Document:

Unassociated Document

     

    
 

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    Depositor

     

    

     

    BARCLAYS
      CAPITAL REAL ESTATE INC.

    d/b/a
      HOMEQ SERVICING

     

    Servicer

     

    

     

    WELLS
      FARGO BANK, N.A

     

    Servicer

     

    

     

    WELLS
      FARGO BANK, N.A.

     

    Master
      Servicer, Trust Administrator and Custodian

     

    and

     

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Trustee

     

    

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of May 1, 2007

     

    

     

    MASTR
      Asset Backed Securities Trust 2007-HE1

    Mortgage
      Pass-Through Certificates

     

    Series
      2007-HE1

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

     

    
      	
              ARTICLE
                I

            	
              DEFINITIONS

            
	
              SECTION
                1.01.

            	
              Defined
                Terms.

            
	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls.

            
	
              SECTION
                1.03.

            	
              Rights
                of the NIMS Insurer.

            
	 	 
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	
              SECTION
                2.01.

            	
              Conveyance
                of the Mortgage Loans.

            
	
              SECTION
                2.02.

            	
              Acceptance
                of REMIC I by Trustee.

            
	
              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans by an Originator or the
                Seller.

            
	
              SECTION
                2.04.

            	
              Reserved.

            
	
              SECTION
                2.05.

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

            
	
              SECTION
                2.06.

            	
              Conveyance
                of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC
                III, REMIC IV, REMIC V and REMIC VI by the Trustee; Issuance of
                Certificates.

            
	
              SECTION
                2.07.

            	
              Issuance
                of Class R Certificates and Class R-X Certificates.

            
	
              SECTION
                2.08.

            	
              Authorization
                to Enter into Interest Rate Cap Agreement and Interest Rate Swap
                Agreement.

            
	 	 
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING  OF THE MORTGAGE LOANS

            
	
              SECTION
                3.01.

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02.

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers.

            
	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04.

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05.

            	
              No
                Contractual Relationship Between Sub-Servicers and the Trustee, the
                Trust
                Administrator, the NIMS Insurer 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; Servicing
                Accounts.

            
	
              SECTION
                3.10.

            	
              Collection
                Account.

            
	
              SECTION
                3.11.

            	
              Withdrawals
                from the Collection Account

            
	
              SECTION
                3.12.

            	
              Investment
                of Funds in the Collection 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
                to the Trust Administrator; Collection Account
                Statements.

            
	
              SECTION
                3.20.

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21.

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              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.

            	
              Solicitations.

            
	 	 
	
              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.

            	
              Distribution
                Account.

            
	
              SECTION
                3A.12.

            	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            
	
              SECTION
                3A.13.

            	
              Late
                Remittance.

            
	 	 
	
              ARTICLE
                IV

            	
              PAYMENTS
                TO CERTIFICATEHOLDERS

            
	
              SECTION
                4.01.

            	
              Distributions.

            
	
              SECTION
                4.02.

            	
              Statements
                to Certificateholders.

            
	
              SECTION
                4.03.

            	
              Remittance
                Reports, Advances.

            
	
              SECTION
                4.04.

            	
              Allocation
                of Realized Losses.

            
	
              SECTION
                4.05.

            	
              Compliance
                with Withholding Requirements.

            
	
              SECTION
                4.06.

            	
              Exchange
                Commission Filings; Additional Information.

            
	
              SECTION
                4.07.

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                4.08.

            	
              Swap
                Account.

            
	
              SECTION
                4.09.

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            
	
              SECTION
                4.10.

            	
              Cap
                Account.

            
	
              SECTION
                4.11.

            	
              Collateral
                Accounts.

            
	
              SECTION
                4.12.

            	
              Rights
                and Obligations Under the Interest Rate Cap Agreement and the Interest
                Rate Swap Agreement.

            
	 	 
	
              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.

            	
              Certain
                Available Information.

            
	 	 
	
              ARTICLE
                VI

            	
              THE
                DEPOSITOR, THE SERVICERS AND THE MASTER SERVICER

            
	
              SECTION
                6.01.

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

            
	
              SECTION
                6.02.

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

            
	
              SECTION
                6.03.

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

            
	
              SECTION
                6.04.

            	
              Limitation
                on Resignation of a Servicer; Assignment of Master
                Servicing.

            
	
              SECTION
                6.05.

            	
              Successor
                Master Servicer.

            
	
              SECTION
                6.06.

            	
              Rights
                of the Depositor in Respect of the Servicers.

            
	
              SECTION
                6.07.

            	
              [Reserved].

            
	
              SECTION
                6.08.

            	
              Duties
                of the Credit Risk Manager.

            
	
              SECTION
                6.09.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            
	
              SECTION
                6.10.

            	
              Removal
                of the Credit Risk Manager.

            
	 	 
	
              ARTICLE
                VII

            	
              DEFAULT

            
	
              SECTION
                7.01.

            	
              Servicer
                Events of Default and Master Servicer Events of
                Termination.

            
	
              SECTION
                7.02.

            	
              Master
                Servicer or Trustee 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 Servicer Events of Default and Master Servicer Events of
                Termination.

            
	
              SECTION
                7.06.

            	
              Survivability
                of Servicer and Master Servicer Liabilities.

            
	 	 
	
              ARTICLE
                VIII

            	
              CONCERNING
                THE TRUSTEE AND THE TRUST ADMINISTRATOR

            
	
              SECTION
                8.01.

            	
              Duties
                of Trustee and Trust Administrator.

            
	
              SECTION
                8.02.

            	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator

            
	
              SECTION
                8.03.

            	
              Neither
                Trustee nor Trust Administrator Liable for Certificates or Mortgage
                Loans.

            
	
              SECTION
                8.04.

            	
              Trustee
                and Trust Administrator May Own Certificates.

            
	
              SECTION
                8.05.

            	
              Trust
                Administrator’s and Trustee’s Fees and Expenses.

            
	
              SECTION
                8.06.

            	
              Eligibility
                Requirements for Trustee and Trust Administrator.

            
	
              SECTION
                8.07.

            	
              Resignation
                and Removal of the Trustee or Trust Administrator.

            
	
              SECTION
                8.08.

            	
              Successor
                Trustee or Trust Administrator.

            
	
              SECTION
                8.09.

            	
              Merger
                or Consolidation of Trustee or Trust Administrator.

            
	
              SECTION
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11.

            	
              Appointment
                of Office or Agency; Appointment of Custodian.

            
	
              SECTION
                8.12.

            	
              Representations
                and Warranties.

            
	 	 
	
              ARTICLE
                IX

            	
              TERMINATION

            
	
              SECTION
                9.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.

            
	
              SECTION
                9.02.

            	
              Additional
                Termination Requirements.

            
	 	 
	
              ARTICLE
                X

            	
              REMIC
                PROVISIONS

            
	
              SECTION
                10.01.

            	
              REMIC
                Administration.

            
	
              SECTION
                10.02.

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                10.03.

            	
              Servicer,
                Master Servicer 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.

            	
              Notice
                to Rating Agencies and the NIMS Insurer.

            
	
              SECTION
                11.08.

            	
              Article
                and Section References.

            
	
              SECTION
                11.09.

            	
              Grant
                of Security Interest.

            
	
              SECTION
                11.10.

            	
              Third
                Party Rights.

            
	
              SECTION
                11.11.

            	
              Intention
                of the Parties and Interpretation.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Exhibits

            	 
	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class A-2 Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class A-3 Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class A-4 Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificate

            
	
              Exhibit
                A-15

            	
              Form
                of Class M-11 Certificate

            
	
              Exhibit
                A-16

            	
              Form
                of Class M-12 Certificate

            
	
              Exhibit
                A-17

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-18

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-19

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-20

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                A-21

            	
              Form
                of Class X Certificate

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Final Certification

            
	
              Exhibit
                C-3

            	
              Form
                of Receipt of Mortgage Notes

            
	
              Exhibit
                D

            	
              Forms
                of Assignment Agreements

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Private Certificates Pursuant
                to
                Rule 144A Under the 1933 Act

            
	
              Exhibit
                F-2

            	
              Form
                of Transfer Affidavit and Agreement and Form of Transferor Affidavit
                in
                Connection with Transfer of Residual Certificates

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H

            	
              [Reserved]

            
	
              Exhibit
                I

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                J-1

            	
              Form
                of Certification to Be Provided by the Master Servicer with Form
                10-K

            
	
              Exhibit
                J-2

            	
              Form
                of Certification to Be Provided by the Servicer to the Master
                Servicer

            
	
              Exhibit
                K

            	
              Form
                of Interest Rate Cap Agreement

            
	
              Exhibit
                L

            	
              Annual
                Statement of Compliance pursuant to Section 3.20

            
	
              Exhibit
                M

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                N

            	
              Form
                of Swap Administration Agreement

            
	
              Exhibit
                O

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                P

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

            
	
              Exhibit
                Q

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                R-1

            	
              Form
                of Delinquency Report

            
	
              Exhibit
                R-2

            	
              Form
                of Monthly Remittance Advice

            
	
              Exhibit
                R-3

            	
              Form
                of Realized Loss Report

            
	 	 
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      This
        Pooling and Servicing Agreement, is dated and effective as of May 1, 2007
        among
        MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. as Depositor, BARCLAYS CAPITAL
        REAL ESTATE INC. d/b/a HOMEQ SERVICING, as a Servicer, WELLS FARGO BANK,
        N.A.,
        as a Servicer, WELLS FARGO BANK, N.A. as Master Servicer, Trust Administrator
        and Custodian and U.S. BANK NATIONAL ASSOCIATION as Trustee.

       

      PRELIMINARY
        STATEMENT:

       

      The
        Depositor intends to sell pass-through certificates to be issued hereunder
        in
        multiple classes, which in the aggregate will evidence the entire beneficial
        ownership interest in each REMIC (as defined herein) created hereunder. The
        Trust Fund will consist of a segregated pool of assets comprised of the Mortgage
        Loans and certain other related assets subject to this Agreement.

       

      REMIC
        I

       

      As
        provided herein, the Trustee will elect to treat the segregated pool of assets
        consisting of the Mortgage Loans and certain other related assets (other
        than
        the Net WAC Rate Carryover Reserve Account, the Swap Account, the Supplemental
        Interest Trust, the Interest Rate Swap Agreement, the Cap Account, the Interest
        Rate Cap Agreement, any Originator Prepayment Charge Payment Amounts 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 I.”  The Class R-I Interest will be the sole
        class of “residual interests” in REMIC I for purposes of the REMIC Provisions
        (as defined herein).  The following table irrevocably sets forth the
        designation, the REMIC I Remittance Rate, the initial Uncertificated 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 I Regular Interests
        (as defined herein).  None of the REMIC I Regular Interests will be
        certificated.

       

      
        	
                
                  Designation

                

              	
                
                  REMIC
                    1

                  Remittance
                    Rate(1)

                

              	
                
                  Initial

                  Uncertificated
                    Balance 

                

              	
                
                  Latest
                    Possible

                  Maturity
                    Date(2)

                

              
	
                I

              	
                Variable

              	
                $

              	
                452.67

              	 	
                May
                  2037

              
	
                I-1-A

              	
                Variable

              	
                $

              	
                6,576,000.00

              	 	
                May
                  2037

              
	
                I-1-B

              	
                Variable

              	
                $

              	
                6,576,000.00

              	 	
                May
                  2037

              
	
                I-2-A

              	
                Variable

              	
                $

              	
                7,976,500.00

              	 	
                May
                  2037

              
	
                I-2-B

              	
                Variable

              	
                $

              	
                7,976,500.00

              	 	
                May
                  2037

              
	
                I-3-A

              	
                Variable

              	
                $

              	
                9,360,500.00

              	 	
                May
                  2037

              
	
                I-3-B

              	
                Variable

              	
                $

              	
                9,360,500.00

              	 	
                May
                  2037

              
	
                I-4-A

              	
                Variable

              	
                $

              	
                10,715,000.00

              	 	
                May
                  2037

              
	
                I-4-B

              	
                Variable

              	
                $

              	
                10,715,000.00

              	 	
                May
                  2037

              
	
                I-5-A

              	
                Variable

              	
                $

              	
                12,026,000.00

              	 	
                May
                  2037

              
	
                I-5-B

              	
                Variable

              	
                $

              	
                12,026,000.00

              	 	
                May
                  2037

              
	
                I-6-A

              	
                Variable

              	
                $

              	
                13,280,500.00

              	 	
                May
                  2037

              
	
                I-6-B

              	
                Variable

              	
                $

              	
                13,280,500.00

              	 	
                May
                  2037

              
	
                I-7-A

              	
                Variable

              	
                $

              	
                14,461,000.00

              	 	
                May
                  2037

              
	
                I-7-B

              	
                Variable

              	
                $

              	
                14,461,000.00

              	 	
                May
                  2037

              
	
                I-8-A

              	
                Variable

              	
                $

              	
                15,524,500.00

              	 	
                May
                  2037

              
	
                I-8-B

              	
                Variable

              	
                $

              	
                15,524,500.00

              	 	
                May
                  2037

              
	
                I-9-A

              	
                Variable

              	
                $

              	
                15,557,000.00

              	 	
                May
                  2037

              
	
                I-9-B

              	
                Variable

              	
                $

              	
                15,557,000.00

              	 	
                May
                  2037

              
	
                I-10-A

              	
                Variable

              	
                $

              	
                14,846,000.00

              	 	
                May
                  2037

              
	
                I-10-B

              	
                Variable

              	
                $

              	
                14,846,000.00

              	 	
                May
                  2037

              
	
                I-11-A

              	
                Variable

              	
                $

              	
                14,155,500.00

              	 	
                May
                  2037

              
	
                I-11-B

              	
                Variable

              	
                $

              	
                14,155,500.00

              	 	
                May
                  2037

              
	
                I-12-A

              	
                Variable

              	
                $

              	
                13,498,000.00

              	 	
                May
                  2037

              
	
                I-12-B

              	
                Variable

              	
                $

              	
                13,498,000.00

              	 	
                May
                  2037

              
	
                I-13-A

              	
                Variable

              	
                $

              	
                12,871,000.00

              	 	
                May
                  2037

              
	
                I-13-B

              	
                Variable

              	
                $

              	
                12,871,000.00

              	 	
                May
                  2037

              
	
                I-14-A

              	
                Variable

              	
                $

              	
                12,273,000.00

              	 	
                May
                  2037

              
	
                I-14-B

              	
                Variable

              	
                $

              	
                12,273,000.00

              	 	
                May
                  2037

              
	
                I-15-A

              	
                Variable

              	
                $

              	
                11,704,000.00

              	 	
                May
                  2037

              
	
                I-15-B

              	
                Variable

              	
                $

              	
                11,704,000.00

              	 	
                May
                  2037

              
	
                I-16-A

              	
                Variable

              	
                $

              	
                11,161,000.00

              	 	
                May
                  2037

              
	
                I-16-B

              	
                Variable

              	
                $

              	
                11,161,000.00

              	 	
                May
                  2037

              
	
                I-17-A

              	
                Variable

              	
                $

              	
                10,644,000.00

              	 	
                May
                  2037

              
	
                I-17-B

              	
                Variable

              	
                $

              	
                10,644,000.00

              	 	
                May
                  2037

              
	
                I-18-A

              	
                Variable

              	
                $

              	
                10,151,500.00

              	 	
                May
                  2037

              
	
                I-18-B

              	
                Variable

              	
                $

              	
                10,151,500.00

              	 	
                May
                  2037

              
	
                I-19-A

              	
                Variable

              	
                $

              	
                14,473,000.00

              	 	
                May
                  2037

              
	
                I-19-B

              	
                Variable

              	
                $

              	
                14,473,000.00

              	 	
                May
                  2037

              
	
                I-20-A

              	
                Variable

              	
                $

              	
                16,750,500.00

              	 	
                May
                  2037

              
	
                I-20-B

              	
                Variable

              	
                $

              	
                16,750,500.00

              	 	
                May
                  2037

              
	
                I-21-A

              	
                Variable

              	
                $

              	
                15,158,500.00

              	 	
                May
                  2037

              
	
                I-21-B

              	
                Variable

              	
                $

              	
                15,158,500.00

              	 	
                May
                  2037

              
	
                I-22-A

              	
                Variable

              	
                $

              	
                13,675,500.00

              	 	
                May
                  2037

              
	
                I-22-B

              	
                Variable

              	
                $

              	
                13,675,500.00

              	 	
                May
                  2037

              
	
                I-23-A

              	
                Variable

              	
                $

              	
                12,352,500.00

              	 	
                May
                  2037

              
	
                I-23-B

              	
                Variable

              	
                $

              	
                12,352,500.00

              	 	
                May
                  2037

              
	
                I-24-A

              	
                Variable

              	
                $

              	
                8,995,000.00

              	 	
                May
                  2037

              
	
                I-24-B

              	
                Variable

              	
                $

              	
                8,995,000.00

              	 	
                May
                  2037

              
	
                I-25-A

              	
                Variable

              	
                $

              	
                6,720,500.00

              	 	
                May
                  2037

              
	
                I-25-B

              	
                Variable

              	
                $

              	
                6,720,500.00

              	 	
                May
                  2037

              
	
                I-26-A

              	
                Variable

              	
                $

              	
                6,327,500.00

              	 	
                May
                  2037

              
	
                I-26-B

              	
                Variable

              	
                $

              	
                6,327,500.00

              	 	
                May
                  2037

              
	
                I-27-A

              	
                Variable

              	
                $

              	
                5,987,500.00

              	 	
                May
                  2037

              
	
                I-27-B

              	
                Variable

              	
                $

              	
                5,987,500.00

              	 	
                May
                  2037

              
	
                I-28-A

              	
                Variable

              	
                $

              	
                5,668,500.00

              	 	
                May
                  2037

              
	
                I-28-B

              	
                Variable

              	
                $

              	
                5,668,500.00

              	 	
                May
                  2037

              
	
                I-29-A

              	
                Variable

              	
                $

              	
                5,373,000.00

              	 	
                May
                  2037

              
	
                I-29-B

              	
                Variable

              	
                $

              	
                5,373,000.00

              	 	
                May
                  2037

              
	
                I-30-A

              	
                Variable

              	
                $

              	
                5,107,000.00

              	 	
                May
                  2037

              
	
                I-30-B

              	
                Variable

              	
                $

              	
                5,107,000.00

              	 	
                May
                  2037

              
	
                I-31-A

              	
                Variable

              	
                $

              	
                5,223,000.00

              	 	
                May
                  2037

              
	
                I-31-B

              	
                Variable

              	
                $

              	
                5,223,000.00

              	 	
                May
                  2037

              
	
                I-32-A

              	
                Variable

              	
                $

              	
                5,091,500.00

              	 	
                May
                  2037

              
	
                I-32-B

              	
                Variable

              	
                $

              	
                5,091,500.00

              	 	
                May
                  2037

              
	
                I-33-A

              	
                Variable

              	
                $

              	
                4,771,000.00

              	 	
                May
                  2037

              
	
                I-33-B

              	
                Variable

              	
                $

              	
                4,771,000.00

              	 	
                May
                  2037

              
	
                I-34-A

              	
                Variable

              	
                $

              	
                4,464,000.00

              	 	
                May
                  2037

              
	
                I-34-B

              	
                Variable

              	
                $

              	
                4,464,000.00

              	 	
                May
                  2037

              
	
                I-35-A

              	
                Variable

              	
                $

              	
                4,174,000.00

              	 	
                May
                  2037

              
	
                I-35-B

              	
                Variable

              	
                $

              	
                4,174,000.00

              	 	
                May
                  2037

              
	
                I-36-A

              	
                Variable

              	
                $

              	
                3,739,000.00

              	 	
                May
                  2037

              
	
                I-36-B

              	
                Variable

              	
                $

              	
                3,739,000.00

              	 	
                May
                  2037

              
	
                I-37-A

              	
                Variable

              	
                $

              	
                3,442,500.00

              	 	
                May
                  2037

              
	
                I-37-B

              	
                Variable

              	
                $

              	
                3,442,500.00

              	 	
                May
                  2037

              
	
                I-38-A

              	
                Variable

              	
                $

              	
                3,256,000.00

              	 	
                May
                  2037

              
	
                I-38-B

              	
                Variable

              	
                $

              	
                3,256,000.00

              	 	
                May
                  2037

              
	
                I-39-A

              	
                Variable

              	
                $

              	
                3,082,000.00

              	 	
                May
                  2037

              
	
                I-39-B

              	
                Variable

              	
                $

              	
                3,082,000.00

              	 	
                May
                  2037

              
	
                I-40-A

              	
                Variable

              	
                $

              	
                2,919,500.00

              	 	
                May
                  2037

              
	
                I-40-B

              	
                Variable

              	
                $

              	
                2,919,500.00

              	 	
                May
                  2037

              
	
                I-41-A

              	
                Variable

              	
                $

              	
                2,765,000.00

              	 	
                May
                  2037

              
	
                I-41-B

              	
                Variable

              	
                $

              	
                2,765,000.00

              	 	
                May
                  2037

              
	
                I-42-A

              	
                Variable

              	
                $

              	
                2,620,000.00

              	 	
                May
                  2037

              
	
                I-42-B

              	
                Variable

              	
                $

              	
                2,620,000.00

              	 	
                May
                  2037

              
	
                I-43-A

              	
                Variable

              	
                $

              	
                2,482,500.00

              	 	
                May
                  2037

              
	
                I-43-B

              	
                Variable

              	
                $

              	
                2,482,500.00

              	 	
                May
                  2037

              
	
                I-44-A

              	
                Variable

              	
                $

              	
                2,352,500.00

              	 	
                May
                  2037

              
	
