      therefor shall be deposited in the Certificate Account pursuant to Section
      3.05
      on the Determination Date for the Distribution Date in the month following
      the
      month during which such Seller became obligated to repurchase or replace such
      Mortgage Loan and upon such deposit of the Purchase Price, the delivery of
      the
      Opinion of Counsel required by Section 2.05, if any, and the receipt of a
      Request for File Release, the Trustee shall release the related Mortgage File
      held for the benefit of the Certificateholders to such Seller, and the Trustee
      shall execute and deliver at such Person’s direction the related instruments of
      transfer or assignment prepared by such Seller, in each case without recourse,
      as shall be necessary to transfer title from the Trustee for the benefit of
      the
      Certificateholders and transfer the Trustee’s interest to such Seller to any
      Mortgage Loan purchased pursuant to this Section 2.03.  It is
      understood and agreed that the obligation under this Agreement of the Sellers
      to
      cure, repurchase or replace any Mortgage Loan as to which a breach has occurred
      and is continuing shall constitute the sole remedy against the Sellers
      respecting such breach available to Certificateholders, the Depositor or the
      Trustee.

     

    (h)  The
      representations and warranties set forth in this Section 2.03 shall survive
      delivery of the respective Mortgage Files to the Trustee for the benefit of
      the
      Certificateholders with respect to each Mortgage Loan.

     

    
      	
              Section
                2.04  

            	
              Representations
                and Warranties of the
                Depositor.

            

    

     

    The
      Depositor hereby represents and warrants to the Master Servicer and the Trustee
      as follows, as of the date hereof and as of each Subsequent Transfer
      Date:

     

    (1)  The
      Depositor is duly organized and is validly existing as a corporation in good
      standing under the laws of the State of Delaware and has full power and
      authority (corporate and other) necessary to own or hold its properties and
      to
      conduct its business as now conducted by it and to enter into and perform its
      obligations under this Agreement and each Subsequent Transfer
      Agreement.

     

    (2)  The
      Depositor has the full corporate power and authority to execute, deliver and
      perform, and to enter into and consummate the transactions contemplated by,
      this
      Agreement and each Subsequent Transfer Agreement and has duly authorized, by
      all
      necessary corporate action on its part, the execution, delivery and performance
      of this Agreement and each Subsequent Transfer Agreement; and this Agreement
      and
      each Subsequent Transfer Agreement, assuming the due authorization, execution
      and delivery hereof by the other parties hereto, constitutes a legal, valid
      and
      binding obligation of the Depositor, enforceable against the Depositor in
      accordance with its terms, subject, as to enforceability, to (i) bankruptcy,
      insolvency, reorganization, moratorium and other similar laws affecting
      creditors’ rights generally and (ii) general principles of equity, regardless of
      whether enforcement is sought in a proceeding in equity or at law.

     

    (3)  The
      execution and delivery of this Agreement and each Subsequent Transfer Agreement
      by the Depositor, the consummation of the transactions contemplated by this
      Agreement, and the fulfillment of or compliance with the terms hereof are in
      the
      ordinary course of business of the Depositor and will not (A) result in a
      material breach of any term or provision of the charter or by-laws of the
      Depositor or (B) materially conflict with, result in a material breach,
      violation or acceleration of, or result in a material default under, the terms
      of any other material agreement or instrument to which the Depositor is a party
      or by which it may be bound or (C) constitute a material violation of any
      statute, order or regulation applicable to the Depositor of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over the Depositor; and the Depositor is not in breach or violation of any
      material indenture or other material agreement or instrument, or in violation
      of
      any statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair the Depositor’s ability to perform or meet any
      of its obligations under this Agreement.

     

    (4)  No
      litigation is pending, or, to the best of the Depositor’s knowledge, threatened,
      against the Depositor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or any Subsequent Transfer
      Agreement or the ability of the Depositor to perform its obligations under
      this
      Agreement or any Subsequent Transfer Agreement in accordance with the terms
      hereof or thereof.

     

    (5)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Depositor
      of, or compliance by the Depositor with, this Agreement or any Subsequent
      Transfer Agreement or the consummation of the transactions contemplated hereby,
      or if any such consent, approval, authorization or order is required, the
      Depositor has obtained the same.

     

    The
      Depositor hereby represents and warrants to the Trustee with respect to each
      Mortgage Loan, as of the Closing Date or the related Subsequent Transfer Date,
      as applicable, following the transfer of such Mortgage Loan to it by the
      Sellers, the Depositor had good title to the Initial Mortgage Loans or related
      Subsequent Mortgage Loans, as applicable, and the related Mortgage Notes were
      subject to no offsets, claims, defenses or counterclaims.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      the
      two immediately preceding paragraphs shall survive delivery of the Mortgage
      Files to the Trustee.  Upon discovery by the Depositor or the Trustee,
      of a breach of any of the foregoing representations and warranties set forth
      in
      the immediately preceding paragraph (referred to herein as a “breach”), which
      breach materially and adversely affects the interest of the Certificateholders,
      the party discovering such breach shall give prompt written notice to the others
      and to each Rating Agency, the NIM Insurer and the Swap
      Counterparty.  The Depositor hereby covenants with respect to the
      representations and warranties made by it in this Section 2.04 that within
      90
      days of the earlier of the discovery by it or receipt of written notice by
      it
      from any party of a breach of any representation or warranty set forth herein
      made that materially and adversely affects the interests of the
      Certificateholders in any Mortgage Loan, it shall cure such breach in all
      material respects and, if such breach is not so cured, shall repurchase or
      replace the affected Mortgage Loan or Loans in accordance with the procedure
      set
      forth in Section 2.03(g).

     

    
      	
              Section
                2.05  

            	
              Delivery
                of Opinion of Counsel in Connection with Substitutions and
                Repurchases.

            

    

     

    (a)  Notwithstanding
      any contrary provision of this Agreement, with respect to any Mortgage Loan
      that
      is not in default or as to which default is not imminent, no repurchase or
      substitution pursuant to Sections 2.02, 2.03 or 2.04 shall be made unless the
      Representing Party making such repurchase or substitution delivers to the
      Trustee an Opinion of Counsel (which such Representing Party shall use
      reasonable efforts to obtain), addressed to the Trustee to the effect that
      such
      repurchase or substitution would not (i) result in the imposition of the tax
      on
“prohibited transactions” of the Trust Fund or contributions after the Closing
      Date, as defined in sections 860F(a)(2) and 860G(d) of the Code, respectively
      or
      (ii) cause the any REMIC formed hereunder to fail to qualify as a REMIC at
      any
      time that any Certificates are outstanding.  Any Mortgage Loan as to
      which repurchase or substitution was delayed pursuant to this paragraph shall
      be
      repurchased or the substitution therefor shall occur (subject to compliance
      with
      Sections 2.02, 2.03 or 2.04) upon the earlier of (a) the occurrence of a default
      or imminent default with respect to such loan and (b) receipt by the Trustee
      of
      an Opinion of Counsel to the effect that such repurchase or substitution, as
      applicable, will not result in the events described in clause (i) or clause
      (ii)
      of the preceding sentence.  A substitution pursuant to Sections 2.02,
      2.03 or 2.04 that is made within ninety (90) days after the Closing Date shall
      not require the Representing Party to deliver to the Trustee such Opinion of
      Counsel.

     

    (b)  Upon
      discovery by the Depositor, any Seller, the Master Servicer 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
      promptly (and in any event within five Business Days of discovery) give written
      notice thereof to the other parties and the NIM Insurer.  In
      connection therewith, the Trustee shall require CHL, at CHL’s option, to either
      (i) substitute, if the conditions in Section 2.03(g) with respect to
      substitutions are satisfied, a Replacement Mortgage Loan for the affected
      Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within 90 days
      of
      such discovery in the same manner as it would a Mortgage Loan for a breach
      of
      representation or warranty contained in Section 2.03.  The Trustee
      shall reconvey to CHL 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 contained in Section
      2.03.

     

    
      	
              Section
                2.06  

            	
              Authentication
                and Delivery of Certificates.

            

    

     

    The
      Trustee acknowledges the transfer and assignment to it of the Trust Fund and,
      concurrently with such transfer and assignment, has executed, authenticated
      and
      delivered, to or upon the order of the Depositor, the Certificates in authorized
      denominations evidencing the entire ownership of the Trust Fund.  The
      Trustee agrees to hold the Trust Fund and exercise the rights referred to above
      for the benefit of all present and future Holders of the Certificates and to
      perform the duties set forth in this Agreement.

     

    
      	
              Section
                2.07  

            	
              Covenants
                of the Master Servicer.

            

    

     

    The
      Master Servicer hereby covenants to the Depositor and the Trustee as
      follows:

     

    (a)  the
      Master Servicer shall comply in the performance of its obligations under this
      Agreement with all reasonable rules and requirements of the insurer under each
      Required Insurance Policy; and

     

    (b)  no
      written information, certificate of an officer, statement furnished in writing
      or written report delivered to the Depositor, any affiliate of the Depositor
      or
      the Trustee and prepared by the Master Servicer pursuant to this Agreement
      will
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the information, certificate, statement or report not
      misleading.

     

    ARTICLE
      III.

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

     

    
      	
              Section
                3.01  

            	
              Master
                Servicer to Service Mortgage
                Loans.

            

    

     

    For
      and
      on behalf of the Certificateholders, the Master Servicer shall service and
      administer the Mortgage Loans in accordance with customary and usual standards
      of practice of prudent mortgage loan lenders in the respective states in which
      the Mortgaged Properties are located, including taking all required and
      appropriate actions under each Required Insurance Policy.  In
      connection with such servicing and administration, the Master Servicer shall
      have full power and authority, acting alone and/or through subservicers as
      provided in Section 3.02 hereof, subject to the terms hereof (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 (but only in the manner provided in this Agreement), (iii) to collect
      any Insurance Proceeds, other Liquidation Proceeds and Subsequent Recoveries,
      and (iv) subject to Section 3.12(b), to effectuate foreclosure or other
      conversion of the ownership of the Mortgaged Property securing any Mortgage
      Loan; provided that the Master Servicer shall take no action that is
      inconsistent with or prejudices the interests of the Trustee or the
      Certificateholders in any Mortgage Loan or the rights and interests of the
      Depositor and the Trustee under this Agreement.  The Master Servicer
      shall represent and protect the interest of the Trustee in the same manner
      as it
      currently protects its own interest in mortgage loans in its own portfolio
      in
      any claim, proceeding or litigation regarding a Mortgage Loan and shall not
      make
      or permit any modification, waiver or amendment of any term of any Mortgage
      Loan
      which would (i) cause any REMIC formed hereunder to fail to qualify as a REMIC
      or (ii) result in the imposition of any tax under section 860(a) or 860(d)
      of
      the Code, but in any case the Master Servicer shall not act in any manner that
      is a lesser standard than that provided in the first sentence of this Section
      3.01.  Without limiting the generality of the foregoing, the Master
      Servicer, in its own name or in the name of the Depositor and the Trustee,
      is
      hereby authorized and empowered by the Depositor and the Trustee, when the
      Master Servicer believes it appropriate in its reasonable judgment, to execute
      and deliver, on behalf of the Trustee, the Depositor, the Certificateholders
      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
      held
      for the benefit of the Certificateholders.  The Master Servicer shall
      prepare and deliver to the Depositor and/or the Trustee such documents requiring
      execution and delivery by any or all of them as are necessary or appropriate
      to
      enable the Master Servicer to service and administer the Mortgage
      Loans.  Upon receipt of such documents, the Depositor and/or the
      Trustee shall execute such documents and deliver them to the Master
      Servicer.  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 the Subservicer, when the Master Servicer or the
      Subservicer, as the case may be, believes it appropriate in its best judgment
      to
      register any Mortgage Loan on the MERS® System, 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.

     

    In
      accordance with the standards of the preceding paragraph, the Master Servicer
      shall advance or cause to be advanced funds as necessary for the purpose of
      effecting the payment of taxes and assessments on the Mortgaged Properties,
      which advances shall be reimbursable in the first instance from related
      collections from the Mortgagors pursuant to Section 3.06, and further as
      provided in Section 3.08.  All costs incurred by the Master Servicer,
      if any, in effecting the timely payments of taxes and assessments on the
      Mortgaged Properties and related insurance premiums shall not, for the purpose
      of calculating monthly distributions to the Certificateholders, be added to
      the
      Stated Principal Balance under the related Mortgage Loans, notwithstanding
      that
      the terms of such Mortgage Loans so permit.

     

    The
      Master Servicer shall deliver a list of Servicing Officers to the Trustee by
      the
      Closing Date.

     

    In
      connection with its activities as Master Servicer of the Mortgage Loans, the
      Master Servicer agrees to present, on behalf of itself, the Trustee and the
      Certificateholders, claims to the insurer under any primary insurance policies
      and, in this regard, to take any reasonable action necessary to permit recovery
      under any primary insurance policies respecting defaulted Mortgage Loans. Any
      amounts collected by the Master Servicer under any primary insurance policies
      shall be deposited in the Certificate Account.

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Scheduled Payments or Stated Principal Balances that were made by the Master
      Servicer in a manner not consistent with the terms of the related Mortgage
      Note
      and this Agreement, the Master Servicer, upon discovery or receipt of notice
      thereof, immediately shall deliver to the Trustee for deposit in the
      Distribution Account from its own funds the amount of any such shortfall and
      shall indemnify and hold harmless the Trust Fund, the Trustee, the Depositor
      and
      any successor master servicer in respect of any such liability.  Such
      indemnities shall survive the termination or discharge of this
      Agreement.  Notwithstanding the foregoing, this Section 3.01 shall not
      limit the ability of the Master Servicer to seek recovery of any such amounts
      from the related Mortgagor under the terms of the related Mortgage Note, as
      permitted by law and shall not be an expense of the Trust.

     

    
      	
              Section
                3.02  

            	
              Subservicing;
                Enforcement of the Obligations of Master
                Servicer.

            

    

     

    (a)  The
      Master Servicer may arrange for the subservicing of any Mortgage Loan by a
      subservicer (each, a “Subservicer”) pursuant to a subservicing agreement (each,
      a “Subservicing Agreement”); provided that (i) such subservicing arrangement and
      the terms of the related subservicing agreement must provide for the servicing
      of such Mortgage Loans in a manner consistent with the servicing arrangements
      contemplated hereunder, (ii) that such subservicing agreements would not result
      in a withdrawal or a downgrading by any Rating Agency of the ratings on any
      Class of Certificates, as evidenced by a letter to that effect delivered by
      each
      Rating Agency to the Depositor and the NIM Insurer and (iii) the NIM Insurer
      shall have consented to such subservicing agreements (which consent shall not
      be
      unreasonably withheld) with Subservicers, for the servicing and administration
      of the Mortgage Loans.  The Master Servicer shall deliver to the
      Trustee copies of all Sub-Servicing Agreements, and any amendments or
      modifications thereof, promptly upon the Master Servicer’s execution and
      delivery of such instruments. The Master Servicer, with the written consent
      of
      the NIM Insurer (which consent shall not be unreasonably withheld), shall be
      entitled to terminate any Subservicing Agreement and the rights and obligations
      of any Subservicer pursuant to any Subservicing Agreement in accordance with
      the
      terms and conditions of such Subservicing Agreement.  Notwithstanding
      the provisions of any subservicing agreement, any of the provisions of this
      Agreement relating to agreements or arrangements between the Master Servicer
      or
      a subservicer or reference to actions taken through a Master Servicer or
      otherwise, the Master Servicer shall remain obligated and liable to the
      Depositor, the Trustee and the Certificateholders for the servicing and
      administration of the Mortgage Loans in accordance with the provisions of this
      Agreement without diminution of such obligation or liability by virtue of such
      subservicing agreements or arrangements or by virtue of indemnification from
      the
      subservicer and to the same extent and under the same terms and conditions
      as if
      the Master Servicer alone were servicing and administering the Mortgage
      Loans.  Every subservicing agreement entered into by the Master
      Servicer shall contain a provision giving the successor Master Servicer the
      option to terminate such agreement without cost in the event a successor Master
      Servicer is appointed.  All actions of each subservicer performed
      pursuant to the related subservicing agreement shall be performed as an agent
      of
      the Master Servicer with the same force and effect as if performed directly
      by
      the Master Servicer.

     

    (b)  For
      purposes of this Agreement, the Master Servicer shall be deemed to have received
      any collections, recoveries or payments with respect to the Mortgage Loans
      that
      are received by a subservicer regardless of whether such payments are remitted
      by the subservicer to the Master Servicer.

     

    
      	
              Section
                3.03  

            	
              Rights
                of the Depositor, the Sellers, the Certificateholders, the NIM Insurer
                and
                the Trustee in Respect of the Master
                Servicer.

            

    

     

    None
      of
      the Trustee, the Sellers, the Certificateholders, the NIM Insurer or the
      Depositor shall have any responsibility or liability for any action or failure
      to act by the Master Servicer, and none of them is obligated to supervise the
      performance of the Master Servicer hereunder or otherwise.  The Master
      Servicer shall afford (and any Subservicing Agreement shall provide that each
      Subservicer shall afford) the Depositor, the NIM Insurer and the Trustee, upon
      reasonable notice, during normal business hours, access to all records
      maintained by the Master Servicer (and any such Subservicer) in respect of
      the
      Master Servicer’s rights and obligations hereunder and access to officers of the
      Master Servicer (and those of any such Subservicer) responsible for such
      obligations.  Upon request, the Master Servicer shall furnish to the
      Depositor, the NIM Insurer and the Trustee its (and any such Subservicer’s) most
      recent financial statements and such other information relating to the Master
      Servicer’s capacity to perform its obligations under this Agreement that it
      possesses.  To the extent such information is not otherwise available
      to the public, the Depositor, the NIM Insurer and the Trustee shall not
      disseminate any information obtained pursuant to the preceding two sentences
      without the Masters Servicer’s (or any such Subservicer’s) written consent,
      except as required pursuant to this Agreement or to the extent that it is
      necessary to do so (i) in working with legal counsel, auditors, taxing
      authorities or other governmental agencies, rating agencies or reinsurers or
      (ii) pursuant to any law, rule, regulation, order, judgment, writ, injunction
      or
      decree of any court or governmental authority having jurisdiction over the
      Depositor, the Trustee, the NIM Insurer or the Trust Fund, and in either case,
      the Depositor, the NIM Insurer or the Trustee, as the case may be, shall use
      its
      reasonable best efforts to assure the confidentiality of any such disseminated
      non-public information.  The Depositor may, but is not obligated to,
      enforce the obligations of the Master Servicer under this Agreement and may,
      but
      is not obligated to, perform, or cause a designee to perform, any defaulted
      obligation of the Master Servicer under this Agreement or exercise the rights
      of
      the Master Servicer under this Agreement; provided by virtue of such performance
      by the Depositor of its designee.  The Depositor shall not have any
      responsibility or liability for any action or failure to act by the Master
      Servicer and is not obligated to supervise the performance of the Master
      Servicer under this Agreement or otherwise.

     

    
      	
              Section
                3.04  

            	
              Trustee
                to Act as Master Servicer.

            

    

     

    In
      the
      event that the Master Servicer shall for any reason no longer be the Master
      Servicer hereunder (including by reason of an Event of Default or termination
      by
      the Depositor), the Trustee or its designee shall thereupon assume all of the
      rights and obligations of the Master Servicer hereunder arising thereafter
      (except that the Trustee shall not be (i) liable for losses of the Master
      Servicer pursuant to Section 3.10 hereof or any acts or omissions of the
      predecessor Master Servicer hereunder, (ii) obligated to make Advances if it
      is
      prohibited from doing so by applicable law, (iii) obligated to effectuate
      repurchases or substitutions of Mortgage Loans hereunder, including pursuant
      to
      Section 2.02 or 2.03 hereof, (iv) responsible for expenses of the Master
      Servicer pursuant to Section 2.03 or (v) deemed to have made any representations
      and warranties hereunder, including pursuant to Section 2.03 or the first
      paragraph of Section 6.02 hereof).  If the Master Servicer shall for
      any reason no longer be the Master Servicer (including by reason of any Event
      of
      Default or termination by the Depositor), the Trustee (or any other successor
      servicer) may, at its option, succeed to any rights and obligations of the
      Master Servicer under any subservicing agreement in accordance with the terms
      thereof; provided that the Trustee (or any other successor servicer) shall
      not
      incur any liability or have any obligations in its capacity as servicer under
      a
      subservicing agreement arising prior to the date of such succession unless
      it
      expressly elects to succeed to the rights and obligations of the Master Servicer
      thereunder; and the Master Servicer shall not thereby be relieved of any
      liability or obligations under the subservicing agreement arising prior to
      the
      date of such succession.

     

    The
      Master Servicer shall, upon request of the Trustee, but at the expense of the
      Master Servicer, deliver to the assuming party all documents and records
      relating to each subservicing agreement and the Mortgage Loans then being
      serviced thereunder and an accounting of amounts collected held by it and
      otherwise use its best efforts to effect the orderly and efficient transfer
      of
      the subservicing agreement to the assuming party.

     

    
      	
              Section
                3.05  

            	
              Collection
                of Mortgage Loan Payments; Certificate Account; Distribution Account;
                Pre-Funding Account; Capitalized Interest
                Account.

            

    

     

    (a)  The
      Master Servicer shall make reasonable efforts in accordance with customary
      and
      usual standards of practice of prudent mortgage lenders in the respective states
      in which the Mortgaged Properties are located to collect all payments called
      for
      under the terms and provisions of the Mortgage Loans to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any related Required Insurance Policy.  Consistent with the
      foregoing, the Master Servicer may in its discretion (i) waive any late payment
      charge or, subject to Section 3.20, any Prepayment Charge or penalty interest
      in
      connection with the prepayment of a Mortgage Loan and (ii) extend the due dates
      for payments due on a Mortgage Note for a period not greater than 270
      days.  In the event of any such arrangement, the Master Servicer shall
      make Advances on the related Mortgage Loan during the scheduled period in
      accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements.  In addition, the
      NIM Insurer’s prior written consent shall be required for any waiver of
      Prepayment Charges or for the extension of the due dates for payments due on
      a
      Mortgage Note, if the aggregate number of outstanding Mortgage Loans that have
      been granted such waivers or extensions exceeds 5% of the aggregate number
      of
      Initial Mortgage Loans and Subsequent Mortgage Loans.  The Master
      Servicer shall not be required to institute or join in litigation with respect
      to collection of any payment (whether under a Mortgage, Mortgage Note or
      otherwise or against any public or governmental authority with respect to a
      taking or condemnation) if it reasonably believes that enforcing the provision
      of the Mortgage or other instrument pursuant to which such payment is required
      is prohibited by applicable law.

     

    (b)  The
      Master Servicer shall establish and maintain a Certificate Account into which
      the Master Servicer shall deposit or cause to be deposited on a daily basis
      within two Business Days of receipt, except as otherwise specifically provided
      herein, the following payments and collections remitted by Subservicers or
      received by it in respect of Mortgage Loans subsequent to the Cut-off Date
      (other than in respect of principal and interest due on the Mortgage Loans
      on or
      before the Cut-off Date) and the following amounts required to be deposited
      hereunder:

     

    (1)  all
      payments on account of principal, including Principal Prepayments, on the
      Mortgage Loans;

     

    (2)  all
      payments on account of interest on the Mortgage Loans (net of the Servicing
      Fee
      and Prepayment Interest Excess permitted under Section 3.15 hereof to the extent
      not previously paid to or withheld by the Master Servicer);

     

    (3)  all
      Insurance Proceeds;

     

    (4)  all
      Liquidation Proceeds and Subsequent Recoveries, other than proceeds to be
      applied to the restoration or repair of the Mortgaged Property or released
      to
      the Mortgagor in accordance with the Master Servicer’s normal servicing
      procedures;

     

    (5)  all
      Compensating Interest;

     

    (6)  any
      amount required to be deposited by the Master Servicer pursuant to Section
      3.05(f) in connection with any losses on Permitted Investments;

     

    (7)  any
      amounts required to be deposited by the Master Servicer pursuant to Section
      3.10
      hereof;

     

    (8)  the
      Purchase Price and any Substitution Adjustment Amount;

     

    (9)  all
      Advances made by the Master Servicer or the Trustee pursuant to Section 4.01
      hereof;

     

    (10)  all
      Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts;
      and

     

    (11)  any
      other
      amounts required to be deposited hereunder.

     

    The
      foregoing requirements for remittance by the Master Servicer into the
      Certificate Account shall be exclusive, it being understood and agreed that,
      without limiting the generality of the foregoing, payments in the nature of
      late
      payment charges or assumption fees, if collected, need not be remitted by the
      Master Servicer.  In the event that the Master Servicer shall remit
      any amount not required to be remitted and not otherwise subject to withdrawal
      pursuant to Section 3.08 hereof, it may at any time withdraw or direct the
      institution maintaining the Certificate Account, to withdraw such amount from
      the Certificate Account, any provision herein to the contrary
      notwithstanding.  Such withdrawal or direction may be accomplished by
      delivering written notice thereof to the institution maintaining the Certificate
      Account, that describes the amounts deposited in error in the Certificate
      Account.  The Master Servicer shall maintain adequate records with
      respect to all withdrawals made pursuant to this Section.  All funds
      deposited in the Certificate Account shall be held in trust for the
      Certificateholders until withdrawn in accordance with Section 3.08.

     

    No
      later
      than 1:00 p.m. Pacific time on the Master Servicer Advance Date in the month
      of
      the first Distribution Date and in the month immediately following any
      Subsequent Transfer Date, CHL shall remit to the Master Servicer, and the Master
      Servicer shall deposit in the Certificate Account, the Seller Interest Shortfall
      Payments (if any) for the related Distribution Date.

     

    (c)  The
      Trustee shall establish and maintain, on behalf of the Certificateholders,
      the
      Distribution Account.  The Trustee shall, promptly upon receipt,
      deposit in the Distribution Account and retain therein the
      following:

     

    (1)  the
      aggregate amount remitted by the Master Servicer pursuant to the second
      paragraph of Section 3.08(a);

     

    (2)  any
      amount required to be deposited by the Master Servicer pursuant to Section
      3.05(f) in connection with any losses on Permitted Investments;

     

    (3)  the
      Closing Date Deposit Amount;

     

    (4)  the
      amount, if any, remaining in the Pre-Funding Account (net of any investment
      income therefrom) on the Distribution Date immediately following the end of
      the
      Funding Period; and

     

    (5)  any
      amounts received with respect to the termination of the Trust Fund pursuant
      to
      Section 9.01.

     

    The
      foregoing requirements for remittance by the Master Servicer and deposit by
      the
      Trustee into the Distribution Account shall be exclusive.  In the
      event that the Master Servicer shall remit any amount not required to be
      remitted and not otherwise subject to withdrawal pursuant to Section 3.08
      hereof, it may at any time direct the Trustee to withdraw such amount from
      the
      Distribution Account, any provision herein to the contrary
      notwithstanding.  Such direction may be accomplished by delivering a
      written notice to the Trustee that describes the amounts deposited in error
      in
      the Distribution Account.  All funds deposited in the Distribution
      Account shall be held by the Trustee in trust for the Certificateholders until
      disbursed in accordance with this Agreement or withdrawn in accordance with
      Section 3.08.  In no event shall the Trustee incur liability for
      withdrawals from the Distribution Account at the direction of the Master
      Servicer.

     

    (d)  If
      the
      Pre-Funded Amount is greater than zero, the Trustee shall establish and
      maintain, on behalf of the Certificateholders, the Pre-Funding Account, and
      on
      the Closing Date, CHL shall remit the Pre-Funded Amount to the Trustee for
      deposit in the Pre-Funding Account.

     

    On
      the
      Business Day before the Distribution Date following the end of the Funding
      Period, the Trustee shall (i) withdraw the amount on deposit in the Pre-Funding
      Account (net of investment income), (ii) promptly deposit such amount in the
      Distribution Account, and (iii) distribute each amount to the Certificates
      on
      the Distribution Date pursuant to Section 4.04.

     

    (e)  If
      the
      Capitalized Interest Deposit is greater than zero, the Trustee shall establish
      and maintain, on behalf of the Certificateholders, the Capitalized Interest
      Account.  On the Closing Date, CHL shall remit the Capitalized
      Interest Deposit to the Trustee for deposit in the Capitalized Interest
      Account.  On each Distribution Account Deposit Date related to a
      Funding Period Distribution Date, the Trustee shall transfer from the
      Capitalized Interest Account to the Distribution Account an amount equal to
      the
      Capitalized Interest Requirement (which, to the extent required, may include
      investment earnings on amounts on deposit therein) for the related Distribution
      Date.

     

    On
      each
      Subsequent Transfer Date, upon satisfaction of the conditions for such
      Subsequent Transfer Date set forth in Section 2.01(e), the Trustee shall
      withdraw from the Capitalized Interest Account the Capitalized Interest Release
      Amount for such Subsequent Transfer Date and distribute such amount to the
      order
      of CHL.

     

    If
      any
      funds remain in the Capitalized Interest Account at the end of the Distribution
      Account Deposit Date for the last Funding Period Distribution Date, the Trustee
      shall distribute any such remaining funds to the order of CHL on the last
      Funding Period Distribution Date.

     

    (f)  Each
      institution that maintains the Certificate Account, the Distribution Account,
      the Pre-Funding Account or the Capitalized Interest Account shall invest the
      funds in each such account, as directed by the Master Servicer, in Permitted
      Investments, which shall mature not later than (x) in the case of the
      Certificate Account, the second Business Day next preceding the related
      Distribution Account Deposit Date (except that if such Permitted Investment
      is
      an obligation of the institution that maintains such Certificate Account, then
      such Permitted Investment shall mature not later than the Business Day next
      preceding such Distribution Account Deposit Date) and (y) in the case of the
      Distribution Account, the Pre-Funding Account and the Capitalized Interest
      Account, the Business Day immediately preceding the first Distribution Date
      that
      follows the date of such investment (except that if such Permitted Investment
      is
      an obligation of the institution that maintains such Distribution Account,
      Pre-Funding Account or Capitalized Interest Account, then such Permitted
      Investment shall mature not later than such Distribution Date), in each case,
      shall not be sold or disposed of prior to its maturity.  All such
      Permitted Investments shall be made in the name of the Trustee, for the benefit
      of the Certificateholders.  In the case of (i) the Certificate Account
      and the Distribution Account, all income and gain net of any losses realized
      from any such investment shall be for the benefit of the Master Servicer as
      servicing compensation and shall be remitted to it monthly as provided herein,
      (ii) the Pre-Funding Account, all income and gain net of any losses realized
      from any such investment shall be for the benefit of the Depositor and shall
      be
      remitted to the Depositor as provided herein and (iii) the Capitalized Interest
      Account, all income and gain net of any losses realized from any such investment
      on deposit therein shall be credited thereto.  The amount of any
      losses incurred in the Certificate Account or the Distribution Account in
      respect of any such investments shall be deposited by the Master Servicer in
      the
      Certificate Account or paid to the Trustee for deposit into the Distribution
      Account out of the Master Servicer’s own funds immediately as
      realized.  The amount of any losses incurred in the Pre-Funding
      Account or the Capitalized Interest Account in respect of any such investments
      shall be paid by the Master Servicer to the Trustee for deposit into the
      Pre-Funding Account or the Capitalized Interest Account, as applicable, out
      of
      the Master Servicer’s own funds immediately as realized.  The Trustee
      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 Certificate Account,
      the
      Distribution Account, the Pre-Funding Account or the Capitalized Interest
      Account and made in accordance with this Section 3.05.

     

    (g)  The
      Master Servicer shall give at least 30 days advance notice to the Trustee,
      each
      Seller, each Rating Agency and the Depositor of any proposed change of location
      of the Certificate Account prior to any change thereof.  The Trustee
      shall give at least 30 days advance notice to the Master Servicer, each Seller,
      each Rating Agency and the Depositor of any proposed change of the location
      of
      the Distribution Account, the Pre-Funding Account, the Capitalized Interest
      Account or the Carryover Reserve Fund prior to any change thereof.

     

    (h)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs under
      any
      Permitted Investment, the Trustee may and, subject to Sections 8.01 and
      8.02(a)(4), at the request of the Holders of Certificates representing more
      than
      50% of the Voting Rights or the NIM Insurer, shall take any action appropriate
      to enforce payment or performance, including the institution and prosecution
      of
      appropriate proceedings.

     

    
      	
              Section
                3.06  

            	
              Collection
                of Taxes, Assessments and Similar Items; Escrow
                Accounts.

            

    

     

    To
      the
      extent required by the related Mortgage Note, the Master Servicer shall
      establish and maintain one or more accounts (each, an “Escrow Account”) and
      deposit and retain therein all collections from the Mortgagors (or advances
      by
      the Master Servicer) for the payment of taxes, assessments, hazard insurance
      premiums or comparable items for the account of the
      Mortgagors.  Nothing herein shall require the Master Servicer to
      compel a Mortgagor to establish an Escrow Account in violation of applicable
      law.

     

    Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the Master Servicer
      out
      of related collections for any payments made pursuant to Sections 3.01 hereof
      (with respect to taxes and assessments and insurance premiums) and 3.10 hereof
      (with respect to hazard insurance), to refund to any Mortgagors any sums as
      may
      be determined to be overages, to pay interest, if required by law or the terms
      of the related Mortgage or Mortgage Note, to Mortgagors on balances in the
      Escrow Account or to clear and terminate the Escrow Account at the termination
      of this Agreement in accordance with Section 9.01 hereof.  The Escrow
      Accounts shall not be a part of the Trust Fund.

     

    
      	
              Section
                3.07  

            	
              Access
                to Certain Documentation and Information Regarding the Mortgage
                Loans.

            

    

     

    The
      Master Servicer shall afford the Depositor, the NIM Insurer and the Trustee
      reasonable access to all records and documentation regarding the Mortgage Loans
      and all accounts, insurance policies and other matters relating to this
      Agreement, such access being afforded without charge, but only upon reasonable
      request and during normal business hours at the offices of the Master Servicer
      designated by it.  Upon request, the Master Servicer shall furnish to
      the Trustee and the NIM Insurer its most recent publicly available financial
      statements and any other information relating to its capacity to perform its
      obligations under this Agreement reasonably requested by the NIM
      Insurer.

     

    Upon
      reasonable advance notice in writing if required by federal regulation, the
      Master Servicer will provide to each Certificateholder or Certificate Owner
      that
      is a savings and loan association, bank or insurance company certain reports
      and
      reasonable access to information and documentation regarding the Mortgage Loans
      sufficient to permit such Certificateholder or Certificate Owner to comply
      with
      applicable regulations of the OTS or other regulatory authorities with respect
      to investment in the Certificates; provided that the Master Servicer shall
      be
      entitled to be reimbursed by each such Certificateholder or Certificate Owner
      for actual expenses incurred by the Master Servicer in providing such reports
      and access.

     

    
      	
              Section
                3.08  

            	
              Permitted
                Withdrawals from the Certificate Account, Distribution Account, Carryover
                Reserve Fund and the Principal Reserve
                Fund.

            

    

     

    (a)  The
      Master Servicer may from time to time make withdrawals from the Certificate
      Account for the following purposes:

     

    (i)  to
      pay to
      the Master Servicer (to the extent not previously paid to or withheld by the
      Master Servicer), as servicing compensation in accordance with Section 3.15,
      that portion of any payment of interest that equals the Servicing Fee for the
      period with respect to which such interest payment was made, and, as additional
      servicing compensation to the Master Servicer, those other amounts set forth
      in
      Section 3.15;

     

    (ii)  to
      reimburse each of the Master Servicer and the Trustee for Advances made by
      it
      with respect to the Mortgage Loans, such right of reimbursement pursuant to
      this
      subclause (ii) being limited to amounts received on particular Mortgage Loan(s)
      (including, for this purpose, Liquidation Proceeds, Insurance Proceeds and
      Subsequent Recoveries) that represent late recoveries of payments of principal
      and/or interest on such particular Mortgage Loan(s) in respect of which any
      such
      Advance was made;

     

    (iii)  [reserved];

     

    (iv)  to
      reimburse each of the Master Servicer and the Trustee for any Nonrecoverable
      Advance previously made;

     

    (v)  to
      reimburse the Master Servicer from Insurance Proceeds for Insured Expenses
      covered by the related Insurance Policy;

     

    (vi)  to
      pay
      the Master Servicer any unpaid Servicing Fees and to reimburse it for any
      unreimbursed Servicing Advances, the Master Servicer’s right to reimbursement of
      Servicing Advances pursuant to this subclause (vi) with respect to any Mortgage
      Loan being limited to amounts received on particular Mortgage Loan(s)
      (including, for this purpose, Liquidation Proceeds, Insurance Proceeds and
      Subsequent Recoveries and purchase and repurchase proceeds) that represent
      late
      recoveries of the payments for which such advances were made pursuant to Section
      3.01 or Section 3.06;

     

    (vii)  to
      pay to
      the applicable Seller, the Depositor or the Master Servicer, as applicable,
      with
      respect to each Mortgage Loan or property acquired in respect thereof that
      has
      been purchased pursuant to Section 2.02, 2.03, 2.04 or 3.12, all amounts
      received thereon and not taken into account in determining the related Purchase
      Price of such repurchased Mortgage Loan;

     

    (viii)  to
      reimburse the applicable Seller, the Master Servicer, the NIM Insurer or the
      Depositor for expenses incurred by any of them in connection with the Mortgage
      Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; provided
      that such amount shall only be withdrawn following the withdrawal from the
      Certificate Account for deposit into the Distribution Account pursuant to the
      following paragraph;

     

    (ix)  to
      pay
      any lender-paid primary mortgage insurance premiums;

     

    (x)  to
      withdraw any amount deposited in the Certificate Account and not required to
      be
      deposited therein; and

     

    (xi)  to
      clear
      and terminate the Certificate Account upon termination of this Agreement
      pursuant to Section 9.01 hereof.