                I-44-B

              	
                Variable

              	
                $

              	
                2,352,500.00

              	 	
                May
                  2037

              
	
                I-45-A

              	
                Variable

              	
                $

              	
                2,230,000.00

              	 	
                May
                  2037

              
	
                I-45-B

              	
                Variable

              	
                $

              	
                2,230,000.00

              	 	
                May
                  2037

              
	
                I-46-A

              	
                Variable

              	
                $

              	
                2,113,500.00

              	 	
                May
                  2037

              
	
                I-46-B

              	
                Variable

              	
                $

              	
                2,113,500.00

              	 	
                May
                  2037

              
	
                I-47-A

              	
                Variable

              	
                $

              	
                2,004,000.00

              	 	
                May
                  2037

              
	
                I-47-B

              	
                Variable

              	
                $

              	
                2,004,000.00

              	 	
                May
                  2037

              
	
                I-48-A

              	
                Variable

              	
                $

              	
                1,900,500.00

              	 	
                May
                  2037

              
	
                I-48-B

              	
                Variable

              	
                $

              	
                1,900,500.00

              	 	
                May
                  2037

              
	
                I-49-A

              	
                Variable

              	
                $

              	
                1,802,000.00

              	 	
                May
                  2037

              
	
                I-49-B

              	
                Variable

              	
                $

              	
                1,802,000.00

              	 	
                May
                  2037

              
	
                I-50-A

              	
                Variable

              	
                $

              	
                1,710,000.00

              	 	
                May
                  2037

              
	
                I-50-B

              	
                Variable

              	
                $

              	
                1,710,000.00

              	 	
                May
                  2037

              
	
                I-51-A

              	
                Variable

              	
                $

              	
                1,621,500.00

              	 	
                May
                  2037

              
	
                I-51-B

              	
                Variable

              	
                $

              	
                1,621,500.00

              	 	
                May
                  2037

              
	
                I-52-A

              	
                Variable

              	
                $

              	
                1,539,000.00

              	 	
                May
                  2037

              
	
                I-52-B

              	
                Variable

              	
                $

              	
                1,539,000.00

              	 	
                May
                  2037

              
	
                I-53-A

              	
                Variable

              	
                $

              	
                1,460,500.00

              	 	
                May
                  2037

              
	
                I-53-B

              	
                Variable

              	
                $

              	
                1,460,500.00

              	 	
                May
                  2037

              
	
                I-54-A

              	
                Variable

              	
                $

              	
                1,386,000.00

              	 	
                May
                  2037

              
	
                I-54-B

              	
                Variable

              	
                $

              	
                1,386,000.00

              	 	
                May
                  2037

              
	
                I-55-A

              	
                Variable

              	
                $

              	
                1,316,000.00

              	 	
                May
                  2037

              
	
                I-55-B

              	
                Variable

              	
                $

              	
                1,316,000.00

              	 	
                May
                  2037

              
	
                I-56-A

              	
                Variable

              	
                $

              	
                1,249,000.00

              	 	
                May
                  2037

              
	
                I-56-B

              	
                Variable

              	
                $

              	
                1,249,000.00

              	 	
                May
                  2037

              
	
                I-57-A

              	
                Variable

              	
                $

              	
                1,187,000.00

              	 	
                May
                  2037

              
	
                I-57-B

              	
                Variable

              	
                $

              	
                1,187,000.00

              	 	
                May
                  2037

              
	
                I-58-A

              	
                Variable

              	
                $

              	
                1,127,500.00

              	 	
                May
                  2037

              
	
                I-58-B

              	
                Variable

              	
                $

              	
                1,127,500.00

              	 	
                May
                  2037

              
	
                I-59-A

              	
                Variable

              	
                $

              	
                1,071,000.00

              	 	
                May
                  2037

              
	
                I-59-B

              	
                Variable

              	
                $

              	
                1,071,000.00

              	 	
                May
                  2037

              
	
                I-60-A

              	
                Variable

              	
                $

              	
                1,017,500.00

              	 	
                May
                  2037

              
	
                I-60-B

              	
                Variable

              	
                $

              	
                1,017,500.00

              	 	
                May
                  2037

              
	
                I-61-A

              	
                Variable

              	
                $

              	
                967,000.00

              	 	
                May
                  2037

              
	
                I-61-B

              	
                Variable

              	
                $

              	
                967,000.00

              	 	
                May
                  2037

              
	
                I-62-A

              	
                Variable

              	
                $

              	
                918,500.00

              	 	
                May
                  2037

              
	
                I-62-B

              	
                Variable

              	
                $

              	
                918,500.00

              	 	
                May
                  2037

              
	
                I-63-A

              	
                Variable

              	
                $

              	
                873,500.00

              	 	
                May
                  2037

              
	
                I-63-B

              	
                Variable

              	
                $

              	
                873,500.00

              	 	
                May
                  2037

              
	
                I-64-A

              	
                Variable

              	
                $

              	
                830,000.00

              	 	
                May
                  2037

              
	
                I-64-B

              	
                Variable

              	
                $

              	
                830,000.00

              	 	
                May
                  2037

              
	
                I-65-A

              	
                Variable

              	
                $

              	
                789,500.00

              	 	
                May
                  2037

              
	
                I-65-B

              	
                Variable

              	
                $

              	
                789,500.00

              	 	
                May
                  2037

              
	
                I-66-A

              	
                Variable

              	
                $

              	
                751,000.00

              	 	
                May
                  2037

              
	
                I-66-B

              	
                Variable

              	
                $

              	
                751,000.00

              	 	
                May
                  2037

              
	
                I-67-A

              	
                Variable

              	
                $

              	
                714,000.00

              	 	
                May
                  2037

              
	
                I-67-B

              	
                Variable

              	
                $

              	
                714,000.00

              	 	
                May
                  2037

              
	
                I-68-A

              	
                Variable

              	
                $

              	
                679,000.00

              	 	
                May
                  2037

              
	
                I-68-B

              	
                Variable

              	
                $

              	
                679,000.00

              	 	
                May
                  2037

              
	
                I-69-A

              	
                Variable

              	
                $

              	
                646,500.00

              	 	
                May
                  2037

              
	
                I-69-B

              	
                Variable

              	
                $

              	
                646,500.00

              	 	
                May
                  2037

              
	
                I-70-A

              	
                Variable

              	
                $

              	
                615,000.00

              	 	
                May
                  2037

              
	
                I-70-B

              	
                Variable

              	
                $

              	
                615,000.00

              	 	
                May
                  2037

              
	
                I-71-A

              	
                Variable

              	
                $

              	
                585,500.00

              	 	
                May
                  2037

              
	
                I-71-B

              	
                Variable

              	
                $

              	
                585,500.00

              	 	
                May
                  2037

              
	
                I-72-A

              	
                Variable

              	
                $

              	
                12,431,500.00

              	 	
                May
                  2037

              
	
                I-72-B

              	
                Variable

              	
                $

              	
                12,431,500.00

              	 	
                May
                  2037

              
	
                P

              	
                Variable

              	
                $

              	
                100.00

              	 	
                May
                  2037

              

      

      ________________

      
        	
                (1)

              	
                Calculated
                  in accordance with the definition of “REMIC I Remittance Rate”
                  herein.

              
	
                (2)

              	
                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 I Regular
                  Interest.

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        II

       

      As
        provided herein, the Trustee will elect to treat the segregated pool of assets
        consisting of the REMIC I Regular Interests as a REMIC for federal income
        tax
        purposes, and such segregated pool of assets will be designated as “REMIC
        II.”  The Class R-II Interest will evidence the sole class of
“residual interests” in REMIC II for purposes of the REMIC Provisions under
        federal income tax law.  The following table irrevocably sets forth
        the designation, the REMIC II Remittance Rate, the initial Uncertificated
        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
        II Regular Interests (as defined herein).  None of the REMIC II
        Regular Interests will be certificated.

       

      
        	
                
                  Designation

                

              	
                
                  REMIC
                    II

                  Remittance
                    Rate

                

              	
                
                  Initial

                  Uncertificated
                    Balance

                

              	
                
                  Latest
                    Possible

                  Maturity
                    Date(1)

                

              
	
                II-LTAA

              	
                Variable(2)

              	
                $

              	
                841,405,903.62

              	
                May
                  2037

              
	
                II-LTA1

              	
                Variable(2)

              	
                $

              	
                3,801,000.00

              	
                May
                  2037

              
	
                II-LTA2

              	
                Variable(2)

              	
                $

              	
                836,500.00

              	
                May
                  2037

              
	
                II-LTA3

              	
                Variable(2)

              	
                $

              	
                1,353,000.00

              	
                May
                  2037

              
	
                II-LTA4

              	
                Variable(2)

              	
                $

              	
                418,780.00

              	
                May
                  2037

              
	
                II-LTM1

              	
                Variable(2)

              	
                $

              	
                394,940.00

              	
                May
                  2037

              
	
                II-LTM2

              	
                Variable(2)

              	
                $

              	
                386,360.00

              	
                May
                  2037

              
	
                II-LTM3

              	
                Variable(2)

              	
                $

              	
                120,200.00

              	
                May
                  2037

              
	
                II-LTM4

              	
                Variable(2)

              	
                $

              	
                133,080.00

              	
                May
                  2037

              
	
                II-LTM5

              	
                Variable(2)

              	
                $

              	
                141,670.00

              	
                May
                  2037

              
	
                II-LTM6

              	
                Variable(2)

              	
                $

              	
                90,150.00

              	
                May
                  2037

              
	
                II-LTM7

              	
                Variable(2)

              	
                $

              	
                120,200.00

              	
                May
                  2037

              
	
                II-LTM8

              	
                Variable(2)

              	
                $

              	
                115,910.00

              	
                May
                  2037

              
	
                II-LTM9

              	
                Variable(2)

              	
                $

              	
                124,490.00

              	
                May
                  2037

              
	
                II-LTM10

              	
                Variable(2)

              	
                $

              	
                141,670.00

              	
                May
                  2037

              
	
                II-LTM11

              	
                Variable(2)

              	
                $

              	
                77,270.00

              	
                May
                  2037

              
	
                II-LTM12

              	
                Variable(2)

              	
                $

              	
                42,920.00

              	
                May
                  2037

              
	
                II-LTZZ

              	
                Variable(2)

              	
                $

              	
                8,873,409.05

              	
                May
                  2037

              
	
                II-LTP

              	
                Variable(2)

              	
                $

              	
                100.00

              	
                May
                  2037

              
	
                II-LTIO

              	
                Variable(2)

              	
                N/A(3)

              	
                May
                  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 II Regular
                  Interest.

              

      

      
        	
                (2)

              	
                Calculated
                  in accordance with the definition of “REMIC II Remittance Rate”
                  herein.

              

      

      
      

      (3)    REMIC
        II Regular Interest II-LTIO will not have an Uncertificated Balance, but
        will
        accrue interest on its Uncertificated Notional Amount.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        III

       

      As
        provided herein, the Trustee will elect to treat the segregated pool of assets
        consisting of the REMIC II Regular Interests as a REMIC for federal income
        tax
        purposes, and such segregated pool of assets will be designated as “REMIC
        III.”  The Class R-III Interest will evidence the sole class of
“residual interests” in REMIC III for purposes of the REMIC Provisions under
        federal income tax law.  The following table irrevocably sets forth
        the designation, the Pass-Through Rate, the initial aggregate Certificate
        Principal Balance and, for purposes of satisfying Treasury regulation section
        1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated
        Classes of Certificates.

       

      Each
        Certificate, other than the Class P Certificate, the Class CE Certificate,
        the
        Class R Certificates and the Class R-X Certificates, represents ownership
        of a
        Regular Interest in REMIC III and also represents (i) the right to receive
        payments with respect to the Net WAC Rate Carryover Amount (as defined herein)
        and (ii) the obligation to pay Class IO Distribution Amounts (as defined
        herein). The entitlement to principal of the Regular Interest which corresponds
        to each Certificate shall be equal in amount and timing to the entitlement
        to
        principal of such Certificate. 

       

      
        	
                
                  Designation

                

              	
                
                  Pass-Through
                    Rate

                

              	
                
                  Initial
                    Aggregate

                  Certificate
                    Principal Balance

                

              	
                
                  Latest
                    Possible

                  Maturity
                    Date(1)

                

              
	
                Class
                  A-1

              	
                Variable(2)

              	
                $

              	
                380,100,000.00

              	
                May
                  2037

              
	
                Class
                  A-2

              	
                Variable(2)

              	
                $

              	
                83,650,000.00

              	
                May
                  2037

              
	
                Class
                  A-3

              	
                Variable(2)

              	
                $

              	
                135,300,000.00

              	
                May
                  2037

              
	
                Class
                  A-4

              	
                Variable(2)

              	
                $

              	
                41,878,000.00

              	
                May
                  2037

              
	
                Class
                  M-1

              	
                Variable(2)

              	
                $

              	
                39,494,000.00

              	
                May
                  2037

              
	
                Class
                  M-2

              	
                Variable(2)

              	
                $

              	
                38,636,000.00

              	
                May
                  2037

              
	
                Class
                  M-3

              	
                Variable(2)

              	
                $

              	
                12,020,000.00

              	
                May
                  2037

              
	
                Class
                  M-4

              	
                Variable(2)

              	
                $

              	
                13,308,000.00

              	
                May
                  2037

              
	
                Class
                  M-5

              	
                Variable(2)

              	
                $

              	
                14,167,000.00

              	
                May
                  2037

              
	
                Class
                  M-6

              	
                Variable(2)

              	
                $

              	
                9,015,000.00

              	
                May
                  2037

              
	
                Class
                  M-7

              	
                Variable(2)

              	
                $

              	
                12,020,000.00

              	
                May
                  2037

              
	
                Class
                  M-8

              	
                Variable(2)

              	
                $

              	
                11,591,000.00

              	
                May
                  2037

              
	
                Class
                  M-9

              	
                Variable(2)

              	
                $

              	
                12,449,000.00

              	
                May
                  2037

              
	
                Class
                  M-10

              	
                Variable(2)

              	
                $

              	
                14,167,000.00

              	
                May
                  2037

              
	
                Class
                  M-11

              	
                Variable(2)

              	
                $

              	
                7,727,000.00

              	
                May
                  2037

              
	
                Class
                  M-12

              	
                Variable(2)

              	
                $

              	
                4,292,000.00

              	
                May
                  2037

              
	
                Class
                  CE Interest

              	
                Variable(3)

              	
                $

              	
                28,763,452.67

              	
                May
                  2037

              
	
                Class
                  P Interest

              	
                N/A(4)

              	
                $

              	
                100.00

              	
                May
                  2037

              
	
                Class
                  Swap-IO Interest

              	
                N/A(5)

              	
                N/A(5)

              	
                May
                  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 III Regular
                  Interest.

              

      

      
        	
                (2)

              	
                Calculated
                  in accordance with the definition of “Pass-Through Rate”
                  herein.

              

      

      
        	
                (3)

              	
                The
                  Class CE Interest will accrue interest at its variable Pass-Through
                  Rate
                  on the Notional Amount of the Class CE Interest outstanding from
                  time to
                  time, which shall equal the Uncertificated Balance of the REMIC
                  II Regular
                  Interests (other than REMIC II Regular Interest II-LTP).  The
                  Class CE Interest will not accrue interest on its Uncertificated
                  Balance.

              

      

      
        	
                (4)

              	
                The
                  Class P Interest will not
                  accrue interest.

              

      

      
        	
                (5)

              	
                The
                  Class Swap-IO Interest will not have a Pass-Through Rate or a Certificate
                  Principal Balance, but will be entitled to 100% of the amounts
                  distributed
                  on REMIC II Regular Interest
                  II-LTIO.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        IV

       

      As
        provided herein, the Trustee shall 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
        IV.”  The Class R-IV Interest represents the sole class of “residual
        interests” in REMIC IV for purposes of the REMIC Provisions.

       

      The
        following table irrevocably sets forth the Class designation, Pass-Through
        Rate
        and Original Class Certificate Principal Balance for the indicated Class
        of
        Certificates that represents a “regular interest” in REMIC IV created
        hereunder:

       

      
        	
                
                  Class
                    Designation

                

              	
                
                  Pass-Through
                    Rate

                

              	
                
                  Initial
                    Aggregate

                  Certificate
                    Principal Balance

                

              	
                
                  Latest
                    Possible

                  Maturity
                    Date(1)

                

              
	
                Class
                  CE Certificates

              	
                Variable(2)

              	
                $28,763,452.67

              	
                May
                  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
                  Loans with the latest maturity date has been designated as the
“latest
                  possible maturity date” for the Class CE
                  Certificates.

              

      

      
        	
                (2)

              	
                The
                  Class CE Certificates will
                  receive 100% of amounts received in respect of the Class CE
                  Interest.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        V

       

      As
        provided herein, the Trustee shall make an election to treat the segregated
        pool
        of assets consisting of the Class P Interest as a REMIC for federal income
        tax
        purposes, and such segregated pool of assets will be designated as “REMIC
        V.”  The Class R-V Interest represents the sole class of “residual
        interests” in REMIC V for purposes of the REMIC Provisions.

       

      The
        following table irrevocably sets forth the Class designation, Pass-Through
        Rate
        and Original Class Certificate Principal Balance for the indicated Class
        of
        Certificates that represents a “regular interest” in REMIC V created
        hereunder:

       

      
        	
                
                  Class
                    Designation

                

              	
                
                  Pass-Through
                    Rate

                

              	
                
                  Initial
                    Aggregate

                  Certificate
                    Principal Balance

                

              	
                
                  Latest
                    Possible

                  Maturity
                    Date(1)

                

              
	
                Class
                  P Certificates

              	
                Variable(2)

              	
                $100.00

              	
                May
                  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
                  Loans with the latest maturity date has been designated as the
“latest
                  possible maturity date” for the Class P
                  Certificates.

              

      

      
        	
                (2)

              	
                The
                  Class P Certificates will
                  receive 100% of amounts received in respect of the Class P
                  Interest.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        VI

       

      As
        provided herein, the Trustee shall make an election to treat the segregated
        pool
        of assets consisting of the Class SWAP-IO Interest as a REMIC for federal
        income
        tax purposes, and such segregated pool of assets shall be designated as “REMIC
        VI.”  The Class R-VI Interest represents the sole class of “residual
        interests” in REMIC VI for purposes of the REMIC Provisions. The following table
        irrevocably sets forth the designation, the Pass-Through Rate, the initial
        aggregate Certificate Principal Balance and, for purposes of satisfying Treasury
        regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
        the indicated REMIC VI Regular Interest SWAP-IO, which will be
        uncertificated. 

       

      
        	
                Designation

              	 	
                Pass-Through
                  Rate

              	 	
                Initial
                  Aggregate

                Certificate
                  Principal Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              	 
	
                SWAP-IO

              	 	
                Variable(2)

              	 	
                N/A

              	 	
                May
                  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
                  Loans with the latest maturity date has been designated as the
“latest
                  possible maturity date” for  REMIC IV Regular Interest
                  Swap-IO.

              
	
                (2)

              	
                REMIC
                  IV Regular Interest Swap-IO will receive 100% of amounts received
                  in
                  respect of the Class SWAP-IO Interest.

              

      

      

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Stated Principal Balance
        equal
        to $858,577,552.67.

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        I

       

      

       

      DEFINITIONS

       

      
        	
                SECTION
                  1.01.  

              	
                Defined
                  Terms.

              

      

       

      Whenever
        used in this Agreement, including, without limitation, in the Preliminary
        Statement hereto, the following words and phrases, unless the context otherwise
        requires, shall have the meanings specified in this Article.  Unless
        otherwise specified, all calculations described herein shall be made on the
        basis of a 360-day year consisting of twelve 30-day months.

       

      “10-K
        Filing Deadline”:  The meaning set forth in Section
        4.06(a)(iv).

       

      “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 such Mortgage Loan in the jurisdiction where the related
        Mortgaged Property is located, to the extent applicable to the Master Servicer
        (except in its capacity as successor to either Servicer), or (y) as provided
        in
        Section 3A.01 hereof, but in no event below the standard set forth in
        clause (x).

       

      “Accrual
        Period”:  With respect to the Class A Certificates and the Mezzanine
        Certificates and each Distribution Date, the period commencing on the preceding
        Distribution Date (or in the case of the first such Accrual Period, commencing
        on the Closing Date) and ending on the day preceding the current Distribution
        Date.  With respect to the Class CE Certificates and the REMIC Regular
        Interests and each Distribution Date, the calendar month prior to the month
        of
        such Distribution Date.

       

      “Additional
        Disclosure”:  The meaning set forth in Section
        4.06(a)(v).

       

      “Additional
        Form 10-D Disclosure”:  The meaning set forth in Section
        4.06(a)(i).

       

      “Additional
        Form 10-K Disclosure”:  The meaning set forth in Section
        4.06(a)(iv).

       

      “Adjustable-Rate
        Mortgage Loan”: Each of the Mortgage Loans identified on the Mortgage Loan
        Schedule as having a Mortgage Rate that is subject to adjustment.

       

      “Adjusted
        Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
        REO Property), as of any date of determination, a per annum rate of interest
        equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or
        the
        Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
        day
        of the month preceding the month in which the related Distribution Date occurs
        minus the sum of (i) the Servicing Fee Rate and (ii) the Credit Risk Manager
        Fee
        Rate.

       

      “Adjusted
        Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
        Property), as of any date of determination, a per annum rate of interest
        equal
        to the applicable Mortgage Rate for such Mortgage Loan as of the first day
        of
        the month preceding the month in which the related Distribution Date occurs
        minus the sum of (i) the Servicing Fee Rate and (ii) the Credit Risk Manager
        Fee
        Rate.

       

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

       

      “Advance”:  With
        respect to any Distribution Date, as to any Mortgage Loan or REO Property,
        any
        advance made by a Servicer in respect of Monthly Payments due during the
        related
        Due Period pursuant to Section 4.03 or by the Master Servicer (in its capacity
        as successor Servicer) or any other successor Servicer pursuant to
        Section 4.03.

       

      “Advance
        Facility”: As defined in Section 3.26 hereof.

       

      “Advancing
        Person”: As defined in Section 3.26 hereof.

       

      “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
        Loss Severity Percentage”: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the aggregate amount
        of
        Realized Losses incurred on any Mortgage Loans from the Cut-off Date to the
        last
        day of the preceding calendar month and the denominator of which is the
        aggregate Stated Principal Balance of such Mortgage Loans immediately prior
        to
        the liquidation of such Mortgage Loans.

       

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

       

      “Allocated
        Realized Loss Amount”: With respect to any Distribution Date and any Class of
        Mezzanine Certificates, (i) the sum of (a) any Realized Losses allocated
        to such
        Class of Certificates on such Distribution Date and (b) the amount of any
        Allocated Realized Loss Amount for such Class of Certificates remaining
        undistributed from the previous Distribution Date reduced by (ii) the amount
        of
        any Subsequent Recoveries added to the Certificate Principal Balance of such
        Class of Certificates.

       

      “Assessment
        of Compliance”:  As defined in Section 3.21.

       

      “Assignment”:  An
        assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form (excepting therefrom, if applicable, the mortgage recordation
        information which has not been required pursuant to Section 2.01 hereof or
        returned by the applicable recorder’s office), 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, which assignment, notice of transfer
        or equivalent instrument may be in the form of one or more blanket assignments
        covering Mortgages secured by Mortgaged Properties located in the same county,
        if permitted by law.

       

      “Assignment
        Agreement”:  Each Assignment and Recognition Agreement, dated May 30,
        2007, among the Depositor, the Seller and the related Originator, forms of
        which
        are attached hereto as Exhibit D, pursuant to which the Seller assigns its
        rights under the related Originator Master Agreement to the
        Depositor.

       

      “Attestation
        Report”:  As defined in Section 3.21.

       

      “Available
        Funds”:  With respect to any Distribution Date, an amount equal to the
        excess of (i) the sum of (a) the aggregate of the related Monthly Payments
        received on the Mortgage Loans by each Servicer on or prior to the related
        Determination Date, (b) Net Liquidation Proceeds, Insurance Proceeds, Principal
        Prepayments, Subsequent Recoveries, proceeds from repurchases of and
        substitutions for such Mortgage Loans and other unscheduled recoveries of
        principal and interest in respect of the Mortgage Loans received by each
        Servicer during the related Prepayment Period, (c) the aggregate of any amounts
        received by each Servicer in respect of a related REO Property and withdrawn
        from any REO Account and remitted to the Master Servicer for such Distribution
        Date, (d) the aggregate of any amounts on deposit in the Distribution Account
        representing Compensating Interest paid by each Servicer or the Master Servicer
        in respect of related Prepayment Interest Shortfalls for such Distribution
        Date,
        (e) the aggregate of any Advances made by each Servicer for such Distribution
        Date in respect of the Mortgage Loans and (f) the aggregate of any related
        Advances made by the Master Servicer (in its capacity as successor servicer)
        or
        other successor servicer in respect of the Mortgage Loans for such Distribution
        Date pursuant to Section 4.03 over (ii) the sum of (a) amounts reimbursable
        or payable to each Servicer pursuant to Section 3.11(a) or to the Master
        Servicer pursuant to Section 3A.21, (b) Extraordinary Trust Fund Expenses
        reimbursable to the Trustee, the Servicers, the Master Servicer or the Trust
        Administrator pursuant to Section 3A.12, (c) amounts in respect of the
        items set forth in clauses (i)(a) through (i)(f) above deposited in the
        Collection Account or the Distribution Account, as the case may be, in error,
        (d) the amount of any Prepayment Charges collected by each Servicer in
        connection with the full or partial prepayment of any of the Mortgage Loans,
        any
        Originator Prepayment Charge Payment Amount and any Servicer Prepayment Charge
        Payment Amount, (e) any indemnification and reimbursement amounts owed to
        the
        Trust Administrator, the Trustee or the Custodian payable from the Distribution
        Account pursuant to Section 8.05, (f) the Credit Risk Manager Fee, (g)
        without duplication, any amounts in respect of the items set forth in clauses
        (i)(a) and (i)(b) permitted hereunder to be retained by the Master Servicer
        or
        to be withdrawn by the Master Servicer from the Distribution Account pursuant
        to
        Section 3A.12, (h) Servicing Fees retained by each Servicer pursuant to
        Section 3.11 and (i) any Net Swap Payment or Swap Termination Payment owed
        to
        the Swap Provider (other than any Swap Termination Payment owed to the Swap
        Provider resulting from a Swap Provider Trigger
        Event).  Notwithstanding any of the foregoing, with respect to any
        items that are part of the Available Funds as defined above and that are
        required to be remitted by each Servicer to the Master Servicer, the Available
        Funds shall not be deemed to include any portion of such items that are not
        actually remitted by each Servicer to the Master Servicer.

       

      “Back-Up
        Certification”:  The meaning set forth in Section
        4.06(a)(iv).

       

      “Balloon
        Mortgage Loan”:  A Mortgage Loan that provides for the payment of the
        unamortized principal balance of such Mortgage Loan in a single payment at
        the
        maturity of such Mortgage Loan that is substantially greater than the preceding
        monthly payment.

       

      “Balloon
        Payment”:  A payment of the unamortized principal balance of a
        Mortgage Loan in a single payment at the maturity of such Mortgage Loan that
        is
        substantially greater than the preceding Monthly Payment.

       

      “Bankruptcy
        Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
        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
        (ii) the Overcollateralization Release Amount, if any, for such Distribution
        Date.

       

      “Book-Entry
        Certificate”: The Class A Certificates and the Mezzanine Certificates for so
        long as the Certificates of such Class shall be registered in the name of
        the
        Depository or its nominee.

       

      “Book-Entry
        Custodian”: The custodian appointed pursuant to Section 5.01.

       

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

       

      “Cap
        Account”:  The account or accounts created and maintained pursuant to
        Section 4.10.  The Cap Account must be an Eligible
        Account.

       

      “Certification
        Parties”:  The meaning set forth in Section 4.06(a)(iv).

       

      “Certificate”:
        Any one of the Mortgage Pass-Through Certificates, Series 2007-HE1, Class
        A-1,
        Class A-2, Class A-3, Class A-4, 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, Class M-10, Class
        M-11,
        Class M-12, Class CE, Class P, Class R, Class R-X or Class X issued under
        this
        Agreement.

       

      “Certificate
        Factor”: With respect to any Class of Regular Certificates as of any
        Distribution Date, a fraction, expressed as a decimal carried to at least
        six
        places, the numerator of which is the aggregate Certificate Principal Balance
        (or the Notional Amount, in the case of the Class CE Certificates) of such
        Class
        of Certificates on such Distribution Date (after giving effect to any
        distributions of principal and allocations of Realized Losses in reduction
        of
        the Certificate Principal Balance (or the Notional Amount, in the case of
        the
        Class CE Certificates) of such Class of Certificates to be made on such
        Distribution Date), and the denominator of which is the initial aggregate
        Certificate Principal Balance (or the Notional Amount, in the case of the
        Class
        CE Certificates) of such Class of Certificates as of the Closing
        Date.

       

      “Certificate
        Margin”:  With respect to each Class A Certificate and Mezzanine
        Certificate and, for purposes of the Marker Rate, the specified REMIC II
        Regular
        Interest, as follows:

       

      
        	
                
                  Class

                

              	
                
                  REMIC
                    II Regular Interest

                

              	
                
                  Certificate
                    Margin

                

              
	
                
                  (1)
                    (%)

                

              	
                
                  (2)
                    (%)

                

              
	
                A-1

              	
                II-LTA1

              	
                0.080

              	
                0.160

              
	
                A-2

              	
                II-LTA2

              	
                0.150

              	
                0.300

              
	
                A-3

              	
                II-LTA3

              	
                0.210

              	
                0.420

              
	
                A-4

              	
                II-LTA4

              	
                0.280

              	
                0.560

              
	
                M-1

              	
                II-LTM1

              	
                0.300

              	
                0.450

              
	
                M-2

              	
                II-LTM2

              	
                0.320

              	
                0.480

              
	
                M-3

              	
                II-LTM3

              	
                0.370

              	
                0.555

              
	
                M-4

              	
                II-LTM4

              	
                0.500

              	
                0.750

              
	
                M-5

              	
                II-LTM5

              	
                0.650

              	
                0.975

              
	
                M-6

              	
                II-LTM6

              	
                0.950

              	
                1.425

              
	
                M-7

              	
                II-LTM7

              	
                1.500

              	
                2.250

              
	
                M-8

              	
                II-LTM8

              	
                1.500

              	
                2.250

              
	
                M-9

              	
                II-LTM9

              	
                2.250

              	
                3.375

              
	
                M-10

              	
                II-LTM10

              	
                2.250

              	
                3.375

              
	
                M-11

              	
                II-LTM11

              	
                2.250

              	
                3.375

              
	
                M-12

              	
                II-LTM12

              	
                2.250

              	
                3.375

              

      

      __________

      
        	
                (1)

              	
                For
                  the Interest Accrual Period for each Distribution Date on or prior
                  to the
                  Optional Termination Date.

              
	
                (2)

              	
                For
                  the Interest Accrual Period for each Distribution Date after the
                  Optional
                  Termination Date.

              

      

      

      “Certificateholder”
        or “Holder”: The Person in whose name a Certificate is registered in the
        Certificate Register, except that a Disqualified Organization or a Non-United
        States Person shall not 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, a Servicer
        or the Master Servicer or any Affiliate thereof shall be deemed not to be
        outstanding and the Voting Rights to which it 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 Trust Administrator, the Trustee and the NIMS
        Insurer may conclusively rely upon a certificate of the Depositor, a Servicer
        or
        the Master Servicer in determining whether a Certificate is held by an Affiliate
        thereof. All references herein 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 herein; provided, however, that the Trust Administrator,
        the
        Trustee and the NIMS Insurer shall be required to recognize as a “Holder” or
“Certificateholder” only the Person in whose name a Certificate is registered in
        the Certificate Register.

       

      “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 the Depository
        or on the books of a Depository Participant or on the books of an indirect
        participating brokerage firm for which a Depository Participant acts as
        agent.

       

      “Certificate
        Principal Balance”: With respect to each Class A Certificate, Mezzanine
        Certificate or Class P Certificate as of any date of determination, the
        Certificate Principal Balance of such Certificate on the Distribution Date
        immediately prior to such date of determination plus any Subsequent Recoveries
        added to the Certificate Principal Balance of such Certificate pursuant to
        Section 4.01, minus all distributions allocable to principal made thereon
        and Realized Losses allocated thereto on such immediately prior Distribution
        Date (or, in the case of any date of determination up to and including the
        first
        Distribution Date, the initial Certificate Principal Balance of such
        Certificate, as stated on the face thereof). With respect to each Class CE
        Certificate as of any date of determination, an amount equal to the Percentage
        Interest evidenced by such Certificate times the excess, if any, of (A) the
        then
        aggregate Uncertificated Balance of the REMIC II Regular Interests over (B)
        the
        then aggregate Certificate Principal Balance of the Class A Certificates,
        the
        Mezzanine Certificates and the Class P Certificates then
        outstanding.

       

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

       

      “Certifying
        Person”:  The meaning set forth in Section 4.06(a)(iv).

       

      “Charged-Off
        Loan”: Any second lien Mortgage Loan with respect to which the Servicer
        determines that no significant recovery is possible through foreclosure
        proceedings or other liquidation of the related Mortgage Property and which
        the
        Servicer elects to charge off  either at the time the related first
        lien mortgage loan has been liquidated or at any time thereafter.

       

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

       

      “Class
        A
        Certificates”: Any of the Class A-1 Certificates, Class A-2 Certificates, Class
        A-3 Certificates or Class A-4 Certificates.

       

      “Class
        A-1 Certificate”:  Any one of the Class A-1 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-1 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

      “Class
        A-2 Certificate”:  Any one of the Class A-2 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-2 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

      “Class
        A-3 Certificate”:  Any one of the Class A-3 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-3 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

      “Class
        A-4 Certificate”:  Any one of the Class A-4 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-4 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

      “Class
        CE
        Certificate”:  Any one of the Class CE Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-17 and evidencing (i) a Regular Interest
        in
        REMIC IV, (ii) the obligation to pay Net WAC Rate Carryover Amounts and Swap
        Termination Payments and (iii) the right to receive the Class IO Distribution
        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 III for purposes of the REMIC Provisions.

       

      “Class
        IO
        Distribution Amount”:  As defined in Section 4.08
        hereof.  For purposes of clarity, the Class IO Distribution Amount for
        any Distribution Date shall equal the amount payable to the Trust 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 4.08
        hereof.

       

      “Class
        M-1 Certificate”: Any one of the Class M-1 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-5 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-1 Principal Distribution Amount” With respect to any Distibution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date) and (ii) the
        Certificate Principal Balance of the Class M-1 Certificates immediately prior
        to
        such Distribution Date over (y) the lesser of (A) the product of (i) 58.50%
        and
        (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
        last
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $4,292,887.76.

       

      “Class
        M-2 Certificate”: Any one of the Class M-2 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-6 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-2 Principal Distribution Amount” With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the Certificate
        Principal Balance of the Class M-1 Certificates (after taking into account
        the
        distribution of the Class M-1 Principal Distribution Amount on such Distribution
        Date) and (iii) the Certificate Principal Balance of the Class M-2 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 67.50% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $4,292,887.76.

       

      “Class
        M-3 Certificate”: Any one of the Class M-3 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-7 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

       “Class
        M-3 Principal Distribution Amount” With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the Certificate
        Principal Balance of the Class M-1 Certificates (after taking into account
        the
        distribution of the Class M-1 Principal Distribution Amount on such Distribution
        Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
        (after taking into account the distribution of the Class M-2 Principal
        Distribution Amount on such Distribution Date) and (iv) the Certificate
        Principal Balance of the Class M-3 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 70.30% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $4,292,887.76.

       

      “Class
        M-4 Certificate”: Any one of the Class M-4 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-8 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date) and (v) the Certificate Principal Balance of the Class M-4 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 73.40% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $4,292,887.76.

       

      “Class
        M-5 Certificate”: Any one of the Class M-5 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-9 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date) and (vi) the Certificate
        Principal Balance of the Class M-5 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 76.70% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $4,292,887.76.

       

      “Class
        M-6 Certificate”: Any one of the Class M-6 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-10 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-6 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date) and (vii) the Certificate Principal Balance of the Class M-6 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 78.80% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $4,292,887.76.

       

      “Class
        M-7 Certificate”: Any one of the Class M-7 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-11 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-7 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the distribution of the Class M-6 Principal
        Distribution Amount on such Distribution Date) and (viii) the Certificate
        Principal Balance of the Class M-7 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 81.60% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $4,292,887.76.

       

      “Class
        M-8 Certificate”: Any one of the Class M-8 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-12 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-8 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the distribution of the Class M-6 Principal
        Distribution Amount on such Distribution Date), (viii) the Certificate Principal
        Balance of the Class M-7 Certificates (after taking into account the
        distribution of the Class M-7 Principal Distribution Amount on such Distribution
        Date) and (ix) the Certificate Principal Balance of the Class M-8 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 84.30% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $4,292,887.76.

       

      “Class
        M-9 Certificate”: Any one of the Class M-9 Certificates executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-13 and evidencing (i) a Regular Interest in REMIC III,
        (ii)
        the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
        to pay the Class IO Distribution Amount.

       

      “Class
        M-9 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the distribution of the Class M-6 Principal
        Distribution Amount on such Distribution Date), (viii) the Certificate Principal
        Balance of the Class M-7 Certificates (after taking into account the
        distribution of the Class M-7 Principal Distribution Amount on such Distribution
        Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
        (after taking into account the distribution of the Class M-8 Principal
        Distribution Amount on such Distribution Date) and (x) the Certificate Principal
        Balance of the Class M-9 Certificates immediately prior to such Distribution
        Date over (y) the lesser of (A) the product of (i) 87.20% and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) and
        (B)
        the excess of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) over $4,292,887.76.

       

      “Class
        M-10 Certificate”: Any one of the Class M-10 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-14 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

      “Class
        M-10 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the distribution of the Class M-6 Principal
        Distribution Amount on such Distribution Date), (viii) the Certificate Principal
        Balance of the Class M-7 Certificates (after taking into account the
        distribution of the Class M-7 Principal Distribution Amount on such Distribution
        Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
        (after taking into account the distribution of the Class M-8 Principal
        Distribution Amount on such Distribution Date), (x) the Certificate Principal
        Balance of the Class M-9 Certificates (after taking into account the
        distribution of the Class M-9 Principal Distribution Amount on such Distribution
        Date) and (xi) the Certificate Principal Balance of the Class M-10 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 90.50% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the excess of the aggregate
        Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $4,292,887.76.

       

      “Class
        M-11 Certificate”: Any one of the Class M-11 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-15 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

      “Class
        M-11 Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the distribution of the Class M-6 Principal
        Distribution Amount on such Distribution Date), (viii) the Certificate Principal
        Balance of the Class M-7 Certificates (after taking into account the
        distribution of the Class M-7 Principal Distribution Amount on such Distribution
        Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
        (after taking into account the distribution of the Class M-8 Principal
        Distribution Amount on such Distribution Date), (x) the Certificate Principal
        Balance of the Class M-9 Certificates (after taking into account the
        distribution of the Class M-9 Principal Distribution Amount on such Distribution
        Date), (xi) the Certificate Principal Balance of the Class M-10 Certificates
        (after taking into account the distribution of the Class M-10 Principal
        Distribution Amount on such Distribution Date) and (xii) the Certificate
        Principal Balance of the Class M-11 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 92.30% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) over $4,292,887.76.

       

      “Class
        M-12 Certificate”: Any one of the Class M-12 Certificates executed,
        authenticated and delivered by the Trust Administrator, substantially in
        the
        form annexed hereto as Exhibit A-16 and evidencing (i) a Regular Interest
        in
        REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
        (iii)
        the obligation to pay the Class IO Distribution Amount.

       

       “Class
        M-12 Principal Distribution Amount” ” With respect to any Distribution Date, the
        excess of (x) the sum of (i) the aggregate Certificate Principal Balance
        of the
        Class A Certificates (after taking into account the distribution of the Senior
        Principal Distribution Amount on such Distribution Date), (ii) the aggregate
        Certificate Principal Balance of the Class M-1 Certificates (after taking
        into
        account the distribution of the Class M-1 Principal Distribution Amount on
        such
        Distribution Date), (iii) the Certificate Principal Balance of the Class
        M-2
        Certificates (after taking into account the distribution of the Class M-2
        Principal Distribution Amount on such Distribution Date), (iv) the Certificate
        Principal Balance of the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-3 Principal Distribution Amount on such Distribution
        Date), (v) the Certificate Principal Balance of the Class M-4 Certificates
        (after taking into account the distribution of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the
        distribution of the Class M-5 Principal Distribution Amount on such Distribution
        Date), (vii) the Certificate Principal Balance of the Class M-6 Certificates
        (after taking into account the distribution of the Class M-6 Principal
        Distribution Amount on such Distribution Date), (viii) the Certificate Principal
        Balance of the Class M-7 Certificates (after taking into account the
        distribution of the Class M-7 Principal Distribution Amount on such Distribution
        Date), (ix) the Certificate Principal Balance of the Class M-8 Certificates
        (after taking into account the distribution of the Class M-8 Principal
        Distribution Amount on such Distribution Date), (x) the Certificate Principal
        Balance of the Class M-9 Certificates (after taking into account the
        distribution of the Class M-9 Principal Distribution Amount on such Distribution
        Date), (xi) the Certificate Principal Balance of the Class M-10 Certificates
        (after taking into account the distribution of the Class M-10 Principal
        Distribution Amount on such Distribution Date), (xii) the Certificate Principal
        Balance of the Class M-11 Certificates (after taking into account the
        distribution of the Class M-11 Principal Distribution Amount on such
        Distribution Date) and (xiii) the Certificate Principal Balance of the Class
        M-12 Certificates immediately prior to such Distribution Date over (y) the
        lesser of (A) the product of (i) 93.30% and (ii) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) and (B) the aggregate
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) over
        $4,292,887.76.

       

      “Class
        P
        Certificate”: Any one of the Class P Certificates executed, authenticated and
        delivered by the Trust Administrator, substantially in the form annexed hereto
        as Exhibit A-18 and evidencing a Regular Interest in REMIC V for purposes
        of the
        REMIC Provisions.

       

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

       

      “Class
        R
        Certificate”: Any one of the Class R Certificates executed, authenticated and
        delivered by the Trust Administrator, substantially in the form annexed hereto
        as Exhibit A-19 and evidencing the ownership of the Class R-I Interest, the
        Class R-II Interest and the Class R-III Interest.

       

      “Class
        R-X Certificate”:  The Class R-X Certificate executed, authenticated
        and delivered by the Trust Administrator, substantially in the form annexed
        hereto as Exhibit A-20 and evidencing the ownership of the Class R-IV Interest,
        the Class R-V Interest and the Class R-VI Interest.

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Class
        SWAP-IO Interest”:  An uncertificated interest in the Trust Fund
        evidencing a Regular Interest in REMIC III.