     

    In
      addition, no later than 1:00 p.m. Pacific time on the Distribution Account
      Deposit Date, the Master Servicer shall withdraw from the Certificate Account
      and remit to the Trustee the Interest Remittance Amount, Principal Remittance
      Amount and Prepayment Charges collected and amounts in respect of Prepayment
      Charges pursuant to Section 3.20 for each Loan Group, and the Trustee shall
      deposit such amount in the Distribution Account.

     

    The
      Trustee shall establish and maintain, on behalf of the Certificateholders,
      a
      Principal Reserve Fund in the name of the Trustee.  On the Closing
      Date, CHL shall deposit into the Principal Reserve Fund
      $200.00.  Funds on deposit in the Principal Reserve Fund shall not be
      invested.  The Principal Reserve Fund shall be treated as an “outside
      reserve fund” under applicable Treasury regulations and shall not be part of any
      REMIC created under this Agreement.

     

    On
      the
      Business Day before the Class P Principal Distribution Date, the Trustee shall
      transfer from the Principal Reserve Fund to the Distribution Account $100.00
      and
      shall distribute such amount to the Class P Certificates on the Class P
      Principal Distribution Date.  On the Business Day before the first
      Distribution Date, the Trustee shall transfer from the Principal Reserve Fund
      to
      the Distribution Account $100.00 and shall distribute such amount to the Class
      A-R Cerificates.  Following the distributions to be made in accordance
      with the preceding sentence, the Trustee shall then terminate the Principal
      Reserve Fund.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Certificate Account pursuant to subclauses (i), (ii), (iv), (v), (vi), (vii),
      (viii) and (ix) above.  Prior to making any withdrawal from the
      Certificate Account pursuant to subclause (iv), the Master Servicer shall
      deliver to the Trustee an Officer’s Certificate of a Servicing Officer
      indicating the amount of any previous Advance determined by the Master Servicer
      to be a Nonrecoverable Advance and identifying the related Mortgage Loan(s),
      and
      their respective portions of such Nonrecoverable Advance.

     

    (b)  The
      Trustee shall withdraw funds from the Distribution Account for distribution
      to
      the Certificateholders and remittance to the Swap Account in the manner
      specified in this Agreement (and to withhold from the amounts so withdrawn,
      the
      amount of any taxes that it is authorized to retain pursuant to the third
      paragraph of Section 8.11).  In addition, the Trustee may from time to
      time make withdrawals from the Distribution Account for the following
      purposes:

     

    (i)  to
      pay
      the Trustee the Trustee Fee on each Distribution Date;

     

    (ii)  to
      pay to
      the Master Servicer, as additional servicing compensation, earnings on or
      investment income with respect to funds in or credited to the Distribution
      Account;

     

    (iii)  to
      withdraw pursuant to Section 3.05 any amount deposited in the Distribution
      Account and not required to be deposited therein;

     

    (iv)  to
      reimburse the Trustee for any unreimbursed Advances made by it pursuant to
      Section 4.01(d) hereof, such right of reimbursement pursuant to this subclause
      (iv) being limited to (x) amounts received on the related Mortgage Loan(s)
      in
      respect of which any such Advance was made and (y) amounts not otherwise
      reimbursed to the Trustee pursuant to Section 3.08(a)(ii) hereof;

     

    (v)  to
      reimburse the Trustee for any Nonrecoverable Advance previously made by the
      Trustee pursuant to Section 4.01(d) hereof, such right of reimbursement pursuant
      to this subclause (v) being limited to amounts not otherwise reimbursed to
      the
      Trustee pursuant to Section 3.08(a)(iv) hereof; and

     

    (vi)  to
      clear
      and terminate the Distribution Account upon termination of the Agreement
      pursuant to Section 9.01 hereof.

     

    (c)  The
      Trustee shall withdraw funds from the Carryover Reserve Fund for distribution
      to
      the Certificateholders in the manner specified in this Agreement (and to
      withhold from the amounts so withdrawn, the amount of any taxes that it is
      authorized to retain pursuant to the third paragraph of Section
      8.11).  In addition, the Trustee may from time to time make
      withdrawals from the Carryover Reserve Fund for the following
      purposes:

     

    (1)  to
      withdraw any amount deposited in the Carryover Reserve Fund and not required
      to
      be deposited therein; and

     

    (2)  to
      clear
      and terminate the Carryover Reserve Fund upon termination of the Agreement
      pursuant to Section 9.01 hereof.

     

    
      	
              Section
                3.09  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.10  

            	
              Maintenance
                of Hazard Insurance.

            

    

     

    The
      Master Servicer shall cause to be maintained, for each Mortgage Loan, hazard
      insurance with extended coverage in an amount that is at least equal to the
      lesser of (i) the maximum insurable value of the improvements securing such
      Mortgage Loan and (ii) the greater of (a) the outstanding principal balance
      of
      the Mortgage Loan and (b) an amount such that the proceeds of such policy shall
      be sufficient to prevent the related Mortgagor and/or mortgagee from becoming
      a
      co-insurer.  Each such policy of standard hazard insurance shall
      contain, or have an accompanying endorsement that contains, a standard mortgagee
      clause.  The Master Servicer shall also cause flood insurance to be
      maintained on property acquired upon foreclosure or deed in lieu of foreclosure
      of any Mortgage Loan, to the extent described below.  Pursuant to
      Section 3.05 hereof, any amounts collected by the Master Servicer under any
      such
      policies (other than the amounts to be applied to the restoration or repair
      of
      the related Mortgaged Property or property thus acquired or amounts released
      to
      the Mortgagor in accordance with the Master Servicer’s normal servicing
      procedures) shall be deposited in the Certificate Account.  Any cost
      incurred by the Master Servicer in maintaining any such insurance shall not,
      for
      the purpose of calculating monthly distributions to the Certificateholders
      or
      remittances to the Trustee for their benefit, be added to the principal balance
      of the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so
      permit.  Such costs shall be recoverable by the Master Servicer out of
      late payments by the related Mortgagor or out of Liquidation Proceeds or
      Subsequent Recoveries to the extent permitted by Section 3.08
      hereof.  It is understood and agreed that no earthquake or other
      additional insurance is to be required of any Mortgagor or maintained on
      property acquired in respect of a Mortgage other than pursuant to such
      applicable laws and regulations as shall at any time be in force and as shall
      require such additional insurance.  If the Mortgaged Property is
      located at the time of origination of the Mortgage Loan in a federally
      designated special flood hazard area and such area is participating in the
      national flood insurance program, the Master Servicer shall cause flood
      insurance to be maintained with respect to such Mortgage Loan.  Such
      flood insurance shall be in an amount equal to the lesser of (i) the original
      principal balance of the related Mortgage Loan, (ii) the replacement value
      of
      the improvements that are part of such Mortgaged Property, or (iii) the maximum
      amount of such insurance available for the related Mortgaged Property under
      the
      Flood Disaster Protection Act of 1973, as amended.  If the hazard
      policy contains a deductible clause, the Master Servicer shall deposit from
      its
      own funds into the Certificate Account the amounts that would have been
      deposited therein but for the deductible clause.

     

    
      	
              Section
                3.11  

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    (a)  Except
      as
      otherwise provided in this Section 3.11(a), when any property subject to a
      Mortgage has been or is about to be conveyed by the Mortgagor, the Master
      Servicer shall to the extent that it has knowledge of such conveyance, enforce
      any due-on-sale clause contained in any Mortgage Note or Mortgage, to the extent
      permitted under applicable law and governmental regulations, but only to the
      extent that such enforcement will not adversely affect or jeopardize coverage
      under any Required Insurance Policy.  Notwithstanding the foregoing,
      the Master Servicer is not required to exercise such rights with respect to
      a
      Mortgage Loan if the Person to whom the related Mortgaged Property has been
      conveyed or is proposed to be conveyed satisfies the terms and conditions
      contained in the Mortgage Note and Mortgage related thereto and the consent
      of
      the mortgagee under such Mortgage Note or Mortgage is not otherwise so required
      under such Mortgage Note or Mortgage as a condition to such
      transfer.  In the event that the Master Servicer is prohibited by law
      from enforcing any such due-on-sale clause, or if coverage under any Required
      Insurance Policy would be adversely affected, or if nonenforcement is otherwise
      permitted hereunder, the Master Servicer is authorized, subject to Section
      3.11(b), to take or enter into an assumption and modification agreement from
      or
      with the person to whom such property has been or is about to be conveyed,
      pursuant to which such person becomes liable under the Mortgage Note and, unless
      prohibited by applicable state law, the Mortgagor remains liable thereon,
      provided that the Mortgage Loan shall continue to be covered (if so covered
      before the Master Servicer enters such agreement) by the applicable Required
      Insurance Policies.  The Master Servicer, subject to Section 3.11(b),
      is also authorized with the prior approval of the insurers under any Required
      Insurance Policies to enter into a substitution of liability agreement with
      such
      Person, pursuant to which the original Mortgagor is released from liability
      and
      such Person is substituted as Mortgagor and becomes liable under the Mortgage
      Note.  The Master Servicer shall notify the Trustee that any such
      substitution, modification or assumption agreement has been completed by
      forwarding to the Trustee the executed original of such substitution or
      assumption agreement, which document shall be added to the related Mortgage
      File
      and shall, for all purposes, be considered a part of such Mortgage File to
      the
      same extent as all other documents and instruments constituting a part
      thereof.

     

    (b)  Subject
      to the Master Servicer’s duty to enforce any due-on-sale clause to the extent
      set forth in Section 3.11(a) hereof, in any case in which a Mortgaged Property
      has been conveyed to a Person by a Mortgagor, and such Person is to enter into
      an assumption agreement or modification agreement or supplement to the Mortgage
      Note or Mortgage that requires the signature of the Trustee, or if an instrument
      of release signed by the Trustee is required releasing the Mortgagor from
      liability on the Mortgage Loan, the Master Servicer shall prepare and deliver
      or
      cause to be prepared and delivered to the Trustee for signature and shall
      direct, in writing, the Trustee to execute the assumption agreement with the
      Person to whom the Mortgaged Property is to be conveyed and such modification
      agreement or supplement to the Mortgage Note or Mortgage or other instruments
      as
      are reasonable or necessary to carry out the terms of the Mortgage Note or
      Mortgage or otherwise to comply with any applicable laws regarding assumptions
      or the transfer of the Mortgaged Property to such Person.  In
      connection with any such assumption, no material term of the Mortgage Note
      (including, but not limited to, the Mortgage Rate, the amount of the Scheduled
      Payment, the Maximum Mortgage Rate, the Minimum Mortgage Rate, the Gross Margin,
      the Initial Periodic Rate Cap, the Subsequent  Periodic Rate Cap, the
      Adjustment Date and any other term affecting the amount or timing of payment
      on
      the Mortgage Loan) may be changed.  In addition, the substitute
      Mortgagor and the Mortgaged Property must be acceptable to the Master Servicer
      in accordance with its underwriting standards as then in effect.  The
      Master Servicer shall notify the Trustee that any such substitution or
      assumption agreement has been completed by forwarding to the Trustee the
      original of such substitution or assumption agreement, which in the case of
      the
      original shall be added to the related Mortgage File and shall, for all
      purposes, be considered a part of such Mortgage File to the same extent as
      all
      other documents and instruments constituting a part thereof.  Any fee
      collected by the Master Servicer for entering into an assumption or substitution
      of liability agreement will be retained by the Master Servicer as additional
      servicing compensation.

     

    
      	
              Section
                3.12  

            	
              Realization
                Upon Defaulted Mortgage Loans; Determination of Excess Proceeds and
                Realized Losses; Repurchase of Certain Mortgage
                Loans.

            

    

     

    (a)  CHL
      is
      permitted to solicit Mortgagors for reductions to the Mortgage Rates of their
      respective Mortgage Loans.  If a Mortgagor requests a reduction to the
      Mortgage Rate for the related Mortgage Loan, the Master Servicer shall agree
      to
      a reduction in the Mortgage Rate of that Mortgage Loan (the “Modified Mortgage
      Loan”) if (i) no monetary default exists with respect such Mortgage Loan, (ii)
      CHL, in its corporate capacity, agrees to purchase the Modified Mortgage Loan
      from the Trust Fund immediately following the modification as described below
      and (iii) the Stated Principal Balance of such Mortgage Loan, when taken
      together with the aggregate of the Stated Principal Balances of all other
      Mortgage Loans in the same Loan Group that have been so modified since the
      Closing Date at the time of those modifications, does not exceed an amount
      equal
      to 5% of the aggregate Certificate Principal Balance of the related
      Certificates.  Effective immediately after the modification, and, in
      any event, on the same Business Day on which the modification occurs, all
      interest of the Trustee in the Modified Mortgage Loan shall automatically be
      deemed transferred and assigned to CHL and all benefits and burdens of ownership
      thereof, including the right to accrued interest thereon from the date of
      modification and the risk of default thereon, shall pass to CHL.  The
      Master Servicer shall promptly deliver to the Trustee a certification of a
      Servicing Officer to the effect that all requirements of this paragraph have
      been satisfied with respect to the Modified Mortgage Loan.  For
      federal income tax purposes, the Trustee shall account for such purchase as
      a
      prepayment in full of the Modified Mortgage Loan.  CHL shall remit the
      Purchase Price to the Master Servicer for deposit into the Certificate Account
      pursuant to Section 3.05 within one Business Day after the purchase of the
      Modified Mortgage Loan.  Upon receipt by the Trustee of written
      notification of any such deposit signed by a Servicing Officer, the Trustee
      shall release to CHL or its designee the related Mortgage File and shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, as shall be necessary to vest in CHL any Modified Mortgage Loan
      previously transferred and assigned pursuant hereto.  CHL covenants
      and agrees to indemnify the Trust Fund against any liability for any “prohibited
      transaction” taxes and any related interest, additions, and penalties imposed on
      the Trust Fund established hereunder as a result of any modification of a
      Mortgage Loan effected pursuant to this subsection (a), any holding of a
      Modified Mortgage Loan by the Trust Fund or any purchase of a Modified Mortgage
      Loan by CHL (but such obligation shall not prevent CHL or any other appropriate
      Person from in good faith contesting any such tax in appropriate proceedings
      and
      shall not prevent CHL from withholding payment of such tax, if permitted by
      law,
      pending the outcome of such proceedings).  CHL shall have no right of
      reimbursement for any amount paid pursuant to the foregoing indemnification,
      except to the extent that the amount of any tax, interest, and penalties,
      together with interest thereon, is refunded to the Trust Fund or
      CHL.  If the Master Servicer agrees to a modification of any Mortgage
      Loan pursuant to this Section 3.12(a), and if such Mortgage Loan carries a
      Prepayment Charge provision, CHL shall deliver to the Trustee the amount of
      the
      Prepayment Charge, if any, that would have been due had such Mortgage Loan
      been
      prepaid at the time of such modification, for deposit into the Certificate
      Account (not later than 1:00 p.m. Pacific time on the Master Servicer Advance
      Date immediately succeeding the date of such modification) for distribution
      in
      accordance with the terms of this Agreement.  Nothing in this Section
      3.12(a) restricts the ability of the Master Servicer to modify a Mortgage Loan
      in a manner that is consistent with the servicing standard set forth in Section
      3.01; provided, however, that CHL shall have no obligation to purchase any
      such
      modified Mortgage Loan.

     

    (b)  The
      Master Servicer shall use reasonable efforts to foreclose upon or otherwise
      comparably convert the ownership of 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.  In
      connection with such foreclosure or other conversion, the Master Servicer shall
      follow such practices and procedures as it shall deem necessary or advisable
      and
      as shall be normal and usual in its general mortgage servicing activities and
      the requirements of the insurer under any Required Insurance Policy; provided
      that the Master Servicer shall not be required to expend its own funds in
      connection with any foreclosure 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 after reimbursement
      to
      itself of such expenses and (ii) that such expenses will be recoverable to
      it
      through Liquidation Proceeds (respecting which it shall have priority for
      purposes of withdrawals from the Certificate Account pursuant to Section 3.08
      hereof).  The Master Servicer shall be responsible for all other costs
      and expenses incurred by it in any such proceedings; provided that it shall
      be
      entitled to reimbursement thereof from the proceeds of liquidation of the
      related Mortgaged Property and any related Subsequent Recoveries, as
      contemplated in Section 3.08 hereof.  If the Master Servicer has
      knowledge that a Mortgaged Property that the Master Servicer is contemplating
      acquiring in foreclosure or by deed-in-lieu of foreclosure is located within
      a
      one-mile radius of any site with environmental or hazardous waste risks known
      to
      the Master Servicer, the Master Servicer will, prior to acquiring the Mortgaged
      Property, consider such risks and only take action in accordance with its
      established environmental review procedures.

     

    With
      respect to any REO Property, the deed or certificate of sale shall be taken
      in
      the name of the Trustee for the benefit of the Certificateholders (or the
      Trustee’s nominee on behalf of the Certificateholders).  The Trustee’s
      name shall be placed on the title to such REO Property solely as the Trustee
      hereunder and not in its individual capacity.  The Master Servicer
      shall ensure that the title to such REO Property references this Agreement
      and
      the Trustee’s capacity thereunder.  The Master Servicer shall allow
      any REO Property that was subject to a lease at the time of acquisition through
      foreclosure or deed-in-lieu of foreclosure to continue to be rented pursuant
      to
      such lease, but upon the expiration of such lease, the Master Servicer shall
      not
      take any action to rent the related REO Property.  Pursuant to its
      efforts to sell such REO Property, the Master Servicer shall either itself
      or
      through an agent selected by the Master Servicer protect and conserve such
      REO
      Property in the same manner and to such extent as is customary in the locality
      where such REO Property is located.  The Master Servicer shall prepare
      for and deliver to the Trustee a statement with respect to each REO Property
      that has been rented showing the aggregate income received and all expenses
      incurred in connection with the management and maintenance of such REO Property
      at such times as is necessary to enable the Trustee to comply with the reporting
      requirements of the REMIC Provisions.  Any net monthly income, if any,
      from such REO Property shall be deposited in the Certificate Account no later
      than the close of business on each Determination Date.  The Master
      Servicer shall perform the tax reporting and withholding related to
      foreclosures, abandonments and cancellation of indebtedness income as specified
      by Sections 1445, 6050J and 6050P of the Code by preparing and filing such
      tax
      and information returns, as may be required.

     

    In
      the
      event that the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or imminent default on a Mortgage Loan,
      the Master Servicer shall dispose of such Mortgaged Property as soon as
      practicable in a manner that maximizes the Liquidation Proceeds, but in no
      event
      later than three years after its acquisition by the Trust Fund or, at the
      expense of the Trust Fund, the Master Servicer shall request, more than 60
      days
      prior to the day on which such three-year period would otherwise expire, an
      extension of the three-year grace period.  In the event that the
      Trustee shall have been supplied with an Opinion of Counsel (such opinion not
      to
      be an expense of the Trustee) to the effect that the holding by the Trust Fund
      of such Mortgaged Property subsequent to such three-year period will not result
      in the imposition of taxes on “prohibited transactions” of the Trust Fund as
      defined in section 860F of the Code or cause any REMIC formed hereunder to
      fail
      to qualify as a REMIC at any time that any Certificates are outstanding, then
      the Trust Fund may continue to hold such Mortgaged Property (subject to any
      conditions contained in such Opinion of Counsel) after the expiration of such
      three-year period.  Notwithstanding any other provision of this
      Agreement, no Mortgaged Property acquired by the Trust Fund shall be allowed
      to
      continue to be rented or otherwise used for the production of income by or
      on
      behalf of the Trust Fund in such a manner or pursuant to any terms that would
      (i) cause such Mortgaged Property to fail to qualify as “foreclosure property”
within the meaning of section 860G(a)(8) of the Code or (ii) subject the Trust
      Fund to the imposition of any federal, state or local income taxes on the income
      earned from such Mortgaged Property under section 860G(c) of the Code or
      otherwise, unless the Master Servicer has agreed to indemnify and hold harmless
      the Trust Fund with respect to the imposition of any such taxes.

     

    The
      decision of the Master Servicer to foreclose on a defaulted Mortgage Loan shall
      be subject to a determination by the Master Servicer that the proceeds of such
      foreclosure would exceed the costs and expenses of bringing such a
      proceeding.  The income earned from the rental of any Mortgaged
      Properties acquired through foreclosure or other judicial proceeding, net of
      reimbursement to the Master Servicer for expenses incurred (including any
      property or other taxes) in connection with such management and net of
      unreimbursed Servicing Fees, Advances, Servicing Advances and any management
      fee
      paid or to be paid with respect to the management of such Mortgaged Property,
      shall be applied to the payment of principal of, and interest on, the related
      defaulted Mortgage Loans (with interest accruing as though such Mortgage Loans
      were still current) and all such income shall be deemed, for all purposes in
      this Agreement, to be payments on account of principal and interest on the
      related Mortgage Notes and shall be deposited into the Certificate
      Account.  To the extent the income received during a Prepayment Period
      is in excess of the amount attributable to amortizing principal and accrued
      interest at the related Mortgage Rate on the related Mortgage Loan, such excess
      shall be considered to be a partial Principal Prepayment for all purposes
      hereof.

     

    The
      Liquidation Proceeds from any liquidation of a Mortgage Loan and any Subsequent
      Recoveries, net of any payment to the Master Servicer as provided above, shall
      be deposited in the Certificate Account as provided in Section 3.05 for
      distribution on the related Distribution Date, except that any Excess Proceeds
      shall be retained by the Master Servicer as additional servicing
      compensation.

     

    The
      proceeds of any Liquidated Mortgage Loan, as well as any recovery resulting
      from
      a partial collection of Liquidation Proceeds or any income from an REO Property,
      will be applied in the following order of priority: first, to reimburse the
      Master Servicer for any related unreimbursed Servicing Advances and Servicing
      Fees, pursuant to Section 3.08(a)(vi) or this Section 3.12; second, to reimburse
      the Master Servicer for any unreimbursed Advances, pursuant to Section
      3.08(a)(ii) or this Section 3.12; third, to accrued and unpaid interest (to
      the
      extent no Advance has been made for such amount) on the Mortgage Loan or related
      REO Property, at the Net Mortgage Rate to the Due Date occurring in the month
      in
      which such amounts are required to be distributed; and fourth, as a recovery
      of
      principal of the Mortgage Loan.

     

    (c)  [Reserved].

     

    (d)  The
      Master Servicer, in its sole discretion, shall have the right to elect (by
      written notice sent to the Trustee) to purchase for its own account from the
      Trust Fund any Mortgage Loan that is 150 days or more delinquent at a price
      equal to the Purchase Price; provided, however, that the Master Servicer may
      only exercise this right on or before the last day of the calendar month in
      which such Mortgage Loan became 150 days delinquent (such month, the “Eligible
      Repurchase Month”); provided further, that any such Mortgage Loan which becomes
      current but thereafter becomes delinquent may be purchased by the Master
      Servicer pursuant to this Section in any ensuing Eligible Repurchase
      Month.  The Master Servicer, in its sole discretion, shall also have
      the right to purchase for its own account from the Trust Fund at a price equal
      to the Purchase Price any EPD Protected Mortgage Loan that becomes 30 days
      delinquent on or prior to the second day of the month following (i) the Closing
      Date, in the case of an EPD Protected Mortgage Loan that is an Initial Mortgage
      Loan, (ii) the Supplemental Transfer Date, in the case of an EPD Protected
      Mortgage Loan that is a Supplemental Mortgage Loan or (iii) the date of
      substitution in the case of an EPD Mortgage Loan that is a Replacement Mortgage
      Loan.  The Master Servicer’s right to purchase any such EPD Protected
      Mortgage Loan shall expire on the 270th day following the date on which such
      EPD
      Protected Mortgage Loan becomes 30 days delinquent.  The Purchase
      Price for any Mortgage Loan purchased hereunder shall be deposited in the
      Certificate Account.  Any purchase of a Mortgage Loan pursuant to this
      Section 3.12(d) shall be accomplished by remittance to the Master Servicer
      for
      deposit in the Certificate Account of the Purchase Price.  The
      Trustee, upon receipt of certification from the Master Servicer of such deposit
      and a Request for File Release from the Master Servicer, shall release or cause
      to be released to the purchaser of such Mortgage Loan the related Mortgage
      File
      and shall execute and deliver such instruments of transfer or assignment
      prepared by the purchaser of such Mortgage Loan, in each case without recourse,
      as shall be necessary to vest in the purchaser of such Mortgage Loan any
      Mortgage Loan released pursuant hereto and the purchaser of such Mortgage Loan
      shall succeed to all the Trustee’s right, title and interest in and to such
      Mortgage Loan and all security and documents related thereto.  Such
      assignment shall be an assignment outright and not for security.  The
      purchaser of such Mortgage Loan shall thereupon own such Mortgage Loan, and
      all
      security and documents, free of any further obligation to the Trustee or the
      Certificateholders with respect thereto.

     

    
      	
              Section
                3.13  

            	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Master Servicer
      of a
      notification that payment in full will be escrowed in a manner customary for
      such purposes, the Master Servicer will promptly notify the Trustee by
      delivering a Request for File Release.  Upon receipt of such request,
      the Trustee shall promptly release the related Mortgage File to the Master
      Servicer, and the Trustee shall at the Master Servicer’s direction execute and
      deliver to the Master Servicer the request for reconveyance, deed of
      reconveyance or release or satisfaction of mortgage or such instrument releasing
      the lien of the Mortgage in each case provided by the Master Servicer, together
      with the Mortgage Note with written evidence of cancellation
      thereon.  The Master Servicer is authorized to cause the removal from
      the registration on the MERS® System of such Mortgage and to execute and
      deliver, on behalf of the Trust Fund and the Certificateholders or any of them,
      any and all instruments of satisfaction or cancellation or of partial or full
      release.  No expenses incurred in connection with any instrument of
      satisfaction or deed of reconveyance shall be chargeable to the Certificate
      Account, the Distribution Account, the Carryover Reserve Fund or the related
      subservicing account.  From time to time and as shall be appropriate
      for the servicing or foreclosure of any Mortgage Loan, including for such
      purpose, collection under any policy of flood insurance any fidelity bond or
      errors or omissions policy, or for the purposes of effecting a partial release
      of any Mortgaged Property from the lien of the Mortgage or the making of any
      corrections to the Mortgage Note or the Mortgage or any of the other documents
      included in the Mortgage File, the Trustee shall, upon delivery to the Trustee
      of a Request for Document Release or a Request for File Release, as applicable,
      release the documents specified in such request or the Mortgage File, as the
      case may be, to the Master Servicer.  Subject to the further
      limitations set forth below, the Master Servicer shall cause the Mortgage File
      or documents so released to be returned to the Trustee when the need therefor
      by
      the Master Servicer no longer exists, unless the Mortgage Loan is liquidated
      and
      the proceeds thereof are deposited in the Certificate Account, in which case
      the
      Master Servicer shall deliver to the Trustee a Request for File Release for
      any
      remaining documents in the Mortgage File not in the possession of the Master
      Servicer.

     

    If
      the
      Master Servicer at any time seeks to initiate a foreclosure proceeding in
      respect of any Mortgaged Property as authorized by this Agreement, the Master
      Servicer shall deliver or cause to be delivered to the Trustee, for signature,
      as appropriate, any court pleadings, requests for trustee’s sale or other
      documents necessary to effectuate such foreclosure or any legal action brought
      to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage
      or
      to obtain a deficiency judgment or to enforce any other remedies or rights
      provided by the Mortgage Note or the Mortgage or otherwise available at law
      or
      in equity.  Notwithstanding the foregoing, the Master Servicer shall
      cause possession of any Mortgage File or of the documents therein that shall
      have been released by the Trustee to be returned to the Trustee within 21
      calendar days after possession thereof shall have been released by the Trustee
      unless (i) the Mortgage Loan has been liquidated and the Liquidation Proceeds
      relating to the Mortgage Loan have been deposited in the Certificate Account,
      and the Master Servicer shall have delivered to the Trustee a Request for File
      Release or (ii) the Mortgage File or document shall have been delivered 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 and the Master Servicer shall have
      delivered to the Trustee an Officer’s Certificate of a Servicing Officer
      certifying as to the name and address of the Person to which the Mortgage File
      or the documents therein were delivered and the purpose or purposes of such
      delivery.

     

    
      	
              Section
                3.14  

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                the
                Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, the Master Servicer shall transmit
      to
      the Trustee as required by this Agreement all documents and instruments in
      respect of a Mortgage Loan coming into the possession of the Master Servicer
      from time to time and shall account fully to the Trustee for any funds received
      by the Master Servicer or that otherwise are collected by the Master Servicer
      as
      Liquidation Proceeds, Insurance Proceeds or Subsequent Recoveries in respect
      of
      any Mortgage Loan.  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 or Subsequent Recoveries including but not limited to,
      any
      funds on deposit in the Certificate Account, shall be held by the Master
      Servicer for and on behalf of the Trust Fund and shall be and remain the sole
      and exclusive property of the Trust Fund, subject to the applicable provisions
      of this Agreement.  The Master Servicer also agrees that it shall not
      create, incur or subject any Mortgage File or any funds that are deposited
      in
      the Certificate Account, the Distribution Account, the Carryover Reserve Fund
      or
      in any Escrow Account (as defined in Section 3.06), or any funds that otherwise
      are or may become due or payable to the Trustee for the benefit of the
      Certificateholders, to any claim, lien, security interest, judgment, levy,
      writ
      of attachment or other encumbrance, or assert by legal action or otherwise
      any
      claim or right of set off against any Mortgage File or any funds collected
      on,
      or in connection with, a Mortgage Loan, except, however, that the Master
      Servicer shall be entitled to set off against and deduct from any such funds
      any
      amounts that are properly due and payable to the Master Servicer under this
      Agreement.

     

    
      	
              Section
                3.15  

            	
              Servicing
                Compensation.

            

    

     

    As
      compensation for its activities hereunder, the Master Servicer shall be entitled
      to retain or withdraw from the Certificate Account out of each payment of
      interest on a Mortgage Loan included in the Trust Fund an amount equal to
      interest at the applicable Servicing Fee Rate on the Stated Principal Balance
      of
      the related Mortgage Loan for the period covered by such interest
      payment.

     

    Additional
      servicing compensation in the form of any Excess Proceeds, assumption fees,
      late
      payment charges, Prepayment Interest Excess, and all income and gain net of
      any
      losses realized from Permitted Investments shall be retained by the Master
      Servicer to the extent not required to be deposited in the Certificate Account
      pursuant to Section 3.05 or 3.12(b) hereof.  The Master Servicer shall
      be required to pay all expenses incurred by it in connection with its servicing
      activities hereunder (including payment of any premiums for hazard insurance,
      as
      required by Section 3.10 hereof and maintenance of the other forms of insurance
      coverage required by Section 3.10 hereof) and shall not be entitled to
      reimbursement therefor except as specifically provided in Sections 3.08 and
      3.12
      hereof.

     

    
      	
              Section
                3.16  

            	
              Access
                to Certain Documentation.

            

    

     

    The
      Master Servicer shall provide to the OTS and the FDIC and to comparable
      regulatory authorities supervising Holders of the Certificates and Certificate
      Owners and the examiners and supervisory agents of the OTS, the FDIC and such
      other authorities, access to the documentation regarding the Mortgage Loans
      required by applicable regulations of the OTS and the FDIC.  Such
      access shall be afforded without charge, but only upon reasonable and prior
      written request and during normal business hours at the offices of the Master
      Servicer designated by it.  Nothing in this Section shall limit the
      obligation of the Master Servicer to observe any applicable law prohibiting
      disclosure of information regarding the Mortgagors and the failure of the Master
      Servicer to provide access as provided in this Section as a result of such
      obligation shall not constitute a breach of this Section.

     

    
      	
              Section
                3.17  

            	
              Annual
                Statement as to Compliance.

            

    

     

    (a)           The
      Master Servicer shall deliver to the Depositor and the Trustee on or before
      March 15 of each year, commencing with its 2008 fiscal year, an Officer’s
      Certificate stating, as to the signer thereof, that (i) a review of the
      activities of the Master Servicer during the preceding calendar year (or
      applicable portion thereof) and of the performance of the Master Servicer under
      this Agreement, has been made under such officer’s supervision and (ii) to the
      best of such officer’s knowledge, based on such review, the Master Servicer has
      fulfilled all its obligations under this Agreement, in all material respects
      throughout such year (or applicable 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 and (iii)
      to the best of such officer’s knowledge, each Subservicer has fulfilled all its
      obligations under its Subservicing Agreement in all material respects throughout
      such year, 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.

     

    (b)           The
      Master Servicer shall cause each Subservicer to deliver to the Depositor and
      the
      Trustee on or before March 15 of each year, commencing with its 2008 fiscal
      year, an Officer’s Certificate stating, as to the signer thereof, that (i) a
      review of the activities of such Subservicer during the preceding calendar
      year
      (or applicable portion thereof) and of the performance of the Subservicer under
      the applicable Subservicing Agreement or primary servicing agreement, has been
      made under such officer’s supervision and (ii) to the best of such officer’s
      knowledge, based on such review, such Subservicer has fulfilled all its
      obligations under the applicable Subservicing Agreement or primary servicing
      agreement, in all material respects throughout such year (or applicable 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.

     

    (c)           The
      Trustee shall forward a copy of each such statement to each Rating
      Agency.  Copies of such statement shall be provided by the Trustee to
      any Certificateholder or Certificate Owner upon request at the Master Servicer’s
      expense, provided such statement is delivered by the Master Servicer to the
      Trustee.

     

    
      	
              Section
                3.18  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.19  

            	
              [Reserved].

            

    

     

    
      	
              Section
                3.20  

            	
              Prepayment
                Charges.

            

    

     

    (a)  Notwithstanding
      anything in this Agreement to the contrary, in the event of a Principal
      Prepayment in full or in part of a Mortgage Loan, the Master Servicer may not
      waive any Prepayment Charge or portion thereof required by the terms of the
      related Mortgage Note unless (i) such Mortgage Loan is in default or the Master
      Servicer believes that such a default is imminent, and the Master Servicer
      determines that such waiver would maximize recovery of Liquidation Proceeds
      for
      such Mortgage Loan, taking into account the value of such Prepayment Charge,
      or
      (ii) (A) the enforceability thereof is limited (1) by bankruptcy, insolvency,
      moratorium, receivership, or other similar law relating to creditors’ rights
      generally or (2) due to acceleration in connection with a foreclosure or other
      involuntary payment, or (B) the enforceability is otherwise limited or
      prohibited by applicable law.  In the event of a Principal Prepayment
      in full or in part with respect to any Mortgage Loan, the Master Servicer shall
      deliver to the Trustee an Officer’s Certificate substantially in the form of
      Exhibit T no later than the third Business Day following the immediately
      succeeding Determination Date with a copy to the Class P
      Certificateholders.  If the Master Servicer has waived or does not
      collect all or a portion of a Prepayment Charge relating to a Principal
      Prepayment in full or in part due to any action or omission of the Master
      Servicer, other than as provided above, the Master Servicer shall deliver to
      the
      Trustee, together with the Principal Prepayment in full or in part, the amount
      of such Prepayment Charge (or such portion thereof as had been waived) for
      deposit into the Certificate Account (not later than 1:00 p.m. Pacific time
      on
      the immediately succeeding Master Servicer Advance Date, in the case of such
      Prepayment Charge) for distribution in accordance with the terms of this
      Agreement.

     

    (b)  Upon
      discovery by the Master Servicer or a Responsible Officer of the Trustee of
      a
      breach of the foregoing subsection (a), the party discovering the breach shall
      give prompt written notice to the other parties.

     

    (c)  CHL
      represents and warrants to the Depositor and the Trustee, as of the Closing
      Date
      and each Subsequent Transfer Date, that the information in the Prepayment Charge
      Schedule (including the attached prepayment charge summary) is complete and
      accurate in all material respects at the dates as of which the information
      is
      furnished and each Prepayment Charge is permissible and enforceable in
      accordance with its terms under applicable state law, except as the
      enforceability thereof is limited due to acceleration in connection with a
      foreclosure or other involuntary payment.

     

    (d)  Upon
      discovery by the Master Servicer or a Responsible Officer of the Trustee of
      a
      breach of the foregoing clause (c) that materially and adversely affects right
      of the Holders of the Class P Certificates to any Prepayment Charge, the party
      discovering the breach shall give prompt written notice to the other parties.
      Within 60 days of the earlier of discovery by the Master Servicer or receipt
      of
      notice by the Master Servicer of breach, the Master Servicer shall cure the
      breach in all material respects or shall pay into the Certificate Account the
      amount of the Prepayment Charge that would otherwise be due from the Mortgagor,
      less any amount representing such Prepayment Charge previously collected and
      paid by the Master Servicer into the Certificate Account.

     

    
      	
              Section
                3.21  

            	
              Swap
                Contract.

            

    

     

    CHL
      shall
      cause The Bank of New York to enter into the Swap Contract Administration
      Agreement and shall assign all of its right, title and interest in and to the
      interest rate swap transaction evidenced by the Swap Contract to, and shall
      cause all of its obligations in respect of such transaction to be assumed by,
      the Swap Contract Administrator, on the terms and conditions set forth in the
      Swap Contract Novation Agreement.  The Trustee’s rights to receive
      certain proceeds of the Swap Contract as provided in the Swap Contract
      Administration Agreement shall be rights of the Trustee as Swap Trustee
      hereunder, shall be an asset of the Swap Trust and shall not be an asset of
      the
      Trust Fund nor of any REMIC.  The Swap Trustee shall deposit any
      amounts received from time to time from the Swap Contract Administrator with
      respect to the Swap Contract into the Swap Account.  The Master
      Servicer shall deposit any amounts received on behalf of the Swap Trustee from
      time to time with respect to the Swap Contract into the Swap
      Account.

     

    On
      the
      Business Day preceding each Distribution Date, the Swap Trustee shall notify
      the
      Swap Contract Administrator of any amounts distributable to the Interest-Bearing
      Certificates pursuant to Section 4.04(d)(3) through (8) that will remain unpaid
      following all distributions to be made on such Distribution Date pursuant to
      Section 4.04(a) through (c).