       

      “Class
        X
        Certificate”:  The Class X Certificates executed, authenticated and
        delivered by the Trust Administrator, substantially in the form annexed hereto
        as Exhibit A-21, representing the right to distributions as set forth herein.
        The Class X Certificates do not represent a regular interest in any
        REMIC.

       

      “Closing
        Date”: May 30, 2007.

       

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

       

      “Collection
        Account”:  The account or accounts created and maintained, or caused
        to be created and maintained, by each Servicer pursuant to Section 3.10(a),
        which, with respect to the Collection Account created and maintained by HomEq,
        shall be entitled “HomEq Servicing, as a Servicer for U.S. Bank National
        Association, as Trustee, in trust for the registered holders of MASTR Asset
        Backed Securities Trust 2007-HE1, Mortgage Pass-Through Certificates” and with
        respect to the Collection Account created and maintained by Wells Fargo,
        shall
        be entitled “Wells Fargo Bank, N.A., as a Servicer for U.S. Bank National
        Association, as Trustee, in trust for the registered holders of MASTR Asset
        Backed Securities Trust 2007-HE1, Mortgage Pass-Through
        Certificates.”  Each Collection Account must be an Eligible
        Account

       

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

       

      “Compensating
        Interest”: With respect to each Servicer and any Principal Prepayment, the
        amount in respect of Prepayment Interest Shortfalls required to be paid by
        the
        related Servicer pursuant to Section 3.24 from its own funds without right
        of
        reimbursement and with respect to the Master Servicer, the amount in respect
        of
        Prepayment Interest Shortfalls required to be paid by the Master Servicer
        pursuant to Section 3A.10 from its own funds without right of reimbursement
        except as provided in Section 3A.10, in each case, up to the aggregate
        compensation payable to the related Servicer or the Master Servicer, as
        applicable, for the related collection period under this Agreement.

       

      “Compensating
        Interest Payment”: As defined in Section 3.24.

       

      “Corporate
        Trust Office”: The principal corporate trust office of the Trustee or the Trust
        Administrator, as the case may be, at which at any particular time its corporate
        trust business in connection with this Agreement shall be administered, which
        office at the date of the execution of this instrument is located at (i)
        with
        respect to the Trustee, U.S. Bank National Association, 60 Livingston Avenue,
        EP-MN-WS3D, St. Paul, Minnesota 55107, Attention: Structured Finance/MASTR
        2007-HE1, or at such other address as the Trustee may designate from time
        to
        time by notice to the Certificateholders, the Depositor, the Servicers, the
        Master Servicer, the Originators, and the Trust Administrator, or (ii) with
        respect to the Trust Administrator, (A) for Certificate transfer and surrender
        purposes, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, Attention: Corporate Trust Services—MASTR 2007-HE1
        and (B) for all other purposes, Wells Fargo Bank, N.A., 9062 Old Annapolis
        Road,
        Columbia, Maryland 21045, Attention: Client Manager—MASTR 2007-HE1, or in each
        case at such other address as the Trust Administrator may designate from
        time to
        time by notice to the Certificateholders, the Depositor, the Servicers, the
        Master Servicer, the Originators and the Trustee.

       

      “Corresponding
        Certificate”:  With respect to each REMIC II Regular Interest set
        forth below, the corresponding Regular Certificate set forth in the table
        below:

       

      
        	
                
                  REMIC
                    II Regular Interest

                   

                

              	
                
                  Regular  Certificate

                   

                

              
	
                II-LTA1

              	
                Class
                  A-1

              
	
                II-LTA2

              	
                Class
                  A-2

              
	
                II-LTA3

              	
                Class
                  A-3

              
	
                II-LTA4

              	
                Class
                  A-4

              
	
                II-LTM1

              	
                Class
                  M-1

              
	
                II-LTM2

              	
                Class
                  M-2

              
	
                II-LTM3

              	
                Class
                  M-3

              
	
                II-LTM4

              	
                Class
                  M-4

              
	
                II-LTM5

              	
                Class
                  M-5

              
	
                II-LTM6

              	
                Class
                  M-6

              
	
                II-LTM7

              	
                Class
                  M-7

              
	
                II-LTM8

              	
                Class
                  M-8

              
	
                II-LTM9

              	
                Class
                  M-9

              
	
                II-LTM10

              	
                Class
                  M-10

              
	
                II-LTM11

              	
                Class
                  M-11

              
	
                II-LTM12

              	
                Class
                  M-12

              
	
                II-LTP

              	
                Class
                  P

              

      

      

      “Credit
        Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
        a fraction, the numerator of which is the aggregate Certificate Principal
        Balance of the Mezzanine Certificates and the Class CE Certificates, and
        the
        denominator of which is the aggregate Stated Principal Balance of the Mortgage
        Loans, calculated prior to taking into account distributions of principal
        on the
        Mortgage Loans and distribution of the Principal Distribution Amount to the
        Certificates then entitled to distributions of principal on such Distribution
        Date.

       

      “Credit
        Risk Management Agreement”: The respective agreements between the Credit Risk
        Manager and each Servicer and/or Master Servicer regarding the loss mitigation
        and advisory services to be provided by the Credit Risk Manager.

       

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

       

      “Credit
        Risk Manager Fee”: The amount payable to the Credit Risk Manager on each
        Distribution Date as compensation for all services rendered by it in the
        exercise and performance of any of the powers and duties of the Credit Risk
        Manager under the respective Credit Risk Management Agreement and any other
        agreement pursuant to which the Credit Risk Manager is to perform any duties
        with respect to the related Mortgage Loans, which amount shall equal one
        twelfth
        of the product of (i) the Credit Risk Manager Fee Rate (without regard to
        the
        words “per annum”) and (ii) the aggregate Stated Principal Balance of the
        related Mortgage Loans and any related REO Properties as of the first day
        of the
        related Due Period.

       

      “Credit
        Risk Manager Fee Rate”: 0.0125% per annum.

       

      “Cumulative
        Loss Percentage”: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the aggregate amount
        of
        Realized Losses incurred from the Cut-off Date to the last day of the preceding
        calendar month and the denominator of which is the sum of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date.

       

      “Custodian”:
        The entity acting as custodian of the Mortgage Files on behalf of and for
        the
        benefit of the Trustee, which as of the Closing Date shall be Wells
        Fargo.

       

      “Cut-off
        Date”: With respect to each Original Mortgage Loan, May 1, 2007.  With
        respect to all Qualified Substitute Mortgage Loans, their respective dates
        of
        substitution. References herein to the “Cut-off Date,” when used with respect to
        more than one Mortgage Loan, shall be to the respective Cut-off Dates for
        such
        Mortgage Loans.

       

      “Cut-off
        Date Principal Balance”:  With respect to any Mortgage Loan, the
        unpaid Stated Principal Balance thereof as of the Cut-off Date of such Mortgage
        Loan (or as of the applicable date of substitution with respect to a Qualified
        Substitute Mortgage Loan), after giving effect to scheduled payments due
        on or
        before the Cut-off Date, whether or not received.

       

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

       

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

       

      “Definitive
        Certificates”: As defined in Section 5.01(b).

       

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

       

      “Delinquency
        Percentage”:  With respect to any Distribution Date, the percentage
        equivalent to a fraction, the numerator of which is the aggregate Stated
        Principal Balance of all Mortgage Loans that, as of the close of business
        on the
        last day of the previous calendar month, are 60 or more days Delinquent
        (including Mortgage Loans in foreclosure, have been converted to REO Properties
        or are in bankruptcy), taking into account any prepayments received through
        the
        end of the related Prepayment Period, and the denominator of which is the
        aggregate Principal Balance of all Mortgage Loans as of the close of business on
        the last day of such month, taking into account any prepayments received
        through
        the end of the related Prepayment Period.

       

      “Delinquent”:
        A Mortgage Loan is Delinquent if any Monthly Payment due on a Due Date is
        not
        made by the close of business on the next scheduled Due Date for such Mortgage
        Loan (as determined and reported based on the “OTS” methodology for determining
        delinquencies on mortgage loans similar to the Mortgage Loans and not including
        any Liquidated Mortgage Loans).

       

      “Depositor”:
        Mortgage Asset Securitization Transactions, Inc., a Delaware corporation,
        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(3) 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 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
        calendar month in which such Distribution Date occurs or, if such 15th day is
        not a
        Business Day, the Business Day immediately preceding such 15th day.

       

      “Directly
        Operate”: With respect to any REO Property, the furnishing or rendering of
        services to the tenants thereof, the management or operation of such REO
        Property, the holding of such REO Property primarily for sale to customers,
        the
        performance of any construction work thereon or any use of such REO Property
        in
        a trade or business conducted by REMIC I other than through an Independent
        Contractor; provided, however, that the Trustee (or the Servicers or the
        Master
        Servicer on behalf of the Trustee) shall not be considered to Directly Operate
        an REO Property solely because the Trustee (or the Servicers or the Master
        Servicer on behalf of the Trustee) establishes rental terms, chooses tenants,
        enters into or renews leases, deals with taxes and insurance, or makes decisions
        as to repairs or capital expenditures with respect to such REO
        Property.

       

      “Discount
        Factor”: With
        respect to each Distribution Date, the product of each Projected Zero Factor
        for
        each preceding Distribution Date, including such Distribution Date, with
        the
        Projected Zero Factor for the Significance Percentage Calculation Date equal
        to
        1.

       

      “Disqualified
        Organization”: 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 Freddie Mac, a majority of its board of directors is not selected by
        such
        governmental unit), (ii) any 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, (v) an “electing large partnership” and
        (vi) any other Person so designated by the Trustee or the Trust Administrator
        based upon an Opinion of Counsel that the holding of an Ownership Interest
        in a
        Residual Certificate by such Person may cause any Trust REMIC 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 Residual 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
        Account”: The trust account or accounts created and maintained by the Trust
        Administrator pursuant to Section 3A.11 which shall be entitled “Wells
        Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders
        of
        MASTR Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
        Certificates, Series 2007-HE1—Distribution Account.”  The Distribution
        Account must be an Eligible Account.

       

      “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 Distribution Date, the first day of the calendar
        month in which such Distribution Date occurs, which is generally the day
        of the
        month on which the Monthly Payment is due on a Mortgage Loan, exclusive of
        any
        days of grace.

       

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

       

      “Eligible
        Account”:  Any of (i) an account or accounts maintained with a federal
        or state chartered depository institution or trust company the short-term
        unsecured debt obligations of which (or, in the case of a depository institution
        or trust company that is the principal subsidiary of a holding company, the
        short-term unsecured debt obligations of such holding company) are rated
        P-1 by
        Moody’s or A-1+ by S&P (or comparable ratings if Moody’s and S&P are not
        the Rating Agencies) at the time any amounts are held on deposit therein,
        (ii)
        with respect to any escrow account, an account or accounts the deposits in
        which
        are fully 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 delivered to the NIMS Insurer, the Trust
        Administrator, the Trustee and to each Rating Agency, the Certificateholders
        will have a claim with respect to the funds in such account or a perfected
        first
        priority security interest against such 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 with which such
        account is maintained, (iii) a trust account or accounts maintained with
        the
        trust department of a federal or state chartered depository institution,
        national banking association or trust company acting in its fiduciary capacity
        or (iv) an account otherwise acceptable to the NIMS Insurer and to each Rating
        Agency without reduction or withdrawal of their then current ratings of the
        Certificates as evidenced by a letter from each Rating Agency to the Trust
        Administrator, the Trustee and the NIMS Insurer.  Eligible Accounts
        may bear interest.

       

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

       

      “Estate
        in Real Property”: A fee simple estate in a parcel of land.

       

      “Excess
        Overcollateralized Amount”: With respect to the Class A Certificates and the
        Mezzanine Certificates and any Distribution Date, the excess, if any, of
        (i) the
        Overcollateralized Amount for such Distribution Date, assuming that 100%
        of the
        Principal Remittance Amount is applied as a principal distribution on such
        Distribution Date over (ii) the Overcollateralization Target Amount for such
        Distribution Date.

       

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

       

      “Extra
        Principal Distribution Amount”:  With respect to any Distribution
        Date, the lesser of (x) the sum of (i) Monthly Interest Distributable Amount
        payable on the Class CE Certificates on such Distribution Date as reduced
        by
        Realized Losses allocated thereto with respect to such Distribution Date
        pursuant to Section 4.04 and (ii) any amounts received under the Interest
        Rate
        Swap Agreement or the Interest Rate Cap Agreement for this purpose and (y)
        the
        Overcollateralization Deficiency Amount for such Distribution Date.

       

      “Extraordinary
        Trust Fund Expense”: Any amounts reimbursable to the Master Servicer pursuant to
        Section 3A.03 or Section 6.03, to the Trustee pursuant to Section 3.06
        or Section 7.02, to each Servicer, the Trustee or the Trust Administrator,
        or
        any director, officer, employee or agent of the Trustee or the Trust
        Administrator from the Trust Fund pursuant to Section 6.03,
        Section 8.05 or Section 10.01(c) and any amounts payable from the
        Distribution Account in respect of taxes pursuant to
        Section 10.01(g)(iii).

       

      “Fannie
        Mae”: Fannie Mae, formerly known as the Federal National Mortgage Association,
        or any successor thereto.

       

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

       

      “Final
        Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
        Property (other than a Mortgage Loan or REO Property purchased or repurchased
        by
        an Originator, the Seller, the Depositor, a Servicer or the NIMS Insurer
        pursuant to or as contemplated by Section 2.03, Section 3.16(c) or Section
        9.01), a determination made by the related Servicer that all Insurance Proceeds,
        Liquidation Proceeds and other payments or recoveries which the related
        Servicer, in its reasonable good faith judgment, expects to be finally
        recoverable in respect thereof have been so recovered. Each Servicer shall
        maintain records, prepared by a Servicing Officer, of each Final Recovery
        Determination made thereby.

       

      “Fixed-Rate
        Mortgage Loans”:  Each of the Mortgage Loans identified in the
        Mortgage Loan Schedule whose Mortgage Rates remain fixed for the life of
        the
        Mortgage Loan.

       

      “Fixed
        Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
        the related amount set forth in the Interest Rate Swap Agreement.

       

      “Floating
        Swap Payment”: With respect to any Distribution Date, a floating amount equal to
        the product of (i) one-month LIBOR (as determined pursuant to the Interest
        Rate
        Swap Agreement for such Distribution Date), (ii) the related Base Calculation
        Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv)
        a
        fraction, the numerator of which is the actual number of days elapsed from
        and
        including the previous Distribution Date to but excluding the current
        Distribution Date (or, for the first Distribution Date, the actual number
        of
        days elapsed from the Closing Date to but excluding the first Distribution
        Date), and the denominator of which is 360.

       

      “Form
        8-K
        Disclosure Information”:  The meaning set forth in Section
        4.06(a)(iii).

       

      “Formula
        Rate”:  For any Distribution Date and the Class A Certificates and the
        Mezzanine Certificates, the lesser of (i) One-Month LIBOR plus the related
        Certificate Margin and (ii) the Maximum Cap Rate.

       

      “Freddie
        Mac”: Freddie Mac, formerly known as the Federal Home Loan Mortgage Corporation,
        or any successor thereto.

       

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

       

      “Highest
        Priority”: As of any date of determination, the Class of Mezzanine Certificates
        then outstanding with a Certificate Principal Balance greater than zero,
        with
        the highest priority for payments pursuant to Section 4.01, in the
        following order: 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, Class M-10, Class M-11 and Class M-12
        Certificates.

       

      “HomEq”:
        Barclays Capital Real Estate Inc. d/b/a HomEq Servicing.

       

      “HomEq
        Mortgage Loans”:  The Mortgage Loans serviced by HomEq.

       

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

       

      “Independent”:  When
        used with respect to any accountants, a Person who is “independent” within the
        meaning of Rule 2-01(B) of the Securities and Exchange Commission’s Regulation
        S-X.  Independent means, when used with respect to any other Person, a
        Person who (A) is in fact independent of another specified Person and any
        affiliate of such other Person, (B) does not have any material direct or
        indirect financial interest in such other Person or any affiliate of such
        other
        Person, (C) is not connected with such other Person or any affiliate of such
        other Person as an officer, employee, promoter, underwriter, trustee, partner,
        director or Person performing similar functions and (D) is not a member of
        the
        immediate family of a Person defined in clause (B) or (C) above.

       

      “Independent
        Contractor”: Either (i) any Person (other than a Servicer or the Master
        Servicer) that would be an “independent contractor” with respect to REMIC I
        within the meaning of Section 856(d)(3) of the Code if REMIC I were a real
        estate investment trust (except that the ownership tests set forth in that
        section shall be considered to be met by any Person that owns, directly or
        indirectly, 35% or more of any Class of Certificates), so long as REMIC I
        does
        not receive or derive any income from such Person and provided that the
        relationship between such Person and REMIC I is at arm’s length, all within the
        meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any other
        Person (including either Servicer and the Master Servicer) if the Trust
        Administrator has received an Opinion of Counsel for the benefit of the Trustee
        and the Trust Administrator to the effect that the taking of any action in
        respect of any REO Property by such Person, subject to any conditions therein
        specified, that is otherwise herein contemplated to be taken by an Independent
        Contractor will not cause such REO Property to cease to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code (determined
        without regard to the exception applicable for purposes of Section 860D(a)
        of the Code), or cause any income realized in respect of such REO Property
        to
        fail to qualify as Rents from Real Property.

       

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

       

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

       

      “Interest
        Determination Date”: With respect to the Class A Certificates, the Mezzanine
        Certificates, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
        II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4,
        REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC
        II
        Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular
        Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest
        II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9,
        REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11 and
        REMIC
        II Regular Interest II-LTM12 and any Accrual Period therefor, the second
        London
        Business Day preceding the commencement of such Accrual Period.

       

      “Interest
        Rate Cap Collateral Account”: Shall mean the segregated trust account created
        and maintained by the Trust Administrator pursuant to Section 4.11
        hereof.

       

      “Interest
        Rate Cap Agreement”: The Interest Rate Cap Agreement, dated as of May 30, 2007,
        between the Trust Administrator and the Interest Rate Cap Provider, including
        any schedule, confirmations, credit support annex or other credit support
        document relating thereto, and attached hereto as Exhibit K.

       

      “Interest
        Rate Cap Credit Support Annex”:  The credit support annex, dated as of
        May 30, 2007, between the Trust Administrator and the Interest Rate Cap
        Provider, which is annexed to and forms part of the Interest Rate Cap
        Agreement.

       

      “Interest
        Rate Cap Provider”:  The cap provider under the Interest Rate Cap
        Agreement.  Initially, the Interest Rate Cap Provider shall be UBS
        AG.

       

      “Interest
        Rate Swap Agreement”: The interest rate swap agreement, dated as of May 30,
        2007, between the Swap Provider and the Supplemental Interest Trust Trustee,
        including any schedule, confirmations, credit support annex and/or other
        credit
        support documents relating thereto, and attached hereto as Exhibit
        M.

       

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

       

      “Late
        Collections”: With respect to any Mortgage Loan and any Due Period, all amounts
        received by the related Servicer subsequent to the Determination Date
        immediately following such Due Period, whether as late payments of Monthly
        Payments or as Insurance Proceeds, Liquidation Proceeds or otherwise, which
        represent late payments or collections of principal and/or interest due (without
        regard to any acceleration of payments under the related Mortgage and Mortgage
        Note) but delinquent for such Due Period and not previously
        recovered.

       

      “Liquidated
        Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
        which the related Servicer has determined, in its reasonable judgment, 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
        Event”: With respect to any Mortgage Loan, any of the following events: (i) such
        Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
        as to
        such Mortgage Loan; or (iii) such Mortgage Loan is removed from REMIC I by
        reason of its being purchased, repurchased or replaced pursuant to or as
        contemplated by Section 2.03, Section 3.16(c) or Section 9.01. With respect
        to
        any REO Property, either of the following events: (i) a Final Recovery
        Determination is made as to such REO Property; or (ii) such REO Property
        is
        removed from REMIC I by reason of its being purchased pursuant to Section
        9.01.

       

      “Liquidation
        Proceeds”: The amount (other than amounts received in respect of the rental of
        any REO Property prior to REO Disposition) received by the related Servicer
        in
        connection with (i) the taking of all or a part of a Mortgaged Property by
        exercise of the power of eminent domain or condemnation, (ii) the liquidation
        of
        a defaulted Mortgage Loan through a trustee’s sale, foreclosure sale or
        otherwise, or (iii) the purchase, repurchase or substitution of a Mortgage
        Loan
        or an REO Property pursuant to or as contemplated by Section 2.03, Section
        3.16(c) or Section 9.01.

       

      “Loan-to-Value
        Ratio”: As of any date of determination, the fraction, expressed as a
        percentage, the numerator of which is the principal balance of the related
        Mortgage Loan at such date and the denominator of which is the Value of the
        related Mortgaged Property.

       

      “London
        Business Day”: Any day on which banks in the City of London and the City of New
        York are open and conducting transactions in United States dollars.

       

      “Loss
        Severity Percentage”: With respect to any Distribution Date, the percentage
        equivalent of a fraction, the numerator of which is the amount of Realized
        Losses incurred on a Mortgage Loan and the denominator of which is the principal
        balance of such Mortgage Loan immediately prior to the liquidation of such
        Mortgage Loan.

       

      “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
        REMIC
        II Remittance Rate for each of REMIC II Regular Interests II-LTA1, II-LTA2,
        II-LTA3, II-LTA4, II-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7,
        II-LTM8, II-LTM9, II-LTM10, II-LTM11, II-LTM12 and II-LTZZ, with the rate
        on
        each such REMIC II Regular Interest (other than REMIC II Regular Interest
        II-LTZZ) subject to a cap equal to the lesser of (a) One-Month LIBOR plus
        the
        related Certificate Margin and (b) the Net WAC Rate for the purpose of this
        calculation and with the rate on REMIC II Regular Interest II-LTZZ subject
        to a
        cap of zero for the purpose of this calculation; provided, however, that
        solely
        for this purpose, calculations of the REMIC II Remittance Rate and the related
        caps with respect to such REMIC II Regular Interests (other than REMIC II
        Regular Interest II-LTZZ) shall be multiplied by a fraction, the numerator
        of
        which is the actual number of days elapsed in the related Accrual Period
        and the
        denominator of which is 30.

       

      “Master
        Servicer”:  As of the Closing Date, Wells Fargo and thereafter, its
        respective successors in interest who meet the qualifications of the Master
        Servicer under this Agreement or any successor appointed
        hereunder.  The Master Servicer and the Trust Administrator shall at
        all times be the same Person.

       

      “Master
        Servicer Event of Default”: One or more of the events described in
        Section 7.01(b).

       

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

       

       “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 to correct any errors or insufficiencies in the servicing data or
        otherwise to enable the Trustee to master service the Mortgage Loans properly
        and effectively.

       

      Maximum
        Cap Rate”:  For any Distribution Date with respect to the Class A
        Certificates and the Mezzanine Certificates, a per annum rate equal to the
        sum
        of (i) the product of (x) the weighted average of the Adjusted Net Maximum
        Mortgage Rates of the Mortgage Loans, weighted based on their outstanding
        Stated
        Principal Balances as of the first day of the calendar month preceding the
        month
        in which the Distribution Date occurs and (y) a fraction, the numerator of
        which
        is 30 and the denominator of which is the actual number of days elapsed in
        the
        related Accrual Period and (ii) (A) an amount, expressed as a percentage,
        equal
        to a fraction, the numerator of which is equal to the Net Swap Payment made
        by
        the Swap Provider and the denominator of which is equal to the aggregate
        Stated
        Principal Balance of the Mortgage Loans, multiplied by 12 and (B) an amount,
        expressed as a percentage, equal to a fraction, the numerator of which is
        equal
        to payments received under the Interest Rate Cap Agreement and the denominator
        of which is equal to the aggregate Stated Principal Balance of the Mortgage
        Loans, multiplied by 12 minus (a) an amount, expressed as a percentage, equal
        to
        the product of (I) the Net  Swap Payment, if any, paid by the Trust
        for such Distribution Date divided by the aggregate Stated Principal Balance
        of
        the Mortgage Loans and (II) 12 and (b) an amount, expressed as a percentage,
        equal to the product of (x) the Swap Termination Payment, if any, due from
        the
        Trust (other than any Swap Termination Payment resulting from a Swap Provider
        Trigger Event) for such Distribution Date, divided by the aggregate Stated
        Principal Balance of the Mortgage Loans and (y) 12.

       

      “Maximum
        II-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
        Distribution Date, the excess of (i) accrued interest at the REMIC II Remittance
        Rate applicable to REMIC II Regular Interest II-LTZZ for such Distribution
        Date
        on a balance equal to the Uncertificated Balance of REMIC II Regular Interest
        II-LTZZ minus the REMIC II Overcollateralization Amount, in each case for
        such
        Distribution Date, over (ii) Uncertificated Interest on REMIC II Regular
        Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest
        II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1,
        REMIC II Regular Interest II-LTM2,  REMIC II Regular Interest II-LTM3,
        REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
        II
        Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
        Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
        II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTM12
        for such Distribution Date, with the rate on each such REMIC II Regular Interest
        subject to a cap equal to the lesser of (a) One-Month LIBOR plus the
        related Certificate Margin and (b) the Net WAC Rate; provided, however, each
        cap
        shall be multiplied by a fraction, the numerator of which is the actual number
        of days elapsed in the related Accrual Period and the denominator of which
        is
        30.

       

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

       

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

       

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

       

      “Mezzanine
        Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
        Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
        Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9
        Certificate, Class M-10 Certificate, Class M-11 Certificate or Class M-12
        Certificate.

       

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

       

      “Minimum
        Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
        percentage set forth in the related Mortgage Note as the minimum Mortgage
        Rate
        thereunder.

       

      “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”: With respect to the Class A Certificates, the
        Mezzanine Certificates and the Class CE Certificates and any Distribution
        Date,
        the amount of interest accrued during the related Accrual Period at the related
        Pass-Through Rate on the Certificate Principal Balance (or Notional Amount
        in
        the case of the Class CE Certificates) of such Class immediately prior to
        such
        Distribution Date, calculated on an actual/360 basis, reduced (to not less
        than
        zero) by any Prepayment Interest Shortfalls (to the extent not covered by
        payments made by the related Servicer or the Master Servicer) and Relief
        Act
        Interest Shortfalls (allocated to each such Certificate based on its respective
        entitlements to interest irrespective of any Prepayment Interest Shortfalls
        and
        Relief Act Interest Shortfalls for such Distribution Date).

       

      “Monthly
        Payment”:  With respect to any Mortgage Loan, the scheduled monthly
        payment of principal and interest 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; (b) without giving effect to any extension granted or agreed to by the
        related Servicer pursuant to Section 3.07 and (c) on the assumption that
        all
        other amounts, if any, due under such Mortgage Loan are paid when
        due.

       

      “Monthly
        Statement”: The statement prepared by the Trust Administrator pursuant to
        Section 4.02.

       

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

       

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

       

      “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.

       

      “Mortgage
        Loan”: Any Adjustable-Rate Mortgage Loan or Fixed-Rate Mortgage Loan transferred
        and assigned to the Trustee and delivered to the Trustee pursuant to Section
        2.01 or Section 2.03(b) of this Agreement as held from time to time as a
        part of
        the Trust, the Mortgage Loans so held being identified in the Mortgage Loan
        Schedule.

       

      “Mortgage
        Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
        on such date, attached hereto as Schedule 1.  The Mortgage Loan
        Schedule shall set forth the following information with respect to each Mortgage
        Loan:

       

      (i)  the
        Mortgage Loan identifying number;

       

      (ii)  [reserved];

       

      (iii)  the
        state
        and zip code of the Mortgaged Property;

       

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

       

      (v)  the
        type
        of Residential Dwelling constituting the Mortgaged Property;

       

      (vi)  the
        original months to maturity;

       

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

       

      (viii)  the
        Loan-to-Value Ratio at origination;

       

      (ix)  the
        Mortgage Rate in effect immediately following the Cut-off Date;

       

      (x)  the
        date
        on which the first Monthly Payment was due on the Mortgage Loan;

       

      (xi)  the
        stated maturity date;

       

      (xii)  the
        amount of the Monthly Payment at origination;

       

      (xiii)  the
        amount of the Monthly Payment due on the first Due Date after the Cut-off
        Date;

       

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

       

      (xv)  the
        original principal amount of the Mortgage Loan;

       

      (xvi)  the
        Stated Principal Balance of the Mortgage Loan as of the close of business
        on the
        Cut-off Date;

       

      (xvii)  a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase financing,
        rate/term refinancing, cash-out refinancing);

       

      (xviii)  the
        Mortgage Rate at origination;

       

      (xix)  a
        code
        indicating the documentation program (i.e., full documentation, limited
        documentation, stated income documentation);

       

      (xx)  the
        risk
        grade assigned by the related Originator;

       

      (xxi)  the
        Value
        of the Mortgaged Property;

       

      (xxii)  the
        sale
        price of the Mortgaged Property, if applicable;

       

      (xxiii)  the
        actual unpaid principal balance of the Mortgage Loan as of the Cut-off
        Date;

       

      (xxiv)  the
        type
        and term of the related Prepayment Charge;

       

      (xxv)  the
        rounding code;

       

      (xxvi)  the
        program code;

       

      (xxvii)  a
        code
        indicating the lien priority for Mortgage Loans;

       

      (xxviii)    with
        respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate,
        the
        Maximum Mortgage Rate, the Gross Margin, the next Adjustment Date and the
        Periodic Rate Cap;

       

      (xxix)  the
        credit score (“FICO”) of such Mortgage Loan; and

       

      (xxx)  the
        total
        amount of points and fees charged such Mortgage Loan.

       

      The
        Mortgage Loan Schedule shall set forth the following information with respect
        to
        the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number
        of
        Mortgage Loans (separately identifying the number of Fixed-Rate Mortgage
        Loans
        and the number of Adjustable-Rate Mortgage Loans); (2) the current Stated
        Principal Balance of the Mortgage Loans; (3) the weighted average Mortgage
        Rate
        of the Mortgage Loans and (4) the weighted average maturity of the Mortgage
        Loans.  The Mortgage Loan Schedule shall be amended from time to time
        by the Depositor in accordance with the provisions of this
        Agreement.  With respect to any Qualified Substitute Mortgage Loan,
        the Cut-off Date shall refer to the related Cut-off Date for such Mortgage
        Loan,
        determined in accordance with the definition of Cut-off Date
        herein.

       

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

       

      “Mortgage
        Pool”:  The pool of Mortgage Loans, identified on the Mortgage Loan
        Schedule and existing from time to time thereafter, and any REO Properties
        acquired in respect thereof.

       

      “Mortgage
        Rate”: With respect to each Mortgage Loan, the annual rate at which interest
        accrues on such Mortgage Loan from time to time in accordance with the
        provisions of the related Mortgage Note, which rate with respect to the
        Adjustable-Rate Mortgage Loans, (A) as of any date of determination until
        the
        first Adjustment Date following the Cut-off Date shall be the rate set forth
        in
        the Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
        the Cut-off Date and (B) as of any date of determination thereafter shall
        be the
        rate as adjusted on the most recent Adjustment Date equal to the sum, rounded
        to
        the nearest or next highest 0.125% as provided in the Mortgage Note, of the
        Index, as most recently available as of a date prior to the Adjustment Date
        as
        set forth in the related Mortgage Note, plus the related Gross Margin; provided
        that the Mortgage Rate on such Adjustable-Rate Mortgage Loan on any Adjustment
        Date shall never be more than the lesser of (i) the sum of the Mortgage Rate
        in
        effect immediately prior to the Adjustment Date plus the related Periodic
        Rate
        Cap, if any, and (ii) the related Maximum Mortgage Rate, and shall never
        be less
        than the greater of (i) the Mortgage Rate in effect immediately prior to
        the
        Adjustment Date less the Periodic Rate Cap, if any, and (ii) the related
        Minimum
        Mortgage Rate. With respect to each Mortgage Loan that becomes an REO Property,
        as of any date of determination, the annual rate determined in accordance
        with
        the immediately preceding sentence as of the date such Mortgage Loan became
        an
        REO Property.

       

      “Mortgaged
        Property”: The underlying property securing a Mortgage Loan, including any REO
        Property, consisting of an Estate in Real Property improved by a Residential
        Dwelling.

       

      “Mortgagor”:
        The obligor on a Mortgage Note.

       

      “Net
        Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
        disposition of the related Mortgaged Property (including REO Property) the
        related Liquidation Proceeds and Insurance 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 related Mortgaged Property and any amounts due on such Mortgage Loans
        on or
        prior to the Cut-off Date.

       

      “Net
        Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
        any Overcollateralization Release Amount for such Distribution Date and (b)
        the
        excess of (x) Available Funds for such Distribution Date over (y) the sum
        for
        such Distribution Date of (A) the Monthly Interest Distributable Amounts
        for the
        Class A Certificates and the Mezzanine Certificates, (B) the Unpaid Interest
        Shortfall Amounts for the Class A Certificates and (C) the Principal Remittance
        Amount.

       

      “Net
        Mortgage Rate”: With respect to any Mortgage Loan (or the related REO Property)
        as of any date of determination, a per annum rate of interest equal to the
        then
        applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee
        Rate.

       

      “Net
        Swap
        Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
        the Fixed Swap Payment over (y) the Floating Swap Payment and in the case
        of
        payments made by the Swap Provider, the excess, if any, of (x) the Floating
        Swap
        Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
        shall not be less than zero.

       

      “Net
        WAC
        Rate”:  For any Distribution Date with respect to the Class A
        Certificates and the Mezzanine Certificates, a per annum rate equal to the
        product of (x) the weighted average of the Adjusted Net Mortgage Rates of
        the
        Mortgage Loans, weighted based on their outstanding Principal Balances as
        of the
        first day of the calendar month preceding the month in which the Distribution
        Date occurs minus (i) an amount, expressed as a percentage, equal to the
        product
        of (A) the Net Swap Payment, if any, paid by the Trust for such Distribution
        Date divided by the aggregate Stated Principal Balance of the Mortgage Loans
        and
        (B) 12 and (ii) an amount, expressed as a percentage, equal to the product
        of
        (A) the Swap Termination Payment, if any, due from the Trust (other than
        any
        Swap Termination Payment resulting from a Swap Provider Trigger Event) for
        such
        Distribution Date, divided by the aggregate Stated Principal Balance of the
        Mortgage Loans and (B) 12, and (y) a fraction, the numerator of which is
        30 and
        the denominator of which is the actual number of days elapsed in the related
        Accrual Period.

       

      “Net
        WAC
        Rate Carryover Amount”:  With respect to the Class A Certificates and
        the Mezzanine Certificates and any Distribution Date, the sum of (A) the
        positive excess of (i) the amount of interest accrued on such Class of
        Certificates on such Distribution Date calculated at the related Formula
        Rate,
        over (ii) the amount of interest accrued on such Class of Certificates at
        the
        Net WAC Rate for such Distribution Date and (B) the Net WAC Rate Carryover
        Amount for the previous Distribution Date not previously paid, together with
        interest thereon at a rate equal to the Formula Rate for such Class of
        Certificates for such Distribution Date and for such Accrual
        Period.

       

      “Net
        WAC
        Rate Carryover Reserve Account”:  The account established and
        maintained pursuant to Section 4.07.

       

      “New
        Lease”: Any lease of REO Property entered into on behalf of REMIC I, including
        any lease renewed or extended on behalf of REMIC I, if REMIC I has the right
        to
        renegotiate the terms of such lease.

       

      “NIMS
        Insurer”: Any insurer that is guaranteeing certain payments under notes secured
        by collateral which includes all or a portion of the Class CE Certificates,
        the
        Class P Certificates, the Class R Certificates and/or the Class R-X
        Certificates.

       

      “Nonrecoverable
        Advance”: Any Advance previously made or proposed to be made in respect of a
        Mortgage Loan or REO Property that, in the good faith business judgment of
        the
        related Servicer or the Master Servicer, as applicable, will not or, in the
        case
        of a proposed Advance, would not be ultimately recoverable from related Late
        Collections, Insurance Proceeds or Liquidation Proceeds on such Mortgage
        Loan or
        REO Property as provided herein.

       

      “Nonrecoverable
        Servicing Advance”: Any Servicing Advance previously made or proposed to be made
        in respect of a Mortgage Loan or REO Property that, in the good faith business
        judgment of the related Servicer, will not or, in the case of a proposed
        Servicing Advance, would not be ultimately recoverable from related Late
        Collections, Insurance Proceeds or Liquidation Proceeds on such Mortgage
        Loan or
        REO Property as provided herein.

       

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

       

      “Notional
        Amount”: With respect to the Class CE Interest and any Distribution Date, the
        aggregate Uncertificated Balance of the REMIC II Regular Interests (other
        than
        REMIC II Regular Interest II-LTP) for such Distribution Date.

       

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

       

      “One-Month
        LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates,
        REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
        II
        Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
        Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
        II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
        REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
        II
        Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
        Interest II-LTM10, REMIC II Regular Interest II-LTM11 and REMIC II Regular
        Interest II-LTM12 and any Accrual Period therefor, the rate determined by
        the
        Trust Administrator on the related Interest Determination Date on the basis
        of
        the offered rate for one-month U.S. dollar deposits, as such rate appears
        on
        Reuters Screen LIBOR01 Page as of 11:00 a.m. (London time) on such Interest
        Determination Date; provided that if such rate does not appear on Reuters
        Screen
        LIBOR01 Page, the rate for such date will be determined on the basis of the
        offered rates of the Reference Banks for one-month U.S. dollar deposits,
        as of
        11:00 a.m. (London time) on such Interest Determination Date. In such event,
        the
        Trust Administrator will request the principal London office of each of the
        Reference Banks to provide a quotation of its rate. If on such Interest
        Determination Date, two or more Reference Banks provide such offered quotations,
        One-Month LIBOR for the related Accrual Period shall be the arithmetic mean
        of
        such offered quotations (rounded upwards if necessary to the nearest whole
        multiple of 1/16%). If on such Interest Determination Date, fewer than two
        Reference Banks provide such offered quotations, One-Month LIBOR for the
        related
        Accrual Period shall be the higher of (i) One-Month LIBOR as determined on
        the
        previous Interest Determination Date and (ii) the Reserve Interest
        Rate.  Notwithstanding the foregoing, if, under the priorities
        described above, One-Month LIBOR for an Interest Determination Date would
        be
        based on One-Month LIBOR for the previous Interest Determination Date for
        the
        third consecutive Interest Determination Date, the Trust Administrator shall
        select, after consultation with the NIMS Insurer, an alternative comparable
        index (over which the Trust 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.

       

      “One-Year
        LIBOR” means the average of interbank offered rates for one-year U.S. dollar
        deposits in the London market based on quotations of major banks, and most
        recently available as of a day specified in the related mortgage note as
        published by the Western Edition of The Wall Street
        Journal.

       

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

       

      “Original
        Mortgage Loan”: Any of the Mortgage Loans included in REMIC I as of the Closing
        Date.

       

      “Originator”:
        First Street Financial, Inc., EquiFirst Corporation and LIME Financial Services,
        Ltd.

       

      “Originator
        Master Agreements”:  With respect to (i) LIME Financial Services,
        Ltd., the Master Seller’s Purchase, Warranties and Interim Servicing Agreement,
        dated as of August 1, 2006, between the Seller and LIME Financial Services,
        Ltd., as amended, (ii) First Street Financial, Inc., the Master Seller’s
        Purchase, Warranties and Interim Servicing Agreement, dated as of August
        1,
        2004, between the Seller and First Street Financial, Inc., as amended and
        (iii)
        EquiFirst Corporation, the Master Seller’s Purchase, Warranties and Interim
        Servicing Agreement, dated as of May 1, 2006 between the Seller and EquiFirst
        Corporation, as amended.

       

      “Originator
        Prepayment Charge Payment Amount”:  The amounts payable by the
        Originator in respect of any waived Prepayment Charges pursuant to Section
        3.01.

       

      “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 Principal Remittance Amount on such Distribution
        Date).

       

      “Overcollateralization
        Release Amount”: With respect to any Distribution Date, the lesser of (x) the
        Principal Remittance Amount for such Distribution Date and (y) the Excess
        Overcollateralized Amount.

       

      “Overcollateralization
        Target Amount”: With respect to any Distribution Date, (i) 3.35% of the Cut-off
        Date Principal Balance of the Mortgage Loans, (ii) on or after the Stepdown
        Date
        provided that a Trigger Event is not in effect, the greater of (x) 6.70%
        of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period) and (y) an amount equal to approximately 0.50% of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date, or (iii)
        on or
        after the Stepdown Date if a Trigger Event is in effect, the
        Overcollateralization Target Amount for the immediately preceding Distribution
        Date.  On and after any Distribution Date following the reduction of
        the aggregate Certificate Principal Balance of the Class A Certificates and
        the
        Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
        be
        zero.

       

      “Overcollateralized
        Amount”:  For any Distribution Date, the amount equal to (i) the
        aggregate Stated Principal Balance of the Mortgage Loans as of the last day
        of
        the related Due Period (after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period) as of the related Determination Date minus (ii) the aggregate
        Certificate Principal Balance of the Class A Certificates, the Mezzanine
        Certificates and the Class P 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 the Class A Certificates and the Mezzanine Certificates
        and any Distribution Date, a rate per annum equal to the lesser of (i) the
        related Formula Rate for such Distribution Date and (ii) the Net WAC Rate
        for
        such Distribution Date.

       

      With
        respect to the Class CE Interest 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 II Regular Interest II-LTP and
        (ii)
        interest on the Uncertificated Balance of each REMIC II Regular Interest
        listed
        in clause (y) at a rate equal to the related REMIC II Remittance Rate minus
        the
        Marker Rate and the denominator of which is (y) the aggregate Uncertificated
        Balance of REMIC II Regular Interests II-LTAA, II-LTA1, II-LTA2, II-LTA3,
        II-LTA4, II-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8,
        II-LTM9, II-LTM10, II-LTM11, II-LTM12 and II-LTZZ.

       

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

       

      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 II Regular Interest II-LTIO for such Distribution Date.

       

      “Percentage
        Interest”: With respect to any Class of Certificates (other than the Residual
        Certificates), the undivided percentage ownership in such Class evidenced
        by
        such Certificate, expressed as a percentage, the numerator of which is the
        initial Certificate Principal Balance or Notional Amount represented by such
        Certificate and the denominator of which is the aggregate initial Certificate
        Principal Balance or Notional Amount of all of the Certificates of such Class.
        The Class A Certificates and the Mezzanine Certificates are issuable only
        in
        minimum Percentage Interests corresponding to minimum initial Certificate
        Principal Balances of $25,000 and integral multiples of $1.00 in excess thereof.
        The Class P Certificates are issuable only in Percentage Interests corresponding
        to initial Certificate Principal Balances of $20 and integral multiples thereof.
        The Class CE Certificates are issuable only in minimum Percentage Interests
        corresponding to minimum initial Certificate Principal Balances of $10,000
        and
        integral multiples of $1.00 in excess thereof; provided, however, that a
        single
        Certificate of each such Class of Certificates may be issued having a Percentage
        Interest corresponding to the remainder of the aggregate initial Certificate
        Principal Balance or Notional Amount of such Class or to an otherwise authorized
        denomination for such Class plus such remainder.  With respect to any
        Residual Certificate, the undivided percentage ownership in such Class evidenced
        by such Certificate, as set forth on the face of such
        Certificate.  The Residual Certificates are issuable in Percentage
        Interests of 20% and multiples thereof.