     

    No
      later
      than two Business Days following each Distribution Date, the Trustee shall
      provide the Swap Contract Administrator with information regarding the aggregate
      Certificate Principal Balance of the Interest-Bearing Certificates after all
      distributions on such Distribution Date.

     

    Upon
      the
      Swap Contract Administrator obtaining actual knowledge of the rating of the
      Swap
      Counterparty falling below the Approved Rating Thresholds (as defined in the
      Swap Contract), the Swap Trustee shall direct the Swap Contract Administrator
      to
      demand payment of the Delivery Amount (as defined in the ISDA Credit Support
      Annex) on each Valuation Date (as defined in the ISDA Credit Support Annex)
      and
      to perform its other obligations in accordance with the ISDA Credit Support
      Annex. If a Delivery Amount is demanded, the Swap Trustee shall set up an
      account in accordance with Section 4.09 to hold cash or other eligible
      investments pledged under the ISDA Credit Support Annex. Any cash or other
      eligible investments pledged under the ISDA Credit Support Annex shall not
      be
      part of the Distribution Account or the Swap Account unless they are applied
      in
      accordance with the ISDA Credit Support Annex to make a payment due to the
      Swap
      Contract Administrator pursuant to the Swap Contract. If Eligible Credit Support
      (as defined in the ISDA Credit Support Annex) with a value equal to the Delivery
      Amount is not delivered, the Swap Trustee shall direct the Swap Contract
      Administrator to notify the Swap Counterparty of such failure.

     

    Upon
      the
      Swap Trustee obtaining actual knowledge of an Event of Default (as defined
      in
      the Swap Contract), Termination Event (as defined in the Swap Contract) or
      Additional Termination Event (as defined in the Swap Contract) for which the
      Swap Contract Administrator has the right to designate an Early Termination
      Date
      (as defined in the Swap Contract), the Swap Trustee shall act at the written
      direction of the Depositor as to whether to direct the Swap Contract
      Administrator to designate an Early Termination Date; provided, however, that
      the Swap Trustee shall provide written notice to each Rating Agency following
      the Event of Default or Termination Event.  Upon the termination of
      the Swap Contract under the circumstances contemplated by this Section 3.21,
      the
      Swap Trustee shall use its reasonable best efforts to enforce the rights of
      the
      Swap Contract Administrator as may be permitted by the terms of the Swap
      Contract and consistent with the terms hereof, and CHL shall assist the Swap
      Contract Administrator in procuring a replacement swap contract with terms
      approximating those of the original Swap Contract.

     

    In
      the
      event that the swap counterparty in respect of a replacement swap contract
      pays
      any upfront amount to the Swap Contract Administrator in connection with
      entering into the replacement swap contract and such upfront amount is received
      by the Swap Contract Administrator prior to the Distribution Date on which
      any
      Swap Termination Payment will be payable to the Swap Counterparty in respect
      of
      the original Swap Contract, a portion of that upfront amount equal to the lesser
      of (x) that upfront amount and (y) the amount of the Swap Termination Payment
      due to the Swap Counterparty in respect of the original Swap
      Contract  (the “Adjusted Replacement Upfront Amount”) shall be
      included in Interest Funds for Loan Group 1 and Loan Group 2 pro rata based
      on
      their respective Interest Funds for that Distribution Date and any upfront
      amount in excess of the Adjusted Replacement Upfront Amount shall be distributed
      to CHL and will not be available to make distributions in respect of any Class
      of Certificates.  Any upfront amount paid to the Swap Contract
      Administrator by the swap counterparty in respect of a replacement swap contract
      after the Distribution Date on which any Swap Termination Payment will be
      payable to the Swap Counterparty in respect of the original Swap Contract,
      such
      upfront amount shall be retained by the Swap Contract Administrator and remitted
      to the Swap Trustee on subsequent Distribution Dates up to and including the
      Swap Contract Termination Date to pay any amounts distributable to the
      Interest-Bearing Certificates pursuant to Section 4.04(d)(3) through (8) that
      will remain unpaid following all distributions to be made on such Distribution
      Date pursuant to Section 4.04(a) through (c).

     

    Any
      portion of any Net Swap Payment or Swap Termination Payment payable by the
      Swap
      Counterparty and not remitted by the Swap Contract Administrator to the Swap
      Trustee with respect to any Distribution Date will be remitted to CHL and will
      not be available to make distributions in respect of any Class of
      Certificates.

     

    The
      Swap
      Counterparty shall be an express third-party beneficiary of this Agreement
      to
      the extent of its express rights to receive any payments under this Agreement
      or
      any other express rights of the Swap Counterparty explicitly stated in this
      Agreement, and shall have the right to enforce such rights under this Agreement
      as if it were a party hereto.

     

    ARTICLE
      IV.

    DISTRIBUTIONS
      AND ADVANCES BY THE MASTER SERVICER

     

    
      	
              Section
                4.01  

            	
              Advances;
                Remittance Reports.

            

    

     

    (a)  Within
      two Business Days after each Determination Date, the Master Servicer shall
      deliver to the Trustee by facsimile or electronic mail (or by such other means
      as the Master Servicer and the Trustee, as the case may be, may agree from
      time
      to time) a Remittance Report with respect to the related Distribution
      Date.  The Trustee shall not be responsible to recompute, recalculate
      or verify any information provided to it by the Master Servicer.

     

    (b)  Subject
      to the conditions of this Article IV, the Master Servicer, as required below,
      shall make an Advance and deposit such Advance in the Certificate
      Account.  Each such Advance shall be remitted to the Certificate
      Account no later than 1:00 p.m. Pacific time on the Master Servicer Advance
      Date
      in immediately available funds.  The Trustee shall provide notice to
      the Master Servicer by facsimile by the close of business on any Master Servicer
      Advance Date in the event that the amount remitted by the Master Servicer to
      the
      Trustee on the Distribution Account Deposit Date is less than the Advances
      required to be made by the Master Servicer for such Distribution
      Date.  The Master Servicer shall be obligated to make any such Advance
      only to the extent that such advance would not be a Nonrecoverable
      Advance.  If the Master Servicer shall have determined that it has
      made a Nonrecoverable Advance or that a proposed Advance or a lesser portion
      of
      such Advance would constitute a Nonrecoverable Advance, the Master Servicer
      shall deliver (i) to the Trustee for the benefit of the Certificateholders
      funds
      constituting the remaining portion of such Advance, if applicable, and (ii)
      to
      the Depositor, each Rating Agency and the Trustee an Officer’s Certificate
      setting forth the basis for such determination.

     

    (c)  In
      lieu
      of making all or a portion of such Advance from its own funds, the Master
      Servicer may (i) cause to be made an appropriate entry in its records relating
      to the Certificate Account that any Amount Held for Future Distributions has
      been used by the Master Servicer in discharge of its obligation to make any
      such
      Advance and (ii) transfer such funds from the Certificate Account to the
      Distribution Account.  Any funds so applied and transferred shall be
      replaced by the Master Servicer by deposit in the Certificate Account no later
      than the close of business on the Business Day immediately preceding the
      Distribution Date on which such funds are required to be distributed pursuant
      to
      this Agreement.  The Master Servicer shall be entitled to be
      reimbursed from the Certificate Account for all Advances of its own funds made
      pursuant to this Section as provided in Section 3.08.  The obligation
      to make Advances with respect to any Mortgage Loan shall continue until such
      Mortgage Loan is paid in full or becomes a Liquidated Mortgage Loan or until
      the
      purchase or repurchase thereof (or substitution therefor) from the Trustee
      pursuant to any applicable provision of this Agreement, except as otherwise
      provided in this Section 4.01.

     

    (d)  If
      the
      Master Servicer determines that it will be unable to comply with its obligation
      to make the Advances as and when described in paragraphs (b) and (c) immediately
      above, it shall use its best efforts to give written notice thereof to the
      Trustee (each such notice a “Trustee Advance Notice”; and such notice may be
      given by facsimile), not later than 3:00 p.m., New York time, on the Business
      Day immediately preceding the related Master Servicer Advance Date, specifying
      the amount that it will be unable to deposit (each such amount an “Advance
      Deficiency”) and certifying that such Advance Deficiency constitutes an Advance
      hereunder and is not a Nonrecoverable Advance.  If the Trustee
      receives a Trustee Advance Notice on or before 3:30 p.m., (New York time) on
      a
      Master Servicer Advance Date, the Trustee shall, not later than 3:00 p.m.,
      (New
      York time), on the related Distribution Date, deposit in the Distribution
      Account an amount equal to the Advance Deficiency identified in such Trustee
      Advance Notice unless it is prohibited from so doing by applicable
      law.  Notwithstanding the foregoing, the Trustee shall not be required
      to make such deposit if the Trustee shall have received written notification
      from the Master Servicer that the Master Servicer has deposited or caused to
      be
      deposited in the Certificate Account an amount equal to such Advance
      Deficiency.  All Advances made by the Trustee pursuant to this Section
      4.01(d) shall accrue interest on behalf of the Trustee at the Trustee Advance
      Rate from and including the date such Advances are made to but excluding the
      date of repayment, with such interest being an obligation of the Master Servicer
      and not the Trust Fund.  The Master Servicer shall reimburse the
      Trustee for the amount of any Advance made by the Trustee pursuant to this
      Section 4.01(d) together with accrued interest, not later than 6:00 p.m. (New
      York time) on the Business Day following the related Distribution
      Date.  In the event that the Master Servicer does not reimburse the
      Trustee in accordance with the requirements of the preceding sentence, the
      Trustee shall immediately (i) terminate all of the rights and obligations of
      the
      Master Servicer under this Agreement in accordance with Section 7.01 and (ii)
      subject to the limitations set forth in Section 3.04, assume all of the rights
      and obligations of the Master Servicer hereunder.

     

    (e)  The
      Master Servicer shall, not later than the close of business on the second
      Business Day immediately preceding each Distribution Date, deliver to the
      Trustee a report (in form and substance reasonably satisfactory to the Trustee)
      that indicates (i) the Mortgage Loans with respect to which the Master Servicer
      has determined that the related Scheduled Payments should be advanced and (ii)
      the amount of the related Scheduled Payments.  The Master Servicer
      shall deliver to the Trustee on the related Master Servicer Advance Date an
      Officer’s Certificate of a Servicing Officer indicating the amount of any
      proposed Advance determined by the Master Servicer to be a Nonrecoverable
      Advance.

     

    
      	
              Section
                4.02  

            	
              Reduction
                of Servicing Compensation in Connection with Prepayment Interest
                Shortfalls.

            

    

     

    In
      the
      event that any Mortgage Loan is the subject of a Prepayment Interest Shortfall,
      the Master Servicer shall remit any related Compensating Interest as part of
      the
      related Interest Remittance Amount as provided in this Agreement. The Master
      Servicer shall not be entitled to any recovery or reimbursement for Compensating
      Interest from the Depositor, the Trustee, any Seller, the Trust Fund or the
      Certificateholders.

     

    
      	
              Section
                4.03  

            	
              [Reserved].

            

    

     

    
      	
              Section
                4.04  

            	
              Distributions.

            

    

     

    (a)  On
      each
      Distribution Date, the Interest Funds for such Distribution Date shall be
      distributed by the Trustee from the Distribution Account in the following order
      of priority:

     

    (i)  from
      the
      Interest Funds for Loan Group 1 and Loan Group 2, pro rata based on the Interest
      Funds for each such Loan Group, to the Swap Account, the amount of any Net
      Swap
      Payment and any Swap Termination Payment (other than a Swap Termination Payment
      due to a Swap Counterparty Trigger Event) payable to the Swap Counterparty
      with
      respect to such Distribution Date;

     

    (ii)  concurrently:

     

    (A)  from
      Interest Funds for Loan Group 1, to the Class 1-A Certificates, the Current
      Interest and Interest Carry Forward Amount for such Class and such Distribution
      Date,

     

    (B)  from
      Interest Funds for Loan Group 2, concurrently to each Class of Class 2-A
      Certificates, the Current Interest and Interest Carry Forward Amount for each
      such Class and such Distribution Date, pro rata, based on their respective
      entitlements,

     

    (iii)  from
      the
      remaining Interest Funds for Loan Group 1 and Loan Group 2, concurrently to
      each
      Class of Class A Certificates, any remaining Current Interest and Interest
      Carry
      Forward Amount not paid pursuant to clause (ii)(a) and (ii)(b), pro rata, based
      on the Certificate Principal Balances thereof, to the extent needed to pay
      any
      Current Interest and Interest Carry Forward Amount for each such Class; provided
      that Interest Funds remaining after such allocation to pay any Current Interest
      and Interest Carry Forward Amount based on the Certificate Principal Balances
      of
      the Certificates shall be distributed to each Class of Class A Certificates
      with
      respect to which there remains any unpaid Current Interest and Interest Carry
      Forward Amount (after the distribution based on Certificate Principal Balances),
      pro rata, based on the amount of such remaining unpaid Current Interest and
      Interest Carry Forward Amount,

     

    (iv)  from
      the
      remaining Interest Funds for Loan Group 1 and Loan Group 2,
      sequentially:

     

    (A)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9 and Class B Certificates, in that order, the Current
      Interest for each such Class, and

     

    (B)  any
      remainder as part of the Excess Cashflow.

     

    (b)  On
      each
      Distribution Date, the Principal Distribution Amount for such Distribution
      Date
      with respect to Loan Group 1 and Loan Group 2 shall be distributed by the
      Trustee from the Distribution Account in the following order of
      priority:

     

    (1)  with
      respect to any Distribution Date prior to the Stepdown Date or on which a
      Trigger Event is in effect, sequentially:

     

    (A)  concurrently:

     

    (i)  from
      the
      Principal Distribution Amount for Loan Group 1, sequentially:

     

    (A)  to
      the
      Class 1-A Certificates, until the Certificate Principal Balance thereof is
      reduced to zero;  and

     

    (B)  to
      the
      Classes of Class 2-A Certificates (after the distribution of the Principal
      Distribution Amount from Loan Group 2 as provided in clause (ii)(a) below),
      in
      the order and priorities set forth in clause (3) below, until the Certificate
      Principal Balances thereof are reduced to zero;

     

    (ii)  from
      the
      Principal Distribution Amount for Loan Group 2, sequentially:

     

    (A)  to
      the
      Classes of Class 2-A Certificates, in the order and priorities set forth in
      clause (3) below, until the Certificate Principal Balances thereof are reduced
      to zero;  and

     

    (B)  to
      the
      Class 1-A Certificates (after the distribution of the Principal Distribution
      Amount from Loan Group 1 as provided in clause (i)(a) above), until the
      Certificate Principal Balance thereof is reduced to zero;

     

    (B)  from
      the
      remaining Principal Distribution Amounts for Loan Group 1 and Loan Group 2,
      sequentially:

     

    (i)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9 and Class B Certificates, in that order, in each
      case
      until the Certificate Principal Balance thereof is reduced to zero,

     

    (ii)  any
      remainder as part of the Excess Cashflow.

     

    (2)  For
      each
      Distribution Date on or after the Stepdown Date and so long as a Trigger Event
      is not in effect, from the Principal Distribution Amounts for both Loan Groups,
      sequentially:

     

    (A)  in
      an
      amount up to the Class A Principal Distribution Target Amount, pro rata based
      on
      their respective entitlements, concurrently:

     

    (i)  to
      the
      Class 1-A Certificates, in an amount up to the Class 1-A Principal Distribution
      Target Amount, until the Certificate Principal Balance thereof is reduced to
      zero, and

     

    (ii)  to
      the
      Classes of Class 2-A Certificates, in an amount up to the Class 2-A Principal
      Distribution Target Amount, allocated in the amounts and order of priority
      set
      forth in clause (3) below, until the Certificate Principal Balances thereof
      are
      reduced to zero,

     

    provided,
      however, that if (a) the Certificate Principal Balance of the Class 1-A
      Certificates or (b) the aggregate Certificate Principal Balance of the Class
      2-A
      Certificates is reduced to zero, then any remaining unpaid Class A Principal
      Distribution Target Amount shall be distributed to the remaining class(es)
      of
      Senior Certificates after distributions pursuant to clauses (i) and (ii) above
      (and, in the case of the Class 2-A Certificates, in the amounts and order
      described in clause (3) below), until the Certificate Principal Balance(s)
      thereof is/are reduced to zero,

     

    (B)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9 and Class B Certificates, in that order, the
      Subordinate Class Principal Distribution Amount for that class, in each case
      until the Certificate Principal Balance thereof is reduced to zero,
      and

     

    (C)  any
      remainder as part of the Excess Cashflow.

     

    (3)           On
      each Distribution Date on which any principal amounts are to be distributed
      to
      the Class 2-A Certificates, those amounts shall be distributed, sequentially,
      to
      the Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class 2-A-4 Certificates, in
      that
      order, in each case until the Certificate Principal Balance thereof is reduced
      to zero.

     

    (c)  With
      respect to any Distribution Date, any Excess Cashflow shall be distributed
      to
      the Classes of Certificates in the following order of priority, to the extent
      of
      the remaining Excess Cashflow:

     

    (1)  to
      the
      Holders of the Class or Classes of Interest-Bearing Certificates then entitled
      to receive distributions in respect of principal, in an aggregate amount equal
      to the Extra Principal Distribution Amount for each Loan Group, payable to
      such
      Holders of each such Class as part of the Principal Distribution Amount for
      Loan
      Group 1 and Loan Group 2 pursuant to Section 4.04(b) above;

     

    (2)  concurrently,
      to the Holders of the Class A Certificates, pro rata based on the Unpaid
      Realized Loss Amounts for such Classes, in each case in an amount equal to
      the
      Unpaid Realized Loss Amount for such Class;

     

    (3)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates, in that
      order, in each case first in an amount equal to any Interest Carry Forward
      Amount for such Class and then in an amount equal to the Unpaid Realized Loss
      Amount for such Class;

     

    (4)  to
      the
      Carryover Reserve Fund and from the Carryover Reserve Fund to the Holders of
      each Class of Interest-Bearing Certificates, pro rata based on the Certificate
      Principal Balances thereof, to the extent needed to pay any Net Rate Carryover
      for each such Class; provided that any Excess Cashflow remaining after such
      allocation to pay Net Rate Carryover based on the Certificate Principal Balances
      of those Certificates shall be distributed to each Class of Interest-Bearing
      Certificates with respect to which there remains any unpaid Net Rate Carryover
      (after the distribution based on Certificate Principal Balances), pro rata,
      based on the amount of such unpaid Net Rate Carryover;

     

    (5)  to
      the
      Carryover Reserve Fund, in an amount equal to the Required Carryover Reserve
      Fund Deposit (after giving effect to other deposits and withdrawals therefrom
      on
      such Distribution Date);

     

    (6)  if
      and
      for so long as the Final Maturity OC Trigger Event is in effect,
      sequentially:

     

    (i)           to
      the Classes of Class A Certificates, pro rata, based on the Class 1-A Principal
      Distribution Target Amount (in the case of clause (x)) and the Class 2-A
      Principal Distribution Target Amount (in the case of clause (y)), concurrently:
      (x) to the Class 1-A Certificates, until the Certificate Principal Balance
      thereof is reduced to zero, and (y) sequentially, to the Class 2-A-1, Class
      2-A-2, Class 2-A-3 and Class 2-A-4 Certificates, in that order, until their
      respective Certificate Principal Balances are reduced to zero; provided,
      however, that any amounts remaining after such allocation based on the Class
      1-A
      Principal Distribution Target Amount and the Class 2-A Principal Distribution
      Target Amount will be distributed to the outstanding Class 1-A Certificates
      or
      the outstanding Classes of Class 2-A Certificates, as the case may be, pursuant
      to clause (x) or clause (y), as the case may be; and

     

    (ii)           sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates, in that
      order, until their respective Certificate Principal Balances thereof are reduced
      to zero.

     

    (7)  to
      the
      Swap Account, in an amount equal to any Swap Termination Payment due to the
      Swap
      Counterparty as a result of a Swap Counterparty Trigger Event;

     

    (8)  to
      the
      Class C Certificateholders, (x) the Class C Current Interest for such
      Distribution Date and (y) the Overcollateralization Reduction Amount for such
      Distribution Date; and

     

    (9)  to
      the
      Class A-R Certificates, any remaining amount.

     

    (d)  On
      each
      Distribution Date on or prior to the Swap Contract Termination Date, following
      the deposits to the Swap Account pursuant to Section 4.04(a)(i) and Section
      4.09
      and the distributions described under Section 4.04(c), the Swap Trustee shall
      distribute amounts on deposit in the Swap Account in the following amounts
      and
      order:

     

    (1)  to
      the
      Swap Contract Administrator for payment to the Swap Counterparty, any Net Swap
      Payment payable to the Swap Counterparty with respect to such Distribution
      Date;

     

    (2)  to
      the
      Swap Contract Administrator for payment to the Swap Counterparty, any Swap
      Termination Payment (other than a Swap Termination Payment due to a Swap
      Counterparty Trigger Event) payable to the Swap Counterparty with respect to
      such Distribution Date;

     

    (3)  concurrently
      to the Holders of each Class of Class A Certificates, any remaining Current
      Interest and Interest Carry Forward Amount, pro rata based on their respective
      entitlements;

     

    (4)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates, in that
      order, in each case in an amount equal to any remaining Current Interest and
      Interest Carry Forward Amount for such Class;

     

    (5)  to
      the
      Holders of the Class or Classes of Interest-Bearing Certificates then entitled
      to receive distributions in respect of principal, in an aggregate amount equal
      to the Overcollateralization Deficiency Amount remaining unpaid following the
      distributions described under Section 4.04(c), payable to such Holders of each
      such Class in the same manner in which the Extra Principal Distribution Amount
      in respect of Loan Group 1 and Loan Group 2 would be distributed to such Classes
      as described under Section 4.04(c);

     

    (6)  concurrently,
      to the Holders of each Class of Class A Certificates and Subordinate
      Certificates, to the extent needed to pay any remaining Net Rate Carryover
      for
      each such Class, pro rata, based on the amount of such remaining Net Rate
      Carryover;

     

    (7)  concurrently,
      to the Holders of each Class of Class A Certificates, pro rata, based on the
      remaining Unpaid Realized Loss Amounts for such Classes, in each case in an
      amount equal to the remaining Unpaid Realized Loss Amount for each such
      Class;

     

    (8)  sequentially,
      to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
      Class M-6, Class M-7, Class M-8, Class M-9 and Class B Certificates, in that
      order, in each case in an amount equal to the remaining Unpaid Realized Loss
      Amount for each such Class; and

     

    (9)  to
      the
      Swap Contract Administrator for payment to the Swap Counterparty, only to the
      extent necessary to cover any Swap Termination Payment due to a Swap
      Counterparty Trigger Event payable to the Swap Counterparty with respect to
      such
      Distribution Date.

     

    (e)  To
      the
      extent that a Class of Interest-Bearing Certificates receives interest in excess
      of the applicable Net Rate Cap, if such interest is paid pursuant to Section
      4.04(c), then it shall be deemed to have been paid to the Carryover Reserve
      Fund
      and then paid by the Carryover Reserve Fund to those Certificateholders, and
      if
      such interest is paid pursuant to Section 4.04(d), then such interest shall
      be
      deemed to have been paid to the Swap Account and then paid by the Swap Account
      to those Certificateholders.  For purposes of the Code, amounts deemed
      deposited in the Carryover Reserve Fund shall be deemed to have first been
      distributed to the Class C Certificates.

     

    (f)  On
      each
      Distribution Date, all Prepayment Charges (including amounts deposited in
      connection with the full or partial waiver of such Prepayment Charges pursuant
      to Section 3.20) shall be allocated to the Class P Certificates.  On
      the Class P Principal Distribution Date, the Trustee shall make the $100.00
      distribution to the Class P Certificates as specified in Section
      3.08.  On the first Distribution Date, the Trustee shall make the
      $100.00 distribution to the Class A-R Certificates as specified in Section
      3.08

     

    (g)  On
      each
      Distribution Date, the Trustee shall allocate any Applied Realized Loss Amount
      to reduce the Certificate Principal Balances of the Class B, Class M-9, Class
      M-8, Class M-7, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class
      M-1 Certificates, sequentially, in that order, in each case until the
      Certificate Principal Balance thereof is reduced to zero.  After the
      Certificate Principal Balances of the Subordinate Certificates have been reduced
      to zero, (i) the Trustee shall allocate any Applied Realized Loss Amount with
      respect to Loan Group 1 to reduce the Certificate Principal Balance of the
      Class
      1-A Certificates, until the Certificate Principal Balance of such Class has
      been
      reduced to zero, and (ii) the Trustee shall allocate any Applied Realized Loss
      Amount with respect to Loan Group 2 to reduce the Certificate Principal Balances
      of each Class of Class 2-A Certificates, on a pro rata basis according to their
      respective Certificate Principal Balances, until the Certificate Principal
      Balances of such Classes have been reduced to zero.

     

    (h)  On
      each
      Distribution Date, the Trustee shall allocate the amount of the Subsequent
      Recoveries with respect to either Loan Group, if any, first to increase the
      Certificate Principal Balance of the Class 1-A Certificates (in the case of
      any
      Subsequent Recoveries with respect to Loan Group 1) or the Certificate Principal
      Balances of the Classes of Class 2-A Certificates (in the case of any Subsequent
      Recoveries with respect to Loan Group 2) to which Applied Realized Loss Amounts
      have been previously allocated (such increases, in the case of Subsequent
      Recoveries with respect to Loan Group 2, to be made among the Classes of Class
      2-A Certificates on a pro rata basis according to their respective Certificate
      Principal Balances), in each case by not more than the amount of the Unpaid
      Realized Loss Amount of such Class, and then to increase the Certificate
      Principal Balance of the Subordinate Certificates to which Applied Realized
      Loss
      Amounts have been previously allocated, sequentially, to the Class M-1, Class
      M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class
      M-9
      and Class B Certificates, in that order, in each case by not more than the
      amount of the Unpaid Realized Loss Amount of such Class.

     

    Holders
      of Certificates to which any Subsequent Recoveries have been allocated shall
      not
      be entitled to any payment in respect of Current Interest on the amount of
      such
      increases for any Accrual Period preceding the Distribution Date on which such
      increase occurs.

     

    Subject
      to Section 9.02 hereof respecting the final distribution, on each Distribution
      Date the Trustee shall make distributions to each Certificateholder of record
      on
      the preceding Record Date either by wire transfer in immediately available
      funds
      to the account of such Holder at a bank or other entity having appropriate
      facilities therefor, if (i) such Holder has so notified the Trustee at least
      five Business Days prior to the related Record Date and (ii) such Holder shall
      hold Regular Certificates with an aggregate Initial Certificate Principal
      Balance of not less than $1,000,000 or evidencing a Percentage Interest
      aggregating 10% or more with respect to such Class or, if not, by check mailed
      by first class mail to such Certificateholder at the address of such Holder
      appearing in the Certificate Register.  Notwithstanding the foregoing,
      but subject to Section 9.02 hereof respecting the final distribution,
      distributions with respect to Certificates registered in the name of a
      Depository shall be made to such Depository in immediately available
      funds.

     

    On
      or
      before 5:00 p.m. Pacific time on the fifth Business Day following each
      Determination Date (but in no event later than 5:00 p.m. Pacific time on the
      third Business Day before the related Distribution Date), the Master Servicer
      shall deliver a report to the Trustee (in the form of a computer readable
      magnetic tape or by such other means as the Master Servicer and the Trustee
      may
      agree from time to time) containing such data and information as agreed to
      by
      the Master Servicer and the Trustee such as to permit the Trustee to prepare
      the
      Monthly Statement and make the required distributions for the related
      Distribution Date (the “Remittance Report”). The Trustee shall not be
      responsible to recompute, recalculate or verify information provided to it
      by
      the Master Servicer and shall be permitted to conclusively rely on any
      information provided to it by the Master Servicer.

     

    
      	
              Section
                4.05  

            	
              Monthly
                Statements to
                Certificateholders.

            

    

     

    (a)  Concurrently
      with each distribution on a Distribution Date, the Trustee will forward by
      mail
      to each Rating Agency and make available to Certificateholders on the Trustee’s
      website (http://www.bnyinvestorreporting.com) a statement generally setting
      forth the information contained in Exhibit W.

     

    (b)  The
      Trustee’s responsibility for disbursing the above information to the
      Certificateholders is limited to the availability, timeliness and accuracy
      of
      the information derived from the Master Servicer.  The Trustee shall
      send a copy of each statement provided pursuant to this Section 4.05 to each
      Rating Agency and the NIM Insurer.  The Trustee may make the above
      information available to Certificateholders via the Trustee’s website at
      http://www.bnyinvestorreporting.com.

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      cause to be furnished to each Person who at any time during the calendar year
      was a Certificateholder, a statement containing the information regarding (i)
      the amount of distributions to that Certificateholder allocable to principal,
      separately identifying (A) the aggregate amount of any Principal Prepayments
      included therein and (B) the aggregate of all scheduled payments of principal
      included therein, (ii) the amount of distributions to that Certificateholder
      allocable to interest and (iii) the related amount of the Servicing Fees paid
      to
      or retained by the Master Servicer, in each case aggregated for such calendar
      year or applicable portion thereof during which such Person was a
      Certificateholder.  Such obligation of the Trustee shall be deemed to
      have been satisfied to the extent that substantially comparable information
      shall be provided by the Trustee pursuant to any requirements of the Code as
      from time to time in effect.

     

    (d)  Upon
      filing with the Internal Revenue Service, the Trustee shall furnish to the
      Holders of the Class A-R Certificates the Form 1066 and each Form 1066Q and
      shall respond promptly to written requests made not more frequently than
      quarterly by any Holder of Class A-R Certificates with respect to the following
      matters:

     

    (1)  The
      original projected principal and interest cash flows on the Closing Date on
      each
      related Class of regular and residual interests created hereunder and on the
      Mortgage Loans, based on the Prepayment Assumption;

     

    (2)  The
      projected remaining principal and interest cash flows as of the end of any
      calendar quarter with respect to each related Class of regular and residual
      interests created hereunder and the Mortgage Loans, based on the Prepayment
      Assumption;

     

    (3)  The
      applicable Prepayment Assumption and any interest rate assumptions used in
      determining the projected principal and interest cash flows described
      above;

     

    (4)  The
      original issue discount (or, in the case of the Mortgage Loans, market discount)
      or premium accrued or amortized through the end of such calendar quarter with
      respect to each related Class of regular or residual interests created hereunder
      and to the Mortgage Loans, together with each constant yield to maturity used
      in
      computing the same;

     

    (5)  The
      treatment of losses realized with respect to the Mortgage Loans or the regular
      interests created hereunder, including the timing and amount of any cancellation
      of indebtedness income of the related REMIC with respect to such regular
      interests or bad debt deductions claimed with respect to the Mortgage
      Loans;

     

    (6)  The
      amount and timing of any non-interest expenses of the related REMIC;
      and

     

    (7)  Any
      taxes
      (including penalties and interest) imposed on the related REMIC, including,
      without limitation, taxes on “prohibited transactions,” “contributions” or “net
      income from foreclosure property” or state or local income or franchise
      taxes.

     

    The
      information pursuant to clauses (1), (2), (3) and (4) above shall be provided
      by
      the Depositor pursuant to Section 8.11.

     

    
      	
              Section
                4.06  

            	
              [Reserved].

            

    

     

    
      	
              Section
                4.07  

            	
              Carryover
                Reserve Fund.

            

    

     

    (a)  On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the Holders of the Certificates, the Carryover Reserve Fund
      and
      shall deposit $1,000 therein.  The Carryover 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 held by the Trustee pursuant to this
      Agreement.  Funds on deposit in the Carryover Reserve Fund shall be
      held uninvested.

     

    (b)  The
      Trustee shall make withdrawals from the Carryover Reserve Fund to make
      distributions in respect of Net Rate Carryover as to the extent required by
      Section 4.04.

     

    (c)  The
      Carryover Reserve Fund shall not constitute an asset of any REMIC created
      hereunder.  The Class C Certificates shall evidence ownership of the
      Carryover Reserve Fund for federal tax purposes.

     

    
      	
              Section
                4.08  

            	
              [Reserved].

            

    

     

    
      	
              Section
                4.09  

            	
              Swap
                Trust and Swap Account.

            

    

     

    On
      the
      Closing Date, there is hereby established a separate trust (the “Swap Trust”),
      the assets of which shall consist of the Trustee’s rights and obligations under
      the Swap Contract Administration Agreement.  The Swap Trust shall be
      maintained by the Swap Trustee, who initially, shall be the
      Trustee.  The Swap Trustee shall hold the assets of the Swap Trust in
      trust for the benefit of the Holders of the Interest-Bearing Certificates and
      the Swap Counterparty.  No later than the Closing Date, the Swap
      Trustee shall establish and maintain a separate, segregated trust account to
      be
      held in the Swap Trust, titled, “Swap Account, The Bank of New York, as Swap
      Trustee, in trust for the Swap Counterparty and the registered holders of CWABS,
      Inc., Asset-Backed Certificates, Series 2007-BC2.”  Such 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.
      Amounts therein shall be held uninvested.  Funds on deposit in the
      Swap Account shall be distributed in the amounts and in the order of priority
      described under Section 4.04(d).  For federal income tax purposes, the
      Swap Trust, including the Swap Account, shall be owned by the Class C
      Certificates.

     

    On
      each
      Distribution Date, the Trustee shall make a deposit to the Swap Account pursuant
      to Section 4.04(a)(i), and to the extent that the amount of such deposit is
      insufficient to pay any Net Swap Payment and/or Swap Termination Payment (other
      than a Swap Termination Payment due to a Swap Counterparty Trigger Event) due
      to
      the Swap Counterparty with respect to such Distribution Date, the Trustee shall
      withdraw, out of amounts on deposit in the Distribution Account in respect
      of
      the Principal Remittance Amount for Loan Group 1 and Loan Group 2, pro rata
      on
      the basis of those respective Principal Remittance Amounts, such additional
      amount as is necessary to cover the remaining portion of any such Net Swap
      Payment and/or Swap Termination Payment (other than a Swap Termination Payment
      due to a Swap Counterparty Trigger Event) due to the Swap Counterparty with
      respect to such Distribution Date.  For federal income tax purposes,
      any amounts paid to the Swap Counterparty on each Distribution Date shall first
      be deemed paid to the Swap Counterparty in respect of the Class SWAP-IO Interest
      to the extent of the amount distributable on such Class SWAP-IO Interest on
      such
      Distribution Date, and any remaining amount shall be deemed paid to the Swap
      Counterparty in respect of  a Class IO Distribution Amount (as defined
      below).

     

    The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C
      and Class A-R Certificates) as having entered into a notional principal contract
      with respect to the Holders of the Class C Certificates. Pursuant to each such
      notional principal contract, all Holders of Certificates (other than the Class
      P, Class C and Class A-R Certificates) shall be treated as having agreed to
      pay,
      on each Distribution Date, to the Holder of the Class C Certificates an
      aggregate amount equal to the excess, if any, of (i) the amount payable on
      such
      Distribution Date on the REMIC 2 Regular Interest corresponding to such Class
      of
      Certificates over (ii) the amount payable on such Class of Certificates on
      such
      Distribution Date (such excess, a “Class IO Distribution Amount”). A Class IO
      Distribution Amount payable from interest collections shall be allocated pro
      rata among such Certificates based on the excess of (a) the amount of
      interest otherwise payable to such Certificates over (ii) the amount of interest
      payable to such Certificates at a per annum rate equal to the Pass-Through
      Rate,
      and a Class IO Distribution Amount payable from principal collections shall
      be
      allocated to the most subordinate Class of Certificates with an outstanding
      principal balance to the extent of such balance. In addition, pursuant to such
      notional principal contract, the Holder of the Class C Certificates shall be
      treated as having agreed to pay Net Rate Carryover to the Holders of the
      Certificates (other than the Class C, Class P and Class A-R Certificates) in
      accordance with the terms of this Agreement. Any payments to the Certificates
      from amounts deemed received in respect of this notional principal contract
      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 from the Certificates
      (other than the Class C, Class P and Class A-R Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of their interests in REMIC 2 and
      as
      having been paid by such Holders to the Swap Contract Administrator pursuant
      to
      the notional principal contract. Thus, each Certificate (other than the Class
      P
      and Class A-R Certificates) shall be treated as representing not only ownership
      of Regular Interests in REMIC 2, but also ownership of an interest in, and
      obligations with respect to, a notional principal contract.

     

    
      	
              Section
                4.10  

            	
              Distributions
                on REMIC 1 and REMIC 2 Regular
                Interests.

            

    

     

    (a)  On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular
      Interests and distributed to the holders of the Class A-R Certificates (in
      respect of the R-1-R Interest), as the case may be:

     

    (i)           With
      respect to the Group 1 Mortgage Loans:

     

    
      	
               

            	
              (1)

            	
              to
                Holders of REMIC 1 Regular Interest I and each REMIC 1 Regular Interest
                I-1-A through I-89-B, pro rata, in an amount equal to (A)
                Uncertificated Interest for such REMIC 1 Regular Interests for such
                Distribution Date, plus (B) any amounts payable in respect thereof
                remaining unpaid from previous Distribution
                Dates.

            

    

     

    
      	
               

            	
              (2)

            	
              to
                the extent of amounts remaining after the distributions made pursuant
                to
                clause (i) above, payments of principal shall be allocated as follows:
                first to REMIC 1 Regular Interest I, then to REMIC 1 Regular interests
                I-1-A through I-89-B starting with the lowest numerical denomination
                until
                the Uncertificated Principal Balance of each such REMIC 1 Regular
                Interest
                is reduced to zero, provided that, for REMIC 1 Regular Interests
                with the
                same numerical denomination, such payments of principal shall be
                allocated
                pro rata between such REMIC 1 Regular
                Interests.

            

    

     

    (ii)           With
      respect to the Group 2 Mortgage Loans:

     

    
      	
               

            	
              (1)

            	
              to
                Holders of REMIC 1 Regular Interest II and each REMIC 1 Regular Interest
                II-1-A through II-89-B, pro rata, in an amount equal to (A)
                Uncertificated Interest for such REMIC 1 Regular Interests for such
                Distribution Date, plus (B) any amounts payable in respect thereof
                remaining unpaid from previous Distribution
                Dates.