       

      “Periodic
        Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
        Date therefor, the fixed percentage set forth in the related Mortgage Note,
        which is the maximum amount by which the Mortgage Rate for such Mortgage
        Loan
        may increase or decrease (without regard to the Maximum Mortgage Rate or
        the
        Minimum Mortgage Rate) on such Adjustment Date (other than the first Adjustment
        Date) from the Mortgage Rate in effect immediately prior to such Adjustment
        Date.

       

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

       

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

       

      (ii)  (A)
        demand and time deposits in, certificates of deposit of, bankers’ acceptances
        issued by or federal funds sold by any depository institution or trust company
        (including the Trustee or its agent acting in their respective commercial
        capacities) incorporated under the laws of the United States of America or
        any
        state thereof and subject to supervision and examination by federal and/or
        state
        authorities, so long as, at the time of such investment or contractual
        commitment providing for such investment, such depository institution or
        trust
        company (or, if the only Rating Agency is S&P, in the case of the principal
        depository institution in a depository institution holding company, debt
        obligations of the depository institution holding company) or its ultimate
        parent has a short-term uninsured debt rating in the highest available rating
        category of Moody’s and S&P and provided that each such investment has an
        original maturity of no more than 365 days; and provided further that, if
        the
        only Rating Agency is S&P 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 S&P if S&P is the Rating
        Agency; and (B) any other demand or time deposit or deposit which is fully
        insured by the FDIC;

       

      (iii)  repurchase
        obligations with a term not to exceed 30 days with respect to any security
        described in clause (i) above and entered into with a depository institution
        or
        trust company (acting as principal) rated “A-1+” or higher by S&P and “A2”
or higher by Moody’s, provided, however, that collateral transferred pursuant to
        such repurchase obligation must be of the type described in clause (i) above
        and
        must (A) be valued daily at current market prices plus accrued interest,
        (B)
        pursuant to such valuation, be equal, at all times, to 105% of the cash
        transferred by the Trustee in exchange for such collateral and (C) be delivered
        to the Trustee or, if the Trustee is supplying the collateral, an agent for
        the
        Trustee, in such a manner as to accomplish perfection of a security interest
        in
        the collateral by possession of certificated securities;

       

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

       

      (v)  commercial
        paper (including both non-interest-bearing discount obligations and
        interest-bearing obligations payable on demand or on a specified date not
        more
        than 30 days after the date of acquisition thereof) that is rated by a Rating
        Agency in its highest short-term unsecured debt rating available at the time
        of
        such investment;

       

      (vi)  units
        of
        money market funds, including those managed or advised by the Trust
        Administrator or its Affiliates, that have been rated “AAA” by S&P and “Aaa”
by Moody’s; and

       

      (vii)  if
        previously confirmed in writing to the Trustee and the Trust Administrator
        and
        consented to by the NIMS Insurer, any other demand, money market or time
        deposit, or any other obligation, security or investment, as may be acceptable
        to the Rating Agencies in writing as a permitted investment of funds backing
        securities having ratings equivalent to its highest initial rating of the
        Class
        A Certificates;

       

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

       

      “Permitted
        Transferee”:  Any Transferee of a Residual Certificate other than a
        Disqualified Organization or Non-United States Person.

       

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

       

      “Plan”:  Any
        employee benefit plan or certain other retirement plans and arrangements,
        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 are subject
        to
        ERISA or Section 4975 of the Code.

       

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

       

      “Prepayment
        Charge”: With respect to any Mortgage and Prepayment Period, any prepayment
        premium, fee, penalty or charge payable by a Mortgagor in connection with
        any
        voluntary full or partial Principal Prepayment on a Mortgage Loan pursuant
        to
        the terms of the related Mortgage Note and any Originator Prepayment Charge
        Payment Amount (other than any Servicer Prepayment Charge Payment
        Amount).

       

      “Prepayment
        Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
        Loans provided by the Depositor included in REMIC I on such date, attached
        hereto as Schedule 2 (including the Prepayment Charge Summary attached thereto).
        The Prepayment Charge Schedule shall set forth the following information
        with
        respect to each related Mortgage Loan:

       

      (viii)  the
        Mortgage Loan identifying number;

       

      (ix)  a
        code
        indicating the type of Prepayment Charge;

       

      (x)  the
        state
        of origination of the related Mortgage Loan;

       

      (xi)  the
        date
        on which the first monthly payment was due on the related Mortgage
        Loan;

       

      (xii)  the
        term
        of the related Mortgage Loan; and

       

      (xiii)  the
        Stated Principal Balance of the related Mortgage Loan as of the Cut-off
        Date.

       

      The
        Prepayment Charge Schedule shall be amended from time to time by the Depositor
        in accordance with the provisions of this Agreement and a copy of such amended
        Prepayment Charge Schedule shall be furnished by the Depositor to the NIMS
        Insurer and the related Servicer.

       

      “Prepayment
        Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
        that was the subject of a Principal Prepayment in full during the portion
        of the
        related Prepayment Period commencing on the first day of the calendar month
        in
        which the Distribution Date occurs and ending on the last day of the related
        Prepayment Period, an amount equal to interest (to the extent received) at
        the
        applicable Net Mortgage Rate on the amount of such Principal Prepayment for
        the
        number of days commencing on the first day of the calendar month in which
        such
        Distribution Date occurs and ending on the date on which such prepayment
        is so
        applied.

       

      “Prepayment
        Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
        Loan that was the subject of a voluntary Principal Prepayment in full during
        the
        portion of the related Prepayment Period commencing on the first day of the
        related Prepayment Period and ending on the last day of the calendar month
        preceding the month in which such Distribution Date occurs, an amount equal
        to
        interest on the Mortgage Loan at the applicable Net Mortgage Rate on the
        amount
        of such Principal Prepayment for the number of days commencing  on the
        date such Principal Prepayment was applied and ending on the last day of
        the
        calendar month preceding the month in which such Distribution Date
        occurs.

       

      “Prepayment
        Period”:  With respect to any Distribution Date and any Principal
        Prepayment in full and for any Mortgage Loan serviced by HomEq, the period
        commencing on the 16th day of the calendar month preceding the calendar month
        in
        which such Distribution Date occurs (or, in the case of the first Distribution
        Date, commencing on May 1, 2007) and ending on the 15th day of the calendar
        month in which such Distribution Date occurs.  With respect to any
        Distribution Date and any Principal Prepayment in full and for any Mortgage
        Loan
        serviced by Wells Fargo, the period commencing on the 14th day of the calendar
        month preceding the calendar month in which such Distribution Date occurs
        (or,
        in the case of the first Distribution Date, commencing on May 1, 2007) and
        ending on the 13th day of the calendar month in which such Distribution Date
        occurs.  With respect to any Distribution Date and any Principal
        Prepayment in part and for all the Mortgage Loans, the calendar month preceding
        the month in which the Distribution Date occurs.

       

      “Present
        Value Maximum Probable Exposure”: With
        respect
        to each Distribution
        Date, the sum of each Present Value Probable Cash Flow from, and including,
        such
        Distribution Date to, and including, the Termination Date in such derivative
        confirmation.

       

      “Present
        Value Probable Cash Flow”: With
        respect
        to each Distribution
        Date, the product of (i) the Probable Cash Flow and (ii) the Discount Factor
        applicable for such Distribution Date.

       

      “Principal
        Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
        day, the related Cut-off Date Principal Balance, minus all collections credited
        against the Cut-off Date Principal Balance of any such Mortgage Loan. For
        purposes of this definition, a Liquidated Mortgage Loan shall be deemed to
        have
        a Principal Balance equal to the Principal Balance of the related Mortgage
        Loan
        as of the final recovery of related Liquidation Proceeds and a Principal
        Balance
        of zero thereafter. As to any REO Property and any day, the Principal Balance
        of
        the related Mortgage Loan immediately prior to such Mortgage Loan becoming
        REO
        Property minus any REO Principal Amortization received with respect thereto
        on
        or prior to such day.

       

      “Principal
        Distribution Amount”: For any Distribution Date will be the sum of (i) the
        principal portion of all scheduled monthly payments on the Mortgage Loans
        due
        during the related Due Period, whether or not received on or prior to the
        related Determination Date; (ii) the principal portion of all proceeds received
        in respect of the repurchase of a Mortgage Loan (or, in the case of a
        substitution, certain amounts representing a principal adjustment) during
        the
        related Prepayment Period; (iii) the principal portion of all related Net
        Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and all full
        and
        partial principal prepayments, received during the related Prepayment Period,
        to
        the extent applied as recoveries of principal on the Mortgage Loans and (iv) any
        Extra Principal Distribution Amount for such Distribution Date minus (v)
        any
        Overcollateralization Release Amount for such Distribution Date.  In
        no event will the Principal Distribution Amount with respect to any Distribution
        Date be (x) less than zero or (y) greater than the then outstanding aggregate
        Certificate Principal Balance of the Class A and Mezzanine
        Certificates.

       

      “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 the full amount of scheduled
        interest due on any Due Date in any month or months subsequent to the month
        of
        prepayment.

       

      “Principal
        Remittance Amount”:  With respect to any Distribution Date, the sum
        of  the amounts set forth in clauses (i) through (iii) of the
        definition of Principal Distribution Amount.

       

      “Probable
        Cash Flow”: With
        respect to
        each Distribution Date, the product of (i) the Notional Balance in such
        derivative confirmation for such Distribution Date, divided by 12, and (ii)
        the
        excess, if any, of (a) the Projected Forward Rate over (b) the cap rate,
        as
        defined in the derivative confirmation attached hereto as Exhibit K or the
        fixed
        rate, as defined in the derivative confirmation attached hereto as Exhibit
        M, as
        applicable.  The Probable Cash Flow for each Distribution Date that
        precedes the Significance Percentage Calculation Date shall equal
        zero.

       

      “Projected
        Forward Rate”: With
        respect to each Distribution
        Date, the product of (i) One Month LIBOR (expressed as a percentage) for
        the related Accrual Period made available at Bloomberg Financial Markets,
        L.P.
        ("Bloomberg") by typing in the following keystrokes: FWCV US3 and inputting
“1”
as Forwards and Intervals, and (ii) the sum of 1 and the product of (a) a
        percentage volatility level, linearly interpolated based on "Mid USD Cap"
        volatility levels as obtained from Bloomberg within 15 calendar days of such
        Distribution
        Date by typing the keystrokes: TTCF , 1 , whose maturity date corresponds
        to the Termination Date in such derivative confirmation, (b) a factor of
        1.3,
        and (c) the square root of the number of days from the Significance Percentage
        Calculation Date to the first day of the Accrual Period for each related
        Distribution Date divided by 360.

       

      “Projected
        Zero Factor”:With
        respect to
        each Distribution Date, a fraction, the numerator of which is 1 and the
        denominator of which is the sum of (i) 1 and (ii) the Projected Forward Rate
        divided by 12.

       

      “Prospectus
        Supplement”: That certain Prospectus Supplement dated May 10, 2007 relating to
        the public offering of the Class A Certificates and the Mezzanine Certificates
        (other than the Class M-11 Certificates and the Class M-12
        Certificates).

       

      “Purchase
        Price”: With respect to any Mortgage Loan or REO Property to be purchased
        pursuant to or as contemplated by Section 2.03, Section 3.16(c) or
        Section 9.01, and as confirmed by an Officer’s Certificate from the related
        Servicer to the Trustee an amount equal to the sum of (i) 100% of the Stated
        Principal Balance thereof as of the date of purchase (or such other price
        as
        provided in Section 9.01), (ii) in the case of (x) a Mortgage Loan, accrued
        interest on such Stated Principal Balance at the applicable Net Mortgage
        Rate in
        effect from time to time from the Due Date as to which interest was last
        covered
        by a payment by the Mortgagor or an Advance, which payment or Advance had
        as of
        the date of purchase been distributed pursuant to Section 4.01, through the
        end of the calendar month in which the purchase is to be effected and (y)
        an REO
        Property, the sum of (1) accrued interest on such Stated Principal Balance
        at
        the applicable Net Mortgage Rate in effect from time to time from the Due
        Date
        as to which interest was last covered by a payment by the Mortgagor or an
        Advance by the related Servicer through the end of the calendar month
        immediately preceding the calendar month in which such REO Property was
        acquired, plus (2) REO Imputed Interest for such REO Property for each calendar
        month commencing with the calendar month in which such REO Property was acquired
        and ending with the calendar month in which such purchase is to be effected,
        net
        of the total of all net rental income, Insurance Proceeds, Liquidation Proceeds
        and Advances that as of the date of purchase had been distributed as or to
        cover
        REO Imputed Interest pursuant to Section 4.01, (iii) any unreimbursed
        Advances and Servicing Advances (including Nonrecoverable Advances and
        Nonrecoverable Servicing Advances) and any unpaid Servicing Fees allocable
        to
        such Mortgage Loan or REO Property, (iv) any amounts previously withdrawn
        from
        the Collection Account pursuant to Section 3.11(a)(ix) and Section 3.16(b)
        or
        the Distribution Account in respect of such Mortgage Loan or REO Property,
        and
        (v) in the case of a Mortgage Loan required to be purchased pursuant to
        Section 2.03, expenses reasonably incurred or to be incurred by the related
        Servicer, the Master Servicer, the NIMS Insurer, the Trust Administrator
        or the
        Trustee in respect of the breach or defect giving rise to the purchase
        obligation including any costs and damages incurred by the Trust in connection
        with any violation with respect to such loan of any predatory or abusive
        lending
        law.  With respect to each Originator and any Mortgage Loan or REO
        Property to be purchased pursuant to or as contemplated by Section 2.03 or
        10.01, an amount equal to the amount set forth pursuant to the terms of the
        related Originator Master Agreement.

       

      “Qualified
        Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
        Loan by the Seller or the Originator, as applicable, pursuant to the terms
        of
        this Agreement which must, on the date of such substitution, (i) have an
        outstanding Stated Principal Balance, after application of all scheduled
        payments of principal and interest due during or prior to the month of
        substitution, not in excess of, and not more than 5% less than, the Stated
        Principal Balance of the Deleted Mortgage Loan as of the Due Date in the
        calendar month during which the substitution occurs, (ii) have a Mortgage
        Rate
        not less than (and not more than one percentage point in excess of) the Mortgage
        Rate of the Deleted Mortgage Loan, (iii) with respect to any Adjustable-Rate
        Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage
        Rate of the Deleted Mortgage Loan, (iv) with respect to any Adjustable-Rate
        Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage
        Rate of the Deleted Mortgage Loan, (v) with respect to any Adjustable-Rate
        Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin
        of
        the Deleted Mortgage Loan, (vi) with respect to any Adjustable-Rate Mortgage
        Loan, have a next Adjustment Date not more than two months later than the
        next
        Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term
        to
        maturity not greater than (and not more than one year less than) that of
        the
        Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the
        Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio as of the date of
        substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
        Mortgage Loan as of such date, (x) have a risk grading determined by the
        Originator at least equal to the risk grading assigned on the Deleted Mortgage
        Loan, (xi) have a Prepayment Charge provision at least equal to the Prepayment
        Charge provision in the Deleted Mortgage Loan, (xii) [reserved] and (xiii)
        conform to each representation and warranty set forth in the related Originator
        Master Agreement and related Assignment Agreement applicable to the Deleted
        Mortgage Loan. In the event that one or more mortgage loans are substituted
        for
        one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
        shall be determined on the basis of aggregate principal balances, the Mortgage
        Rates described in clause (ii) hereof shall be determined on the basis of
        weighted average Mortgage Rates, the terms described in clause (vii) hereof
        shall be determined on the basis of weighted average remaining term to maturity,
        the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied
        as
        to each such mortgage loan, the risk gradings described in clause (x) hereof
        shall be satisfied as to each such mortgage loan and, except to the extent
        otherwise provided in this sentence, the representations and warranties
        described in clause (xiii) hereof must be satisfied as to each Qualified
        Substitute Mortgage Loan or in the aggregate, as the case may be.

       

      “Rating
        Agency” or “Rating Agencies”: Moody’s and S&P or their
        successors.  If such agencies or their successors are no longer in
        existence, “Rating Agencies” shall be such nationally recognized statistical
        rating agencies, or other comparable Persons, designated by the Depositor,
        notice of which designation shall be given to the Trustee and the Master
        Servicer.

       

      “Realized
        Loss”: With respect to any Liquidated Mortgage Loan or any Mortgage Loan charged
        off by a Servicer pursuant to this Agreement, the amount of loss realized
        equal
        to the portion of the Stated Principal Balance remaining unpaid after
        application of all Net Liquidation Proceeds in respect of such Mortgage
        Loan.  If a Servicer receives Subsequent Recoveries with respect to
        any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
        Loan will be reduced to the extent such recoveries are applied to principal
        distributions on any Distribution Date.

       

      “Record
        Date”: With respect to each Distribution Date and any Book-Entry Certificate,
        the Business Day immediately preceding such Distribution Date. With respect
        to
        each Distribution Date and any other Certificates, including any Definitive
        Certificates, the last Business Day of the month immediately preceding the
        month
        in which such Distribution Date occurs.

       

      “Reference
        Banks”:  Deutsche Bank AG, Barclay’s Bank PLC, The Tokyo Mitsubishi
        Bank and National Westminster Bank PLC and their successors in interest;
        provided, however, that if any of the foregoing banks are not suitable to
        serve
        as a Reference Bank, then any leading banks selected by the Trust Administrator
        (after consultation with the NIMS Insurer) which are engaged in transactions
        in
        Eurodollar deposits in the international Eurocurrency market (i) with an
        established place of business in London, (ii) not controlling, under the
        control
        of or under common control with the Depositor or any Affiliate thereof and
        (iii)
        which have been designated as such by the Trust Administrator.

       

      “Refinanced
        Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
        the related Mortgaged Property.

       

      “Regular
        Certificate”: Any Class A Certificate, Mezzanine Certificate, Class CE
        Certificate or Class P Certificate.

       

      “Regular
        Interest”: A “regular interest” in a REMIC within the meaning of
        Section 860G(a)(1) of the Code.

       

      “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.

       

      “Relevant
        Servicing Criteria”:  The Servicing Criteria applicable to the various
        parties, as set forth on Exhibit O attached hereto.  For clarification
        purposes, multiple parties can have responsibility for the same Relevant
        Servicing Criteria.

       

      “Relief
        Act”: The Servicemembers Civil Relief Act and any similar state
        laws.

       

      “Relief
        Act Interest Shortfall”: With respect to any Distribution Date and any Mortgage
        Loan, any reduction in the amount of interest collectible on such Mortgage
        Loan
        for the most recently ended calendar month as a result of the application
        of the
        Relief Act or any similar state or local law.

       

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

       

      “REMIC
        I”: The segregated pool of assets subject hereto, constituting the primary
        trust
        created hereby and to be administered hereunder, with respect to which a
        REMIC
        election is to be made, consisting of: (i) such Mortgage Loans and Prepayment
        Charges as from time to time are subject to this Agreement, together with
        the
        Mortgage Files relating thereto, and together with all collections thereon
        and
        proceeds thereof; (ii) any REO Property, together with all collections thereon
        and proceeds thereof; (iii) the Trustee’s rights with respect to the Mortgage
        Loans under all insurance policies, required to be maintained pursuant to
        this
        Agreement and any proceeds thereof; (iv) the Depositor’s rights under the
        Originator Master Agreements (including any security interest created thereby);
        and (v) the Collection Account, the Distribution Account (other than any
        amounts
        representing any Servicer Prepayment Charge Payment Amount or any Originator
        Prepayment Charge Payment Amount) and any REO Account, and such assets that
        are
        deposited therein from time to time and any investments thereof, together
        with
        any and all income, proceeds and payments with respect thereto. Notwithstanding
        the foregoing, however, REMIC I specifically excludes the Net WAC Rate Carryover
        Reserve Account, the Interest Rate Swap Agreement, the Swap Account, the
        Cap
        Account, the Interest Rate Cap Agreement, the Supplemental Interest Trust,
        any
        Servicer Prepayment Charge Payment Amounts or any Originator Prepayment Charge
        Payment Amounts, all payments and other collections of principal and interest
        due on the Mortgage Loans on or before the Cut-off Date and all Prepayment
        Charges payable in connection with Principal Prepayments made before the
        Cut-off
        Date.

       

      “REMIC
        I
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC I issued hereunder and designated as a “regular interest” in
        REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
        REMIC I 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 I Regular Interests are set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        I
        Remittance Rate”:  With respect to REMIC I Regular Interest I and
        REMIC I Regular Interest I-LTP, a per annum rate equal to the weighted average
        Adjusted Net Mortgage Rate of the Mortgage Loans. With respect to each REMIC
        I
        Regular Interest ending with the designation “A”, a per annum rate equal to the
        weighted average Adjusted Net Mortgage Rate of the Mortgage Loans multiplied
        by
        2, subject to a maximum rate of 10.900%.  With respect to each REMIC 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
        Net Mortgage Rate of the Mortgage Loans over (ii) 10.900% and (y)
        0.00%.

       

       “REMIC
        II”: The segregated pool of assets consisting of all of the REMIC I Regular
        Interests conveyed in trust to the Trustee, for the benefit of the REMIC
        II
        Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
        with respect to which a separate REMIC election is to be made.

       

      “REMIC
        II
        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 Accrual Periods for the indicated Regular Interests for such
        Distribution Date) equal to (a) the product of the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties then outstanding and (ii)
        the
        REMIC II Remittance Rate for REMIC II Regular Interest II-LTAA minus the
        Marker
        Rate, divided by (b) 12.

       

      “REMIC
        II
        Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
        the aggregate Uncertificated Balance of the REMIC II Regular Interests (other
        than REMIC II Regular Interest II-LTP and REMIC II Regular Interest II-LTIO)
        minus (ii) the aggregate Uncertificated Balance of REMIC II Regular Interest
        II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3,
        REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC
        II
        Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
        Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
        II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
        REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC
        II
        Regular Interest II-LTM11 and REMIC II Regular Interest II-LTM12, in each
        case
        as of such date of determination.

       

      “REMIC
        II
        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 REO Properties then outstanding and (ii) 1 minus a fraction,
        the numerator of which is two times the aggregate Uncertificated Balance
        of
        REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
        II
        Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
        Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
        II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
        REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
        II
        Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
        Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest
        II-LTM12 and the denominator of which is the aggregate Uncertificated Balance
        of
        REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
        II
        Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
        Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
        II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
        REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
        II
        Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
        Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest
        II-LTM12 and REMIC II Regular Interest II-LTZZ.

       

      “REMIC
        II
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC II issued hereunder and designated as a “regular interest” in
        REMIC II. Each REMIC II Regular Interest shall accrue interest at the related
        REMIC II Remittance Rate in effect from time to time, and shall be entitled
        to
        distributions of principal (other than REMIC II Regular Interest II-LTIO),
        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 REMIC II Regular Interests are as follows:  REMIC II Regular
        Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
        II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4,
        REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC
        II
        Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular
        Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest
        II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9,
        REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC
        II
        Regular Interest II-LTM12, REMIC II Regular Interest II-LTP and REMIC II
        Regular
        Interest I-TLZZ and REMIC II Regular Interest II-LTIO.  REMIC II
        Regular Interest II-LTP shall also be entitled to any Prepayment Charges
        received by the Trust Fund.

       

      “REMIC
        II
        Remittance Rate”: With respect to REMIC II Regular Interest II-LTAA, REMIC II
        Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
        Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
        II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
        REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
        II
        Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
        Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
        II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest
        II-LTM12, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest
        II-LTP, a per annum rate (but not less than zero) equal to the weighted average
        of (v) with respect to REMIC I Regular Interest I, and REMIC I Regular Interest
        I-LTP, the REMIC I Remittance Rate for such REMIC I Regular Interest for
        each
        such Distribution Date, (w) with respect to REMIC I Regular Interests ending
        with the designation “B”, the weighted average of the REMIC I Remittance Rates
        for such REMIC I Regular Interests, weighted on the basis of the Uncertificated
        Principal Balance of such REMIC I Regular Interests for each such Distribution
        Date and (x) with respect to REMIC I 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 I Regular Interest listed below,
        weighted on the basis of the Uncertificated Principal Balance of each such
        REMIC
        I Regular Interest for each such Distribution Date:

       

      
        	
                
                  Distribution
                    Date

                

              	
                
                  REMIC
                    1 Regular Interest

                

              	
                
                  Rate

                

              
	
                1

              	
                I-1-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	
                2

              	
                I-2-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                3

              	
                I-3-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  and I-2-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                4

              	
                I-4-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-3-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                5

              	
                I-5-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-4-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                6

              	
                I-6-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-5-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                7

              	
                I-7-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-6-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                8

              	
                I-8-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-7-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                9

              	
                I-9-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-8-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                10

              	
                I-10-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-9-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                11

              	
                I-11-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-10-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                12

              	
                I-12-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-11-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                13

              	
                I-13-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-12-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                14

              	
                I-14-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-13-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                15

              	
                I-15-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-14-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                16

              	
                I-16-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-15-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                17

              	
                I-17-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-16-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                18

              	
                I-18-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-17-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                19

              	
                I-19-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-18-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                20

              	
                I-20-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-19-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                21

              	
                I-21-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-20-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                22

              	
                I-22-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-21-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                23

              	
                I-23-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-22-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                24

              	
                I-24-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-23-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                25

              	
                I-25-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-24-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                26

              	
                I-26-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-25-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                27

              	
                I-27-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-26-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                28

              	
                I-28-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-27-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                29

              	
                I-29-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-28-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                30

              	
                I-30-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-29-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                31

              	
                I-31-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-30-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                32

              	
                I-32-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-31-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                33

              	
                I-33-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-32-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                34

              	
                I-34-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-33-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                35

              	
                I-35-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-34-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                36

              	
                I-36-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-35-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                37

              	
                I-37-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-36-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                38

              	
                I-38-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-37-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                39

              	
                I-39-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-38-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                40

              	
                I-40-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-39-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                41

              	
                I-41-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-40-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                42

              	
                I-42-A
                  and I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-41-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                43

              	
                I-43-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-42-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                44

              	
                I-44-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-43-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                45

              	
                I-45-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-44-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                46

              	
                I-46-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-45-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                47

              	
                I-47-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-46-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                48

              	
                I-48-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-47-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                49

              	
                I-49-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-48-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                50

              	
                I-50-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-49-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                51

              	
                I-51-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-50-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                52

              	
                I-52-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-51-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                53

              	
                I-53-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-52-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                54

              	
                I-54-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-53-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                55

              	
                I-55-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-54-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                56

              	
                I-56-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-55-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                57

              	
                I-57-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-56-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                58

              	
                I-58-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-57-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                59

              	
                I-59-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-58-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                60

              	
                I-60-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-59-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                61

              	
                I-61-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-60-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                62

              	
                I-62-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-61-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                63

              	
                I-63-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-62-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                64

              	
                I-64-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-63-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                65

              	
                I-65-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-64-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                66

              	
                I-66-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-65-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                67

              	
                I-67-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-66-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                68

              	
                I-68-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-67-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                69

              	
                I-69-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-68-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                70

              	
                I-70-A
                  through I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-69-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                71

              	
                I-71-A
                  and I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-70-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                72

              	
                I-72-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Remittance Rate

              
	 	
                I-1-A
                  through I-71-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              
	
                thereafter

              	
                I-1-A
                  through I-72-A

              	
                Uncertificated
                  REMIC 1 Remittance Rate

              

      

      

       

      With
        respect to REMIC II Regular Interest II-LTIO, and (a) the first 60 Distribution
        Dates, the excess of (i) the weighted average of the REMIC I Remittance Rates
        for REMIC I Regular Interests ending with the designation “A”, over (ii) 2
        multiplied by Swap LIBOR, and (b) thereafter, 0.00%.

       

      “REMIC
        II
        Required Overcollateralized Amount”: 1.00% of the Overcollateralization Target
        Amount.

       

      “REMIC
        III”: The segregated pool of assets consisting of all of the REMIC II Regular
        Interests conveyed in trust to the Trustee, for the benefit of the REMIC
        III
        Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
        with respect to which a separate REMIC election is to be made.

       

      “REMIC
        III Certificate”: Any Regular Certificate (other than a Class CE Certificate or
        Class P Certificate) or Class R Certificate.

       

      “REMIC
        III Certificateholder”: The Holder of any REMIC III Certificate.

       

      “REMIC
        III Regular Interest”: Any Class A Certificate, Mezzanine Certificate, the Class
        CE Interest, the Class P Interest or the Class Swap-IO Interest.

       

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

       

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

       

      “REMIC
        VI”: The segregated pool of assets consisting of all of the Class Swap-IO
        Interest conveyed in trust to the Trustee, for the benefit of the Holders
        of the
        REMIC VI Regular Interest SWAP-IO and the Class R-X Certificate (in respect
        of
        the Class R-VI 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 REMICs, which
        appear at Section 860A through 860G 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”: Any REMIC I Regular Interest, REMIC II Regular Interest,
        REMIC III Regular Interest or REMIC VI Regular Interest SWAP-IO.

       

      “REMIC
        Remittance Rate”: The REMIC I Remittance Rate or the REMIC II Remittance
        Rate.

       

      “Remittance
        Report”: A report prepared by each Servicer and delivered to the Trust
        Administrator and the NIMS Insurer pursuant to Section 4.03.

       

      “Rents
        from Real Property”: With respect to any REO Property, gross income of the
        character described in Section 856(d) of the Code as being included in the
        term “rents from real property.”

       

      “REO
        Account”: The account or accounts maintained, or caused to be maintained, by
        each Servicer in respect of an REO Property pursuant to Section
        3.23.

       

      “REO
        Disposition”: The sale or other disposition of an REO Property on behalf of
        REMIC I.

       

      “REO
        Imputed Interest”: As to any REO Property, for any calendar month during which
        such REO Property was at any time part of REMIC I, one month’s interest at the
        applicable Net Mortgage Rate on the Stated Principal Balance of such REO
        Property (or, in the case of the first such calendar month, of the related
        Mortgage Loan, if appropriate) as of the close of business on the Distribution
        Date in such calendar month.

       

      “REO
        Principal Amortization”: With respect to any REO Property, for any calendar
        month, the excess, if any, of (a) the aggregate of all amounts received in
        respect of such REO Property during such calendar month, whether in the form
        of
        rental income, sale proceeds (including, without limitation, that portion
        of the
        Termination Price paid in connection with a purchase of all of the Mortgage
        Loans and REO Properties pursuant to Section 9.01 that is allocable to such
        REO
        Property) or otherwise, net of any portion of such amounts (i) payable pursuant
        to Section 3.23(c) in respect of the proper operation, management and
        maintenance of such REO Property or (ii) payable or reimbursable to the related
        Servicer pursuant to Section 3.23(d) for unpaid Servicing Fees in respect
        of the
        related Mortgage Loan and unreimbursed Advances and Servicing Advances in
        respect of such REO Property or the related Mortgage Loan, over (b) the REO
        Imputed Interest in respect of such REO Property for such calendar
        month.

       

      “REO
        Property”: A Mortgaged Property acquired by a Servicer on behalf of REMIC I
        through foreclosure or deed-in-lieu of foreclosure, as described in Section
        3.23.

       

      “Reportable
        Event”:  The meaning set forth in Section 4.06(a)(iii).

       

      “Request
        for Release”:  A request for release in such electronic or other
        format as shall be mutually agreed to by the Custodian and the related Servicer,
        in substantially the form of Exhibit E attached hereto.

       

      “Reserve
        Interest Rate”: With respect to any Interest Determination Date, the rate per
        annum that the Trust Administrator determines to be either (i) the arithmetic
        mean (rounded upwards if necessary to the nearest whole multiple of 1/16%)
        of
        the one-month U.S. dollar lending rates which New York City banks selected
        by
        the Trust Administrator are quoting on the relevant Interest Determination
        Date
        to the principal London offices of leading banks in the London interbank
        market
        or (ii) in the event that the Trust Administrator can determine no such
        arithmetic mean, the lowest one-month U.S. dollar lending rate which New
        York
        City banks selected by the Trust Administrator are quoting on such Interest
        Determination Date to leading European banks.

       

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

       

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

       

      “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 or the Trust 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, the Cashier, any assistant
        cashier, any trust officer or assistant trust officer, the Controller and
        any
        assistant controller or any other officer of the Trustee or the Trust
        Administrator, as applicable, customarily performing functions similar to
        those
        performed by any of the above designated officers, in each case, having direct
        responsibility for the administration of this Agreement, and, with respect
        to a
        particular matter relating to this Agreement, to whom such matter is referred
        because of such officer’s knowledge of and familiarity with the particular
        subject.

       

      “Reuters
        Screen LIBOR01 Page” means the display page currently so designated on the
        Reuters Monitor Money Rates Service (or such other page as may replace that
        page
        on that service for the purpose of displaying comparable rates or
        prices).

       

      “Rolling
        Three Month Delinquency Percentage”: With respect to any Distribution Date, the
        average of the Delinquency Percentages for each of the three (or one or two,
        with respect to the first or second Distribution Date, respectively) immediately
        preceding months.

       

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

       

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

       

      “Sarbanes-Oxley
        Certification”:  The meaning set forth in Section
        4.06(a)(iv).

       

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

       

      “Seller”:
        UBS Real Estate Securities Inc. or its successor in interest, in its capacity
        as
        Seller under the Assignment Agreements.

       

      “Senior
        Principal Distribution Amount”: The excess of (x) the aggregate Certificate
        Principal Balance of the Class A Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 49.30% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the excess of the aggregate Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period)
        over  $4,292,887.76.

       

      “Servicer”:
        Either HomEq, with respect to the HomEq Mortgage Loans or Wells Fargo, with
        respect to the Wells Fargo Mortgage Loans, or any successor Servicer appointed
        as herein provided, each in its capacity as a Servicer hereunder.

       

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

       

      “Servicer
        Prepayment Charge Payment Amount”: The amounts payable by a Servicer in respect
        of any waived Prepayment Charges pursuant to Section 3.01.

       

      “Servicer
        Remittance Date”: With respect to any Distribution Date, the 18th day of
        the
        calendar month in which such Distribution Date occurs or, if such 18th day is
        not a
        Business Day, the Business Day immediately following.

       

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

       

      “Servicing
        Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
        related Servicer in connection with a default, delinquency or other
        unanticipated event by the related Servicer in the performance of its servicing
        obligations, including, but not limited to, the cost of (i) the preservation,
        restoration, inspection and protection of a Mortgaged Property, (ii) any
        enforcement, administration or judicial proceedings, including foreclosures,
        in
        respect of a particular Mortgage Loan, 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 (including reasonable
        fees
        in connection therewith) and liquidation of any REO Property, (iv) taxes,
        assessments, water rates, sewer rents and other charges which are or may
        become
        a lien upon the Mortgage Property and (v) the performance of its obligations
        under Section 3.01, Section 3.09, Section 3.13, Section 3.14, Section 3.16
        and
        Section 3.23.  Servicing Advances shall also include any reasonable
“out-of-pocket” costs and expenses (including legal fees) incurred by the
        related Servicer in connection with executing and recording instruments of
        satisfaction, deeds of reconveyance or Assignments of Mortgage in connection
        with any foreclosure in respect of any Mortgage Loan to the extent not recovered
        from the related Mortgagor or otherwise payable under this
        Agreement.  No Servicer shall be required to make any Servicing
        Advance in respect of a Mortgage Loan or REO Property that, in the good faith
        business judgment of the related Servicer would not be ultimately recoverable
        from related Insurance Proceeds or Liquidation Proceeds on such Mortgage
        Loan or
        REO Property as provided herein. No Servicer shall be required to make any
        Servicing Advance that would be a Nonrecoverable Advance.

       

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

       

      “Servicing
        Fee”: With respect to each Mortgage Loan, the amount of the annual fee paid to
        each Servicer, which shall, for a period of one full month, be equal to
        one-twelfth of the product of (a) the Servicing Fee Rate (without regard
        to the
        words “per annum”) and (b) the Stated Principal Balance of such Mortgage Loan as
        of the first day of the related Due Period.  Such fee shall be payable
        monthly, computed on the basis of the same principal amount and period
        respecting which any related interest payment on a Mortgage Loan is
        received.  The obligation for payment of the Servicing Fee is limited
        to, and the Servicing Fee is payable solely from, the interest portion
        (including recoveries with respect to interest from Liquidation Proceeds)
        of
        such Monthly Payment collected by the related Servicer, or as otherwise provided
        under Section 3.11.

       

      “Servicing
        Fee Rate”: With respect to each Mortgage Loan, the rate of 0.5000% per
        annum.

       

      “Servicing
        Function Participant” means any Sub-Servicer or Subcontractor of a Servicer,
        determined by the Servicer to be participating in the servicing function,
        the
        Master Servicer, the Custodian or the Trust Administrator,
        respectively.  For the avoidance of doubt, the Custodian shall be
        considered a Servicing Function Participant without regard to the threshold
        percentage set forth in instruction 2 of Item 1122 of Regulation
        AB.

       

      “Servicing
        Officer”: Any employee of a 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 a Servicer to the Master Servicer, the
        Trust
        Administrator, the Trustee 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
        Trustee, the Trust Administrator and the Depositor upon request, as such
        list
        may from time to time be amended.

       

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

       

      “Significance
        Percentage”: The percentage equivalent of a fraction, the numerator of which is
        the highest of each Present Value Maximum Probable Exposure and the denominator
        of which is the aggregate Certificate Principal Balance of the Class A and
        Mezzanine Certificates that are supported by the derivatives (after giving
        effect to all distributions on such Distribution
        Date in such derivative confirmation).

       

      “Significance
        Percentage Calculation Date”: Shall mean no later than the respective
        Distribution Date.

       

      “Single
        Certificate”: With respect to any Class of Certificates (other than the Class P
        Certificates and the Residual Certificates), a hypothetical Certificate of
        such
        Class evidencing a Percentage Interest for such Class corresponding to an
        initial Certificate Principal Balance of $1,000. With respect to the Class
        P
        Certificates and the Residual Certificates, a hypothetical Certificate of
        such
        Class evidencing a 100% Percentage Interest in such Class.

       

      “Startup
        Day”: With respect to each Trust REMIC, the day designated as such pursuant to
        Section 10.01(b) hereof.

       

      “Stated
        Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
        determination up to but not including the Distribution Date on which the
        proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
        would be distributed, the Cut-off Date Principal Balance of such Mortgage
        Loan,
        as shown in the Mortgage Loan Schedule, minus the sum of (i) the principal
        portion of each Monthly Payment due on a Due Date subsequent to the Cut-off
        Date, to the extent received from the Mortgagor or advanced by the related
        Servicer and distributed pursuant to Section 4.01 on or before such date of
        determination, (ii) all Principal Prepayments received after the Cut-off
        Date,
        to the extent distributed pursuant to Section 4.01 on or before such date
        of determination, (iii) all Liquidation Proceeds and Insurance Proceeds applied
        by the related Servicer as recoveries of principal in accordance with the
        provisions of Section 3.16, to the extent distributed pursuant to
        Section 4.01 on or before such date of determination, and (iv) any Realized
        Loss incurred with respect thereto as a result of a Deficient Valuation made
        during or prior to the Prepayment Period for the most recent Distribution
        Date
        coinciding with or preceding such date of determination; and (b) as of any
        date
        of determination coinciding with or subsequent to the Distribution Date on
        which
        the proceeds, if any, of a Liquidation Event with respect to such Mortgage
        Loan
        would be distributed, zero. With respect to any REO Property: (a) as of any
        date
        of determination up to but not including the Distribution Date on which the
        proceeds, if any, of a Liquidation Event with respect to such REO Property
        would
        be distributed, an amount (not less than zero) equal to the Stated Principal
        Balance of the related Mortgage Loan as of the date on which such REO Property
        was acquired on behalf of REMIC I, minus the sum of (i) if such REO Property
        was
        acquired before the Distribution Date in any calendar month, the principal
        portion of the Monthly Payment due on the Due Date in the calendar month
        of
        acquisition, to the extent advanced by the Servicer and distributed pursuant
        to
        Section 4.01 on or before such date of determination, and (ii) the
        aggregate amount of REO Principal Amortization in respect of such REO Property
        for all previously ended calendar months, to the extent distributed pursuant
        to
        Section 4.01 on or before such date of determination; and (b) as of any
        date of determination coinciding with or subsequent to the Distribution Date
        on
        which the proceeds, if any, of a Liquidation Event with respect to such REO
        Property would be distributed, zero.

       

      “Stepdown
        Date”:  The earlier to occur of (i) the first Distribution Date
        immediately succeeding 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 Credit Enhancement Percentage
        (calculated for this purpose only after taking into account payments of
        principal on the Mortgage Loans) for the Class A Certificates is equal to
        or
        greater than 50.70%.

       

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

       

      “Subordinate
        Certificates”:  The Mezzanine Certificates and the Class CE
        Certificates.

       

      “Sub-Servicer”
        means any Person that services Mortgage Loans on behalf of a Servicer, and
        is
        responsible for the performance (whether directly or through sub-servicers
        or
        Subcontractors) of a substantial portion of the material servicing functions
        required to be performed under this Agreement, any related Servicing Agreement
        or any sub-servicing agreement that are identified in Item 1122(d) of Regulation
        AB.

       

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

       

      “Sub-Servicing
        Agreement”: The written contract between the related Servicer and a
        Sub-Servicer, relating to servicing and administration of certain Mortgage
        Loans, which meets the requirements set forth in Section 3.02.

       

      “Subsequent
        Recoveries”: As of any Distribution Date, unexpected amounts received by the
        Servicer (net of any related expenses permitted to be reimbursed to the Servicer
        or the Master Servicer) specifically related to a Mortgage Loan that was
        the
        subject of a liquidation or an REO Disposition prior to the related Prepayment
        Period that resulted in a Realized Loss.

       

      “Substitution
        Adjustment Amount”: As defined in Section 2.03(b).

       

      “Supplemental
        Interest Trust”:  As defined in Section 4.08(a).

       

      “Supplemental
        Interest Trust Trustee”: Wells Fargo Bank, N. A., a national banking
        association, not in its individual capacity but solely in its capacity as
        supplemental interest trust trustee, and any successor thereto.

       

      “Swap
        Account”: The account or accounts created and maintained pursuant to Section
        4.08. The Swap Account must be an Eligible Account.

       

      “Swap
        Administration Agreement”: As defined in Section 4.08(b).

       

      “Swap
        Administrator”: Wells Fargo, a national banking association, or any successor in
        interest not in its individual capacity but solely as swap administrator
        under
        the Swap Administration Agreement, or any successor swap administrator appointed
        pursuant to the Swap Administration Agreement.

       

      “Swap
        Collateral Account”: Shall mean the segregated trust account created and
        maintained by the Swap Administrator pursuant to Section 4.11
        hereof.

       

      “Swap
        Credit Support Annex”: The credit support annex dated the closing date between
        the Swap Provider and the Supplemental Interest Trust Trustee, which is annexed
        to and forms part of the Interest Rate Swap Agreement.