            

    

     

    
      	
               

            	
              (2)

            	
              to
                the extent of amounts remaining after the distributions made pursuant
                to
                clause (i) above, payments of principal shall be allocated as follows:
                first, to REMIC 1 Regular Interest II, then to REMIC 1 Regular interests
                II-1-A through II-89-B starting with the lowest numerical denomination
                until the Uncertificated Principal Balance of each such REMIC 1 Regular
                Interest is reduced to zero, provided that, for REMIC 1 Regular Interests
                with the same numerical denomination, such payments of principal
                shall be
                allocated pro rata between such REMIC 1 Regular
                Interests.

            

    

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period shall be
      distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest
      LT-P.  The payment of the foregoing amounts to the Holders of such
      REMIC 1 Regular Interest shall not reduce the Uncertificated Principal Balance
      thereof.

     

    (b)  On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular
      Interests and distributed to the Holders of the Class A-R Certificates (in
      respect of the R-2-R Interest), as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC 2 Regular Interest II-IO, in an amount equal to (A)
      Uncertificated Interest for such REMIC 2 Regular Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates and second, to the extent of the REMIC 2 Marker Allocation
      Percentage of the Interest Funds remaining after the distributions pursuant
      to
      clause (i), to the Holders of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular
      Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular Interest
      LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC Regular Interest LT-2A4, REMIC
      2
      Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest
      LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC
      2
      Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest
      LT-M8, REMIC 2 Regular Interest LT-M9,  REMIC 2 Regular Interest LT-B
      and REMIC 2 Regular Interest LT-ZZ, pro rata, in an amount equal to (A)
      the Uncertificated Interest for such Distribution Date, plus (B) any amounts
      in
      respect thereof remaining unpaid from previous Distribution Dates. Amounts
      payable as Uncertificated Interest in respect of REMIC 2 Regular Interest LT-ZZ
      shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is
      less
      than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x)
      the
      amount of such difference and (y) the Maximum LT-ZZ Uncertificated Interest
      Deferral Amount and such amount shall be payable to the Holders of REMIC 2
      Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1, REMIC 2 Regular
      Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC Regular Interest LT-2A4,
      REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular
      Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5,
      REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular
      Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest
      LT-B
      in the same proportion as the Overcollateralization Deficiency Amount is
      allocated to the Corresponding Certificates and the Uncertificated Principal
      Balance of the REMIC 2 Regular Interest LT-ZZ shall be increased by such
      amount;

     

    (ii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of
      the
      REMIC 2 Marker Allocation Percentage of the Principal Distribution Amount for
      such Distribution Date after the distributions made pursuant to clause (i)
      above, allocated as follows:

     

    (A)  98.00%
      of
      such remainder (other than amounts payable under clause (c) below), to the
      Holders of REMIC 2 Regular Interest LT-AA and REMIC 2 Regular Interest LT-P,
      until the Uncertificated Balance of such REMIC 2 Regular Interest is reduced
      to
      zero, provided, however, that REMIC 2 Regular Interest LT-P shall not be reduced
      until the Distribution Date immediately following the expiration of the latest
      Prepayment Charge as identified on the Prepayment Charge Schedule or any
      Distribution Date thereafter, at which point such amount shall be distributed
      to
      REMIC 2 Regular Interest LT-P, until $100 has been distributed pursuant to
      this
      clause;

     

    (B)  2.00%
      of
      such remainder (other than amounts payable under clause (c) below) first, to
      the
      Holders of REMIC 2 Regular Interest LT-1A, REMIC 2 Regular Interest LT-2A1,
      REMIC 2 Regular Interest LT-2A2, REMIC 2 Regular Interest LT-2A3, REMIC Regular
      Interest LT-2A4, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2,
      REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular
      Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7,
      REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular
      Interest LT-B and REMIC 2 Regular Interest LT-AR, 1.00% and in the same
      proportion as principal payments are allocated to the Corresponding
      Certificates, until the Uncertificated Principal Balances of such REMIC 2
      Regular Interests are reduced to zero and second, to the Holders of REMIC 2
      Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such
      REMIC
      2 Regular Interest is reduced to zero; and

     

    (C)  any
      remaining amount to the Holders of the Class A-R Certificates (in respect of
      the
      R-2-R Interest); and

     

    (iii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to the REMIC 2
      Subordinate Allocation Percentage of Interest Funds and the Principal
      Distribution Amount for such Distribution Date after the distributions made
      pursuant to clause (i) and (ii) above such that distributions of interest are
      deemed to be made to REMIC 2 Regular Interest LT-1SUB, REMIC 2 Regular Interest
      LT-1GRP, REMIC 2 Regular Interest LT-2SUB, REMIC 2 Regular Interest LT-2GRP
      and
      REMIC 2 Regular Interest LT-XX, pro rata, in an amount equal to (A) the
      Uncertificated Interest for each such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates and such that distributions of principal shall
      be
      deemed to be made to the REMIC 2 Regular Interests first, so as to keep
      the Uncertificated Principal Balance of each REMIC 2 Regular Interest ending
      with the designation “GRP” equal to 0.01% of the aggregate Stated Principal
      Balance of the Mortgage Loans in the related Loan Group; second, to
      each REMIC 2 Regular Interest ending with the designation “SUB,” so that the
      Uncertificated Principal Balance of each such REMIC 2 Regular Interest is equal
      to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the
      Mortgage Loans in the related Loan Group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related Loan Group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC 2
      Regular Interests such that the REMIC 2 Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC 2 Regular
      Interest LT-XX.

     

    Notwithstanding
      the priorities and amounts of distribution of funds pursuant to this Section
      4.10, actual distributions of Interest Funds and the Principal Distribution
      Amount for any Distribution Date shall be made only in accordance with Section
      4.04.

     

    On
      each
      Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest
      II-IO shall be deemed distributed by REMIC 2 to REMIC 3 in respect of the Class
      SWAP-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to the
      Swap Contract Administrator for deposit into the Swap Account.

     

    
      	
              Section
                4.11  

            	
              Allocation
                of Realized Losses to REMIC 1 and REMIC 1 Regular
                Interests.

            

    

     

    (a)  All
      Realized Losses on the Group 1 Mortgage Loans shall be allocated on each
      Distribution Date first, to REMIC 1 Regular Interest I, then to REMIC 1 Regular
      Interest I-1-A through REMIC II Regular Interest I-90-B, starting with the
      lowest numerical denomination until such REMIC 1 Regular Interest has been
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such Realized Losses shall be allocated pro
      rata between such REMIC 1 Regular Interests.

     

    All
      Realized Losses on the Group 2 Mortgage Loans shall be allocated on each
      Distribution Date, first to REMIC 1 Regular Interest I, then to REMIC 1 Regular
      Interest II-1-A through REMIC 1 Regular Interest II-90-B, starting with the
      lowest numerical denomination until such REMIC 1 Regular Interest has been
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such Realized Losses shall be allocated pro
      rata between such REMIC 1 Regular Interests.

     

    (b)           The
      REMIC 2 Marker Allocation Percentage of all Realized Losses on the Mortgage
      Loans shall be allocated by the Trustee on each Distribution Date to the
      following REMIC 2 Regular Interests in the specified percentages, as follows:
      first, to Uncertificated Interest payable to the REMIC 2 Regular Interest LT-AA
      and REMIC 2 Regular Interest LT-ZZ up to an aggregate amount equal to the REMIC
      2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the
      Uncertificated Principal Balances of the REMIC 2 Regular Interest LT-AA and
      REMIC 2 Regular Interest LT-ZZ up to an aggregate amount equal to the REMIC
      2
      Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LT-AA, REMIC
      2
      Regular Interest LT-B and REMIC 2 Regular Interest LT-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT-B has been reduced to zero; fourth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest LT-M9
      and
      REMIC 2 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M9 has been
      reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LT-AA, REMIC 2 Regular Interest LT-M8 and REMIC 2 Regular
      Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT-M8 has been reduced to zero; sixth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-AA, REMIC
      2
      Regular Interest LT-M7 and REMIC 2 Regular Interest LT-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT-M7 has been reduced to zero; seventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest
      LT-M6 and REMIC 2 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until
      the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M6 has
      been
      reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LT-AA, REMIC 2 Regular Interest LT-M5 and REMIC 2 Regular
      Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT-M5 has been reduced to zero; ninth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-AA, REMIC
      2
      Regular Interest LT-M4 and REMIC 2 Regular Interest LT-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT-M4 has been reduced to zero; tenth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest LT-M3
      and
      REMIC 2 Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LT-M3 has been
      reduced to zero; eleventh, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LT-AA, REMIC 2 Regular Interest LT-M2 and REMIC 2 Regular
      Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT-M2 has been reduced to zero; and twelfth,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-AA,
      REMIC 2 Regular Interest LT-M1 and REMIC 2 Regular Interest LT-ZZ, 98%, 1%
      and
      1%, respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LT-M1 has been reduced to zero.

     

    (c)           The
      REMIC 2 Subordinate Allocation Percentage of all Realized Losses shall be
      applied after all distributions have been made on each Distribution Date first,
      so as to keep the Uncertificated Principal Balance of each REMIC 2 Regular
      Interest ending with the designation “GRP” equal to 0.01% of the aggregate
      Stated Principal Balance of the Mortgage Loans in the related Loan Group;
      second, to each REMIC 2 Regular Interest ending with the designation “SUB,” so
      that the Uncertificated Principal Balance of each such REMIC 2 Regular Interest
      is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related Loan Group over (y) the current Certificate
      Principal Balance of the Class A Certificates in the related Loan Group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of Realized Losses shall be applied to such REMIC
      2
      Regular Interests such that the REMIC 2 Subordinated Balance Ratio is
      maintained); and third, any remaining Realized Losses shall be allocated to
      REMIC 2 Regular Interest LT-XX.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      V.

    THE
      CERTIFICATES

     

    
      	
              Section
                5.01  

            	
              The
                Certificates.

            

    

     

    The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-15, Exhibit B, Exhibit C, Exhibit D and Exhibit E.  The
      Certificates shall be issuable in registered form, in the minimum dollar
      denominations, integral dollar multiples in excess thereof and aggregate dollar
      denominations as set forth in the following table:

     

    
      	
              Class

            	
              Minimum
                Denomination

            	
              Integral
                Multiples in Excess of Minimum

            	
              Aggregate
                Initial Certificate Principal Balance

            
	
              1-A

            	
              $20,000

            	
              $1

            	
              $205,140,000.00

            
	
              2-A-1

            	
              $20,000

            	
              $1

            	
              $172,901,000.00

            
	
              2-A-2

            	
              $20,000

            	
              $1

            	
              $23,358,000.00

            
	
              2-A-3

            	
              $20,000

            	
              $1

            	
              $77,554,000.00

            
	
              2-A-4

            	
              $20,000

            	
              $1

            	
              $33,897,000.00

            
	
              M-1

            	
              $20,000

            	
              $1

            	
              $23,400,000.00

            
	
              M-2

            	
              $20,000

            	
              $1

            	
              $26,650,000.00

            
	
              M-3

            	
              $20,000

            	
              $1

            	
              $9,100,000.00

            
	
              M-4

            	
              $20,000

            	
              $1

            	
              $11,375,000.00

            
	
              M-5

            	
              $20,000

            	
              $1

            	
              $12,025,000.00

            
	
              M-6

            	
              $20,000

            	
              $1

            	
              $6,175,000.00

            
	
              M-7

            	
              $20,000

            	
              $1

            	
              $8,450,000.00

            
	
              M-8

            	
              $20,000

            	
              $1

            	
              $5,850,000.00

            
	
              M-9

            	
              $20,000

            	
              $1

            	
              $8,450,000.00

            
	
              B

            	
              $20,000

            	
              $1

            	
              $9,425,000.00

            
	
              A-R

            	
              $99.95(1)

            	
              N/A

            	
              $          100.00

            
	
              C

            	
              N/A

            	
              N/A

            	
              $16,250,013.53

            
	
              P

            	
              N/A

            	
              N/A

            	
              $          100.00

            
	 	 	 	 

    

    
      	
              (1)

            	
              The
                Tax Matters Person Certificate may be issued in a denomination of
                $0.05.

            

    

     

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Trustee by an authorized 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 bind the
      Trustee, 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 authentication and
      delivery.  No Certificate shall be entitled to any benefit under this
      Agreement, or be valid for any purpose, unless there appears on such Certificate
      a certificate of authentication substantially in the form set forth as attached
      hereto executed by the Trustee by manual signature, and such certificate of
      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.  On the Closing Date, the Trustee shall authenticate
      the Certificates to be issued at the written direction of the Depositor, or
      any
      affiliate thereof.

     

    The
      Depositor shall provide, or cause to be provided, to the Trustee on a continuous
      basis, an adequate inventory of Certificates to facilitate
      transfers.

     

    
      	
              Section
                5.02  

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Trustee shall maintain a Certificate Register for the Trust Fund in which,
      subject to the provisions of subsections (b) and (c) below and to such
      reasonable regulations as it may prescribe, the Trustee shall provide for the
      registration of Certificates and of Transfers and exchanges of Certificates
      as
      herein provided.  Upon surrender for registration of Transfer of any
      Certificate, the Trustee shall authenticate and deliver, in the name of the
      designated transferee or transferees, one or more new Certificates of the same
      Class and of like aggregate Percentage Interest.

     

    At
      the
      option of a Certificateholder, Certificates may be exchanged for other
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest upon surrender of the Certificates to be
      exchanged at the office or agency of the Trustee.  Whenever any
      Certificates are so surrendered for exchange, the Trustee shall execute,
      authenticate, and deliver the Certificates that the Certificateholder making
      the
      exchange is entitled to receive.  Every Certificate presented or
      surrendered for registration of Transfer or exchange shall be accompanied by
      a
      written instrument of Transfer in form satisfactory to the Trustee duly executed
      by the Holder thereof or his attorney duly authorized in writing.

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      Transfer or exchange of Certificates, but 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 may be required.

     

    All
      Certificates surrendered for registration of Transfer or exchange shall be
      canceled and subsequently destroyed by the Trustee in accordance with the
      Trustee’s customary procedures.

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws.  In the event
      that a transfer is to be made in reliance upon an exemption from the Securities
      Act and such state securities laws, in order to assure compliance with the
      Securities Act and such state securities laws, the Certificateholder desiring
      to
      effect such Transfer and such Certificateholder’s prospective transferee shall
      (except in connection with any transfer of a Private Certificate to an affiliate
      of the Depositor (either directly or through a nominee) in connection with
      the
      initial issuance of the Certificates) each certify to the Trustee in writing
      the
      facts surrounding the Transfer in substantially the forms set forth in Exhibit
      J-2 and, in the case of a Class A-R Certificate, Exhibit J-1 (the “Transferor
      Certificate”) and (i) deliver a letter in substantially the form of either
      Exhibit K (in the case of the Class P and Class C Certificates only) (the
“Investment Letter”) or Exhibit L (in the case of any Private Certificate) (the
“Rule 144A Letter”) or (ii) there shall be delivered to the Trustee at the
      expense of the Certificateholder desiring to effect such transfer an Opinion
      of
      Counsel that such Transfer may be made pursuant to an exemption from the
      Securities Act; provided, however, that in the case of the
      delivery of an Investment Letter in connection with the transfer of any Class
      C
      or Class P Certificate to a transferee that is formed with the purpose of
      issuing notes backed by such Class C or Class P Certificate, as the case may
      be,
      clause (b) and (c) of the form of Investment Letter shall not be applicable
      and
      shall be deleted by such transferee.  The Depositor shall provide to
      any Holder of a Private Certificate and any prospective transferee designated
      by
      any such Holder, information regarding the related Certificates and the Mortgage
      Loans and such other information as shall be necessary to satisfy the condition
      to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate
      without registration thereof under the Securities Act pursuant to the
      registration exemption provided by Rule 144A.  The Trustee and the
      Master Servicer shall cooperate with the Depositor in providing the Rule 144A
      information referenced in the preceding sentence, including providing to the
      Depositor such information regarding the Certificates, the Mortgage Loans and
      other matters regarding the Trust Fund as the Depositor shall reasonably request
      to meet its obligation under the preceding sentence.  Each Holder of a
      Private Certificate desiring to effect such Transfer shall, and does hereby
      agree to, indemnify the Trustee, the Depositor, the Trust Fund, each Seller,
      the
      Master Servicer and the NIM Insurer 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 (other than a transfer of an
      ERISA-Restricted Certificate to an affiliate of the Depositor (either directly
      or through a nominee) in connection with the initial issuance of the
      Certificates) shall be made unless the Trustee shall have received either (i)
      a
      representation from the transferee of such Certificate acceptable to and in
      form
      and substance satisfactory to the Trustee (in the event such Certificate is
      a
      Private Certificate, such requirement is satisfied only by the Trustee’s receipt
      of a representation letter from the transferee substantially in the form of
      Exhibit K or Exhibit L, or in the event such Certificate is a Residual
      Certificate, such requirement is satisfied only by the Trustee’s receipt of a
      representation letter from the transferee substantially in the form of Exhibit
      I), to the effect that (x) such transferee is not a Plan, or (y) in the case
      of
      an ERISA-Restricted Certificate (except for a Residual Certificate) that has
      been the subject of an ERISA-Qualifying Underwriting, a representation that
      the
      transferee 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 satisfy the
      requirements for exemptive relief under Sections I and III of PTCE 95-60 or
      (ii)
      in the case of any ERISA-Restricted Certificate presented for registration
      in
      the name of an employee benefit plan or arrangement subject to ERISA, or a
      plan
      or arrangement subject to Section 4975 of the Code (or comparable provisions
      of
      any subsequent enactments), or a trustee of any such plan or arrangement or
      any
      other person acting on behalf of any such plan or arrangement, an Opinion of
      Counsel satisfactory to the Trustee, addressed to the Trustee and the Master
      Servicer, to the effect that the purchase or holding of such ERISA-Restricted
      Certificate will not result in a non-exempt prohibited transaction under ERISA
      or the Code and will not subject the Trustee or the Master Servicer 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 Master Servicer,
      or the Trust Fund.  For purposes of the preceding sentence, one of
      such representations, as appropriate, shall be deemed to have been made to
      the
      Trustee by the transferee’s acceptance of an ERISA-Restricted Certificate (or
      the acceptance by a Certificate Owner of the beneficial interest in any such
      Class of ERISA-Restricted Certificates) unless the Trustee shall have received
      from the transferee an Opinion of Counsel as described in clause (ii) or a
      representation letter acceptable in form and substance to the
      Trustee.  Notwithstanding anything else to the contrary herein, any
      purported transfer of an ERISA Restricted Certificate to or on behalf of an
      employee benefit plan subject to Section 406 of ERISA or a plan or arrangement
      subject to Section 4975 of the Code without the delivery to the Trustee of
      an
      Opinion of Counsel satisfactory to the Trustee meeting the requirements of
      clause (ii) of the first sentence of this paragraph as described above shall
      be
      void and of no effect.

     

    For
      so
      long as the Swap Trust is in existence, each beneficial owner of an
      Interest-Bearing Certificate (except for a Class B Certificate) or any interest
      therein, shall be deemed to have represented, by virtue of its acquisition
      or
      holding of such Certificate, or interest therein, that either (i) it is not
      a
      Plan or (ii) (A) it is an accredited investor within the meaning of the
      Underwriter’s Exemption and (B) the acquisition and holding of such Certificate
      and the separate right to receive payments from the Swap Trust are eligible
      for
      the exemptive relief available under one of Prohibited Transaction Class
      Exemption (“PTCE”) 84-14, 91-38, 90-1, 95-60 or 96-23.

     

    Each
      beneficial owner of a Subordinate Certificate (except for a Class B Certificate)
      or any interest therein that is acquired after the termination of the Swap
      Trust
      (which holds the Swap Contract) shall be deemed to have represented, by virtue
      of its acquisition or holding of that Certificate or interest therein, that
      either (i) it is not a Plan or a person using assets of a Plan, (ii) it has
      acquired and is holding such Subordinate Certificate in reliance on the
      Underwriter’s Exemption, in the case of a Private Certificate, it is an
      accredited investor within the meaning of the Underwriter’s Exemption, and it
      understands that there are certain other conditions to the availability of
      the
      Underwriter’s Exemption, including that the Certificate must be rated, at the
      time of purchase, not lower than “BBB-” (or its equivalent) by Standard &
Poor’s, Fitch Ratings, Moody’s, Dominion Bond Rating Service Limited (known as
      DBRS Limited) or Dominion Bond Rating Service, Inc.  (known as DBRS,
      Inc.) or (iii) (1) it is an insurance company, (2) the source of funds used
      to
      acquire or hold the Certificate or interest therein is an “insurance company
      general account”, as such term is defined in PTCE 95-60, and (3) the conditions
      in Sections I and III of PTCE 95-60 have been satisfied.

     

    In
      the
      event that a representation or deemed representation in the three preceding
      paragraphs is violated, the related transfer or acquisition shall be void and
      of
      no effect.

     

    The
      Trustee shall be under no liability to any Person for any registration of
      transfer of any Certificate that is in fact not permitted by this Section
      5.02(b) 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 Trustee, with respect to the transfer of such
      Classes of Certificates, required delivery of such certificates and other
      documentation or evidence as are expressly required by the terms of this
      Agreement and examined such certificates and other documentation or evidence
      to
      determine compliance as to form with the express requirements
      hereof.  The Trustee shall be entitled, but not obligated, to recover
      from any Holder of any ERISA-Restricted Certificate who is in violation of
      this
      Section 5.02(b) upon acquisition or during its holding of such
      Certificate.  Any such payments so recovered by the Trustee shall be
      paid and delivered by the Trustee to the last preceding Holder of such
      Certificate that satisfies this Section 5.02(b).

     

    (c)  Each
      Person who has or who acquires any Ownership Interest in a Class A-R Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Class A-R Certificate are expressly
      subject to the following provisions:

     

    (1)  Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (2)  Except
      in
      connection with (i) the registration of the Tax Matters Person Certificate
      in
      the name of the Trustee or (ii) any registration in the name of, or transfer
      of
      a Class A-R Certificate to, an affiliate of the Depositor (either directly
      or
      through a nominee) in connection with the initial issuance of the Certificates,
      no Ownership Interest in a Class A-R Certificate may be registered or
      transferred, and the Trustee shall not register the Transfer of any Class A-R
      Certificate, unless the Trustee shall have been furnished with an affidavit
      (a
“Transfer Affidavit”) of the initial owner or the proposed transferee in the
      form attached hereto as Exhibit I.

     

    (3)  Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Class A-R
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Class A-R Certificate and (C) not to Transfer its Ownership Interest in a
      Class A-R Certificate, or to cause the Transfer of an Ownership Interest in
      a
      Class A-R Certificate to any other Person, if it has actual knowledge that
      such
      Person is not a Permitted Transferee or that such Transfer Affidavit is
      false.

     

    (4)  Any
      attempted or purported Transfer of any Ownership Interest in a Class A-R
      Certificate in violation of the provisions of this Section 5.02(c) shall be
      absolutely null and void and shall vest no rights in the purported
      Transferee.  If any purported transferee shall become a Holder of a
      Class A-R Certificate in violation of the provisions of this Section 5.02(c),
      then the last preceding Permitted Transferee shall be restored to all rights
      as
      Holder thereof retroactive to the date of registration of Transfer of such
      Class
      A-R Certificate.  The Trustee shall be under no liability to any
      Person for any registration of Transfer of a Class A-R Certificate that is
      in
      fact not permitted by Section 5.02(b) and this Section 5.02(c) 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 after receipt of the related Transfer
      Affidavit and Transferor Certificate.  The Trustee shall be entitled
      but not obligated to recover from any Holder of a Class A-R Certificate that
      was
      in fact not a Permitted Transferee at the time it became a Holder or, at such
      subsequent time as it became other than a Permitted Transferee, all payments
      made on such Class A-R Certificate at and after either such time.  Any
      such payments so recovered by the Trustee shall be paid and delivered by the
      Trustee to the last preceding Permitted Transferee of such
      Certificate.

     

    (5)  The
      Master Servicer shall use its best efforts to make available, upon receipt
      of
      written request from the Trustee, all information necessary to compute any
      tax
      imposed under section 860E(e) of the Code as a result of a Transfer of an
      Ownership Interest in a Class A-R Certificate to any Holder who is not a
      Permitted Transferee.

     

    The
      restrictions on Transfers of a Class A-R Certificate set forth in this Section
      5.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Class A-R Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
      shall
      not be an expense of the Trustee, any Seller or the Master Servicer, to the
      effect that the elimination of such restrictions will not cause any REMIC formed
      hereunder to fail to qualify as a REMIC at any time that the Certificates are
      outstanding or result in the imposition of any tax on the Trust Fund, a
      Certificateholder or another Person.  Each Person holding or acquiring
      any Ownership Interest in a Class A-R Certificate, by acceptance of its
      Ownership Interest, shall be deemed to consent to any amendment of this
      Agreement that, based on an Opinion of Counsel furnished to the Trustee, is
      reasonably necessary (a) to ensure that the record ownership of, or any
      beneficial interest in, a Class A-R Certificate is not transferred, directly
      or
      indirectly, to a Person that is not a Permitted Transferee and (b) to provide
      for a means to compel the Transfer of a Class A-R Certificate that is held
      by a
      Person that is not a Permitted Transferee to a Holder that is a Permitted
      Transferee.

     

    (d)  The
      preparation and delivery of all affidavits, certifications and opinions referred
      to above in this Section 5.02 shall not be an expense of the Trust Fund, the
      Trustee, the Depositor, any Seller or the Master Servicer.

     

    
      	
              Section
                5.03  

            	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (a)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate and of the ownership thereof and (b) there is delivered to the
      Master Servicer and the Trustee 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 that such Certificate has been acquired by a bona fide purchaser, the
      Trustee shall execute, authenticate and deliver, in exchange for or in lieu
      of
      any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
      of
      like Class, tenor and Percentage Interest.  In connection with the
      issuance of any new Certificate under this Section 5.03, the Trustee 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) connected therewith.  Any
      replacement Certificate issued pursuant to this Section 5.03 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.  All Certificates surrendered to the
      Trustee under the terms of this Section 5.03 shall be canceled and destroyed
      by
      the Trustee in accordance with its standard procedures without liability on
      its
      part.

     

    
      	
              Section
                5.04  

            	
              Persons
                Deemed Owners.

            

    

     

    The
      Master Servicer, the Trustee, the NIM Insurer and any agent of the Master
      Servicer, the Trustee or the NIM Insurer may treat the person in whose name
      any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions as provided in this Agreement and for all other purposes
      whatsoever, and none of the Master Servicer, the Trustee, the NIM Insurer or
      any
      agent of the Master Servicer, the Trustee or the NIM Insurer shall be affected
      by any notice to the contrary.

     

    
      	
              Section
                5.05  

            	
              Access
                to List of Certificateholders’ Names and
                Addresses.

            

    

     

    If
      three
      or more Certificateholders or Certificate Owners (a) request such information
      in
      writing from the Trustee, (b) state that such Certificateholders or Certificate
      Owners desire to communicate with other Certificateholders or Certificate Owners
      with respect to their rights under this Agreement or under the Certificates
      and
      (c) provide a copy of the communication that such Certificateholders or
      Certificate Owners propose to transmit or if the Depositor or Master Servicer
      shall request such information in writing from the Trustee, then the Trustee
      shall, within ten Business Days after the receipt of such request, provide
      the
      Depositor, the Master Servicer or such Certificateholders or Certificate Owners
      at such recipients’ expense the most recent list of the Certificateholders of
      the Trust Fund held by the Trustee, if any.  The Depositor and every
      Certificateholder or Certificate Owner, by receiving and holding a Certificate,
      agree that the Trustee shall not be held accountable by reason of the disclosure
      of any such information as to the list of the Certificateholders hereunder,
      regardless of the source from which such information was derived.

     

    
      	
              Section
                5.06  

            	
              Book-Entry
                Certificates.

            

    

     

    The
      Book-Entry Certificates, upon original issuance, shall be issued in the form
      of
      one typewritten Certificate (or more than one, if required by the Depository)
      for each Class of such Certificates, to be delivered to the Depository by or
      on
      behalf of the Depositor.  Such Certificates shall initially be
      registered on the Certificate Register in the name of the Depository or its
      nominee, and no Certificate Owner of such Certificates will receive a definitive
      certificate representing such Certificate Owner’s interest in such Certificates,
      except as provided in Section 5.08.  Unless and until definitive,
      fully registered Certificates (“Definitive Certificates”) have been issued to
      the Certificate Owners of such Certificates pursuant to Section
      5.08:

     

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

     

    (b)  the
      Depositor, the Sellers, the Master Servicer and the Trustee may deal with the
      Depository and the Depository Participants for all purposes (including the
      making of distributions) as the authorized representative of the respective
      Certificate Owners of such Certificates;

     

    (c)  registration
      of the Book-Entry Certificates may not be transferred by the Trustee except
      to
      another Depository;

     

    (d)  the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository
      Participants.  Pursuant to the Depository Agreement, unless and until
      Definitive Certificates are issued pursuant to Section 5.08, the Depository
      will
      make book-entry transfers among the Depository Participants and receive and
      transmit distributions of principal and interest on the related Certificates
      to
      such Depository Participants;

     

    (e)  the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants;

     

    (f)  the
      Trustee may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository
      Participants;  and

     

    (g)  to
      the
      extent the provisions of this Section conflict with any other provisions of
      this
      Agreement, the provisions of this Section shall control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    
      	
              Section
                5.07  

            	
              Notices
                to Depository.

            

    

     

    Whenever
      any notice or other communication is required to be given to Certificateholders
      of the Class with respect to which Book-Entry Certificates have been issued,
      unless and until Definitive Certificates shall have been issued to the related
      Certificate Owners, the Trustee shall give all such notices and communications
      to the Depository.

     

    
      	
              Section
                5.08  

            	
              Definitive
                Certificates.

            

    

     

    If,
      after
      Book-Entry Certificates have been issued with respect to any Certificates,
      (a)
      the Depositor advises the Trustee that the Depository is no longer willing
      or
      able to discharge properly its responsibilities under the Depository Agreement
      with respect to such Certificates and the Trustee or the Depositor is unable
      to
      locate a qualified successor or (b) after the occurrence and continuation of
      an
      Event of Default, Certificate Owners of such Book-Entry Certificates having
      not
      less than 51% of the Voting Rights evidenced by any Class of Book-Entry
      Certificates advise the Trustee and the Depository in writing through the
      Depository Participants that the continuation of a book-entry system with
      respect to Certificates of such Class through the Depository (or its successor)
      is no longer in the best interests of the Certificate Owners of such Class,
      then
      the Trustee shall notify all Certificate Owners of such Certificates, through
      the Depository, of the occurrence of any such event and of the availability
      of
      Definitive Certificates to Certificate Owners of such Class requesting the
      same.  The Depositor shall provide the Trustee with an adequate
      inventory of Certificates to facilitate the issuance and transfer of Definitive
      Certificates.  Upon surrender to the Trustee of any such Certificates
      by the Depository, accompanied by registration instructions from the Depository
      for registration, the Trustee shall authenticate and deliver such Definitive
      Certificates.  Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and each may conclusively rely
      on, and shall be protected in relying on, such instructions.  Upon the
      issuance of such Definitive Certificates, all references herein to obligations
      imposed upon or to be performed by the Depository 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 such
      Definitive Certificates as Certificateholders hereunder.

     

    
      	
              Section
                5.09  

            	
              Maintenance
                of Office or Agency.

            

    

     

    The
      Trustee will maintain or cause to be maintained at its expense an office or
      offices or agency or agencies in New York City where Certificates may be
      surrendered for registration of transfer or exchange.  The Trustee
      initially designates its offices at 101 Barclay Street, New York, New York
      10286, Attention:  Corporate Trust MBS Administration, as offices for
      such purposes.  The Trustee will give prompt written notice to the
      Certificateholders of any change in such location of any such office or
      agency.

     

    ARTICLE
      VI.

    THE
      DEPOSITOR, THE MASTER SERVICER AND THE SELLERS

     

    
      	
              Section
                6.01  

            	
              Respective
                Liabilities of the Depositor, the Master Servicer and the
                Sellers.

            

    

     

    The
      Depositor, the Master Servicer and each Seller shall each be liable in
      accordance herewith only to the extent of the obligations specifically and
      respectively imposed upon and undertaken by them herein.

     

    
      	
              Section
                6.02  

            	
              Merger
                or Consolidation of the Depositor, the Master Servicer or the
                Sellers.

            

    

     

    The
      Depositor will keep in full effect its existence, rights and franchises as
      a
      corporation under the laws of the United States or under the laws of one of
      the
      states thereof and will each 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, or any of the Mortgage Loans and to perform
      its duties under this Agreement.  The Master Servicer will keep in
      effect its existence, rights and franchises as a limited partnership under
      the
      laws of the United States or under the laws of one of the states thereof and
      will obtain and preserve its qualification or registration to do business as
      a
      foreign partnership in each jurisdiction in which such qualification or
      registration is or shall be necessary to protect the validity and enforceability
      of this Agreement or any of the Mortgage Loans and to perform its duties under
      this Agreement.

     

    Any
      Person into which the Depositor, the Master Servicer or any Seller may be merged
      or consolidated, or any Person resulting from any merger or consolidation to
      which the Depositor, the Master Servicer or any Seller shall be a party, or
      any
      person succeeding to the business of the Depositor, the Master Servicer or
      any
      Seller, shall be the successor of the Depositor, the Master Servicer or such
      Seller, as the case may be, 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 the successor or surviving
      Person to the Master Servicer shall be qualified to service mortgage loans
      on
      behalf of Fannie Mae and Freddie Mac.

     

    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Master Servicer, the Master Servicer shall provide (x) written notice to the
      Depositor of any successor pursuant to this Section and (y) in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to a replacement Master
      Servicer.

     

    
      	
              Section
                6.03  

            	
              Limitation
                on Liability of the Depositor, the Sellers, the Master Servicer,
                the NIM
                Insurer and Others.

            

    

     

    None
      of
      the Depositor, the Sellers, the NIM Insurer or the Master Servicer or any of
      the
      directors, officers, employees or agents of the Depositor, the Sellers, the
      NIM
      Insurer or the Master Servicer shall be under any liability to the Trustee
      (except as provided in Section 8.05), the Trust Fund 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 that
      this
      provision shall not protect the Depositor, the Sellers, the Master Servicer
      or
      any such Person against any breach of representations or warranties made by
      it
      herein or protect the Depositor, the Sellers, the Master Servicer or any such
      Person from any liability that would otherwise be imposed by reasons of willful
      misfeasance, bad faith or gross negligence in the performance of duties or
      by
      reason of reckless disregard of obligations and duties hereunder.  The
      Depositor, the Sellers, the NIM Insurer, the Master Servicer and any director,
      officer, employee or agent of the Depositor, the Sellers, the NIM Insurer or
      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.  The Depositor, the Sellers, the NIM Insurer, the Master
      Servicer and any director, officer, employee or agent of the Depositor, the
      Sellers, the NIM Insurer or the Master Servicer shall be indemnified by the
      Trust Fund and held harmless against any loss, liability or expense incurred
      in
      connection with any audit, controversy or judicial proceeding relating to a
      governmental taxing authority or any legal action relating to this Agreement
      or
      the Certificates, other than any loss, liability or expense related to any
      specific Mortgage Loan or Mortgage Loans (except as any such loss, liability
      or
      expense shall be otherwise reimbursable pursuant to this Agreement) and any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or gross negligence in the performance of duties hereunder or by reason of
      reckless disregard of obligations and duties hereunder.  None of the
      Depositor, the Sellers, the NIM Insurer or the Master Servicer shall be under
      any obligation to appear in, prosecute or defend any legal action that is not
      incidental to its respective duties hereunder and that in its opinion may
      involve it in any expense or liability; provided that any of the Depositor,
      the
      Sellers, the NIM Insurer or the Master Servicer may, in its discretion undertake
      any such action that it may deem necessary or desirable in respect of this
      Agreement and the rights and duties of the parties hereto and interests of
      the
      Trustee 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 Depositor,
      the Sellers, the NIM Insurer and the Master Servicer shall be entitled to be
      reimbursed therefor out of the Certificate Account as provided by Section 3.08
      hereof.

     

    
      	
              Section
                6.04  

            	
              Limitation
                on Resignation of Master
                Servicer.

            

    

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or (ii) upon appointment of a successor
      servicer that is reasonably acceptable to the Trustee and the NIM Insurer and
      the written confirmation from each Rating Agency (which confirmation shall
      be
      furnished to the Depositor, the Trustee and the NIM Insurer) that such
      resignation will not cause such Rating Agency to reduce the then-current rating
      of the Certificates.  Any such determination pursuant to clause (i) of
      the preceding sentence permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel to such effect delivered to the
      Trustee.  No resignation of the Master Servicer shall become effective
      until the Trustee shall have assumed the Master Servicer’s responsibilities,
      duties, liabilities (other than those liabilities arising prior to the
      appointment of such successor) and obligations under this Agreement and the
      Depositor shall have received the information described in the following
      sentence.  As a condition to the effectiveness of any such
      resignation, at least 15 calendar days prior to the effective date of such
      resignation, the Master Servicer shall provide (x) written notice to the
      Depositor of any successor pursuant to this Section and (y) in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to the resignation of the
      Master Servicer.

     

    
      	
              Section
                6.05  

            	
              Errors
                and Omissions Insurance; Fidelity
                Bonds.

            

    

     

    The
      Master Servicer shall, for so long as it acts as servicer under this Agreement,
      obtain and maintain in force (a) a policy or policies of insurance covering
      errors and omissions in the performance of its obligations as servicer
      hereunder, and (b) a fidelity bond in respect of its officers, employees and
      agents.  Each such policy or policies and bond shall, together, comply
      with the requirements from time to time of Fannie Mae and Freddie Mac for
      persons performing servicing for mortgage loans purchased by Fannie Mae and
      Freddie Mac.  In the event that any such policy or bond ceases to be
      in effect, the Master Servicer shall use its reasonable best efforts to obtain
      a
      comparable replacement policy or bond from an insurer or issuer, meeting the
      requirements set forth above as of the date of such replacement.

     

    The
      Master Servicer shall provide the Trustee and the NIM Insurer (upon such party’s
      reasonable request) with copies of any such insurance policies and fidelity
      bond.  The Master Servicer shall be deemed to have complied with this
      provision if an Affiliate of the Master Servicer has such errors and omissions
      and fidelity bond coverage and, by the terms of such insurance policy or
      fidelity bond, the coverage afforded thereunder extends to the Master
      Servicer.

     

    ARTICLE
      VII.

    DEFAULT;
      TERMINATION OF MASTER SERVICER

     

    
      	
              Section
                7.01  

            	
              Events
                of Default.

            

    

     

    “Event
      of
      Default,” wherever used herein, means any one of the following
      events:

     

    (1)  any
      failure by the Master Servicer to deposit in the Certificate Account or the
      Distribution Account or remit to the Trustee any payment (excluding a payment
      required to be made under Section 4.01 hereof) required to be made under the
      terms of this Agreement, which failure shall continue unremedied for five
      calendar days and, with respect to a payment required to be made under Section
      4.01(b) or (c) hereof, for one Business Day, after the date on which written
      notice of such failure shall have been given to the Master Servicer by the
      Trustee, the NIM Insurer or the Depositor, or to the Trustee, the NIM Insurer
      and the Master Servicer by the Holders of Certificates evidencing not less
      than
      25% of the Voting Rights; or

     

    (2)  any
      failure by the Master Servicer 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 (except with respect to a failure related to a
      Limited Exchange Act Reporting Obligation) or any representation or warranty
      shall prove to be untrue, which failure or breach shall continue unremedied
      for
      a period of 60 days after the date on which written notice of such failure
      shall
      have been given to the Master Servicer by the Trustee, the NIM Insurer or the
      Depositor, or to the Trustee by the Holders of Certificates evidencing not
      less
      than 25% of the Voting Rights; provided, that the sixty-day cure period shall
      not apply to the initial delivery of the Mortgage File for Delay Delivery
      Mortgage Loans or the failure to repurchase or substitute in lieu thereof;
      or

     

    (3)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a 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 consecutive days;
      or

     

    (4)  the
      Master Servicer shall consent to the appointment of a receiver or liquidator
      in
      any insolvency, readjustment of debt, marshalling of assets and liabilities
      or
      similar proceedings of or relating to the Master Servicer or all or
      substantially all of the property of the Master Servicer; or

     

    (5)  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, or commence a
      voluntary case under, any applicable insolvency or reorganization statute,
      make
      an assignment for the benefit of its creditors, or voluntarily suspend payment
      of its obligations; or

     

    (6)  the
      Master Servicer shall fail to reimburse in full the Trustee not later than
      6:00
      p.m. (New York time) on the Business Day following the related Distribution
      Date
      for any Advance made by the Trustee pursuant to Section 4.01(d) together with
      accrued and unpaid interest.

     

    If
      an
      Event of Default shall occur, then, and in each and every such case, so long
      as
      such Event of Default shall not have been remedied, the Trustee shall, but
      only
      at the direction of either the NIM Insurer or the Holders of Certificates
      evidencing not less than 25% of the Voting Rights, by notice in writing to
      the
      Master Servicer (with a copy to each Rating Agency and the Depositor), terminate
      all of the rights and obligations of the Master Servicer under this Agreement
      and in and to the Mortgage Loans and the proceeds thereof, other than its rights
      as a Certificateholder hereunder.  In addition, if during the period
      that the Depositor is required to file Exchange Act Reports with respect to
      the
      Trust Fund, the Master Servicer shall fail to observe or perform any of the
      obligations that constitute a Limited Exchange Act Reporting Obligation or
      the
      obligations set forth in Section 3.17(a) or Section 11.07(a)(1) and (2), and
      such failure continues for the lesser of 10 calendar days or such period in
      which the applicable Exchange Act Report can be filed timely (without taking
      into account any extensions), so long as such failure shall not have been
      remedied, the Trustee shall, but only at the direction of the Depositor,
      terminate all of the rights and obligations of the Master Servicer under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof, other
      than
      its rights as a Certificateholder hereunder.  The Depositor shall not
      be entitled to terminate the rights and obligations of the Master Servicer
      if a
      failure of the Master Servicer to identify a Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB was
      attributable solely to the role or functions of such Subcontractor with respect
      to mortgage loans other than the Mortgage Loans.

     

    On
      or
      after the receipt by the Master Servicer of such written notice, all authority
      and power of the Master Servicer hereunder, whether with respect to the Mortgage
      Loans or otherwise, shall pass to and be vested in the Trustee.  The
      Trustee shall thereupon make any Advance described in Section 4.01 hereof
      subject to Section 3.04 hereof.  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 or assignment of the Mortgage Loans and related documents, or
      otherwise.  Unless expressly provided in such written notice, no such
      termination shall affect any obligation of the Master Servicer to pay amounts
      owed pursuant to Article VIII.  The Master Servicer agrees to
      cooperate with the Trustee in effecting the termination of the Master Servicer’s
      responsibilities and rights hereunder, including, without limitation, the
      transfer to the Trustee of all cash amounts which shall at the time be credited
      to the Certificate Account, or thereafter be received with respect to the
      Mortgage Loans.  The Trustee shall promptly notify the Rating Agencies
      and the Depositor of the occurrence of an Event of Default.

     

    Notwithstanding
      any termination of the activities of a Master Servicer hereunder, such Master
      Servicer shall be entitled to receive, out of any late collection of a Scheduled
      Payment on a Mortgage Loan that was due prior to the notice terminating such
      Master Servicer’s rights and obligations as Master Servicer hereunder and
      received after such notice, that portion thereof to which such Master Servicer
      would have been entitled pursuant to Sections 3.08(a)(i) through (viii), and
      any
      other amounts payable to such Master Servicer hereunder the entitlement to
      which
      arose prior to the termination of its activities hereunder.

     

    If
      the
      Master Servicer is terminated, the Trustee shall provide the Depositor in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to a successor
      master servicer in the event the Trustee should succeed to the duties of the
      Master Servicer as set forth herein.

     

    
      	
              Section
                7.02  

            	
              Trustee
                to Act; Appointment of
                Successor.

            

    

     

    On
      and
      after the time the Master Servicer receives a notice of termination pursuant
      to
      Section 7.01 hereof, the Trustee shall, to the extent provided in Section 3.04,
      be the successor 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 and applicable
      law including the obligation to make advances pursuant to Section
      4.01.  As compensation therefor, the Trustee shall be entitled to all
      fees, costs and expenses relating to the Mortgage Loans that the Master Servicer
      would have been entitled to if the Master Servicer had continued to act
      hereunder.  Notwithstanding the foregoing, if the Trustee has become
      the successor to the Master Servicer in accordance with Section 7.01 hereof,
      the
      Trustee may, if it shall be unwilling to so act, or shall, if it is prohibited
      by applicable law from making Advances pursuant to Section 4.01 hereof or if
      it
      is otherwise unable to so act, (i) appoint any established mortgage loan
      servicing institution reasonably acceptable to the NIM Insurer (as evidenced
      by
      the prior written consent of the NIM Insurer), or (ii) if it is unable for
      60
      days to appoint a successor servicer reasonably acceptable to the NIM Insurer,
      petition a court of competent jurisdiction to appoint any established mortgage
      loan servicing institution, the appointment of which does not adversely affect
      the then-current rating of the Certificates and the NIM Insurer guaranteed
      notes
      (without giving any effect to any policy or guaranty provided by the NIM
      Insurer) by each Rating Agency 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.  Any successor Master
      Servicer shall be an institution that is a Fannie Mae and Freddie Mac approved
      seller/servicer in good standing, that has a net worth of at least $15,000,000
      and that is willing to service the Mortgage Loans and executes and delivers
      to
      the Depositor and the Trustee an agreement accepting such delegation and
      assignment, that contains an assumption by such Person of the rights, powers,
      duties, responsibilities, obligations and liabilities of the Master Servicer
      (other than liabilities and indemnities of the Master Servicer under Section
      6.03 hereof incurred prior to termination of the Master Servicer under Section
      7.01), with like effect as if originally named as a party to this Agreement;
      and
      provided further that each Rating Agency acknowledges that its rating of the
      Certificates in effect immediately prior to such assignment and delegation
      will
      not be qualified or reduced as a result of such assignment and
      delegation.  No appointment of a successor to the Master Servicer
      hereunder shall be effective until (i) the Trustee shall have consented thereto,
      (ii) written notice of such proposed appointment shall have been provided by
      the
      Trustee to each Certificateholder and (iii) at least 15 calendar days prior
      to
      the effective date of such appointment, (x) the Trustee shall provide written
      notice to the Depositor of such successor pursuant to this Section 7.02 and
      (y)
      such successor Master Servicer shall provide to the Depositor in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably requested by the Depositor in order to comply with its reporting
      obligation under Item 6.02 of Form 8-K with respect to a replacement master
      servicer.  The Trustee shall not resign as servicer until a successor
      servicer has been appointed and has accepted such
      appointment.  Pending appointment of a successor to the Master
      Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from
      so
      acting, shall, subject to Section 3.04 hereof, act in such capacity as herein
      above provided.  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
      that no such compensation shall be in excess of that permitted the Master
      Servicer hereunder.  The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.  Neither the Trustee nor any other successor 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 or any
      failure to perform, or any delay in performing, any duties or responsibilities
      hereunder, in either case caused by the failure of the Master Servicer to
      deliver or provide, or any delay in delivering or providing, any cash,
      information, documents or records to it.

     

    Any
      successor to the Master Servicer as servicer shall give notice to the NIM
      Insurer and the Mortgagors of such change of servicer and shall, during the
      term
      of its service as servicer maintain in force the policy or policies that the
      Master Servicer is required to maintain pursuant to Section 6.05.

     

    In
      connection with the termination or resignation of the Master Servicer hereunder,
      either (i) the successor Master Servicer, including the Trustee if the Trustee
      is acting as successor Master Servicer, shall represent and warrant that it
      is a
      member of MERS in good standing and shall agree to comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS, or (ii) the predecessor
      Master Servicer shall cooperate with the successor Master Servicer in causing
      MERS to execute and deliver an assignment of Mortgage in recordable form to
      transfer the Mortgage from MERS to the Trustee and to execute and deliver such
      other notices, documents and other instruments as may be necessary or desirable
      to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan
      on
      the MERS® System to the successor Master Servicer.  The predecessor
      Master Servicer shall file or cause to be filed any such assignment in the
      appropriate recording office.  The successor Master Servicer shall
      cause such assignment to be delivered to the Trustee promptly upon receipt
      of
      the original with evidence of recording thereon or a copy certified by the
      public recording office in which such assignment was recorded.

     

    
      	
              Section
                7.03  

            	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination of or appointment of a successor to the Master Servicer, the Trustee
      shall give prompt written notice thereof to Certificateholders and to each
      Rating Agency.

     

    (b)  Within
      60
      days after the occurrence of any Event of Default, the Trustee shall transmit
      by
      mail to all Certificateholders notice of each such Event of Default hereunder
      known to the Trustee, unless such Event of Default shall have been cured or
      waived.

     

    ARTICLE
      VIII.

    CONCERNING
      THE TRUSTEE

     

    
      	
              Section
                8.01  

            	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      of
      all Events of Default that may have occurred, shall undertake to perform such
      duties and only such duties as are specifically set forth in this
      Agreement.  In case an Event of Default has occurred and remains
      uncured, 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.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee that
      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, to the extent provided in this
      Agreement.  If any such instrument is found not to conform to the
      requirements of this Agreement in a material manner, the Trustee shall take
      action as it deems appropriate to have the instrument corrected.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own grossly negligent action, its own gross negligent failure
      to act or its own misconduct, its grossly negligent failure to perform its
      obligations in compliance with this Agreement, or any liability that would
      be
      imposed by reason of its willful misfeasance or bad faith; provided
      that:

     

    (1)  prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default that may have occurred, the duties and obligations of the Trustee
      shall be determined solely by the express provisions of this Agreement, the
      Trustee shall not be liable, individually or as Trustee, 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 Trustee and the Trustee 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 and conforming to the
      requirements of this Agreement that it reasonably believed in good faith to
      be
      genuine and to have been duly executed by the proper authorities respecting
      any
      matters arising hereunder;

     

    (2)  the
      Trustee shall not be liable, individually or as Trustee, for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee, unless the Trustee was grossly negligent or acted in bad faith
      or
      with willful misfeasance;

     

    (3)  the
      Trustee shall not be liable, individually or as Trustee, with respect to any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of each Class of Certificates evidencing
      not
      less than 25% of the Voting Rights of such Class relating 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; and

     

    (4)  without
      in any way limiting the provisions of this Section 8.01 or Section 8.02 hereof,
      the Trustee shall be entitled to rely conclusively on the information delivered
      to it by the Master Servicer in a Trustee Advance Notice in determining whether
      or not it is required to make an Advance under Section 4.01(d), shall have
      no
      responsibility to ascertain or confirm any information contained in any Trustee
      Advance Notice, and shall have no obligation to make any Advance under Section
      4.01(d) in the absence of a Trustee Advance Notice or actual knowledge by a
      Responsible Officer that (A) a required Advance was not made and (B) such
      required Advance was not a Nonrecoverable Advance.

     

    The
      Trustee hereby represents, warrants, covenants and agrees that, except as
      permitted by Article IX hereof, it shall not cause the Trust Fund to consolidate
      or amalgamate with, or merge with or into, or transfer all or substantially
      all
      of the Trust Fund to, another Person.

     

    
      	
              Section
                8.02  

            	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (1)  the
      Trustee may request and 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, appraisal, 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;

     

    (2)  the
      Trustee may consult with counsel and 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 Opinion
      of
      Counsel;

     

    (3)  the
      Trustee shall not be liable, individually or as Trustee, 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;

     

    (4)  prior
      to
      the occurrence of an Event of Default hereunder and after the curing of all
      Events of Default that may have occurred, 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, unless requested in writing
      so
      to do by the NIM Insurer or the Holders of each Class of Certificates evidencing
      not less than 25% of the Voting Rights of such Class; 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
      NIM
      Insurer or such Certificateholders, the Trustee may require reasonable indemnity
      against such expense, or liability from the NIM Insurer or such
      Certificateholders as a condition to taking any such action;

     

    (5)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants or
      attorneys;

     

    (6)  the
      Trustee shall not be required to expend its own funds or otherwise incur any
      financial liability in the performance of any of its duties hereunder if it
      shall have reasonable grounds for believing that repayment of such funds or
      adequate indemnity against such liability is not assured to it;

     

    (7)  the
      Trustee shall not be liable, individually or as Trustee, for any loss on any
      investment of funds pursuant to this Agreement (other than as issuer of the
      investment security);

     

    (8)  the
      Trustee shall not be deemed to have knowledge of an Event of Default until
      a
      Responsible Officer of the Trustee shall have received written notice thereof;
      and

     

    (9)  the
      Trustee shall be under no obligation to exercise any of the trusts or powers
      vested in it by this Agreement or to make any investigation of matters arising
      hereunder or to institute, conduct or defend any litigation hereunder or in
      relation hereto at the request, order or direction of the NIM Insurer or any
      of
      the Certificateholders, pursuant to the provisions of this Agreement, unless
      the
      NIM Insurer or such Certificateholders, as applicable, shall have offered to
      the
      Trustee reasonable security or indemnity against the costs, expenses and
      liabilities that may be incurred therein or thereby.

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by the Trustee without the
      possession of any of the Certificates, or the production thereof at the trial
      or
      other proceeding relating thereto, and any such suit, action or proceeding
      instituted by the Trustee shall be brought in its name for the benefit of all
      the Holders of the Certificates, subject to the provisions of this
      Agreement.

     

    The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Swap Contract Administration Agreement (in its capacity
      as
      Swap Trustee).  The Sellers, the Depositor, the Master Servicer and
      the Holders of the Interest-Bearing Certificates by their acceptance of such
      Certificates acknowledge and agree that the Trustee shall execute, deliver
      and
      perform its obligations under the Swap Contract Administration Agreement and
      shall do so solely in its capacity as Swap Trustee, as the case may be, and
      not
      in its individual capacity.  Every provision of this Agreement
      relating to the conduct or affecting the liability of or affording protection
      to
      the Trustee shall apply to the Trustee’s execution of the Swap Contract
      Administration Agreement in its capacity as Swap Trustee, and the performance
      of
      its duties and satisfaction of its obligations thereunder.

     

    
      	
              Section
                8.03  

            	
              Trustee
                Not Liable for Mortgage Loans.

            

    

     

    The
      recitals contained herein shall be taken as the statements of the Depositor
      or
      the Master Servicer, as the case may be, and the Trustee assumes no
      responsibility for their correctness.  The Trustee makes no
      representations as to the validity or sufficiency of this Agreement or of any
      Mortgage Loan or related document or of MERS or the MERS® System other than with
      respect to the Trustee’s execution and authentication of the
      Certificates.  The Trustee shall not be accountable for the use or
      application by the Depositor or the Master Servicer of any funds paid to the
      Depositor or the Master Servicer in respect of the Mortgage Loans or deposited
      in or withdrawn from the Certificate Account by the Depositor or the Master
      Servicer.

     

    
      	
              Section
                8.04  

            	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not the
      Trustee.

     

    
      	
              Section
                8.05  

            	
              Master
                Servicer to Pay Trustee’s Fees and
                Expenses.

            

    

     

    The
      Master Servicer covenants and agrees to pay or reimburse the Trustee, upon
      its
      request, for all reasonable expenses, disbursements and advances incurred or
      made by the Trustee on behalf of the Trust Fund in accordance with any of the
      provisions of this Agreement (including, without limitation:  (A) the
      reasonable compensation and the expenses and disbursements of its counsel,
      but
      only for representation of the Trustee acting in its capacity as Trustee
      hereunder and (B) to the extent that the Trustee must engage persons not
      regularly in its employ to perform acts or services on behalf of the Trust
      Fund,
      which acts or services are not in the ordinary course of the duties of a
      trustee, paying agent or certificate registrar, in the absence of a breach
      or
      default by any party hereto, the reasonable compensation, expenses and
      disbursements of such persons, except any such expense, disbursement or advance
      as may arise from its negligence, bad faith or willful
      misconduct).  The Trustee and any director, officer, employee or agent
      of the Trustee shall be indemnified by the Master Servicer and held harmless
      against any loss, liability or expense (i) incurred in connection with any
      legal
      action relating to this Agreement or the Certificates, or in connection with
      the
      performance of any of the Trustee’s duties hereunder, other than any loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of any of the Trustee’s duties hereunder or by
      reason of reckless disregard of the Trustee’s obligations and duties hereunder
      or (ii) resulting from any error in any tax or information return prepared
      by
      the Master Servicer.  Such indemnity shall survive the termination of
      this Agreement or the resignation or removal of the Trustee
      hereunder.

     

    
      	
              Section
                8.06  

            	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall, at all times, be a corporation or association organized
      and doing business under the laws of a state or the United States of America,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000, subject to supervision or
      examination by federal or state authority and with a credit rating that would
      not cause any of the Rating Agencies to reduce their respective ratings of
      any
      Class of Certificates below the ratings issued on the Closing Date (or having
      provided such security from time to time as is sufficient to avoid such
      reduction).  If such corporation or 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 8.06 the combined capital and surplus of such corporation or 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 the provisions of this
      Section 8.06, the Trustee shall resign immediately in the manner and with the
      effect specified in Section 8.07 hereof.  The corporation or national
      banking association serving as Trustee may have normal banking and trust
      relationships with the Depositor, the Sellers and the Master Servicer and their
      respective affiliates; provided that such corporation cannot be an affiliate
      of
      the Master Servicer other than the Trustee in its role as successor to the
      Master Servicer.

     

    
      	
              Section
                8.07  

            	
              Resignation
                and Removal of Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by (1) giving written notice of resignation to the Depositor and the Master
      Servicer and by mailing notice of resignation by first class mail, postage
      prepaid, to the Certificateholders at their addresses appearing on the
      Certificate Register and each Rating Agency, not less than 60 days before the
      date specified in such notice when, subject to Section 8.08, such resignation
      is
      to take effect, and (2) acceptance of appointment by a successor trustee in
      accordance with Section 8.08 and meeting the qualifications set forth in Section
      8.06.  If no successor trustee shall have been so appointed and have
      accepted appointment within 30 days after the giving of such notice or
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor trustee.

     

    As
      a
      condition to the effectiveness of any such resignation, at least 15 calendar
      days prior to the effective date of such resignation, the Trustee shall provide
      (x) written notice to the Depositor of any successor pursuant to this Section
      and (y) in writing and in form and substance reasonably satisfactory to the
      Depositor, all information reasonably requested by the Depositor in order to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      the resignation of the Trustee.

     

    If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 8.06 hereof and shall fail to resign after written request
      thereto by the NIM Insurer or the Depositor, (ii) the Trustee shall become
      incapable of acting, or shall be adjudged as 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)
      a tax is imposed with respect to the Trust Fund by any state in which the
      Trustee or the Trust Fund is located, (B) the imposition of such tax would
      be
      avoided by the appointment of a different trustee and (C) the Trustee fails
      to
      indemnify the Trust Fund against such tax, or (iv) during the period which
      the
      Depositor is required to file Exchange Act Reports with respect to the Trust
      Fund, the Trustee fails to comply with its obligations under the last sentence
      of Section 7.01, the preceding paragraph, Section 8.09 or Article XI and such
      failure is not remedied within the lesser of 10 calendar days or such period
      in
      which the applicable Exchange Act Report can be filed timely (without taking
      into account any extensions), then, in the case of clauses (i) through (iii),
      the Depositor, the NIM Insurer or the Master Servicer, or in the case of clause
      (iv), the Depositor, may remove the Trustee and appoint a successor trustee,
      reasonably acceptable to the NIM Insurer, by written instrument, in triplicate,
      one copy of which instrument shall be delivered to the Trustee, one copy of
      which shall be delivered to the Master Servicer and one copy of which shall
      be
      delivered to the successor trustee.

     

    The
      Holders evidencing at least 51% of the Voting Rights of each Class of
      Certificates may at any time remove the Trustee and appoint a successor trustee
      by written instrument or instruments, in triplicate, signed by such Holders
      or
      their attorneys-in-fact duly authorized, one complete set of which instruments
      shall be delivered by the successor Trustee to the Master Servicer one complete
      set to the Trustee so removed, one complete set to the successor so appointed
      and one complete set to the Depositor, together with a written description
      of
      the basis for such removal.  Notice of any removal of the Trustee
      shall be given to each Rating Agency by the successor Trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section 8.07 shall become effective
      upon acceptance of appointment by the successor trustee as provided in Section
      8.08 hereof.

     

    
      	
              Section
                8.08  

            	
              Successor
                Trustee.

            

    

     

    Any
      successor trustee appointed as provided in Section 8.07 hereof shall execute,
      acknowledge and deliver to the Depositor, its predecessor trustee and the Master
      Servicer 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 the like effect as if originally named as trustee
      herein.  In addition, if the Swap Contract is still outstanding, the
      Person appointed as successor trustee shall execute, acknowledge and deliver
      to
      the predecessor trustee, CHL and the Master Servicer an instrument accepting
      the
      appointment as successor Swap Contract Administrator under the Swap Contract
      Administration Agreement.

     

    No
      successor trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor trustee shall be eligible
      under the provisions of Section 8.06 hereof, is reasonably acceptable to the
      NIM
      Insurer, its appointment shall not adversely affect the then-current ratings
      of
      the Certificates and has provided to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      requested by the Depositor in order to comply with its reporting obligation
      under Item 6.02 of Form 8-K with respect to a replacement
      Trustee.  Upon acceptance of appointment by a successor trustee as
      provided in this Section 8.08, the Depositor shall mail notice of the succession
      of such trustee hereunder to the NIM Insurer and all Holders of
      Certificates.  If the Depositor fails to mail such notice within ten
      days after acceptance of appointment by the successor trustee, the successor
      trustee shall cause such notice to be mailed at the expense of the
      Depositor.

     

    
      	
              Section
                8.09  

            	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to substantially all of the corporate trust business of the Trustee,
      shall be the successor of the Trustee hereunder, provided that such corporation
      shall be eligible under the provisions of Section 8.06 hereof 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.

     

    As
      a
      condition to the effectiveness of any merger or consolidation, at least 15
      calendar days prior to the effective date of any merger or consolidation of
      the
      Trustee, the Trustee shall provide (x) written notice to the Depositor of any
      successor pursuant to this Section and (y) in writing and in form and substance
      reasonably satisfactory to the Depositor, all information reasonably requested
      by the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to a replacement Trustee.

     

    
      	
              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 property securing any Mortgage Note may at the time be located, the Master
      Servicer and the Trustee acting jointly shall have the power and shall execute
      and deliver all instruments to appoint one or more Persons approved by the
      Trustee and reasonably acceptable to the NIM 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, whichever is applicable, 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. If the Master Servicer shall not have joined in such appointment,
      or
      the NIM Insurer shall not have approved such appointment, within 15 days after
      receipt by it of a request to do so, or in the case an Event of Default shall
      have occurred and be continuing, the Trustee shall have the power to make such
      appointment.  No co-trustee or separate trustee hereunder shall be
      required to meet the terms of eligibility as a successor trustee under Section
      8.06 and no notice to Certificateholders of the appointment of any co-trustee
      or
      separate trustee shall be required under Section 8.08.

     

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

     

    (1)  All
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee under this Agreement to advance funds
      on behalf of the Master Servicer, 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;

     

    (2)  No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (3)  The
      Trustee 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 Master Servicer and the Depositor.

     

    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  

            	
              Tax
                Matters.

            

    

     

    It
      is
      intended that the Trust Fund shall constitute, and that the affairs of the
      Trust
      Fund shall be conducted so that each REMIC created pursuant to the Preliminary
      Statement qualifies as, a “real estate mortgage investment conduit” as defined
      in and in accordance with the REMIC Provisions.  In furtherance of
      such intention, the Trustee covenants and agrees that it shall act as agent
      (and
      the Trustee is hereby appointed to act as agent) on behalf of the Trust Fund
      and
      that in such capacity it shall:  (a) prepare and file, or cause to be
      prepared and filed, in a timely manner, a U.S. Real Estate Mortgage Investment
      Conduit Income Tax Returns (Form 1066 or any successor form adopted by the
      Internal Revenue Service) and prepare and file or cause to be prepared and
      filed
      with the Internal Revenue Service and applicable state or local tax authorities
      income tax or information returns for each taxable year with respect to each
      REMIC created hereunder containing such information and at the times and in
      the
      manner as may be required by the Code or state or local tax laws, regulations,
      or rules, and furnish or cause to be furnished to Certificateholders the
      schedules, statements or information at such times and in such manner as may
      be
      required thereby; (b) within thirty days of the Closing Date, furnish or cause
      to be furnished to the Internal Revenue Service, on Forms 8811 or as otherwise
      may be required by the Code, the name, title, address, and telephone number
      of
      the person that the Holders of the Certificates may contact for tax information
      relating thereto, together with such additional information as may be required
      by such Form, and update such information at the time or times in the manner
      required by the Code for the Trust Fund; (c) make or cause to be made elections,
      on behalf of each REMIC created hereunder to be treated as a REMIC on the
      federal tax return of each such REMIC for its first taxable year (and, if
      necessary, under applicable state law); (d) prepare and forward, or cause to
      be
      prepared and forwarded, to the Certificateholders and to the Internal Revenue
      Service and, if necessary, state tax authorities, all information returns and
      reports as and when required to be provided to them in accordance with the
      REMIC
      Provisions, including without limitation, the calculation of any original issue
      discount using the Prepayment Assumption; (e) provide information necessary
      for
      the computation of tax imposed on the transfer of a Class A-R Certificate to
      a
      Person that is not a Permitted Transferee, or an agent (including a broker,
      nominee or other middleman) of a Non-Permitted Transferee, or a pass-through
      entity in which a Non-Permitted Transferee is the record holder of an interest
      (the reasonable cost of computing and furnishing such information may be charged
      to the Person liable for such tax); (f) to the extent that they are under its
      control conduct the affairs of the Trust Fund at all times that any Certificates
      are outstanding so as to maintain the status of each REMIC created hereunder
      as
      a REMIC under the REMIC Provisions; (g) not knowingly or intentionally take
      any
      action or omit to take any action that would cause the termination of the REMIC
      status of any REMIC created hereunder; (h) pay, from the sources specified
      in
      the third paragraph of this Section 8.11, the amount of any federal, state
      and
      local taxes, including prohibited transaction taxes as described below, imposed
      on any REMIC created hereunder prior to the termination of the Trust Fund when
      and as the same shall be due and payable (but such obligation shall not prevent
      the Trustee or any other appropriate Person from contesting any such tax in
      appropriate proceedings and shall not prevent the Trustee from withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings); (i) sign or cause to be signed federal, state or local income
      tax
      or information returns; (j) maintain records relating to each REMIC created
      hereunder, including but not limited to the income, expenses, assets and
      liabilities of each such REMIC, and the fair market value and adjusted basis
      of
      the Trust Fund property determined at such intervals as may be required by
      the
      Code, as may be necessary to prepare the foregoing returns, schedules,
      statements or information; and (k) as and when necessary and appropriate,
      represent the Trust Fund in any administrative or judicial proceedings relating
      to an examination or audit by any governmental taxing authority, request an
      administrative adjustment as to any taxable year of any REMIC created hereunder,
      enter into settlement agreements with any governmental taxing agency, extend
      any
      statute of limitations relating to any tax item of the Trust Fund, and otherwise
      act on behalf of any REMIC created hereunder in relation to any tax matter
      involving any such REMIC.

     

    In
      order
      to enable the Trustee to perform its duties as set forth herein, the Depositor
      shall provide, or cause to be provided, to the Trustee within ten days after
      the
      Closing Date all information or data that the Trustee requests in writing and
      determines to be relevant for tax purposes to the valuations and offering prices
      of the Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flows of the Certificates and the Mortgage Loans
      (and, to the extent not part of the aforementioned, the information referred
      to
      in paragraphs (1), (2), (3) and (4) of Section 4.05(d)).  Thereafter,
      the Depositor shall provide to the Trustee promptly upon written request
      therefor, any such additional information or data that the Trustee may, from
      time to time, request in order to enable the Trustee to perform its duties
      as
      set forth herein.  The Depositor hereby indemnifies the Trustee for
      any losses, liabilities, damages, claims or expenses of the Trustee arising
      from
      any errors or miscalculations of the Trustee that result from any failure of
      the
      Depositor to provide, or to cause to be provided, accurate information or data
      to the Trustee on a timely basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of the Trust Fund as
      defined in section 860F(a)(2) of the Code, on the “net income from foreclosure
      property” of the Trust Fund as defined in section 860G(c) of the Code, on any
      contribution to the Trust Fund after the startup day pursuant to section 860G(d)
      of the Code, or any other tax is imposed, including, without limitation, any
      federal, state or local tax or minimum tax imposed upon the Trust Fund pursuant
      to sections 23153 and 24872 of the California Revenue and Taxation Code if
      not
      paid as otherwise provided for herein, such tax shall be paid by (i) the
      Trustee, if any such other tax arises out of or results from a breach by the
      Trustee of any of its obligations under this Agreement, (ii) (x) the Master
      Servicer, in the case of any such minimum tax, and (y) any party hereto (other
      than the Trustee) to the extent any such other tax arises out of or results
      from
      a breach by such other party of any of its obligations under this Agreement
      or
      (iii) in all other cases, or in the event that any liable party here fails
      to
      honor its obligations under the preceding clauses (i) or (ii), any such tax
      will
      be paid first with amounts otherwise to be distributed to the Class A-R
      Certificateholders, and second with amounts otherwise to be distributed to
      all
      other Certificateholders in the same manner as if such tax were a Realized
      Loss
      that occurred ratably within each Loan Group.  Notwithstanding
      anything to the contrary contained herein, to the extent that such tax is
      payable by the Class A-R Certificates, the Trustee is hereby authorized to
      retain on any Distribution Date, from the Holders of the Class A-R Certificates
      (and, if necessary, second, from the Holders of the all other Certificates
      in
      the priority specified in the preceding sentence), funds otherwise distributable
      to such Holders in an amount sufficient to pay such tax.  The Trustee
      agrees to promptly notify in writing the party liable for any such tax of the
      amount thereof and the due date for the payment thereof.

     

    The
      Trustee shall treat the Carryover Reserve Fund and the Swap Trust, including
      the
      Swap Account, as outside reserve funds within the meaning of Treasury Regulation
      1.860G-2(h), neither of which is an asset of any REMIC created
      hereunder.  The Carryover Reserve Fund shall each be treated as owned
      by the Class C Certificateholders and the Swap Trust, including the Swap Account
      shall be treated as owned by the Class C Certificateholders.  The
      rights of the Holders of each Class of Certificates (other than the Class P
      and
      Class A-R Certificates) to receive payments from, and the deemed obligations
      of
      such Holders to make payments to, the Carryover Reserve Fund or the Swap Trust,
      including the Swap Account, shall be treated as rights and obligations with
      respect to notional principal contracts written by the Holders of the Class
      C
      Certificates in respect of any Net Rate Carryover distributed pursuant to
      Sections 4.04(c)(4), and (ii) the Swap Counterparty in respect of any Net Rate
      Carryover funded by the Swap Contract and in respect of any residual payments
      from such Swap Contract received by the Class C Certificates.  Thus,
      the Certificates (other than the Class P and Class A-R Certificates), shall
      be
      treated as representing ownership of Master REMIC regular interests coupled
      with
      contractual rights and obligations within the meaning of Treasury Regulation
      1.860G-2(i). For purposes of determining the issue price of the various Master
      REMIC regular interests, the Trustee shall assume that the Swap Contract has
      a
      value of $0.00.

     

    In
      addition, to the extent the interest otherwise payable to a Certificateholder
      is
      reduced for amounts payable with respect to the Swap Contract, the Trustee,
      for
      federal income tax purposes, shall treat the amount of such reduction as first
      payable to the Certificateholder as interest and as then payable by the
      Certificateholder with respect to a notional principal contract.  To
      the extent the amount payable with respect to the Swap Contract exceeds the
      aggregate of the reductions described in the immediate sentence, the Trustee,
      for federal income tax purposes, shall treat such excess as Realized Losses
      from
      Mortgage Loans and to the extent such Realized Losses (if they had occurred)
      would be allocated to a Certificateholder, the Trustee shall treat such amount
      as first payable to the Certificateholder as principal and as then payable
      by
      the Certificateholder with respect to a notional principal
      contract.

     

    
      	
              Section
                8.12  

            	
              [Reserved].

            

    

     

    
      	
              Section
                8.13  

            	
              Access
                to Records of the Trustee.

            

    

     

    The
      Trustee shall afford the Sellers, the Depositor, the Master Servicer, the NIM
      Insurer and each Certificate Owner upon reasonable notice during normal business
      hours access to all records maintained by the Trustee in respect of its duties
      under this Agreement and access to officers of the Trustee responsible for
      performing its duties. Upon request, the Trustee shall furnish the Depositor,
      the Master Servicer, the NIM Insurer and any requesting Certificate Owner with
      its most recent financial statements. The Trustee shall cooperate fully with
      the
      Sellers, the Master Servicer, the Depositor, the NIM Insurer and the Certificate
      Owner for review and copying any books, documents, or records requested with
      respect to the Trustee’s duties under this Agreement. The Sellers, the
      Depositor, the Master Servicer and the Certificate Owner shall not have any
      responsibility or liability for any action for failure to act by the Trustee
      and
      are not obligated to supervise the performance of the Trustee under this
      Agreement or otherwise.

     

    
      	
              Section
                8.14  

            	
              Suits
                for Enforcement.

            

    

     

    If
      an
      Event of Default or other material default by the Master Servicer or the
      Depositor under this Agreement occurs and is continuing, at the direction of
      the
      Certificateholders holding not less than 51% of the Voting Rights or the NIM
      Insurer, the Trustee shall proceed to protect and enforce its rights and the
      rights of the Certificateholders or the NIM Insurer under this Agreement 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, the NIM
      Insurer and the Certificateholders.

     

    ARTICLE
      IX.

    TERMINATION

     

    
      	
              Section
                9.01  

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage
                Loans.

            

    

     

    Subject
      to Section 9.03 and Section 9.04, the Trust Fund shall terminate and the
      obligations and responsibilities of the Depositor, the Master Servicer, the
      Sellers and the Trustee created hereby with respect to the Trust Fund shall
      terminate upon the earliest of (a) the purchase by the Master Servicer or NIM
      Insurer (the party exercising such purchase option, the “Terminator”) of all of
      the Mortgage Loans (and REO Properties) at a price (the “Termination Price”)
      equal to the sum of (i) 100% of the Stated Principal Balance of each Mortgage
      Loan (other than in respect of an REO Property), (ii) accrued interest thereon
      at the applicable Mortgage Rate (or, if such repurchase is effected by the
      Master Servicer, at the applicable Net Mortgage Rate), (iii) the appraised
      value
      of any REO Property (up to the Stated Principal Balance of the related Mortgage
      Loan), such appraisal to be conducted by an appraiser mutually agreed upon
      by
      the Terminator and the Trustee, (iv) any remaining unpaid costs and damages
      incurred by the Trust Fund that arises out of an actual violation of any
      predatory or abusive lending law or regulation and (v) if the Terminator is
      the
      NIM Insurer, any unreimbursed Servicing Advances, and the principal portion
      of
      any unreimbursed Advances, made on the Mortgage Loans prior to the exercise
      of
      such repurchase, (b) the purchase by the Winning Bidder of all of the Mortgage
      Loans (and REO Properties) after a Successful Auction is conducted pursuant
      to
      Section 9.04 and the related auction proceeds are distributed pursuant to
      Section 9.02(c) and (c) the later of (i) the maturity or other liquidation
      (or
      any Advance with respect thereto) of the last Mortgage Loan remaining in the
      Trust Fund and the disposition of all REO Property and (ii) the distribution
      to
      the Certificateholders of all amounts required to be distributed to them
      pursuant to this Agreement, as applicable.  In no event shall the
      trusts created hereby continue beyond the earlier of (i) 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 and (ii) the Latest Possible Maturity
      Date.

     

    Notwithstanding
      anything set forth herein to the contrary (including, without limitation, in
      Section 9.04), the right to purchase all Mortgage Loans and REO Properties
      by
      the Terminator or the Winning Bidder pursuant to clause (a) or clause (b) of
      the
      immediately preceding paragraph, as the case may be, shall be conditioned upon
      (1) the Stated Principal Balance of the Mortgage Loans, at the time of any
      such
      repurchase, aggregating ten percent (10%) or less of the sum of the aggregate
      Cut-off Date Principal Balance of the Initial Mortgage Loans and the Pre-Funded
      Amount, (2) unless the NIM Insurer otherwise consents, the purchase price for
      such Mortgage Loans and REO Properties shall result in a final distribution
      on
      any NIM Insurer guaranteed notes that is sufficient (x) to pay such notes in
      full and (y) to pay any amounts due and payable to the NIM Insurer pursuant
      to
      the indenture related to such notes and (3) only in case of a purchase by the
      Master Servicer pursuant to clause (a) of the immediately preceding paragraph,
      the absence of a request for an auction, or the absence of a Successful Auction,
      of the Mortgage Loans and REO Properties pursuant to Section 9.04.

     

    The
      NIM
      Insurer’s right to purchase all Mortgage Loans and REO Properties shall be
      further conditioned upon the written consent of the Master
      Servicer.

     

    The
      Swap
      Trust shall terminate on the earliest of (i) the Swap Contract Termination
      Date,
      (ii) the reduction of the aggregate Certificate Principal Balance of the
      Interest-Bearing Certificates to zero and (iii) the termination of this
      Agreement.

     

    To
      the
      extent the Master Servicer assigns the right to exercise the Optional
      Termination as provided in this Section to a third-party, any successor Master
      Servicer will be subject to the terms of any such assignment.  The
      Master Servicer will provide the terms of any such assignment to any successor
      Master Servicer prior to the transfer of its master servicing
      obligations.

     

    
      	
              Section
                9.02  

            	
              Final
                Distribution on the
                Certificates.

            

    

     

    (a)  Timing
      of Notice of Final Distribution, Auction or Optional
      Termination.

     

    (i)  If
      on any
      Determination Date, (i) the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Certificate Account, then the Master Servicer shall direct
      the Trustee to send a final distribution notice promptly to each related
      Certificateholder in accordance with Section 9.02(b).  In the event
      such notice is given, the Master Servicer shall cause all funds in the
      Certificate Account to be remitted to the Trustee for deposit in the
      Distribution Account on or before the Business Day prior to the applicable
      Distribution Date, net of any amounts permitted to be withdrawn pursuant to
      Section 3.08(a).  Upon such final deposit and the receipt by the
      Trustee of a Request for File Release therefor, the Trustee shall promptly
      release to the Master Servicer the Mortgage Files for the Mortgage
      Loans.

     

    (ii)  If
      the
      Directing Certificateholder chooses to exercise its right to cause an auction
      pursuant to Section 9.04, then the Directing Certificateholder shall provide
      written notice to the Master Servicer no later than the 1st day of
      the
      calendar month in which such auction is to be conducted.  If a
      Successful Auction is held pursuant to the requirements of Section 9.04, then
      the Trustee shall distribute the proceeds of the Successful Auction that have
      been remitted to the Distribution Account to the Certificateholders pursuant
      to
      Sections 4.04 and 9.04 hereof on the Distribution Date in the calendar month
      immediately following the calendar month in which the Successful Auction
      occurs.

     

    (iii)  If
      the
      Directing Certificateholder does not exercise its right to cause an auction
      pursuant to Section 9.04 and the Terminator (after prior written notice to
      the
      Master Servicer if the Terminator is the NIM Insurer) elects to terminate the
      Trust Fund pursuant to Section 9.01, then at least 20 days prior to the date
      notice is to be mailed to Certificateholders in accordance with Section 9.02(b),
      the Terminator shall notify the Depositor and the Trustee of (a) its election
      to
      terminate the Trust Fund, (b) the Distribution Date on which it intends to
      terminate the Trust Fund pursuant to Section 9.01 and (c) the applicable
      purchase price of the Mortgage Loans and REO Properties.  In the event
      such notice is given, the Terminator shall remit to the Master Servicer, on
      or
      before the Business Day prior to the final Distribution Date, for deposit into
      the Certificate Account, the Termination Price.  The Master Servicer
      shall cause all funds in the Certificate Account, including the Termination
      Price, net of any amounts permitted to be withdrawn pursuant to Section 3.08(a),
      to be remitted to the Trustee for deposit in the Distribution Account on or
      before the Business Day prior to the applicable Distribution
      Date.  Upon such final deposit with respect to the Trust Fund and the
      receipt by the Trustee of a Request for File Release therefor, the Trustee
      shall
      promptly release to the Master Servicer the Mortgage Files for the Mortgage
      Loans.

     

    (b)  Timing
      of Notice to Certificateholders of Termination.  Notice of any
      termination of the Trust Fund (whether because of a Successful Auction, Optional
      Termination or otherwise), specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee by letter
      to Certificateholders mailed not earlier than the 10th day and
      no later
      than the 15th
      day of the month immediately preceding the month of such final
      distribution.  Any such notice shall specify (i) the Distribution Date
      upon which final distribution on the Certificates will be made upon presentation
      and surrender of such Certificates at the office therein designated, (ii) the
      amount of such final distribution, (iii) the location of the office or agency
      at
      which such presentation and surrender must be made, and (iv) that the Record
      Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of such
      Certificates at the office therein specified.  The Master Servicer
      will give such notice to each Rating Agency and the Swap Counterparty at the
      time such notice is given to Certificateholders.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Certificateholders of each Class, in each case on the final
      Distribution Date and in the order set forth in Section 4.04 (and with respect
      to the Class C Certificates after a Successful Auction, Sections 9.04(g) and
      (k)) hereof and in proportion to their respective Percentage Interests from
      the
      Distribution Account (and, if applicable, the Carryover Reserve Fund) an amount
      equal to (i) as to each Class of Regular Certificates, the Certificate Principal
      Balance thereof plus accrued interest thereon (or on its Notional Amount, if
      applicable) in the case of an interest-bearing Certificate and (ii) as to the
      Class A-R Certificates, the amount, if any, which remains on deposit in the
      Distribution Account (other than the amounts retained to meet claims) after
      application pursuant to clause (i) above.  Notwithstanding the
      reduction of the Certificate Principal Balance of any Class of Certificates
      to
      zero, such Class will be outstanding hereunder (solely for the purpose of
      receiving distributions (if any) to which it may be entitled pursuant to the
      terms of this Agreement and not for any other purpose) until the termination
      of
      the respective obligations and responsibilities of the Depositor, each Seller,
      the Master Servicer and the Trustee hereunder in accordance with Article
      IX.

     

    (d)  In
      the
      event that any affected Certificateholders shall not surrender their respective
      Certificates for cancellation within six months after the date specified in
      the
      above mentioned written notice, the Trustee shall give a second written notice
      to the remaining Certificateholders to surrender their related Certificates
      for
      cancellation and receive the final distribution with respect
      thereto.  If within six months after the second notice all the
      applicable Certificates shall not have been surrendered for cancellation, the
      Trustee may take appropriate steps, or may appoint an agent to take appropriate
      steps, to contact the remaining Certificateholders concerning surrender of
      their
      Certificates, and the cost thereof shall be paid out of the funds and other
      assets that remain a part of the Trust Fund.  If within one year after
      the second notice all Certificates shall not have been surrendered for
      cancellation, the Class A-R Certificates shall be entitled to all unclaimed
      funds and other assets of the Trust Fund that remain subject to this
      Agreement.

     

    
      	
              Section
                9.03  

            	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event the Terminator exercises its purchase option as provided in Section 9.01
      or there is a Successful Auction pursuant to Section 9.04, the Trust Fund shall
      be terminated in accordance with the following additional requirements, unless
      the Trustee has been supplied with an Opinion of Counsel, at the expense of
      the
      Terminator (or the Directing Certificateholder, in the case of a Successful
      Auction), to the effect that the failure of the Trust Fund to comply with the
      requirements of this Section 9.03 will not (i) result in the imposition of
      taxes
      on “prohibited transactions” on any REMIC, or (ii) cause any REMIC created
      hereunder to fail to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (1)           The
      Master Servicer shall establish a 90-day liquidation period and notify the
      Trustee thereof, which shall in turn specify the first day of such period in
      a
      statement attached to the Trust Fund’s final Tax Return pursuant to Treasury
      Regulation Section 1.860F-1.  The Master Servicer shall prepare a plan
      of complete liquidation and shall otherwise satisfy all the 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 Depositor obtained at the expense of the Terminator (or the Directing
      Certificateholder, in the case of a Successful Auction); and

     

    (2)           Within
      90 days after the time of adoption of such a plan of complete liquidation,
      the
      Trustee shall sell all of the assets of the Trust Fund to the Terminator (or
      the
      Winning Bidder in the case of a Successful Auction) for cash in accordance
      with
      Section 9.01 and, if applicable, Section 9.04.

     

    (b)  By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the Master
      Servicer to prepare and the Trustee to adopt and sign a plan of complete
      liquidation which authorization shall be binding upon all successor
      Certificateholders.  The Trustee shall attach a statement to the final
      federal income tax return for each of any REMIC created hereunder stating that
      pursuant to Treasury Regulation Section 1.860F-1, the first day of the 90-day
      liquidation period for each the REMIC was the date on which the Trustee sold
      the
      assets of the Trust Fund to the Terminator.

     

    (c)  The
      Trustee, as agent for any REMIC created hereunder, hereby agrees to adopt and
      sign such a plan of complete liquidation upon the written request of the Master
      Servicer, and the receipt of the Opinion of Counsel referred to in Section
      9.03(a)(1) and to take such other action in connection therewith as may be
      reasonably requested by the Terminator or the Directing Certificateholder,
      as
      applicable.

     

    
      	
              Section
                9.04  

            	
              Auction
                of the Mortgage Loans and REO
                Properties.

            

    

     

    (a)  On
      or
      after the Optional Termination Date, the Holder of the largest Percentage
      Interest of the Class C Certificates (the “Directing Certificateholder”), at its
      option, may by written instruction direct the Master Servicer to direct the
      Trustee to solicit bids in a commercially reasonable manner from Qualified
      Bidders for the purchase of the Mortgage Loans and any REO Properties owned
      by
      the Trust Fund.  The Directing Certificateholder shall provide written
      notice to the Master Servicer as provided in Section 9.02(a)(ii).  Any
      such direction by the Directing Certificateholder shall (i) be made in writing
      and (ii) include contact information for the Directing
      Certificateholder.  Upon receipt of any direction from the Directing
      Certificateholder meeting the requirements of the immediately preceding
      sentence, the Trustee shall commence the auction process described in this
      Section 9.04.  The Trustee may engage a financial advisor, which
      financial advisor may be CHL or one of its affiliates, in order to perform
      any
      of the duties of the Trustee specified in Section 9.04.  To effectuate
      such sale, the Trustee (or such financial advisor) shall follow the procedures
      specified in Section 9.04(b) below.  The Trustee shall facilitate the
      sale of the assets in the Trust Fund to the Winning Bidder so long as the
      Trustee (or any financial advisor on its behalf) has received at least three
      bids from Qualified Bidders and at least one such bid is at least equal to
      the
      Acceptable Bid Amount.  In the event the auction is not a Successful
      Auction, the Trustee may repeat this process periodically (thereafter as
      directed by the Directing Certificateholder) until a Successful Auction is
      conducted or the Terminator purchases all of the Mortgage Loans and REO
      Properties pursuant to Section 9.01.  The Trustee shall be reimbursed
      for its reasonable costs, including expenses associated with engaging any
      financial advisor, from the Directing Certificateholder if the auction is not
      a
      Successful Auction, and, if the auction is a Successful Auction, from the
      proceeds of the auction before the proceeds are distributed to
      Certificateholders.

     

    The
      Trustee upon inquiry from the Master Servicer, agrees to provide the Master
      Servicer with the Percentage Interest of Class C Certificates held by the
      Directing Certificateholder.

     

    If
      CHL or
      any of its affiliates is the Directing Certificateholder, such Directing
      Certificateholder shall not have the right to direct the Trustee to solicit
      bids
      for the purchase of the Mortgage Loans and any REO Properties owned by the
      Trust
      Fund.

     

    (b)  The
      Trustee (or any financial advisor on its behalf) shall solicit bids for the
      purchase of assets owned by the Trust Fund as provided in Section 9.04(a) not
      later than two Business Days following receipt of the Directing
      Certificateholder’s written instruction by contacting by telephone or in writing
      at least three Qualified Bidders and requesting that each Qualified Bidder
      bid
      on the Mortgage Loans and REO Properties owned by the Trust Fund (on a
      non-recourse basis with no representations or warranties of any nature
      whatsoever made by the Trustee (or such financial advisor)) and providing to
      the
      Qualified Bidder any information relating to the Mortgage Loans and REO
      Properties owned by the Trust Fund reasonably requested by such Qualified
      Bidder, subject to the Qualified Bidder’s written agreement not to use such
      information in the purchase or sale of Certificates (it being understood no
      Qualified Bidder shall be obligated to submit a bid or take any other action
      in
      connection with any auction).  The Master Servicer shall cooperate
      with the Trustee (and any financial advisor on its behalf) during the auction
      process.  At 1:00 p.m. New York time on the second Business Day after
      the date on which bids are last solicited (such second day, the “Bid
      Determination Date”), the Trustee (or any financial advisor on its behalf) shall
      determine the highest bid based on the bids received by the Trustee (or any
      financial advisor on its behalf) on or before such time.

     

    (c)  If
      the
      highest of the bids that are submitted by Qualified Bidders is less than the
      Minimum Auction Amount, the Trustee shall promptly inform the Directing
      Certificateholder of the amount of the shortfall and indicate that the Directing
      Certificateholder must notify the Trustee within 24 hours whether it will
      contribute the amount of such difference (such difference being the “Auction
      Supplement Amount”) so that the auction will be a Successful
      Auction.  If the highest of the bids that are submitted by Qualified
      Bidders is equal to or greater than the Minimum Auction Amount, or if the
      Directing Certificateholder notifies the Trustee within 24 hours of its receipt
      of notice as described in the previous sentence that it will contribute the
      Auction Supplement Amount, then the Trustee (or any financial advisor on its
      behalf) shall notify promptly (but in any event no later than 3:00 p.m. New
      York
      time on the  Business Day following the Bid Determination Date) the
      Winning Bidder that its bid was the highest bid and shall provide wiring
      instructions for payment of the bid amount into the Certificate Account by
      12:00
      p.m. New York time on the second Business Day following the Bid Determination
      Date and, if applicable, provide the Directing Certificateholder with wiring
      instructions for payment of the Auction Supplement Amount into the Certificate
      Account by such time.

     

    (d)  If
      such
      Winning Bidder does not wire the bid amount so that it is received in the
      Certificate Account in immediately available funds by 12:00 p.m. New York time
      on the second Business Day following the Bid Determination Date, the Trustee
      shall repeat the process specified in the preceding paragraph with respect
      to
      the second highest bid, but only if such bid is at least the Minimum Auction
      Amount or the Directing Certificateholder agrees to pay the new Auction
      Supplement Amount.  If no other bids are available to be accepted
      pursuant to the preceding sentence, or if the amount remitted by the Winning
      Bidder plus any Auction Supplement Amount remitted by the Directing
      Certificateholder is less than the Minimum Auction Amount, then the auction
      shall be considered to have failed for all purposes.

     

    (e)  The
      Trustee shall not be liable with regard to the selection or engagement of,
      or
      for any act or omission of, a financial advisor pursuant to this Section 9.04
      if
      the Trustee engages CHL to be such financial advisor.

     

    (f)  In
      the
      event of a Successful Auction and so long as the Winning Bidder has wired its
      bid amount (and the Directing Certificateholder has wired any Auction Supplement
      Amount, if applicable) to the Certificate Account as provided above, then the
      Trustee shall promptly convey to the Winning Bidder the Mortgage Loans and
      REO
      Properties owned by the Trust Fund.  The Master Servicer shall take
      all reasonable actions requested by the Trustee to effect such conveyance,
      including remitting to the Distribution Account from the Certificate Account,
      on
      the Business Day prior to the Distribution Date on which final distribution
      on
      the Certificates is required to be paid under this Agreement, all amounts on
      deposit in the Certificate Account, net of any amounts permitted to be withdrawn
      pursuant to Section 3.08(a) and amounts owing to the Trustee in reimbursement
      of
      its reasonable costs, including expenses associated with engaging any financial
      advisor, incurred in connection with the auction process.  Such
      amounts owed to the Trustee shall be withdrawn from the Certificate Account
      by
      the Master Servicer and paid to the Trustee.

     

    (g)  Any
      amount paid by the Winning Bidder in excess of the Minimum Auction Amount shall
      be distributed by the Trustee pro rata to the Class C Certificates on the
      Distribution Date on which the final distribution on the Certificates is
      made.

     

    (h)  In
      the
      event of a Successful Auction and to the extent the Swap Contract is still
      outstanding, the Directing Certificateholder shall either:

     

    (i)
      if
      any Swap Termination Payment would be payable by the Swap Contract Administrator
      to the Swap Counterparty were the Swap Contract to be terminated following
      final
      distribution on the Certificates, either:

     

    (A)
      pay
      to the Swap Contract Administrator any such Swap Termination Payment;
      or

     

    (B)
      accept assignment of the Swap Contract to the extent that the Directing
      Certificateholder is an acceptable counterparty for the Swap
      Counterparty;

     

    or

     

    (ii)
      if
      any Swap Termination Payment would be payable by the Swap Counterparty to the
      Swap Contract Administrator were the Swap Contract to be terminated following
      final distribution on the Certificates, either

     

    (A)
      (1)
      if the Directing Certificateholder does not own 100% of the Class C
      Certificates, accept assignment of the Swap Contract to the extent that the
      Directing Certificateholder is an acceptable counterparty for the Swap
      Counterparty and pay to the Swap Contract Administrator the Swap Termination
      Payment that would be owed to the Swap Contact Administrator by the Swap
      Counterparty if the Swap Contract were terminated by the Swap Contract
      Administrator following distribution on the Certificates or (2) if the Directing
      Certificateholder owns 100% of the Class C Certificates, accept assignment
      of
      the Swap Contract to the extent that the Directing Certificateholder is an
      acceptable counterparty for the Swap Counterparty; or

     

    (B)
      instruct the Swap Contract Administrator to accept from the Swap Counterparty
      any Swap Termination Payment that would be owed to the Swap Contract
      Administrator.

     

    (i)  Any
      amounts paid to the Swap Contract Administrator pursuant to subsection (h)(ii)
      above shall be distributed to the Class C Certificateholders, pro rata, based
      on
      entitlement, by the Swap Contract Administrator.

     

    (j)  The
      Master Servicer may purchase the Mortgage Loans and REO Properties owned by
      the
      Trust Fund for its own account pursuant to Section 9.01 or consent to the NIM
      Insurer’s purchase of the Mortgage Loans and REO Properties owned by the Trust
      Fund pursuant to Section 9.01 only if (1) the Directing Certificateholder
      chooses not to request an auction as described above or if the immediately
      preceding auction is unsuccessful or (2) the Master Servicer notifies the
      Directing Certificateholder no later than 30 days prior to the date on which
      the
      Master Servicer or the NIM Insurer, as applicable, intends to effect the
      purchase of the Mortgage Loans and REO Properties owned by the Trust Fund and
      the Directing Certificateholder does not direct the Trustee to conduct an
      auction prior to the end of that 30-day period.

     

    (k)  If
      the
      Directing Certificateholder pays any Auction Supplement Amount pursuant to
      Section 9.04(c) or a Swap Termination Payment, on the final Distribution Date
      any amounts to be distributed to the Class C Certificates pursuant to Section
      4.04 will be distributed as follows, first to the Directing Certificateholder,
      in an amount up to the sum of the Auction Supplement Amount and the Swap
      Termination Payment and second to the Class C Certificates, pro rata, based
      on
      entitlement.  For federal income tax purposes, the Auction Supplement
      Amount and the Swap Termination Payment so distributed shall be deemed paid
      pro
      rata to the Class C Certificates, and the portion of such amounts deemed
      distributed to holders of the Class C Certificates other than the Directing
      Certificateholder shall be deemed paid from such other holders to the Directing
      Certificateholder.

     

    ARTICLE
      X.

    MISCELLANEOUS
      PROVISIONS

     

    
      	
              Section
                10.01  

            	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Master
      Servicer, the Sellers and the Trustee with the consent of the NIM Insurer,
      without the consent of any of the Certificateholders (i) to cure any ambiguity,
      (ii) to correct or supplement any provisions herein, (iii) to conform this
      Agreement to the Prospectus Supplement or the Prospectus, (iv) to modify, alter,
      amend, add to or rescind any of the terms or provisions contained in this
      Agreement to comply with any rules or regulations promulgated by the Securities
      and Exchange Commission from time to time, or (v) to make such other provisions
      with respect to matters or questions arising under this Agreement, as shall
      not
      be inconsistent with any other provisions herein if such action shall not,
      as
      evidenced by an Opinion of Counsel, adversely affect in any material respect
      the
      interests of any Certificateholder; provided that any such amendment shall
      be
      deemed not to adversely affect in any material respect the interests of the
      Certificateholders and no such Opinion of Counsel shall be required if the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates, it being understood
      and agreed that any such letter in and of itself will not represent a
      determination as to the materiality of any such amendment and will represent
      a
      determination only as to the credit issues affecting any such
      rating.  Any amendment described above made solely to conform this
      Agreement to the Prospectus or the Prospectus Supplement shall be deemed not
      to
      adversely affect in any material respect the interests of the
      Certificateholders.  Notwithstanding the foregoing, no amendment that
      significantly changes the permitted activities of the trust created by this
      Agreement may be made without the consent of Certificateholders representing
      not
      less than 51% of the Voting Rights of each Class of Certificates affected by
      such amendment.  Each party to this Agreement hereby agrees that it
      will cooperate with each other party in amending this Agreement pursuant to
      clause (iv) above.

     

    The
      Trustee, the Depositor, the Master Servicer and the Sellers with the consent
      of
      the NIM Insurer may also at any time and from time to time amend this Agreement,
      without the consent of the Certificateholders, to modify, eliminate or add
      to
      any of its provisions to such extent as shall be necessary or appropriate to
      maintain the qualification of the Trust Fund as a REMIC under the Code or to
      avoid or minimize the risk of the imposition of any tax on the Trust Fund
      pursuant to the Code that would be a claim against the Trust Fund at any time
      prior to the final redemption of the Certificates, provided that the Trustee
      has
      been provided an Opinion of Counsel, which opinion shall be an expense of the
      party requesting such opinion but in any case shall not be an expense of the
      Trustee, to the effect that such action is necessary or appropriate to maintain
      such qualification or to avoid or minimize the risk of the imposition of such
      a
      tax.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the Sellers and the Trustee with the consent of the NIM Insurer and
      the Holders of each Class of Certificates affected thereby evidencing not less
      than 51% of the Voting Rights of such Class 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; provided that no such amendment shall (i) reduce in any manner
      the
      amount of, or delay the timing of, payments required to be distributed on any
      Certificate without the consent of the Holder of such Certificate, (ii)
      adversely affect in any material respect the interests of the Holders of any
      Class of Certificates in a manner other than as described in (i), without the
      consent of the Holders of Certificates of such Class evidencing 66% or more
      of
      the Voting Rights of such Class, or (iii) reduce the aforesaid percentages
      of
      Certificates the Holders of which are required to consent to any such amendment
      without the consent of the Holders of all such Certificates then
      outstanding.

     

    Notwithstanding
      any contrary provision of this Agreement, no amendment shall adversely affect
      in
      any material respect the Swap Counterparty without at least ten Business Days’
prior notice to the Swap Counterparty and without the prior written consent
      of
      the Swap Counterparty, which consent shall not be unreasonably
      withheld.  CHL shall provide the Swap Counterparty with prior written
      notice of any proposed material amendment of this Agreement.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee and the NIM Insurer shall
      not consent to any amendment to this Agreement unless each shall have first
      received an Opinion of Counsel satisfactory to the Trustee and the NIM Insurer,
      which opinion shall be an expense of the party requesting such amendment but
      in
      any case shall not be an expense of the Trustee or the NIM Insurer, to the
      effect that such amendment will not cause the imposition of any tax on the
      Trust
      Fund or the Certificateholders or cause any REMIC formed hereunder to fail
      to
      qualify as a REMIC at any time that any Certificates are
      outstanding.

     

    Promptly
      after the execution of any amendment to this Agreement, the Trustee shall
      furnish written notification of the substance of such amendment to the Swap
      Counterparty, to each Certificateholder (if the consent of Certificateholders
      is
      required) and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 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 Certificateholders shall be subject to such reasonable
      regulations as the Trustee may prescribe.

     

    Nothing
      in this Agreement shall require the Trustee to enter into an amendment without
      receiving an Opinion of Counsel, reasonably satisfactory to the Trustee and
      the
      NIM Insurer that (i) such amendment is permitted and is not prohibited by this
      Agreement and that all requirements for amending this Agreement have been
      complied with; and (ii) either (A) the amendment does not adversely affect
      in
      any material respect the interests of any Certificateholder or (B) the
      conclusion set forth in the immediately preceding clause (A) is not required
      to
      be reached pursuant to this Section 10.01.

     

    
      	
              Section
                10.02  

            	
              Recordation
                of Agreement; Counterparts.

            

    

     

    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 properties subject to the Mortgages are situated, and in
      any
      other appropriate public recording office or elsewhere, such recordation to
      be
      effected by the Master Servicer at its expense.

     

    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 constitute but one and the same
      instrument.

     

    
      	
              Section
                10.03  

            	
              Governing
                Law.

            

    

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS.

     

    
      	
              Section
                10.04  

            	
              Intention
                of Parties.

            

    

     

    (a)  It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Depositor to the
      Trustee be, and be construed as, an absolute sale thereof to the
      Trustee.  It is, further, not the intention of the parties that such
      conveyance be deemed a pledge thereof by the Depositor to the
      Trustee.  However, in the event that, notwithstanding the intent of
      the parties, such assets are held to be the property of the Depositor, or if
      for
      any other reason this Agreement or any Subsequent Transfer Agreement is held
      or
      deemed to create a security interest in such assets, then (i) this Agreement
      shall be deemed to be a security agreement (within the meaning of the Uniform
      Commercial Code of the State of New York) with respect to all such assets and
      security interests and (ii) the conveyance provided for in this Agreement and
      any Subsequent Transfer Agreement shall be deemed to be an assignment and a
      grant pursuant to the terms of this Agreement by the Depositor to the Trustee,
      for the benefit of the Certificateholders and the Swap Counterparty, of a
      security interest in all of the assets that constitute the Trust Fund, whether
      now owned or hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders, the NIM Insurer and the
      Swap Counterparty shall, to the extent consistent with this Agreement, take
      such
      actions as may be necessary to ensure that, if this Agreement were deemed to
      create a security interest in the assets of the Trust Fund, such security
      interest would be deemed to be a perfected security interest of first priority
      under applicable law and will be maintained as such throughout the term of
      the
      Agreement.  The Depositor shall arrange for filing any Uniform
      Commercial Code continuation statements in connection with any security interest
      granted or assigned to the Trustee for the benefit of the Certificateholders
      and
      the Swap Counterparty.

     

    (b)  The
      Depositor hereby represents that:

     

    (i)  This
      Agreement creates a valid and continuing security interest (as defined in the
      Uniform Commercial Code as enacted in the State of New York (the “NY UCC”)) in
      the Mortgage Notes in favor of the Trustee, which security interest is prior
      to
      all other liens, and is enforceable as such as against creditors of and
      purchasers from the Depositor.

     

    (ii)  The
      Mortgage Notes constitute “instruments” within the meaning of the NY
      UCC.

     

    (iii)  Immediately
      prior to the assignment of each Mortgage Loan to the Trustee, the Depositor
      owns
      and has good and marketable title to such Mortgage Loan free and clear of any
      lien, claim or encumbrance of any Person.

     

    (iv)  The
      Depositor has received all consents and approvals required by the terms of
      the
      Mortgage Loans to the sale of the Mortgage Loans hereunder to the
      Trustee.

     

    (v)  All
      original executed copies of each Mortgage Note that are required to be delivered
      to the Trustee pursuant to Section 2.01 have been delivered to the
      Trustee.

     

    (vi)  Other
      than the security interest granted to the Trustee pursuant to this Agreement,
      the Depositor has not pledged, assigned, sold, granted a security interest
      in,
      or otherwise conveyed any of the Mortgage Loans.  The Depositor has
      not authorized the filing of and is not aware of any financing statements
      against the Depositor that include a description of collateral covering the
      Mortgage Loans other than any financing statement relating to the security
      interest granted to the Trustee hereunder or that has been
      terminated.  The Depositor is not aware of any judgment or tax lien
      filings against the Depositor.

     

    (c)  The
      Master Servicer shall take such action as is reasonably necessary to maintain
      the perfection and priority of the security interest of the Trustee in the
      Mortgage Loans; provided, however, that the obligation to deliver the Mortgage
      File to the Trustee pursuant to Section 2.01 shall be solely the Depositor’s
      obligation and the Master Servicer shall not be responsible for the safekeeping
      of the Mortgage Files by the Trustee.

     

    (d)  It
      is
      understood and agreed that the representations and warranties set forth in
      subsection (b) above shall survive delivery of the Mortgage Files to the
      Trustee.  Upon discovery by the Depositor or the Trustee of a breach
      of any of the foregoing representations and warranties set forth in subsection
      (b) above, which breach materially and adversely affects the interest of the
      Certificateholders, the party discovering such breach shall give prompt written
      notice to the others and to each Rating Agency.

     

    
      	
              Section
                10.05  

            	
              Notices.

            

    

     

    (a)  The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency and the Swap Counterparty with respect to each of the following of which
      it has actual knowledge:

     

    (1)  Any
      material change or amendment to this Agreement;

     

    (2)  The
      occurrence of any Event of Default that has not been cured;

     

    (3)  The
      resignation or termination of the Master Servicer or the Trustee and the
      appointment of any successor;

     

    (4)  The
      repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03,
      2.04 and 3.12; and

     

    (5)  The
      final
      payment to Certificateholders.

     

    (b)  In
      addition, the Trustee shall promptly furnish to each Rating Agency copies of
      the
      following:

     

    (1)  Each
      report to Certificateholders described in Section 4.05;

     

    (2)  Each
      annual statement as to compliance described in Section 3.17; and

     

    (3)  Each
      annual independent public accountants’ servicing report described in Section
      11.07.

     

    (c)  All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when sent by facsimile transmission, first class
      mail or delivered to (i) in the case of the Depositor, CWABS, Inc., 4500 Park
      Granada, Calabasas, California 91302, facsimile number: (818) 225-4016,
      Attention: Josh Adler, or such other address as may be hereafter furnished
      to
      the Sellers, the Master Servicer and the Trustee by the Depositor in writing;
      (ii) in the case of CHL, Countrywide Home Loans, Inc., 4500 Park Granada,
      Calabasas, California 91302, facsimile number (818) 225-4016, Attention: Josh
      Adler, or such other address as may be hereafter furnished to the Depositor,
      the
      Master Servicer and the Trustee by the Sellers in writing; (iii) in the case
      of
      Park Monaco, Park Monacom, Inc., 4500 Park Granada, Calabasas, California 91302,
      facsimile number (818) 225-4028, Attention: Paul Liu, or such other address
      as
      may be hereafter furnished to the Depositor, the Master Servicer and the Trustee
      by the Sellers in writing; (v) in the case of Park Granada, Park Granada LLC,
      4500 Park Granada, Calabasas, California 91302; (iv) in the case of Park Sienna,
      Park Sienna LLC, 4500 Park Granada, Calabasas, California 91302, facsimile
      number (818) 225-4028, Attention: Paul Liu, or such other address as may be
      hereafter furnished to the Depositor, the Master Servicer and the Trustee by
      the
      Sellers in writing; (v) in the case of Park Granada, Park Granada LLC, 4500
      Park
      Granada, Calabasas, California 91302, facsimile number (818) 225-4028,
      Attention: Paul Liu, or such other address as may be hereafter furnished to
      the
      Depositor, the Master Servicer and the Trustee by the Sellers in writing; (vi)
      in the case of the Master Servicer, Countrywide Home Loans Servicing LP, 7105
      Corporate Drive, Plano, Texas 75024, facsimile number (805) 520-5623, Attention:
      Mark Wong or such other address as may be hereafter furnished to the Depositor,
      the Sellers and the Trustee by the Master Servicer in writing; (vii) in the
      case
      of the Trustee, The Bank of New York, 101 Barclay Street, 4W, New York, New
      York
      10286, Attention:  Corporate Trust MBS Administration, CWABS, Series
      2007-BC2, or such other address as the Trustee may hereafter furnish to the
      parties hereto; (viii) in the case of the Rating Agencies, (ix) Moody’s
      Investors Service, Inc., Attention:  ABS Monitoring Department, 99
      Church Street, Sixth Floor, New York, New York 10007, and (y) Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Attention:  Mortgage Surveillance Group, 55 Water Street, 41st Floor,
      New York,
      New York 10041; and (x) in the case of the Swap Counterparty, Lehman Brothers
      Special Financing Inc. c/o Lehman Brothers Inc., Transaction Management
      Division, 745 Seventh Avenue, New York, NY, 10019,
      Attention:  Document Manager, or such other address as may be
      hereafter furnished by the Swap Counterparty.  Notices to
      Certificateholders shall be deemed given when mailed, first postage prepaid,
      to
      their respective addresses appearing in the Certificate Register.

     

    
      	
              Section
                10.06  

            	
              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
                10.07  

            	
              Assignment.

            

    

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 6.02, this Agreement may not be assigned by the Master Servicer without
      the prior written consent of the Trustee and the Depositor.

     

    
      	
              Section
                10.08  

            	
              Limitation
                on Rights of
                Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representative or heirs to claim an accounting or to take any action or commence
      any proceeding in any court for a petition or winding up of the Trust Fund,
      or
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as provided herein)
      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 party 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 or by availing itself of any
      provisions 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, the Holders
      of Certificates evidencing not less than 25% of the Voting Rights shall also
      have made written request to 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 60
      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; 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 itself or themselves of any provisions of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of the 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 common benefit of all
      Certificateholders.  For the protection and enforcement of the
      provisions of this Section 10.08, each and every Certificateholder and the
      Trustee shall be entitled to such relief as can be given either at law or in
      equity.

     

    
      	
              Section
                10.09  

            	
              Inspection
                and Audit Rights.

            

    

     

    The
      Master Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor, any Seller, the NIM Insurer or the Trustee
      during the Master Servicer’s normal business hours, to examine all the books of
      account, records, reports and other papers of the Master Servicer relating
      to
      the Mortgage Loans, to make copies and extracts therefrom, to cause such books
      to be audited by independent certified public accountants selected by the
      Depositor, a Seller, the NIM Insurer or the Trustee and to discuss its affairs,
      finances and accounts relating to the Mortgage Loans with its officers,
      employees and independent public accountants (and by this provision the Master
      Servicer hereby authorizes such accountants to discuss with such representative
      such affairs, finances and accounts), all at such reasonable times and as often
      as may be reasonably requested.  Any out-of-pocket expense incident to
      the exercise by the Depositor, any Seller, the NIM Insurer or the Trustee of
      any
      right under this Section 10.09 shall be borne by the party requesting such
      inspection; all other such expenses shall be borne by the Master
      Servicer.

     

    
      	
              Section
                10.10  

            	
              Certificates
                Nonassessable and Fully Paid.

            

    

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Trustee pursuant to this Agreement, are and shall be deemed fully
      paid.

     

    
      	
              Section
                10.11  

            	
              Rights
                of NIM Insurer.

            

    

     

    (a)  The
      rights of the NIM Insurer under this Agreement shall exist only so long as
      either:

     

    (1)  the
      notes
      certain payments on which are guaranteed by the NIM Insurer remain outstanding
      or

     

    (2)  the
      NIM
      Insurer is owed amounts paid by it with respect to that guaranty.

     

    (b)  The
      rights of the NIM Insurer under this Agreement are exercisable by the NIM
      Insurer only so long as no default by the NIM Insurer under its guaranty of
      certain payments under notes backed or secured by the Class C or Class P
      Certificates has occurred and is continuing. If the NIM Insurer is the subject
      of any insolvency proceeding, the rights of the NIM Insurer under this Agreement
      will be exercisable by the NIM Insurer only so long as:

     

    (1)  the
      obligations of the NIM Insurer under its guaranty of notes backed or secured
      by
      the Class C or Class P Certificates have not been disavowed and

     

    (2)  CHL
      and
      the Trustee have received reasonable assurances that the NIM Insurer will be
      able to satisfy its obligations under its guaranty of notes backed or secured
      by
      the Class C or Class P Certificates.

     

    (c)  The
      NIM
      Insurer is a third party beneficiary of this Agreement to the same extent as
      if
      it were a party to this Agreement and may enforce any of those rights under
      this
      Agreement.

     

    (d)  A
      copy of
      any documents of any nature required by this Agreement to be delivered by the
      Trustee, or to the Trustee or the Rating Agencies, shall in each case at the
      same time also be delivered to the NIM Insurer. Any notices required to be
      given
      by the Trustee, or to the Trustee or the Rating Agencies, shall in each case
      at
      the same time also be given to the NIM Insurer.   If the Trustee
      receives a notice or document that is required hereunder to be delivered to
      the
      NIM Insurer, and if such notice or document does not indicate that a copy
      thereof has been previously sent to the NIM Insurer, the Trustee shall send
      the
      NIM Insurer a copy of such notice or document.  If such document is an
      Opinion of Counsel, the NIM Insurer shall be an addressee thereof or such
      Opinion of Counsel shall contain language permitting the NIM Insurer to rely
      thereon as if the NIM Insurer were an addressee thereof.

     

    (e)  Anything
      in this Agreement that is conditioned on not resulting in the downgrading or
      withdrawal of the ratings then assigned to the Certificates by the Rating
      Agencies shall also be conditioned on not resulting in the downgrading or
      withdrawal of the ratings then assigned by the Rating Agencies to the notes
      backed or secured by the Class C or Class P Certificates (without giving effect
      to any policy or guaranty provided by the NIM Insurer).

     

    
      	
              Section
                10.12  

            	
              Protection
                of Assets.

            

    

     

    (a)  Except
      for transactions and activities entered into in connection with the
      securitization that is the subject of this Agreement, the Trust Fund created
      by
      this Agreement is not authorized and has no power to:

     

    (1)  borrow
      money or issue debt;

     

    (2)  merge
      with another entity, reorganize, liquidate or sell assets; or

     

    (3)  engage
      in
      any business or activities.

     

    (b)  Each
      party to this Agreement agrees that it will not file an involuntary bankruptcy
      petition against the Trustee or the Trust Fund or initiate any other form of
      insolvency proceeding until the date that is one year and one day after the
      Certificates have been paid.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI.

    EXCHANGE
      ACT REPORTING

     

    
      	
              Section
                11.01  

            	
              Filing
                Obligations.

            

    

     

    The
      Master Servicer, the Trustee and each Seller shall reasonably cooperate with
      the
      Depositor in connection with the satisfaction of the Depositor’s reporting
      requirements under the Exchange Act with respect to the Trust
      Fund.  In addition to the information specified below, if so requested
      by the Depositor for the purpose of satisfying its reporting obligation under
      the Exchange Act, the Master Servicer, the Trustee and each Seller shall (and
      the Master Servicer shall cause each Subservicer to) provide the Depositor
      with
      (a) such information which is available to such Person without unreasonable
      effort or expense and within such timeframe as may be reasonably requested
      by
      the Depositor to comply with the Depositor’s reporting obligations under the
      Exchange Act and (b) to the extent such Person is a party (and the Depositor
      is
      not a party) to any agreement or amendment required to be filed, copies of
      such
      agreement or amendment in EDGAR-compatible form.

     

    
      	
              Section
                11.02  

            	
              Form
                10-D Filings.

            

    

     

    (a)  In
      accordance with the Exchange Act, the Trustee shall prepare for filing and
      file
      within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act) with the Commission with respect to the Trust Fund,
      a
      Form 10-D with copies of the Monthly Statement and, to the extent delivered
      to
      the Trustee, no later than 10 days following the Distribution Date, such other
      information identified by the Depositor or the Master Servicer, in writing,
      to
      be filed with the Commission (such other information, the “Additional Designated
      Information”).  If the Depositor or Master Servicer directs that any
      Additional Designated Information is to be filed with any Form 10-D, the
      Depositor or Master Servicer, as the case may be, shall specify the Item on
      Form
      10-D to which such information is responsive and, with respect to any Exhibit
      to
      be filed on Form 10-D, the Exhibit number.  Any information to be
      filed on Form 10-D shall be delivered to the Trustee in EDGAR-compatible form
      or
      as otherwise agreed upon by the Trustee and the Depositor or the Master
      Servicer, as the case may be, at the Depositor’s expense, and any necessary
      conversion to EDGAR-compatible format will be at the Depositor’s
      expense.  At the reasonable request of, and in accordance with the
      reasonable directions of, the Depositor or the Master Servicer, subject to
      the
      two preceding sentences, the Trustee shall prepare for filing and file an
      amendment to any Form 10-D previously filed with the Commission with respect
      to
      the Trust Fund.  The Master Servicer shall sign the Form 10-D filed on
      behalf of the Trust Fund.

     

    (b)  No
      later
      than each Distribution Date, each of the Master Servicer and the Trustee shall
      notify (and the Master Servicer shall cause any Subservicer to notify) the
      Depositor and the Master Servicer of any Form 10-D Disclosure Item, together
      with a description of any such Form 10-D Disclosure Item in form and substance
      reasonably acceptable to the Depositor.  In addition to such
      information as the Master Servicer and the Trustee are obligated to provide
      pursuant to other provisions of this Agreement, if so requested by the
      Depositor, each of the Master Servicer and the Trustee shall provide such
      information which is available to the Master Servicer and the Trustee, as
      applicable, without unreasonable effort or expense regarding the performance
      or
      servicing of the Mortgage Loans (in the case of the Trustee, based on the
      information provided by the Master Servicer) as is reasonably required to
      facilitate preparation of distribution reports in accordance with Item 1121
      of
      Regulation AB.  Such information shall be provided concurrently with
      the Remittance Reports in the case of the Master Servicer and the Monthly
      Statement in the case of the Trustee, commencing with the first such report
      due
      not less than five Business Days following such request.

     

    (c)  The
      Trustee shall not have any responsibility to file any items (other than those
      generated by it) that have not been received in a format suitable (or readily
      convertible into a format suitable) for electronic filing via the EDGAR system
      and shall not have any responsibility to convert any such items to such format
      (other than those items generated by it or that are readily convertible to
      such
      format).  The Trustee shall have no liability to the
      Certificateholders, the Trust Fund, the Master Servicer, the Depositor or the
      NIM Insurer with respect to any failure to properly prepare or file any of
      Form
      10-D to the extent that such failure is not the result of any negligence, bad
      faith or willful misconduct on its part.

     

    
      	
              Section
                11.03  

            	
              Form
                8-K Filings.

            

    

     

    The
      Master Servicer shall prepare and file on behalf of the Trust Fund any Form
      8-K
      required by the Exchange Act.  Each Form 8-K must be signed by the
      Master Servicer.  Each of the Master Servicer (and the Master Servicer
      shall cause any Subservicer to promptly notify) and the Trustee shall promptly
      notify the Depositor and the Master Servicer (if the notifying party is not
      the
      Master Servicer), but in no event later than one (1) Business Day after its
      occurrence, of any Reportable Event of which it has actual
      knowledge.  Each Person shall be deemed to have actual knowledge of
      any such event to the extent that it relates to such Person or any action or
      failure to act by such Person.  Concurrently with any Subsequent
      Transfer, CHL shall notify the Depositor and the Master Servicer, if any
      material pool characteristic of the actual asset pool at the time of issuance
      of
      the Certificates differs by 5% or more (other than as a result of the pool
      assets converting into cash in accordance with their terms) from the description
      of the asset pool in the Prospectus Supplement.

     

    
      	
              Section
                11.04  

            	
              Form
                10-K Filings.

            

    

     

    Prior
      to
      March 30th of each year, commencing in 2008 (or such earlier date as may be
      required by the Exchange Act), the Depositor shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act.  A senior officer in charge of the servicing function of the
      Master Servicer shall sign each Form 10-K filed on behalf of the Trust
      Fund.  Such Form 10-K shall include as exhibits each (i) annual
      compliance statement described under Section 3.17, (ii) annual report on
      assessments of compliance with servicing criteria described under Section 11.07
      and (iii) accountant’s report described under Section 11.07.  Each
      Form 10-K shall also include any Sarbanes-Oxley Certification required to be
      included therewith, as described in Section 11.05.

     

    If
      the
      Item 1119 Parties listed on Exhibit Z have changed since the Closing Date,
      no
      later than March 1 of each year, the Master Servicer shall provide each of
      the
      Master Servicer (and the Master Servicer shall provide any Subservicer) and
      the
      Trustee with an updated Exhibit Z setting forth the Item 1119
      Parties.  No later than March 15 of each year, commencing in 2008, the
      Master Servicer and the Trustee shall notify (and the Master Servicer shall
      cause any Subservicer to notify) the Depositor and the Master Servicer of any
      Form 10-K Disclosure Item, together with a description of any such Form 10-K
      Disclosure Item in form and substance reasonably acceptable to the
      Depositor.  Additionally, each of the Master Servicer and the Trustee
      shall provide, and shall cause each Reporting Subcontractor retained by the
      Master Servicer or the Trustee, as applicable, and in the case of the Master
      Servicer shall cause each Subservicer, to provide, the following information
      no
      later than March 15 of each year in which a Form 10-K is required to be filed
      on
      behalf of the Trust Fund: (i) if such Person’s report on assessment of
      compliance with servicing criteria described under Section 11.07 or related
      registered public accounting firm attestation report described under Section
      11.07 identifies any material instance of noncompliance, notification of such
      instance of noncompliance and (ii) if any such Person’s report on assessment of
      compliance with servicing criteria or related registered public accounting
      firm
      attestation report is not provided to be filed as an exhibit to such Form 10-K,
      information detailing the explanation why such report is not
      included.

     

    
      	
              Section
                11.05  

            	
              Sarbanes-Oxley
                Certification.

            

    

     

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”)
      required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
      to
      Section 302 of 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)).  No later than March 15 of each year,
      beginning in 2008, the Master Servicer and the Trustee shall (unless such person
      is the Certifying Person), and the Master Servicer shall cause each Subservicer
      and each Reporting Subcontractor and the Trustee shall cause each Reporting
      Subcontractor to, provide to the Person who signs the Sarbanes-Oxley
      Certification (the “Certifying Person”) a certification (each, a
“Performance Certification”), in the form attached hereto as Exhibit X-1
      (in the case of a Subservicer or any Reporting Subcontractor of the Master
      Servicer or a Subservicer) and Exhibit X-2 (in the case of the Trustee or any
      Reporting Subcontractor of the Trustee), on 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 in charge of the servicing function of the Master Servicer shall serve
      as the Certifying Person on behalf of the Trust Fund.  Neither the
      Master Servicer nor the Depositor will request delivery of a certification
      under
      this clause unless the Depositor is required under the Exchange Act to file
      an
      annual report on Form 10-K with respect to the Trust Fund.  In the
      event that prior to the filing date of the Form 10-K in March of each year,
      the
      Trustee or the Depositor has actual knowledge of information material to the
      Sarbanes-Oxley Certification, the Trustee or the Depositor, as the case may
      be,
      shall promptly notify the Master Servicer and the Depositor.  The
      respective parties hereto agree to cooperate with all reasonable requests made
      by any Certifying Person or Certification Party in connection with such Person’s
      attempt to conduct any due diligence that such Person reasonably believes to
      be
      appropriate in order to allow it to deliver any Sarbanes-Oxley Certification
      or
      portion thereof with respect to the Trust Fund.

     

    
      	
              Section
                11.06  

            	
              Form
                15 Filing.

            

    

     

    Prior
      to
      January 30 of the first year in which the Depositor is able to do so under
      applicable law, the Depositor shall file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust Fund under the Exchange
      Act.

     

    
      	
              Section
                11.07  

            	
              Report
                on Assessment of Compliance and
                Attestation.

            

    

     

    (a)  On
      or
      before March 15 of each calendar year, commencing in 2008:

     

    (1)  Each
      of
      the Master Servicer and the Trustee shall deliver to the Depositor and the
      Master Servicer a report (in form and substance reasonably satisfactory to
      the
      Depositor) regarding the Master Servicer’s or the Trustee’s, as applicable,
      assessment of compliance with the Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB.  Such report shall be
      signed by an authorized officer of such Person and shall address each of the
      Servicing Criteria specified on a certification substantially in the form of
      Exhibit Y hereto delivered to the Depositor concurrently with the execution
      of
      this Agreement.  To the extent any of the Servicing Criteria are not
      applicable to such Person, with respect to asset-backed securities transactions
      taken as a whole involving such Person and that are backed by the same asset
      type backing the Certificates, such report shall include such a statement to
      that effect.  The Depositor and the Master Servicer, and each of their
      respective officers and directors shall be entitled to rely on upon each such
      servicing criteria assessment.

     

    (2)  Each
      of
      the Master Servicer and the Trustee shall deliver to the Depositor and the
      Master Servicer a report of a registered public accounting firm reasonably
      acceptable to the Depositor that attests to, and reports on, the assessment
      of
      compliance made by Master Servicer or the Trustee, as applicable, and delivered
      pursuant to the preceding paragraphs.  Such attestation shall be in
      accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
      Securities Act and the Exchange Act, including, without limitation that 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.  To the extent any of the Servicing
      Criteria are not applicable to such Person, with respect to asset-backed
      securities transactions taken as a whole involving such Person and that are
      backed by the same asset type backing the Certificates, such report shall
      include such a statement that that effect.

     

    (3)  The
      Master Servicer shall cause each Subservicer and each Reporting Subcontractor
      to
      deliver to the Depositor an assessment of compliance and accountant’s
      attestation as and when provided in paragraphs (a) and (b) of this Section
      11.07.

     

    (4)  The
      Trustee shall cause each Reporting Subcontractor to deliver to the Depositor
      and
      the Master Servicer an assessment of compliance and accountant’s attestation as
      and when provided in paragraphs (a) and (b) of this Section.

     

    (5)  The
      Master Servicer and the Trustee shall execute (and the Master Servicer shall
      cause each Subservicer to execute, and the Master Servicer and the Trustee
      shall
      cause each Reporting Subcontractor to execute) a reliance certificate to enable
      the Certification Parties to rely upon each (i) annual compliance statement
      provided pursuant to Section 3.17, (ii) annual report on assessments of
      compliance with servicing criteria provided pursuant to this Section 11.07
      and
      (iii) accountant’s report provided pursuant to this Section 11.07 and shall
      include a certification that each such annual compliance statement or report
      discloses any deficiencies or defaults described to the registered public
      accountants of such Person to enable such accountants to render the certificates
      provided for in this Section 11.07.

     

    (b)  In
      the
      event the Master Servicer, any Subservicer, the Trustee or Reporting
      Subcontractor is terminated or resigns during the term of this Agreement, such
      Person shall provide documents and information required by this Section 11.07
      with respect to the period of time it was subject to this Agreement or provided
      services with respect to the Trust Fund, the Certificates or the Mortgage
      Loans.

     

    (c)  Each
      assessment of compliance provided by a Subservicer pursuant to Section
      11.07(a)(3) shall address each of the Servicing Criteria specified on a
      certification substantially in the form of Exhibit Y hereto delivered to the
      Depositor concurrently with the execution of this Agreement or, in the case
      of a
      Subservicer subsequently appointed as such, on or prior to the date of such
      appointment.  An assessment of compliance provided by a Subcontractor
      pursuant to Section 11.07(a)(3) or (4) need not address any elements of the
      Servicing Criteria other than those specified by the Master Servicer or the
      Trustee, as applicable, pursuant to Section 11.07(a)(1).

     

    
      	
              Section
                11.08  

            	
              Use
                of Subservicers and
                Subcontractors.

            

    

     

    (a)  The
      Master Servicer shall cause any Subservicer used by the Master Servicer (or
      by
      any Subservicer) for the benefit of the Depositor to comply with the provisions
      of Section 3.17 and this Article XI to the same extent as if such Subservicer
      were the Master Servicer (except with respect to the Master Servicer’s duties
      with respect to preparing and filing any Exchange Act Reports or as the
      Certifying Person).  The Master Servicer shall be responsible for
      obtaining from each Subservicer and delivering to the Depositor any servicer
      compliance statement required to be delivered by such Subservicer under Section
      3.17, any assessment of compliance and attestation required to be delivered
      by
      such Subservicer under Section 11.07 and any certification required to be
      delivered to the Certifying Person under Section 11.05 as and when required
      to
      be delivered.  As a condition to the succession to any Subservicer as
      subservicer under this Agreement by any Person (i) into which such Subservicer
      may be merged or consolidated, or (ii) which may be appointed as a successor
      to
      any Subservicer, the Master Servicer shall provide to the Depositor, at least
      15
      calendar days prior to the effective date of such succession or appointment,
      (x)
      written notice to the Depositor of such succession or appointment and (y) in
      writing and in form and substance reasonably satisfactory to the Depositor,
      all
      information reasonably requested by the Depositor in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K.

     

    (b)  It
      shall
      not be necessary for the Master Servicer, any Subservicer or the Trustee to
      seek
      the consent of the Depositor or any other party hereto prior to the utilization
      of any Subcontractor.  The Master Servicer or the Trustee, as
      applicable, shall promptly upon request provide to the Depositor (or any
      designee of the Depositor, such as the Master Servicer or administrator) a
      written description (in form and substance satisfactory to the Depositor) of
      the
      role and function of each Subcontractor utilized by such Person (or in the
      case
      of the Master Servicer, any Subservicer), specifying (i) the identity of each
      such Subcontractor, (ii) which (if any) of such Subcontractors are
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, and (iii) which elements of the Servicing Criteria will be
      addressed in assessments of compliance provided by each Subcontractor identified
      pursuant to clause (ii) of this paragraph.

     

    As
      a
      condition to the utilization of any Subcontractor determined to be a Reporting
      Subcontractor, the Master Servicer or the Trustee, as applicable, shall cause
      any such Subcontractor used by such Person (or in the case of the Master
      Servicer, any Subservicer) for the benefit of the Depositor to comply with
      the
      provisions of Sections 11.07 and 11.09 of this Agreement to the same extent
      as
      if such Subcontractor were the Master Servicer  (except with respect
      to the Master Servicer’s duties with respect to preparing and filing any
      Exchange Act Reports or as the Certifying Person) or the Trustee, as
      applicable.  The Master Servicer or the Trustee, as applicable, shall
      be responsible for obtaining from each Subcontractor and delivering to the
      Depositor and the Master Servicer, any assessment of compliance and attestation
      required to be delivered by such Subcontractor under Section 11.05 and Section
      11.07, in each case as and when required to be delivered.

     

    
      	
              Section
                11.09  

            	
              Amendments.

            

    

     

    In
      the
      event the parties to this Agreement desire to further clarify or amend any
      provision of this Article XI, this Agreement shall be amended to reflect the
      new
      agreement between the parties covering matters in this Article XI pursuant
      to
      Section 10.01, which amendment shall not require any Opinion of Counsel or
      Rating Agency confirmations or the consent of any Certificateholder or the
      NIM
      Insurer.

     

    If,
      during the period that the Depositor is required to file Exchange Act Reports
      with respect to the Trust Fund, the Master Servicer is no longer an Affiliate
      of
      the Depositor, the Depositor shall assume the obligations and responsibilities
      of the Master Servicer in this Article XI with respect to the preparation and
      filing of the Exchange Act Reports and/or acting as the Certifying Person,
      if
      the Depositor has received indemnity from such successor Master Servicer
      satisfactory to the Depositor, and such Master Servicer has agreed to provide
      a
      Sarbanes-Oxley Certification to the Depositor substantially in the form of
      Exhibit AA and the certifications referred to in Section 11.07.

     

    
      	
              Section
                11.10  

            	
              Reconciliation
                of Accounts.

            

    

     

    Any
      reconciliation of Accounts performed by any party hereto, or any Subservicer
      or
      Subcontractor shall be prepared no later than 45 calendar days after the bank
      statement cutoff date.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized as of the day and year
      first above written.

     

    
      
        	 	 	 	 	 	 	 	
                CWABS,
                  INC.,

                as
                  Depositor

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  
                    /s/
                      Michael Schloessmann

                  

                

              
	 	 	 	 	 	 	 	
                Name:

              	Michael
                Schloessmann
	 	 	 	 	 	 	 	
                Title:

              	Managing
                Director

      

       

    

    
      
        	 	 	 	 	 	 	 	
                
                  COUNTRYWIDE
                    HOME LOANS SERVICING LP,

                  as
                    Master Servicer

                

              
	 	 	 	 	 	 	 	
                 

                By:

              	
                 

                COUNTRYWIDE
                  GP, INC.         

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  
                    /s/
                      Michael Schloessmann

                  

                

              
	 	 	 	 	 	 	 	
                Name:

              	Michael
                Schloessmann
	 	 	 	 	 	 	 	
                Title:

              	Managing
                Director

      

    
      
        	 	 	 	 	 	 	 	
                
                  THE
                    BANK OF NEW YORK,

                  as
                    Trustee

                

              
	 	 	 	 	 	 	 	
                 

              	
                 

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  /s/
                    Matthew Sabino

                

              
	 	 	 	 	 	 	 	
                Name:

              	Matthew
                Sabino
	 	 	 	 	 	 	 	
                Title:

              	Assistant
                Treasury

      

       

      
        
          	 	 	 	 	 	 	 	
                  
                    COUNTRYWIDE
                      HOME LOANS, INC.,

                    as
                      a Seller

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                    
                      /s/
                        Michael Schloessmann

                    

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	Michael
                  Schloessmann
	 	 	 	 	 	 	 	
                  Title:

                	Managing
                  Director

        

      

    

     

    
      
        	 	 	 	 	 	 	 	
                
                  PARK
                    SIENNA LLC,

                  as
                    a Seller

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  
                    /s/
                      Michael Schloessmann

                  

                

              
	 	 	 	 	 	 	 	
                Name:

              	Michael
                Schloessmann
	 	 	 	 	 	 	 	
                Title:

              	Managing
                Director

      

    

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  PARK
                    GRANADA LLC,

                  as
                    a Seller

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  
                    /s/
                      Michael Schloessmann

                  

                

              
	 	 	 	 	 	 	 	
                Name:

              	Michael
                Schloessmann
	 	 	 	 	 	 	 	
                Title:

              	Managing
                Director

      

    

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        	 	 	 	 	 	 	 	
                
                  PARK
                    MONACO INC.,

                  as
                    a Seller

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  
                    /s/
                      Michael Schloessmann

                  

                

              
	 	 	 	 	 	 	 	
                Name:

              	Michael
                Schloessmann
	 	 	 	 	 	 	 	
                Title:

              	Managing
                Director

      

    

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        
          	 	 	 	 	 	 	 	
                  
                    
                      THE
                        BANK OF NEW YORK

                      (solely
                        with respect to its obligations under Section
                        4.01(d))

                    

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                    /s/
                      Paul Connolly

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	Paul
                  Connolly
	 	 	 	 	 	 	 	
                  Title:

                	Vice
                  President

        

      

      
         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

    

    
      
        	
                STATE
                  OF
                  CALIFORNIA                                                           

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF LOS ANGELES

              	
                )

              	 

      

    

     

    On
      this
      ___ day of February, 2007, before me, a notary public in and for said State,
      appeared Michael Schloessmann, personally known to me on the basis of
      satisfactory evidence to be a Managing Director of Countrywide Home Loans,
      Inc.,
      one of the corporations that executed the within instrument, and also known
      to
      me to be the person who executed it on behalf of such corporation and
      acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    
      
        	
                STATE
                  OF
                  CALIFORNIA                                                           

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF LOS ANGELES

              	
                )

              	 

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared Michael Schloessmann, personally known to me on the basis of
      satisfactory evidence to be a Managing Director of Countrywide GP, Inc., the
      parent company of Countrywide Home Loans Servicing LP, one of the organizations
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of such limited partnership and acknowledged to me that
      such limited partnership executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

    

    [Notarial
      Seal]

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

    

    
      
        	
                STATE
                  OF
                  CALIFORNIA                                                           

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF LOS ANGELES

              	
                )

              	 

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared Michael Schloessmann, personally known to me on the basis of
      satisfactory evidence to be a Managing Director of CWABS, Inc., one of the
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of such corporation and acknowledged to me
      that
      such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    
      
        	
                STATE
                  OF
                  CALIFORNIA                                                           

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF LOS ANGELES

              	
                )

              	 

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared Michael Schloessmann , personally known to me on the basis of
      satisfactory evidence to be a Managing Director of Park Sienna LLC, one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of such entity and acknowledged to me that
      such
      entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    
      
        	
                STATE
                  OF
                  CALIFORNIA                                                           

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF LOS ANGELES

              	
                )

              	 

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared Michael Schloessmann , personally known to me on the basis of
      satisfactory evidence to be a Managing Director of Park Monaco Inc., one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of such entity and acknowledged to me that
      such
      entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

       

    

    [Notarial
      Seal]

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
       

    

    
      
        	
                STATE
                  OF
                  CALIFORNIA                                                           

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF LOS ANGELES

              	
                )

              	 

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared Michael Schloessmann, personally known to me on the basis of
      satisfactory evidence to be a Managing Director of Park Granada LLC, one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of such entity and acknowledged to me that
      such
      entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

       

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    
      
        	
                STATE
                  OF NEW YORK 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK 

              	
                )

              	 

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared _________________, personally known to me on the basis of satisfactory
      evidence to be a ____________ of The Bank of New York, a New York banking
      corporation that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of such corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

      

      
        
          	
                  STATE
                    OF NEW YORK 

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF NEW YORK 

                	
                  )

                	 

        

      

    

     

    On
      this
      ____ day of February, 2007, before me, a notary public in and for said State,
      appeared ______________, personally known to me on the basis of satisfactory
      evidence to be a _____________ of The Bank of New York, a New York banking
      corporation that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of such corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 
	 	
                Notary
                  Public

              

      

       

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits
      A-1

    through
      A-15

     

    [Exhibits
      A-1 through A-15 are photocopies
      of such Certificates as delivered.]

     

    [See
      appropriate documents delivered at closing.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B

     

    Exhibit
      B
      is a photocopy of
      the
      Class P Certificates as
      delivered.

     

    [See
      appropriate document delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      C

     

    Exhibit
      C
      is a photocopy of
      the
      Class C Certificates as
      delivered.

     

    [See
      appropriate document delivered at closing.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      D

     

    Exhibit
      D
      is a photocopy of
      the
      Class A-R Certificate as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      E

     

    Exhibit
      E
      is a photocopy of
      the
      Tax Matters Person Certificate as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      F-1 and F-2

     

    [Exhibits
      F-1 and F-2 are schedules of Mortgage Loans]

     

    [Delivered
      to Trustee at closing and on file with the Trustee.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-1

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

     

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

     

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-BC2

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      April 1, 2007 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Granada LLC, as
      a
      Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller, Countrywide
      Home Loans Servicing LP, as Master Servicer, and the undersigned, as Trustee,
      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 in the attached list of exceptions) the Trustee has
      received:

     

    (i)           the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of ______________, without
      recourse”, or, if the original Mortgage Note has been lost or destroyed and not
      replaced, an original lost note affidavit, stating that the original Mortgage
      Note was lost or destroyed, together with a copy of the related Mortgage Note;
      and

     

    (ii)           a
      duly executed assignment of the Mortgage or a copy of such assignment, in either
      case in the form permitted by Section 2.01 of the Pooling and Servicing
      Agreement.

     

    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 shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    The
                      Bank of New York,

                    as
                      Trustee

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-2

     

    FORM
      OF
      INTERIM CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-BC2

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      April 1, 2007 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park Monaco Inc., as a Seller, Park Granada LLC, as a Seller,
      Countrywide Home Loans Servicing LP, as Master Servicer, and the undersigned,
      as
      Trustee, hereby certifies that [, with respect to the Subsequent Mortgage Loans
      delivered in connection with the Subsequent Transfer Agreement, dated as of
      __________ (the “Subsequent Transfer Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Monaco Inc., as
      a
      Seller, Park Granada LLC, as a Seller, Park Sienna LLC, as a Seller and The
      Bank
      of New York, as Trustee], except as listed in the following paragraph, as to
      each [Initial Mortgage Loan][Subsequent Mortgage Loan] listed in the [Mortgage
      Loan Schedule][Loan Number and Borrower Identification Mortgage Loan Schedule]
      (other than any [Mortgage Loan][Loan Number and Borrower Identification Mortgage
      Loan Schedule] paid in full or listed on the attached list of exceptions) the
      Trustee has received:

     

    (i)           the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of _______________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements;

     

    (ii)           in
      the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is
      not a
      MERS Mortgage Loan, the original recorded Mortgage or a copy of such Mortgage,
      with recording information, and in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] that is a MERS Mortgage Loan, the original
      Mortgage or a copy of such Mortgage, with recording information, noting thereon
      the presence of the MIN of the [Initial Mortgage Loan][Subsequent Mortgage
      Loan]
      and language indicating that the [Initial Mortgage Loan][Subsequent Mortgage
      Loan] is a MOM Loan if the [Initial Mortgage Loan][Subsequent Mortgage Loan]
      is
      a MOM Loan, with evidence of recording indicated thereon, or a copy of the
      Mortgage certified by the public recording office in which such Mortgage has
      been recorded;

     

    (iii)           in
      the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is
      not a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage to “Asset-Backed
      Certificates, Series 2007-BC2, CWABS, Inc., by The Bank of New York, a New
      York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of April 1, 2007, without recourse” or a copy of such assignment, with
      recording information, or, in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] with respect to property located in the State
      of
      California that is not a MERS Mortgage Loan, a duly executed assignment of
      the
      Mortgage in blank (each such assignment, when duly and validly completed, to
      be
      in recordable form and sufficient to effect the assignment of and transfer
      to
      the assignee thereof, under the Mortgage to which such assignment
      relates);

     

    (iv)           the
      original recorded assignment or assignments of the Mortgage or a copy of such
      assignments, with recording information, together with all interim recorded
      assignments of such Mortgage or a copy of such assignments, with recording
      information (in each case noting the presence of a MIN in the case of each
      MERS
      Mortgage Loan);

     

    (v)           the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)           the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders thereto or,
      in
      the event such original title policy has not been received from the insurer,
      any
      one of an original title binder, an original preliminary title report or an
      original title commitment, or a copy thereof certified by the title company,
      with the original policy of title insurance to be delivered within one year
      of
      the Closing Date.

     

    In
      the
      event that in connection with any [Initial Mortgage Loan][Subsequent Mortgage
      Loan] that is not a MERS Mortgage Loan the applicable Seller cannot deliver
      the
      original recorded Mortgage or all interim recorded assignments of the Mortgage
      satisfying the requirements of clause (ii), (iii) or (iv), as applicable, the
      Trustee has received, in lieu thereof, a true and complete copy of such Mortgage
      and/or such assignment or assignments of the Mortgage, as applicable, each
      certified by the applicable Seller, the applicable title company, escrow agent
      or attorney, or the originator of such [Initial Mortgage Loan][Subsequent
      Mortgage Loan], as the case may be, to be a true and complete copy of the
      original Mortgage or assignment of Mortgage submitted for
      recording.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such [Initial Mortgage
      Loan][Subsequent Mortgage Loan], and (ii) the information set forth in items
      (i), (iv), (v), (vi), (viii), (ix) and (xv) 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 [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
      [Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
      Schedule] or (ii) the collectibility, insurability, effectiveness or suitability
      of any such Mortgage Loan.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    The
                      Bank of New York,

                    as
                      Trustee

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-3

     

    FORM
      OF
      DELAY DELIVERY CERTIFICATION

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-BC2

            

    

     

    Gentlemen:

     

    [Reference
      is made to the Initial Certification of Trustee relating to the above-referenced
      series, with the schedule of exceptions attached thereto, delivered by the
      undersigned, as Trustee, on the Closing Date in accordance with Section 2.02
      of
      the Pooling and Servicing Agreement dated as of April 1, 2007 (the “Pooling and
      Servicing Agreement”) among CWABS, Inc., as Depositor, Countrywide Home Loans,
      Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC, as a Seller,
      Park Granada LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer, and the undersigned, as Trustee.]  The undersigned hereby
      certifies that [, with respect to the Subsequent Mortgage Loans delivered in
      connection with the Subsequent Transfer Agreement, dated as of __________ (the
      “Subsequent Transfer Agreement”) among CWABS, Inc., as Depositor, Countrywide
      Home Loans, Inc., as a Seller, Park Monaco Inc., as a Seller, Park Sienna LLC,
      as a Seller, Park Granada LLC, as a Seller, Countrywide Home Loans Servicing
      LP,
      as Master Servicer, and The Bank of New York, as Trustee,] as to each Delay
      Delivery Mortgage Loan listed on the Schedule A attached hereto (other than
      any
      [Initial Mortgage Loan][Subsequent Mortgage Loan] paid in full or listed on
      Schedule B attached hereto) the Trustee has received:

     

    (1)           the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of _______________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements;

     

    (2)           in
      the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is
      not a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage to “Asset-Backed
      Certificates, Series 2007-BC2, CWABS, Inc., by The Bank of New York, a New
      York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of April 1, 2007, without recourse” or a copy of such assignment, with
      recording information, or, in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] with respect to property located in the State
      of
      California that is not a MERS Mortgage Loan, a duly executed assignment of
      the
      Mortgage in blank (each such assignment, when duly and validly completed, to
      be
      in recordable form and sufficient to effect the assignment of and transfer
      to
      the assignee thereof, under the Mortgage to which such assignment
      relates).

     

    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 [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
      [Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
      Schedule] or (ii) the collectibility, insurability, effectiveness or suitability
      of any such [Initial Mortgage Loan][Subsequent Mortgage Loan].

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    The
                      Bank of New York,

                    as
                      Trustee

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G-4

     

    FORM
      OF
      INITIAL CERTIFICATION OF TRUSTEE

    (SUBSEQUENT
      MORTGAGE LOANS)

     

    [Date]

     

    [Depositor]

    

    [Sellers]

    

    [Master
      Servicer]

    

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-BC2

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      April 1, 2007 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park Monaco Inc., as a Seller, Park Granada LLC, as a Seller,
      Countrywide Home Loans Servicing LP, as Master Servicer, and the undersigned,
      as
      Trustee, the undersigned hereby certifies that, as to each Subsequent Mortgage
      Loan listed in the Loan Number and Borrower Identification Mortgage Loan
      Schedule (other than any Subsequent Mortgage Loan paid in full or listed in
      the
      attached list of exceptions) the Trustee has received:

     

    (1)           the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of _______________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements; and

     

    (2)           a
      duly executed assignment of the Mortgage or a copy of such assignment with
      recording information, in either case in the form permitted by Section 2.01
      of
      the Pooling and Servicing Agreement.

     

    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 Subsequent Mortgage Loans identified on the Loan Number and Borrower
      Identification Mortgage Loan Schedule or (ii) the collectibility, insurability,
      effectiveness or suitability of any such Subsequent Mortgage Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    The
                      Bank of New York,

                    as
                      Trustee

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      FINAL CERTIFICATION OF TRUSTEE

     

    [Date]

     

    [Depositor]

     

    [Master
      Servicer]

     

    [Sellers]

     

     

    
      	
               

            	
              Re:

            	
              CWABS
                Asset-Backed Certificates, Series
                2007-BC2

            

    

     

    Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement dated as
      of
      April 1, 2007 (the “Pooling and Servicing Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park Monaco Inc., as a Seller, Park Granada LLC, as a Seller,
      Countrywide Home Loans Servicing LP, as Master Servicer, and the undersigned,
      as
      Trustee, hereby certifies that[, with respect to the Subsequent Mortgage Loans
      delivered in connection with the Subsequent Transfer Agreement, dated as of
      __________ (the “Subsequent Transfer Agreement”) among CWABS, Inc., as
      Depositor, Countrywide Home Loans, Inc., as a Seller, Park Sienna LLC, as a
      Seller, Park Monaco Inc., as a Seller, Park Granada LLC, as a Seller,
      Countrywide Home Loans Servicing LP, as Master Servicer, and The Bank of New
      York, as Trustee,] as to each [Initial Mortgage Loan][Subsequent Mortgage Loan]
      listed in the [Mortgage Loan Schedule][Loan Number and Borrower Identification
      Mortgage Loan Schedule] (other than any [Initial Mortgage Loan][Subsequent
      Mortgage Loan] paid in full or listed on the attached Document Exception Report)
      the Trustee has received:

     

    (i)           the
      original Mortgage Note, endorsed by manual or facsimile signature in blank
      in
      the following form:  “Pay to the order of _________________ without
      recourse”, with all intervening endorsements that show a complete chain of
      endorsement from the originator to the Person endorsing the Mortgage Note (each
      such endorsement being 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, if the original Mortgage Note has been lost or destroyed
      and
      not replaced, an original lost note affidavit, stating that the original
      Mortgage Note was lost or destroyed, together with a copy of the related
      Mortgage Note and all such intervening endorsements;

     

    (ii)           in
      the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is
      not a
      MERS Mortgage Loan, the original recorded Mortgage or a copy of such Mortgage,
      with recording information, and in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] that is a MERS Mortgage Loan, the original
      Mortgage or a copy of such Mortgage, with recording information, noting the
      presence of the MIN of the [Initial Mortgage Loan][Subsequent Mortgage Loan]
      and
      language indicating that the [Initial Mortgage Loan][Subsequent Mortgage Loan]
      is a MOM Loan if the [Initial Mortgage Loan][Subsequent Mortgage Loan] is a
      MOM
      Loan, with evidence of recording indicated thereon, or a copy of the Mortgage
      certified by the public recording office in which such Mortgage has been
      recorded];

     

    (iii)           in
      the case of each [Initial Mortgage Loan][Subsequent Mortgage Loan] that is
      not a
      MERS Mortgage Loan, a duly executed assignment of the Mortgage to “Asset-Backed
      Certificates, Series 2007-BC2, CWABS, Inc., by The Bank of New York, a New
      York
      banking corporation, as trustee under the Pooling and Servicing Agreement dated
      as of April 1, 2007, without recourse” or a copy of such assignment, with
      recording information, or, in the case of each [Initial Mortgage
      Loan][Subsequent Mortgage Loan] with respect to property located in the State
      of
      California that is not a MERS Mortgage Loan, a duly executed assignment of
      the
      Mortgage in blank (each such assignment, when duly and validly completed, to
      be
      in recordable form and sufficient to effect the assignment of and transfer
      to
      the assignee thereof, under the Mortgage to which such assignment
      relates);

     

    (iv)           the
      original recorded assignment or assignments of the Mortgage or a copy of such
      assignments, with recording information, together with all interim recorded
      assignments of such Mortgage or a copy of such assignments, with recording
      information (in each case noting the presence of a MIN in the case of each
      MERS
      Mortgage Loan);

     

    (v)           the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any; and

     

    (vi)           the
      original or duplicate original lender’s title policy or a copy of lender’s title
      policy or a printout of the electronic equivalent and all riders thereto or
      any
      one of an original title binder, an original preliminary title report or an
      original title commitment, or a copy thereof certified by the title
      company.

     

    If
      the
      public recording office in which a Mortgage or assignment thereof is recorded
      has retained the original of such Mortgage or assignment, the Trustee has
      received, in lieu thereof, a copy of the original Mortgage or assignment so
      retained, with evidence of recording thereon, certified to be true and complete
      by such recording office.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (i) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (ii) the information set forth in items (i), (iv), (v), (vi), (viii), (ix)
      and
      (xv) 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 [Initial Mortgage Loans][Subsequent Mortgage Loans] identified on the
      [Mortgage Loan Schedule][Loan Number and Borrower Identification Mortgage Loan
      Schedule] or (ii) the collectibility, insurability, effectiveness or suitability
      of any such [Initial Mortgage Loan][Subsequent Mortgage Loan].

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    The
                      Bank of New York,

                    as
                      Trustee

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    TRANSFER
      AFFIDAVIT FOR THE CLASS A-R CERTIFICATES

     

    
      
        	
                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 an
      Ownership Interest in a Class A-R Certificate (the “Certificate”) issued
      pursuant to the Pooling and Servicing Agreement, dated as of April 1, 2007
      (the
“Agreement”), by and among CWABS, Inc., as Depositor, Countrywide Home Loans,
      Inc., as a Seller, Park Sienna LLC, as a Seller, Park Monaco Inc., as a Seller,
      Park Granada LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer, and The Bank of New York, as Trustee.  Capitalized terms
      used, but not defined herein or in Exhibit 1 hereto, 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 not an employee benefit plan or other plan that is subject to
      Title I of ERISA or to Section 4975 of the Internal Revenue Code of 1986, nor
      is
      it acting on behalf of or with plan assets of any such plan. The Transferee
      is,
      as of the date hereof, and will be, as of the date of the Transfer, a Permitted
      Transferee.  The Transferee will endeavor to remain a Permitted
      Transferee for so long as it retains its Ownership Interest in the
      Certificate.  The Transferee is acquiring its Ownership Interest in
      the Certificate for its own account.

     

    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.

     

    4.           The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      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 a Permitted Transferee 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.)

     

    5.           The
      Transferee has reviewed the provisions of Section 5.02(c) of the Agreement
      (attached hereto as Exhibit 2 and incorporated herein by reference) 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 5.02(c) 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
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, 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 J-1
      to
      the Agreement (a “Transferor Certificate”) to the effect that such Transferee
      has no actual knowledge that the Person to which the Transfer is to be made
      is
      not a Permitted Transferee.

     

    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 Class A-R
      Certificates.

     

    8.           The
      Transferee’s taxpayer identification number is _____.

     

    9.           The
      Transferee is a U.S. Person as defined in Code section 7701(a)(30).

     

    10.           The
      Transferee is aware that the Class A-R Certificates may be “noneconomic residual
      interests” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code 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.  In addition, as the holder of a
      noneconomic residual interest, the Transferee may incur tax liabilities in
      excess of any cash flows generated by the interest and the Transferee hereby
      represents that it intends to pay taxes associated with holding the residual
      interest as they become due.

     

    11.           The
      Transferee has provided financial statements or other financial information
      requested by the Transferor in connection with the transfer of the Class A-R
      Certificates to permit the Transferor to assess the financial capability of
      the
      Transferee to pay such taxes.

     

    *           *           *

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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__.

            	  

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Certain
      Definitions

     

    “Ownership
      Interest”:  As to any Certificate, any ownership 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.

     

    “Permitted
      Transferee”:  Any person other than (i) the United States, any State
      or political subdivision thereof, or any agency or instrumentality of any of
      the
      foregoing, (ii) a foreign government, International Organization or any agency
      or instrumentality of either of the foregoing, (iii) an organization (except
      certain farmers’ cooperatives described in section 521 of the Code) that is
      exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
      by
      section 511 of the Code on unrelated business taxable income) on any excess
      inclusions (as defined in section 860E(c)(1) of the Code) with respect to any
      Class A-R Certificate, (iv) rural electric and telephone cooperatives described
      in section 1381(a)(2)(C) of the Code, (v) an “electing large partnership” as
      defined in section 775 of the Code, (vi) a Person that is not a citizen or
      resident of the United States, a corporation, partnership, or other entity
      (treated as a corporation or a partnership for federal income tax purposes)
      created or organized in or under the laws of the United States, any state
      thereof or the District of Columbia, or an estate whose income from sources
      without the United States is includible in gross income for United States
      federal income tax purposes regardless of its connection with the conduct of
      a
      trade or business within the United States, or 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 persons have authority to control all
      substantial decisions of the trustor unless such Person has furnished the
      transferor and the Trustee with a duly completed Internal Revenue Service Form
      W-8ECI, and (vii) any other Person so designated by the Trustee based upon
      an
      Opinion of Counsel that the Transfer of an Ownership Interest in a Class A-R
      Certificate to such Person may cause any REMIC formed hereunder to fail to
      qualify as a REMIC at any time that any Certificates are
      Outstanding.  The terms “United States,” “State” and “International
      Organization” shall have the meanings set forth in section 7701 of the Code or
      successor provisions.  A corporation will not be treated as an
      instrumentality of the United States or of any State or political subdivision
      thereof for these purposes if all of its activities are subject to tax and,
      with
      the exception of the Federal Home Loan Mortgage Corporation, a majority of
      its
      board of directors is not selected by such government unit.

     

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

     

    “Transfer”:  Any
      direct or indirect transfer or sale of any Ownership Interest in a Certificate,
      including the acquisition of a Certificate by the Depositor.

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      5.02(c) of the Agreement

     

    (c)           Each
      Person who has or who acquires any Ownership Interest in a Class A-R Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Class A-R Certificate are expressly
      subject to the following provisions:

     

    (1)           Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (2)           Except
      in connection with (i) the registration of the Tax Matters Person Certificate
      in
      the name of the Trustee or (ii) any registration in the name of, or transfer
      of
      a Class A-R Certificate to, an affiliate of the Depositor (either directly
      or
      through a nominee) in connection with the initial issuance of the Certificates,
      no Ownership Interest in a Class A-R Certificate may be registered on the
      Closing Date or thereafter transferred, and the Trustee shall not register
      the
      Transfer of any Class A-R Certificate, unless the Trustee shall have been
      furnished with an affidavit (a “Transfer Affidavit”) of the initial owner or the
      proposed transferee in the form attached hereto as Exhibit I.

     

    (3)           Each
      Person holding or acquiring any Ownership Interest in a Class A-R Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Class A-R
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Class A-R Certificate and (C) not to Transfer its Ownership Interest in a
      Class A-R Certificate, or to cause the Transfer of an Ownership Interest in
      a
      Class A-R Certificate to any other Person, if it has actual knowledge that
      such
      Person is not a Permitted Transferee.

     

    (4)           Any
      attempted or purported Transfer of any Ownership Interest in a Class A-R
      Certificate in violation of the provisions of this Section 5.02(c) shall be
      absolutely null and void and shall vest no rights in the purported
      Transferee.  If any purported transferee shall become a Holder of a
      Class A-R Certificate in violation of the provisions of this Section 5.02(c),
      then the last preceding Permitted Transferee shall be restored to all rights
      as
      Holder thereof retroactive to the date of registration of Transfer of such
      Class
      A-R Certificate.  The Trustee shall be under no liability to any
      Person for any registration of Transfer of a Class A-R Certificate that is
      in
      fact not permitted by Section 5.02(b) and this Section 5.02(c) 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 after receipt of the related Transfer
      Affidavit and Transferor Certificate.  The Trustee shall be entitled
      but not obligated to recover from any Holder of a Class A-R Certificate that
      was
      in fact not a Permitted Transferee at the time it became a Holder or, at such
      subsequent time as it became other than a Permitted Transferee, all payments
      made on such Class A-R Certificate at and after either such time.  Any
      such payments so recovered by the Trustee shall be paid and delivered by the
      Trustee to the last preceding Permitted Transferee of such
      Certificate.

     

    (5)           The
      Master Servicer shall use its best efforts to make available, upon receipt
      of
      written request from the Trustee, all information necessary to compute any
      tax
      imposed under section 860E(e) of the Code as a result of a Transfer of an
      Ownership Interest in a Class A-R Certificate to any Holder who is not a
      Permitted Transferee.

     

    The
      restrictions on Transfers of a Class A-R Certificate set forth in this Section
      5.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Class A-R Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
      shall
      not be an expense of the Trustee, the Sellers or the Master Servicer to the
      effect that the elimination of such restrictions will not cause any constituent
      REMIC of any REMIC formed hereunder to fail to qualify as a REMIC at any time
      that the Certificates are outstanding or result in the imposition of any tax
      on
      the Trust Fund, a Certificateholder or another Person.  Each Person
      holding or acquiring any ownership Interest in a Class A-R Certificate hereby
      consents to any amendment of this Agreement that, based on an Opinion of Counsel
      furnished to the Trustee, is reasonably necessary (a) to ensure that the record
      ownership of, or any beneficial interest in, a Class A-R Certificate is not
      transferred, directly or indirectly, to a Person that is not a Permitted
      Transferee and (b) to provide for a means to compel the Transfer of a Class
      A-R
      Certificate that is held by a Person that is not a Permitted Transferee to
      a
      Holder that is a Permitted Transferee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-1

     

    FORM
      OF
      TRANSFEROR CERTIFICATE FOR CLASS A-R CERTIFICATES

     

    Date:

     

    CWABS,
      Inc.

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California  91302

     

    The
      Bank
      of New York

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York  10286

     

     

    
      	
               

            	
              Re:

            	
              CWABS,
                Inc. Asset Backed

              
                Certificates,
                  Series 2007-BC2

              

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the Class A-R Certificates, we certify that
      we have no knowledge that the Transferee is not a Permitted
      Transferee.  All capitalized terms used herein but not defined herein
      shall have the meanings assigned to them in the Pooling and Servicing Agreement
      dated as of April 1, 2007, among CWABS, Inc., as Depositor, Countrywide Home
      Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park Monaco Inc., as
      a
      Seller, Park Granada LLC, as a Seller, Countrywide Home Loans Servicing LP,
      as
      Master Servicer, and The Bank of New York, as Trustee.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    Very
                      truly yours,

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	      	 
	 	 	 	 	 	 	 	Name
                of Transferor	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	     	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J-2

     

    FORM
      OF
      TRANSFEROR CERTIFICATE FOR

    PRIVATE
      CERTIFICATES

     

    Date:

     

    CWABS,
      Inc.,

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York  10286

     

     

    
      	
               

            	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

            

    

    Series
      2007-BC2, Class
      [   ]

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above-captioned Certificates we certify
      that (a) we understand that the Certificates have not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), and are being disposed by us in
      a transaction that is exempt from the registration requirements of the Act,
      (b)
      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, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the
      Act.  All capitalized terms used herein but not defined herein shall
      have the meanings assigned to them in the Pooling and Servicing Agreement dated
      as of April 1, 2007, among CWABS, Inc., as Depositor, Countrywide Home Loans,
      Inc., as a Seller, Park Sienna LLC, as a Seller, Park Monaco Inc., as a Seller,
      Park Granada LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer, and The Bank of New York, as Trustee.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    Very
                      truly yours,

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	      	 
	 	 	 	 	 	 	 	Name
                of Transferor	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	     	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    FORM
      OF
      INVESTMENT LETTER (NON-RULE 144A)

     

    Date:

     

    CWABS,
      Inc.,

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay St., Floor 4W

    New
      York,
      New York  10286

     

     

    
      	
               

            	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

            

    

    Series
      2007-BC2, Class
      [   ]

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates 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) either (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended, or a plan or arrangement that is subject to Section 4975 of the
      Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
      such plan or arrangement, or using the assets of any such plan or arrangement
      to
      effect such acquisition or (ii) if the Certificates have been the subject of
      an
      ERISA-Qualifying Underwriting, we are 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 the purchase and holding of such
      Certificates are covered under Sections I and III of PTCE 95-60, (e) 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 (g) below), (f) 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 (g) 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.

     

    All
      capitalized terms used herein but not defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement dated as of April 1,
      2007, among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Monaco Inc., as a Seller, Park
      Granada LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer, and The Bank of New York, as Trustee.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    Very
                      truly yours,

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	      	 
	 	 	 	 	 	 	 	Name
                of Transferee	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	     	 
	 	 	 	 	 	 	 	 	Authorized
                Officer
	 	 	 	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    FORM
      OF
      RULE 144A LETTER

     

    Date:

     

    CWABS,
      Inc.,

    as
      Depositor

    4500
      Park
      Granada

    Calabasas,
      California 91302

     

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York  10286

     

     

    
      	
               

            	
              Re:

            	
              CWABS,
                Inc. Asset-Backed Certificates,

              
                Series
                  2007-BC2, Class
                  [   ]

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates 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 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) either (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended, or a plan or arrangement that is subject to Section 4975 of the
      Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
      such plan or arrangement, or using the assets of any such plan or arrangement
      to
      effect such acquisition or (ii) if the Certificates have been the subject of
      an
      ERISA-Qualifying Underwriting, we are 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 the purchase and holding of such
      Certificates are covered under Sections I and III of PTCE 95-60, (e) 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, (f) 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.

     

    All
      capitalized terms used herein but not defined herein shall have the meanings
      assigned to them in the Pooling and Servicing Agreement dated as of April 1,
      2007, among CWABS, Inc., as Depositor, Countrywide Home Loans, Inc., as a
      Seller, Park Sienna LLC, as a Seller, Park Monaco Inc., as a Seller, Park
      Granada LLC, as a Seller, Countrywide Home Loans Servicing LP, as Master
      Servicer, and The Bank of New York, as Trustee.

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  
                    Very
                      truly yours,

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	      	 
	 	 	 	 	 	 	 	Name
                of Transferee	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	     	 
	 	 	 	 	 	 	 	 	Authorized
                Officer
	 	 	 	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1
      TO EXHIBIT L

     

    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:

     

    
      	
               

            	
              As
                indicated below, the undersigned is the President, Chief Financial
                Officer, Senior Vice President or other executive officer of the
                Buyer.

            

    

     

    
      	
               

            	
              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 either at least
                $100,000,000 in securities or, if Buyer is a dealer, Buyer must own
                and/or
                invest on a discretionary basis at least $10,000,000 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.

            

    

     

    
      	
               

            	
              ___

            	
              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.

            

    

     

    
      	
               

            	
              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.

            

    

     

    
      	
               

            	
              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.

            

    

     

    
      	
               

            	
              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.

            

    

     

    
      	
               

            	
              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.

            

    

     

    
      
        	 	 	 	 	 	 	 	      	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	      
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Date:	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT L

     

    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.

     

    
      	
               

            	
              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).

            

    

     

    
      	
               

            	
              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).

            

    

     

    
      	
               

            	
              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.

            

    

     

    
      	
               

            	
              The
                Buyer is familiar with Rule 144A and under-stands 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.

            

    

     

    
      	
               

            	
              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:	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    FORM
      OF
      REQUEST FOR DOCUMENT RELEASE

     

    [FORM
      OF]
      REQUEST FOR RELEASE OF DOCUMENTS

     

     

    
      	To:          The
              Bank of New York  	 	Attn:  Mortgage
              Custody Services

    

                                                                                      

    
      	
               

            	
              Re:

            	
              The
                Pooling & Servicing Agreement dated April 1, 2007, among Countrywide
                Home Loans, Inc., as a Seller, Park Granada LLC, as a Seller, Park
                Sienna
                LLC, as a Seller, Park Monaco Inc., as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master  Servicer, CWABS, Inc. and The Bank of
                New  York,
                as Trustee

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the administration of the Mortgage Loans held by you as Trustee
      for CWABS, Inc., we request the release of the Mortgage Loan File for the
      Mortgage Loan(s) described below, for the reason indicated.

     

    
      
        	FT
                Account #: 	 Pool
                #:

      

                                                                                    

    

    Mortgagor’s
      Name, Address and Zip Code:

     

    Mortgage
      Loan Number:

     

    Reason
      for Requesting Documents (check one)

     

    
      	
               

            	
              1.

            	
              Mortgage
                Loan paid in full (Countrywide Home Loans, Inc. hereby certifies
                that all
                amounts have been received).

            

    

     

    
      	
               

            	
              2.

            	
              Mortgage
                Loan Liquidated (Countrywide Home Loans, Inc. hereby certifies that
                all
                proceeds of foreclosure, insurance, or other liquidation have been
                finally
                received).

            

    

     

    
      	
               

            	
              3.

            	
              Mortgage
                Loan in Foreclosure.

            

    

     

    
      	
               

            	
              4.

            	
              Mortgage
                Loan repurchased by the Master Servicer pursuant to Section 3.12(a)
                (Countrywide Home Loans Servicing LP hereby certifies that the Purchase
                Price for the Mortgage Loan has been deposited in the Certificate
                Account)

            

    

     

    
      	
               

            	
              5.

            	
              Other
                (explain):

            

    

     

    If
      item 1
      or 2 above is checked, and if all or part of the Mortgage File was previously
      released to us, please release to us our previous receipt on file with you,
      as
      well as any additional documents in your possession relating to the
      above-specified Mortgage Loan.  If item 3, 4 or 5 is checked, upon
      return of all of the above documents to you as Trustee, please acknowledge
      your
      receipt by signing in the space indicated below, and returning this
      form.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [COUNTRYWIDE
      HOME LOANS, INC.]

    

    

    By:

    Name:

    Title:

    Date:

     

    [COUNTRYWIDE
      HOME LOANS SERVICING LP]

     

    By:

    Name:

    Title:

    Date:

     

    TRUSTEE
      CONSENT TO RELEASE AND

    ACKNOWLEDGEMENT
      OF RECEIPT

     

    By:

    Name:

    Title:

    Date:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    FORM
      OF
      REQUEST FOR FILE RELEASE

     

    OFFICER’S
      CERTIFICATE AND TRUST RECEIPT

    ASSET-BACKED
      CERTIFICATES,

    Series
      2007-BC2

     

    __________________________________________
      HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING
      THE
      OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES AS
      FOLLOWS:

     

    WITH
      RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
      SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

     

    [ALL
      PAYMENTS OF PRINCIPAL AND INTEREST HAVE BEEN MADE.]  [THE PURCHASE
      PRICE FOR SUCH MORTGAGE LOANS HAS BEEN PAID.]  [THE MORTGAGE LOANS
      HAVE BEEN LIQUIDATED AND THE RELATED [INSURANCE PROCEEDS] [LIQUIDATION PROCEEDS]
      HAVE BEEN DEPOSITED PURSUANT TO SECTION 3.13 OF THE POOLING AND SERVICING
      AGREEMENT.]  [A REPLACEMENT MORTGAGE LOAN HAS BEEN DELIVERED TO THE
      TRUSTEE IN THE MANNER AND OTHERWISE IN ACCORDANCE WITH THE CONDITIONS SET FORTH
      IN SECTIONS 2.02 AND 2.03 OF THE POOLING AND SERVICING AGREEMENT.]

     

    LOAN
      NUMBER:_______________                                                                                                BORROWER’S
      NAME:_____________

     

    COUNTY:____________________

     

    [For
      Substitution or Repurchase Only:  The Master Servicer certifies that
      [an] [no] opinion is required by Section 2.05 [and is attached
      hereto].]

     

    I
      HEREBY
      CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, THAT ARE
      REQUIRED TO BE DEPOSITED IN THE CERTIFICATE ACCOUNT PURSUANT TO SECTION 3.05
      OF
      THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

     

    
      
        	 	 	 	 	 	 	 	       
	 	 	 	 	 	 	 	
                DATED:

              	
                
                   

                

              
	 	 	 	 	 	 	 	 	 
	/
                / 	 	 	 	 	 	 	
                VICE
                  PRESIDENT 

              
	/
                / 	 	 	 	 	 	 	
                ASSISTANT
                  VICE PRESIDENT 

              

      

                    

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    Exhibit
      O

     

    Exhibit
      O
      is a photocopy of
      the
      Depository Agreement as
      delivered.

     

    [See
      appropriate documents delivered at closing.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORM
      OF
      SUBSEQUENT TRANSFER AGREEMENT

     

    SUBSEQUENT
      TRANSFER AGREEMENT,  dated as of ____________, 200[_] (this
“Subsequent Transfer Agreement”), among CWABS, INC., a Delaware corporation, as
      depositor (the “Depositor”), COUNTRYWIDE HOME LOANS, INC., a New York
      corporation, in its capacity as a seller under the Pooling and Servicing
      Agreement referred to below (“CHL”), PARK GRANADA LLC, a Delaware limited
      liability company, in its capacity as a seller under the Pooling and Servicing
      Agreement (“Park Granada”), PARK MONACO INC, a Delaware corporation, in its
      capacity as a seller under the Pooling and Servicing Agreement (“Park Monaco”),
      PARK SIENNA LLC, a Delaware limited liability company, in its capacity as a
      seller under the Pooling and Servicing Agreement (“Park Sienna” and, together
      with CHL, Park Monaco and Park Granada, the “Sellers”) and The Bank of New York,
      a New York banking corporation, as trustee (the “Trustee”);

     

    WHEREAS,
      the Depositor, CHL, Park Sienna, Park Granada, Park Monaco, the Trustee and
      Countrywide Home Loans Servicing LP, as Master Servicer have entered in the
      Pooling and Servicing Agreement, dated as of April 1, 2007 (the “Pooling and
      Servicing Agreement”), relating to the CWABS, Inc. Asset-Backed Certificates,
      Series 2007-BC2 (capitalized terms not otherwise defined herein are used as
      defined in the Pooling and Servicing Agreement);

     

    WHEREAS,
      Section 2.01(b) of the Pooling and Servicing Agreement provides for the parties
      hereto to enter into this Subsequent Transfer Agreement in accordance with
      the
      terms and conditions of the Pooling and Servicing Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration the receipt and adequacy of which are hereby acknowledged the
      parties hereto agree as follows:

     

    (a)           The
      “Subsequent Transfer Date” with respect to this Subsequent Transfer Agreement
      shall be ________ __, 200[_].

     

    (b)           The
      “Subsequent Transfer Date Purchase Amount” with respect to this Subsequent
      Transfer Agreement shall be $_______________.

     

    (c)           The
      Subsequent Mortgage Loans conveyed on the Subsequent Transfer Date shall be
      subject to the terms and conditions of the Pooling and Servicing
      Agreement.

     

    (d)           Annex
      I hereto sets forth a list of the Mortgage Loans which are Delay Delivery
      Mortgage Loans.

     

    (e)           In
      case any provision of this Subsequent Transfer Agreement shall be invalid,
      illegal or unenforceable, the validity, legality and enforceability of the
      remaining provisions or obligations shall not in any way be affected or impaired
      thereby.

     

    (f)           In
      the event of any conflict between the provisions of this Subsequent Transfer
      Agreement and the Pooling and Servicing Agreement, the provisions of the Pooling
      and Servicing Agreement shall prevail.

     

    (g)           This
      Subsequent Transfer Agreement shall be governed by, and shall be construed
      and
      enforced in accordance with the laws of the State of New York.

     

    (h)           The
      Subsequent Transfer Agreement may be executed in one or more counterparts,
      each
      of which so executed and delivered shall be deemed an original, but all such
      counterparts together shall constitute but one and the same
      instrument.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties to this Subsequent Transfer Agreement have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized as of the day and year first above written.

    
       

      
        
          	 	 	 	 	 	 	 	
                  CWABS,
                    INC.,

                  as
                    Depositor

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

      

      
        
          
            	 	 	 	 	 	 	 	
                    
                      COUNTRYWIDE
                        HOME LOANS, INC.,

                      as
                        a Seller

                    

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	
                    
                       

                    

                  
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

        

      

       

      
        
          	 	 	 	 	 	 	 	
                  
                    PARK
                      SIENNA LLC,

                    as
                      a Seller

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      
         

      

    

    
       

      
        
          	 	 	 	 	 	 	 	
                  
                    PARK
                      GRANADA LLC,

                    as
                      a Seller

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

       

       

      
        
          	 	 	 	 	 	 	 	
                  
                    PARK
                      MONACO INC,

                    as
                      a Seller

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

       

       

      
        
          
            	 	 	 	 	 	 	 	
                    
                      
                        THE
                          BANK OF NEW YORK

                        
                          not
                            in its individual capacity,

                          but
                            solely as Trustee

                        

                      

                    

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	
                    
                       

                    

                  
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

        

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Annex
      I

     

    Mortgage
      Loans for which All or a Portion of a Related Mortgage File is not Delivered
      to
      the Trustee on or prior to the Subsequent Transfer Date

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q

     

    [RESERVED]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    [RESERVED]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-1

     

    [RESERVED]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-2

     

    [RESERVED]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    OFFICER’S
      CERTIFICATE WITH RESPECT TO PREPAYMENTS

    ASSET-BACKED
      CERTIFICATES,

     

    Series
      2007-BC2

     

     

            [Date]

    

    Via
      Facsimile

    

    The
      Bank
      of New York,

    as
      Trustee

    101
      Barclay Street

    New
      York,
      New York  10286

     

    

    Dear
      Sir
      or Madam:

    

    Reference
      is made to the Pooling and Servicing Agreement, dated as of April 1, 2007,
      (the
“Pooling and Servicing Agreement”) among CWABS, Inc., as Depositor, Countrywide
      Home Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park Monaco Inc.,
      as a Seller, Park Granada LLC, as a Seller, Countrywide Home Loans Servicing
      LP,
      as Master Servicer, and The Bank of New York, as Trustee.  Capitalized
      terms used herein shall have the meanings ascribed to such terms in the Pooling
      and Servicing Agreement.

     

    __________________
      hereby certifies that he/she is a Servicing Officer, holding the office set
      forth beneath his/her name and hereby further certifies as follows:

     

    With
      respect to the Distribution Date in _________ 20[  ] and each Mortgage
      Loan set forth in the attached schedule:

     

    1.
      A
      Principal Prepayment in full or in part was received during the related
      Prepayment Period;

     

    2.
      Any
      Prepayment Charge due under the terms of the Mortgage Note with respect to
      such
      Principal Prepayment was or was not, as indicated on the attached schedule
      using
“Yes” or “No”, received from the Mortgagor and deposited in the Certificate
      Account;

     

    3.
      As to
      each Mortgage Loan set forth on the attached schedule for which all or part
      of
      the Prepayment Charge required in connection with the Principal Prepayment
      was
      waived by the Master Servicer, such waiver was, as indicated on the attached
      schedule, based upon:

     

    (i)
      the
      Master Servicer’s determination that such waiver would maximize recovery of
      Liquidation Proceeds for such Mortgage Loan, taking into account the value
      of
      such Prepayment Charge, or

     

    (ii)(A)
      the enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium,
      receivership, or other similar law relating to creditors’ rights generally or
      (2) due to acceleration in connection with a foreclosure or other involuntary
      payment, or (B) the enforceability is otherwise limited or prohibited by
      applicable law; and

     

    4.
      We
      certify that all amounts due in connection with the waiver of a Prepayment
      Charge inconsistent with clause 3 above which are required to be deposited
      by
      the Master Servicer pursuant to Section 3.20 of the Pooling and Servicing
      Agreement, have been or will be so deposited.

     

    
      
        	 	 	 	 	 	 	 	
                
                  COUNTRYWIDE
                    HOME LOANS, INC.,

                  
                    as
                      Master Servicer

                  

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      OF MORTGAGE LOANS FOR WHICH A PREPAYMENT WAS RECEIVED DURING THE RELATED
      PREPAYMENT PERIOD

     

    
      	
              Loan
                Number

            	
              Clause
                2:  Yes/No

            	
              Clause
                3:  (i) or (ii)

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

     

    FORM
      OF
      SWAP CONTRACT

     

    [See
      document delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-1

     

    FORM
      OF
      SWAP CONTRACT NOVATION AGREEMENT

     

    [See
      document delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-2

     

    FORM
      OF
      SWAP CONTRACT ADMINISTRATION AGREEMENT

     

    [See
      document delivered at closing.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-3

     

    [reserved]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      W

     

    MONTHLY
      STATEMENT

     

    [On
      file
      with Trustee]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      X-1

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

    (Subservicer)

     

    
      	
              Re:  

            	
              The
                Pooling and Servicing Agreement dated as of April 1, 2007 (the “Pooling
                and Servicing Agreement”) among CWABS, Inc., as Depositor, Countrywide
                Home Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park
                Monaco
                Inc., as a Seller, Park Granada LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and the undersigned, as Trustee,
                and
                [Subservicing Agreement] dated as of
                [           ] (the
                “Agreement”)

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, 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 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”), 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 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]
      [Master Servicer];

     

      (4)           I
      am responsible for reviewing the activities performed by the Company as a
      servicer under 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; and

     

      (5)           The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and 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 Master Servicer.  Any material
      instances of noncompliance described in such reports have been disclosed to
      the
      Master Servicer.  Any material instance of noncompliance with the
      Servicing Criteria has been disclosed in such reports.

     

    

    
      
        	 	 	 	 	 	 	 	Date: 	     	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

                     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      X-2

     

    FORM
      OF
      PERFORMANCE CERTIFICATION

    (Trustee)

     

    
      	
              Re:  

            	
              The
                Pooling and Servicing Agreement dated as of April 1, 2007 (the “Pooling
                and Servicing Agreement”) among CWABS, Inc., as Depositor, Countrywide
                Home Loans, Inc., as a Seller, Park Sienna LLC, as a Seller, Park
                Monaco
                Inc., as a Seller, Park Granada LLC, as a Seller, Countrywide Home
                Loans
                Servicing LP, as Master Servicer, and the undersigned, as
                Trustee

            

    

     

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY] (the “Company”), certify to the Depositor and the Master Servicer, and
      their officers, with the knowledge and intent that they will rely upon this
      certification, that:

     

      (1)           I
      have reviewed 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 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”), [all reports on Form 10-D containing statements to certificateholders
      filed in respect of the period included in the year covered by the annual report
      of the Trust Fund] (collectively, the “Distribution Date
      Statements”);

     

      (2)           Assuming
      the accuracy and completeness of the information delivered to the Company by
      the
      Master Servicer as provided in the Pooling and Servicing Agreement and subject
      to paragraph (4) below, the distribution information determined by the Company
      and set forth in the Distribution Date Statements contained in all Form 10-D’s
      included in the year covered by the annual report of such Trust on Form 10-K
      for
      the calendar year 200[  ], is complete and does not contain any
      material misstatement of fact as of the last day of the period covered by such
      annual report;

     

      (3)           Based
      solely on the information delivered to the Company by the Master Servicer as
      provided in the Pooling and Servicing Agreement, (i) the distribution
      information required under the Pooling and Servicing Agreement to be contained
      in the Trust Fund’s Distribution Date Statements and (ii) the servicing
      information required to be provided by the Master Servicer to the trustee for
      inclusion in the Trust Fund’s Distribution Date Statements, to the extent
      received by the Trustee from the Master Servicer in accordance with the Pooling
      and Servicing Agreement, is included in such Distribution Date
      Statements;

     

      (4)           The
      Company is not certifying as to the accuracy, completeness or correctness of
      the
      information which it received from the Master Servicer and did not independently
      verify or confirm the accuracy, completeness or correctness of the information
      provided by the Master Servicer;

     

      (5)           I
      am responsible for reviewing the activities performed by the Company as a person
      “performing a servicing function” under the Pooling and Servicing Agreement, and
      based on my knowledge and the compliance review conducted in preparing the
      Servicing Assessment and except as disclosed in the Servicing Assessment or
      the
      Attestation Report, the Company has fulfilled its obligations under the Pooling
      and Servicing Agreement; and

     

      (6)           The
      Servicing Assessment and Attestation Report required to be provided by the
      Company and by Subcontractor pursuant to the Pooling and Servicing Agreement,
      have been provided to the Master Servicer and the Depositor.  Any
      material instances of noncompliance described in such reports have been
      disclosed to the Master Servicer and the Depositor.  Any material
      instance of noncompliance with the Servicing Criteria has been disclosed in
      such
      reports.

     

    
      
        
          	 	 	 	 	 	 	 	Date: 	     	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                   

                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

                       

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    EXHIBIT
      Y

    

    FORM
      OF
      OFFICER’S CERTIFICATE OF THE TRUSTEE REGARDING SERVICING COMPLIANCE

    

    CWABS
      ASSET-BACKED CERTIFICATES TRUST 2007-BC2

    

    

    The
      undersigned hereby certifies that, pursuant to Section 11.07 of the Pooling
      and
      Servicing Agreement, dated as of April 1, 2007, by and among CWABS, Inc., as
      depositor (the “Depositor”), Countrywide Home Loans, Inc., as a seller, Park
      Granada LLC, as a seller, Park Sienna LLC, as a seller, Park Monaco Inc., as
      a
      seller, Countrywide Home Loans Servicing LP, as master servicer (the “Master
      Servicer”) and The Bank Of New York, as trustee (the “Trustee”), on or before
      March 15 of each calendar year, commencing in 2007, the [Master Servicer]
      [Trustee] [Name of Subservicer] shall deliver to the Depositor and the Master
      Servicer a report regarding the [Master Servicer’s] [Trustee’s] [Name of
      Subservicer’s] assessment of compliance with the Servicing Criteria during the
      immediately preceding calendar year, as required under Rules 13a-18 and 15d-18
      of the Exchange Act and Item 1122 of Regulation AB, which report shall address
      each of the Servicing Criteria specified in Exhibit A hereto.

    

    
      
        	 	 	 	 	 	 	 	
                
                  [Master
                    Servicer] [Trustee] [Name of Subservicer], not in its individual
                    capacity,
                    but solely as Trustee

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Date:
                	 

      

    

    
 

    

    Exhibit
      A

    
      	
              Servicing
                Criteria

            	
              Applicable
                Servicing Criteria

            
	
              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.

            	 
	
               

            	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
               

            	 	 

    

    

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  [NAME
                    OF MASTER SERVICER] [NAME OF TRUSTEE] [NAME OF
                    SUBSERVICER]

                

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Date:
                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Z

     

    [FORM
      OF]
      LIST OF ITEM 1119 PARTIES

     

    ASSET
      BACKED CERTIFICATES,

    Series
      200_-__

     

    [Date]

    

    
      	
              Party

            	
              Contact
                Information

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      AA

    

    FORM
      OF

    SARBANES-OXLEY
      CERTIFICATION

    (Replacement
      Master Servicer)

    

    (On
      file
      with Trustee)

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

     

    PREPAYMENT
      CHARGE SCHEDULE AND PREPAYMENT CHARGE SUMMARY

     

    [Delivered
      to Trustee at closing and on file with the Trustee.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

     

    COLLATERAL
      SCHEDULE

     

    
      	
              Characteristic

            	
              Applicable
                Section

            	
              Loan
                Group 1

            	
              Loan
                Group 2

            
	
              Single-Family
                Detached Dwellings

            	
              2.03(b)(32)

            	
              81.50%

            	
              77.33%

            
	
              Single-Family
                Attached Dwellings

            	
              2.03(b)(32)

            	
              0.45%

            	
              N/A

            
	
              Two-to
                Four Family Dwellings

            	
              2.03(b)(32)

            	
              3.40%

            	
              2.70%

            
	
              Lo-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              2.84%

            	
              4.44%

            
	
              High-Rise
                Condominium Units

            	
              2.03(b)(32)

            	
              N/A

            	
              0.18%

            
	
              PUDs

            	
              2.03(b)(32)

            	
              11.45%

            	
              14.98%

            
	
              Townhouse

            	
              2.03(b)(32)

            	
              0.35%

            	
              0.38%

            
	
              Earliest
                Origination Date

            	
              2.03(b)(33)

            	
              June
                6, 2005

            	
              May
                1, 2005

            
	
              Prepayment
                Penalty

            	
              2.03(b)(35)

            	
              87.93%

            	
              83.74%

            
	
              Investor
                Properties

            	
              2.03(b)(36)

            	
              4.27%

            	
              4.20%

            
	
              Primary
                Residences

            	
              2.03(b)(36)

            	
              94.34%

            	
              94.92%

            
	
              Second
                Home

            	
              2.03(b)(36)

            	
              1.39%

            	
              0.88%

            
	
              Lowest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              5.600%

            	
              5.340%

            
	
              Highest
                Current Mortgage Rate

            	
              2.03(b)(48)

            	
              11.750%

            	
              12.390%

            
	
              Weighted
                Average Current Mortgage Rate

            	
              2.03(b)(48)

            	
              8.170%

            	
              8.290%

            
	
              Lowest
                Gross Margin

            	
              2.03(b)(50)

            	
              N/A

            	
              3.020%

            
	
              Highest
                Gross Margin

            	
              2.03(b)(50)

            	
              8.790%

            	
              9.850%

            
	
              Weighted
                Average Gross Margin

            	
              2.03(b)(50)

            	
              6.363%

            	
              6.399%

            
	
              Date
                on or before which each Initial Mortgage Loan has a Due
                Date

            	
              2.03(b)(51)

            	
              March
                1, 2007

            	
              April
                1, 2007

            

    

    

    
      	
              Adjustment
                Date

            	
              Applicable
                Section

            	
              Adjustable
                Rate Mortgage Loans (other than Two-Year, 

              Three-Year
                and 

              Five-Year
                Hybrid 

              Mortgage
                Loans)

            	
              Two-Year
                

              Hybrid
                Mortgage Loans

            	
              Three-Year
                

              Hybrid
                Mortgage Loans

            	
              Five-Year

              Hybrid
                Mortgage Loans

            
	
              Latest
                Next Adjustment Date

            	
              2.03(b)(34)

            	
              N/A

            	
              March
                1, 2009

            	
              January
                1, 2010

            	
              January
                1, 2012

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]