       

      “Swap
        Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
        of Certificates resulting from the application of the Net WAC Rate due to
        a
        discrepancy between the Uncertificated Notional Amounts of the Class SWAP-IO
        Interest and the scheduled notional amount pursuant to the Swap Administration
        Agreement.

       

      “Swap
        LIBOR”: A per annum
        rate equal to the floating rate payable by either Swap
        Provider under the
Interest
        Rate
Swap
        Agreement.

       

       “Swap
        Provider”: The swap provider under the Interest Rate Swap
        Agreement.  Initially, the Swap Provider shall be UBS AG.

       

      “Swap
        Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
        an Event of Default under the Interest Rate Swap Agreement with respect to
        which
        the Swap Provider is a Defaulting Party (as defined in the Interest Rate
        Swap
        Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
        with
        respect to which the Swap Provider is the sole Affected Party (as defined
        in the
        Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
        the
        Interest Rate Swap Agreement with respect to which the Swap Provider is the
        sole
        Affected Party (as defined in the Interest Rate Swap Agreement).

       

      “Swap
        Termination Payment”: The payment due under the Interest Rate Swap Agreement
        upon the early termination of the Interest Rate Swap Agreement.

       

      “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 the Trust Fund due to the classification of portions thereof
        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.

       

       “Termination
        Price”: As defined in Section 9.01.

       

      “Terminator”:
        As defined in Section 9.01.

       

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

       

      “Transferee”:
        Any Person who is acquiring by Transfer 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 on or after the Stepdown Date if:

       

      (b)  the
        Rolling-Three Month Delinquency Percentage exceeds 31.50% of the Credit
        Enhancement Percentage; or

       

      (c)  the
        aggregate amount of Realized Losses incurred since the Cut-off Date through
        the
        last day of the related Due Period (reduced by the aggregate amount of
        Subsequent Recoveries received since the Cut-off Date through the last day
        of
        the related Due Period) divided by the aggregate Stated Principal Balance
        of the
        Mortgage Loans as of the Cut-off Date exceeds the applicable percentages
        set
        forth below with respect to such Distribution Date:

       

      
        	
                
                  Distribution
                    Date Occurring In

                

              	
                
                  Percentage

                

              
	
                June
                  2009 through May 2010

              	
                1.45%
                  for the first month, plus an additional 1/12th of 1.80% for each
                  month
                  thereafter

              
	
                June
                  2010 through May 2011

              	
                3.25%
                  for the first month, plus an additional 1/12th of 1.90% for each
                  month
                  thereafter

              
	
                June
                  2011 through May 2012

              	
                5.15%
                  for the first month, plus an additional 1/12th of 1.50% for each
                  month
                  thereafter

              
	
                June
                  2012 through May 2013

              	
                6.65%
                  for the first month, plus an additional 1/12th of 0.80% for each
                  month
                  thereafter

              
	
                June
                  2013 and thereafter

              	
                7.45%

              

      

      

      “Trust
        Administrator”:  Wells Fargo, or any successor in interest, or any
        successor trust administrator appointed as herein provided.

       

      “Trust
        Fund”: Collectively, all of the assets of REMIC I, REMIC II, REMIC III, REMIC
        IV, REMIC V and REMIC VI, the Net WAC Rate Carryover Reserve Account,
        distributions made to the Trust Administrator by the Swap Administrator under
        the Swap Administration Agreement to the Swap Account and the other assets
        conveyed by the Depositor to the Trustee pursuant to Section 2.01.

       

      “Trust
        REMIC”: Any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC
        VI.

       

      “Trustee”:
        U.S. Bank National Association, a national banking association, or its successor
        in interest, or any successor trustee appointed as herein provided.

       

       “Uncertificated
        Balance”: The amount of any REMIC Regular Interest (other than REMIC II Regular
        Interest II-LTIO) outstanding as of any date of determination. As of the
        Closing
        Date, the Uncertificated Balance of each REMIC Regular Interest (other than
        REMIC II Regular Interest II-LTIO) shall equal the amount set forth in the
        Preliminary Statement hereto as its initial uncertificated balance. On each
        Distribution Date, the Uncertificated Balance of each REMIC Regular Interest
        (other than REMIC II Regular Interest II-LTIO) shall be reduced by all
        distributions of principal made on such REMIC Regular Interest on such
        Distribution Date pursuant to Section 4.01 and, if and to the extent
        necessary and appropriate, shall be further reduced on such Distribution
        Date by
        Realized Losses as provided in Section 4.04. The Uncertificated Balance of
        REMIC II Regular Interest II-LTZZ shall be increased by interest deferrals
        as
        provided in Section 4.01(a)(1). The Uncertificated Balance of each REMIC
        Regular Interest (other than REMIC II Regular Interest II-LTIO) shall never
        be
        less than zero.  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 II Regular Interests
        over (B) the then aggregate Certificate Principal Balances of the Class A
        Certificates, Mezzanine Certificates and the Class P Interest then
        outstanding.

       

      “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
        Balance or Uncertificated Notional Amount thereof immediately prior to such
        Distribution Date.  Uncertificated Interest in respect of any REMIC I
        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 (a) the aggregate Prepayment Interest Shortfall, if any, for such
        Distribution Date to the extent not covered by Compensating Interest and
        (b) the
        aggregate amount of any Relief Act Interest Shortfall, if any allocated,
        in each
        case, to such REMIC Regular Interest pursuant to
        Section 1.02.  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 1.02 and Section 4.04.

       

      “Uncertificated
        Notional Amount”:  With respect to REMIC II Regular Interest II-LTIO
        and each Distribution Date listed below, the aggregate Uncertificated Principal
        Balance of the REMIC I Regular Interests ending with the designation “A” listed
        below:

       

      
        	
                
                  Distribution
                    Date

                

              	
                
                  REMIC
                    I Regular Interests

                

              
	
                1

              	
                I-1-A
                  through I-72-A

              
	
                2

              	
                I-2-A
                  through I-72-A

              
	
                3

              	
                I-3-A
                  through I-72-A

              
	
                4

              	
                I-4-A
                  through I-72-A

              
	
                5

              	
                I-5-A
                  through I-72-A

              
	
                6

              	
                I-6-A
                  through I-72-A

              
	
                7

              	
                I-7-A
                  through I-72-A

              
	
                8

              	
                I-8-A
                  through I-72-A

              
	
                9

              	
                I-9-A
                  through I-72-A

              
	
                10

              	
                I-10-A
                  through I-72-A

              
	
                11

              	
                I-11-A
                  through I-72-A

              
	
                12

              	
                I-12-A
                  through I-72-A

              
	
                13

              	
                I-13-A
                  through I-72-A

              
	
                14

              	
                I-14-A
                  through I-72-A

              
	
                15

              	
                I-15-A
                  through I-72-A

              
	
                16

              	
                I-16-A
                  through I-72-A

              
	
                17

              	
                I-17-A
                  through I-72-A

              
	
                18

              	
                I-18-A
                  through I-72-A

              
	
                19

              	
                I-19-A
                  through I-72-A

              
	
                20

              	
                I-20-A
                  through I-72-A

              
	
                21

              	
                I-21-A
                  through I-72-A

              
	
                22

              	
                I-22-A
                  through I-72-A

              
	
                23

              	
                I-23-A
                  through I-72-A

              
	
                24

              	
                I-24-A
                  through I-72-A

              
	
                25

              	
                I-25-A
                  through I-72-A

              
	
                26

              	
                I-26-A
                  through I-72-A

              
	
                27

              	
                I-27-A
                  through I-72-A

              
	
                28

              	
                I-28-A
                  through I-72-A

              
	
                29

              	
                I-29-A
                  through I-72-A

              
	
                30

              	
                I-30-A
                  through I-72-A

              
	
                31

              	
                I-31-A
                  through I-72-A

              
	
                32

              	
                I-32-A
                  through I-72-A

              
	
                33

              	
                I-33-A
                  through I-72-A

              
	
                34

              	
                I-34-A
                  through I-72-A

              
	
                35

              	
                I-35-A
                  through I-72-A

              
	
                36

              	
                I-36-A
                  through I-72-A

              
	
                37

              	
                I-37-A
                  through I-72-A

              
	
                38

              	
                I-38-A
                  through I-72-A

              
	
                39

              	
                I-39-A
                  through I-72-A

              
	
                40

              	
                I-40-A
                  through I-72-A

              
	
                41

              	
                I-41-A
                  through I-72-A

              
	
                42

              	
                I-42-A
                  through I-72-A

              
	
                43

              	
                I-43-A
                  through I-72-A

              
	
                44

              	
                I-44-A
                  through I-72-A

              
	
                45

              	
                I-45-A
                  through I-72-A

              
	
                46

              	
                I-46-A
                  through I-72-A

              
	
                47

              	
                I-47-A
                  through I-72-A

              
	
                48

              	
                I-48-A
                  through I-72-A

              
	
                49

              	
                I-49-A
                  through I-72-A

              
	
                50

              	
                I-50-A
                  through I-72-A

              
	
                51

              	
                I-51-A
                  through I-72-A

              
	
                52

              	
                I-52-A
                  through I-72-A

              
	
                53

              	
                I-53-A
                  through I-72-A

              
	
                54

              	
                I-54-A
                  through I-72-A

              
	
                55

              	
                I-55-A
                  through I-72-A

              
	
                56

              	
                I-56-A
                  through I-72-A

              
	
                57

              	
                I-57-A
                  through I-72-A

              
	
                58

              	
                I-58-A
                  through I-72-A

              
	
                59

              	
                I-59-A
                  through I-72-A

              
	
                60

              	
                I-60-A
                  through I-72-A

              
	
                61

              	
                I-61-A
                  through I-72-A

              
	
                62

              	
                I-62-A
                  through I-72-A

              
	
                63

              	
                I-63-A
                  through I-72-A

              
	
                64

              	
                I-64-A
                  through I-72-A

              
	
                65

              	
                I-65-A
                  through I-72-A

              
	
                66

              	
                I-66-A
                  through I-72-A

              
	
                67

              	
                I-67-A
                  through I-72-A

              
	
                68

              	
                I-68-A
                  through I-72-A

              
	
                69

              	
                I-69-A
                  through I-72-A

              
	
                70

              	
                I-70-A
                  through I-72-A

              
	
                71

              	
                I-71-A
                  and I-72-A

              
	
                72

              	
                I-72-A

              
	
                thereafter

              	
                $0.00

              

      

      

      With
        respect to the Class Swap-IO Interest and any Distribution Date, an amount
        equal
        to the Uncertificated Notional Amount of the REMIC II Regular Interest
        II-LTIO.

       

      “Uninsured
        Cause”: Any cause of damage to a Mortgaged Property such that the complete
        restoration of such property is not fully reimbursable by the hazard insurance
        policies required to be maintained pursuant to Section 3.14.

       

      “United
        States Person”: A citizen or resident of the United States, a corporation,
        partnership or other entity created or organized in, or under the laws of,
        the
        United States, 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 Class R Certificates
        and
        Class R-X 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 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, 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.
        The term “United States” shall have the meaning set forth in Section 7701
        of the Code.

       

      “Unpaid
        Interest Shortfall Amount”: With respect to the Class A Certificates and the
        Mezzanine Certificates and (i) the first Distribution Date, zero, and (ii)
        any
        Distribution Date after the first Distribution Date, the amount, if any,
        by
        which (a) the sum of (1) the Monthly Interest Distributable Amount for such
        Class for the immediately preceding Distribution Date and (2) the outstanding
        Unpaid Interest Shortfall Amount, if any, for such Class for such 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 preceding
        Distribution Date, plus interest on the amount of interest due but not paid
        on
        the Certificates of such Class on such preceding Distribution Date, to the
        extent permitted by law, at the Pass-Through Rate for such Class for the
        related
        Accrual Period.

       

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

       

      (i)
        the
        lesser of (a) the value thereof as determined by an appraisal made for the
        Originator at the time of origination of the Mortgage Loan by an appraiser
        who
        met the minimum requirements of Fannie Mae and Freddie Mac, and (b) the value
        thereof as determined by a review appraisal conducted by the Originator in
        the
        event any such review appraisal determines an appraised value more than 10%
        lower than the value thereof, in the case of a Mortgage Loan with a
        Loan-to-Value Ratio less than or equal to 80%, or more than 5% lower than
        the
        value thereof, in the case of a Mortgage Loan with a Loan-to-Value Ratio
        greater
        than 80%, as determined by the appraisal referred to in clause (i)(a) above;
        and

       

      (ii)
        the
        purchase price paid for the related Mortgaged Property by the Mortgagor with
        the
        proceeds of the Mortgage Loan; provided, however, that in the case of a
        Refinanced Mortgage Loan or a Mortgage Loan originated in connection with
        a
“lease option purchase” if the “lease option purchase price” was set 12 months
        or more prior to origination, such value of the Mortgaged Property is based
        solely upon clause (i) above.

       

      “Voting
        Rights”: The portion of the voting rights of all of the Certificates which is
        allocated to any Certificate. With respect to any date of determination,
        98% of
        all Voting Rights will be allocated among the holders of the Class A
        Certificates, the Mezzanine Certificates and the Class CE Certificates in
        proportion to the then outstanding Certificate Principal Balances of their
        respective Certificates, 1% of all Voting Rights will be allocated to the
        holders of the Class P Certificates and 1% of all Voting Rights will be
        allocated among the holders of the Residual Certificates. The Voting Rights
        allocated to each Class of Certificate shall be allocated among Holders of
        each
        such Class in accordance with their respective Percentage Interests as of
        the
        most recent Record Date. The Class X Certificates shall have no Voting
        Rights.

       

      “Wells
        Fargo”:  Wells Fargo Bank, N.A.

       

      “Wells
        Fargo Mortgage Loans”: The Mortgage Loans serviced by Wells Fargo.

       

      
        	
                SECTION
                  1.02.  

              	
                Allocation
                  of Certain Interest Shortfalls.

              

      

       

      For
        purposes of calculating the amount of the Monthly Interest Distributable
        Amount
        for the Class A Certificates, the Mezzanine Certificates and the Class CE
        Certificates for any Distribution Date, (1) the aggregate amount of any
        Prepayment Interest Shortfalls (to the extent not covered by Compensating
        Interest Payments by the Servicer or the Master Servicer) and any Relief
        Act
        Interest Shortfall 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 respective
        Pass-Through Rate on the respective Notional Amount of each such Certificate
        and, thereafter, among the Class A Certificates and the Mezzanine Certificates
        on a pro rata basis based on, and to the extent of, one month’s
        interest at the then applicable respective Pass-Through Rate on the respective
        Certificate Principal Balance of each such Certificate and (2) the aggregate
        amount of any Realized Losses and Net WAC Rate Carryover Amounts incurred
        for
        any Distribution Date shall be allocated to the Class CE Certificates based
        on,
        and to the extent of, one month’s interest at the then applicable respective
        Pass-Through Rate on the respective Notional Amount of each such
        Certificate.

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        I
        Regular Interests for any Distribution Date, the aggregate amount of any
        Prepayment Interest Shortfalls (to the extent not covered by payments by
        the
        Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
        incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
        I
        Regular Interest I and to the REMIC I Regular Interests ending with the
        designation “B”, pro rata based on, and to the extent of, one month’s
        interest at the then applicable respective REMIC I Remittance Rates on the
        respective Uncertificated Balances of each such REMIC I Regular Interest,
        and
        then, to REMIC I Regular Interests ending with the designation “A”, pro rata
        based on, and to the extent of, one month’s interest at the then applicable
        respective REMIC I Remittance Rates on the respective Uncertificated Balances
        of
        each such REMIC I Regular Interest.

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        II
        Regular Interests for any Distribution Date, the aggregate amount of any
        Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
        in respect of the Mortgage Loans for any Distribution Date shall be allocated
        among REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
        REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
        II
        Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
        Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
        II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
        REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
        II
        Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
        Interest II-LTM11, REMIC II Regular Interest II-LTM12 and REMIC II Regular
        Interest II-LTZZ, pro rata, based on, and to the extent of, one month’s
        interest at the then applicable respective REMIC II Remittance Rates on the
        respective Uncertificated Balances of each such REMIC II Regular
        Interest.

       

      
        	
                SECTION
                  1.03.  

              	
                Rights
                  of the NIMS Insurer.

              

      

       

      Each
        of
        the rights of the NIMS Insurer set forth in this Agreement shall exist so
        long
        as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
        issued pursuant to the Indenture and (ii) the notes issued pursuant to the
        Indenture remain outstanding or the NIMS Insurer is owed amounts in respect
        of
        its guarantee of payment on such notes; provided, however, the NIMS Insurer
        shall not have any rights hereunder (except pursuant to Section 11.01 and
        any rights to indemnification hereunder in the case of clause (ii) below)
        so
        long as (i) the NIMS Insurer has not undertaken to guarantee certain payments
        of
        notes issued pursuant to the Indenture or (ii) any default has occurred and
        is
        continuing under the insurance policy issued by the NIMS Insurer with respect
        to
        such notes.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      
        	
                SECTION
                  2.01.  

              	
                Conveyance
                  of the Mortgage Loans.

              

      

       

      The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee without recourse,
        for the benefit of the Certificateholders, all the right, title and interest
        of
        the Depositor, including any security interest therein for the benefit of
        the
        Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
        Schedule, the rights of the Depositor under the Assignment Agreements, payments
        made to the Trust Administrator by the Swap Administrator under the Swap
        Administration Agreement and the Swap Account and all other assets included
        or
        to be included in REMIC I.  Such assignment includes all interest and
        principal received by the Depositor or the Servicer on or with respect to
        the
        Mortgage Loans (other than payments of principal and interest due on such
        Mortgage Loans on or before the Cut-off Date). Any payments received on the
        Mortgage Loans after the Cut-off Date, whether in the form of Monthly Payments,
        Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, Subsequent
        Recoveries or any other amounts collected on such Mortgage Loan, shall be
        used
        first to satisfy any amounts due on such Mortgage Loan on or prior to the
        Cut-off Date, to the Person and in the amount certified by the Servicer to
        the
        Depositor on the Closing Date.  The Depositor herewith delivers to the
        Trustee executed originals of each Assignment Agreement.

       

      In
        connection with such transfer and assignment, the Depositor does hereby deliver
        to, and deposit with, to the Custodian (on behalf of the Trustee), with respect
        the Mortgage Loans, the following documents or instruments with respect to
        each
        Mortgage Loan so transferred and assigned (a “Mortgage File”):

       

      (i)  the
        original Mortgage Note, endorsed in blank or in the following form: “Pay to the
        order of U.S. Bank National Association, as Trustee under the applicable
        agreement, without recourse,” with all prior and intervening endorsements
        showing a complete chain of endorsement from the related Originator to the
        Person so endorsing to the Trustee;

       

      (ii)  the
        original 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 thereon, and the original recorded
        power
        of attorney, if the Mortgage was executed pursuant to a power of attorney,
        with
        evidence of recording thereon;

       

      (iii)  unless
        the Mortgage Loan is registered on the MERS® System, an original Assignment in
        blank;

       

      (iv)  the
        original recorded Assignment or Assignments showing a complete chain of
        assignment from the related Originator to the Person assigning the Mortgage
        to
        the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System
        and noting the presence of the MIN) as contemplated by the immediately preceding
        clause (iii);

       

      (v)  the
        original or copies of each assumption, modification, written assurance or
        substitution agreement, if any; and

       

      (vi)  the
        original lender’s title insurance policy, together with all endorsements or
        riders that were issued with or subsequent to the issuance of such policy,
        insuring the priority of the Mortgage as a first or second lien on the Mortgaged
        Property represented therein as a fee interest vested in the Mortgagor, or
        in
        the event such original title policy is unavailable, a written commitment
        or
        uniform binder or preliminary report of title issued by the title insurance
        or
        escrow company.

       

      With
        respect to a maximum of 1.0% of the Mortgage Loans, by outstanding Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date, if any original
        Mortgage Note referred to in Section 2.01(i) above cannot be located, the
        obligations of the Depositor to deliver such documents shall be deemed to
        be
        satisfied upon delivery to the Trustee (or the Custodian on behalf of the
        Trustee) of a photocopy of such Mortgage Note, if available, with a lost
        note
        affidavit substantially in the form of Exhibit I attached hereto.  If
        any of the original Mortgage Notes for which a lost note affidavit was delivered
        to the Trustee (or the Custodian on behalf of the Trustee) with respect to
        the
        related Mortgage Files, is subsequently located, such original Mortgage Note
        shall be delivered to the Trustee (or the Custodian on behalf of the Trustee)
        within three Business Days.

       

      Except
        with respect to any Mortgage Loan for which MERS is identified on the Mortgage
        or on a properly recorded assignment of the Mortgage as the mortgagee of
        record,
        the Trustee (upon receipt of notice from the Custodian) shall promptly (within
        sixty Business Days following the later of the Closing Date and the date
        of
        receipt by the Trustee or the Custodian on behalf of the Trustee of the
        recording information for a Mortgage, but in no event later than ninety days
        following the Closing Date) enforce the obligations of the related Originator
        pursuant to the terms of the related Originator Master Agreement to submit
        or
        cause to be submitted for recording, at no expense to the Trust Fund, the
        Trustee, the Trust Administrator, the Custodian, the Servicer, the Master
        Servicer or the Depositor, in the appropriate public office for real property
        records, each Assignment referred to in Sections 2.01(iii) and (iv) above
        and in
        connection therewith, the Trustee (upon receipt of notice from the Custodian)
        shall enforce the obligation of each Originator pursuant to the terms of
        the
        related Originator Master Agreement to execute each original Assignment in
        the
        following form: “U.S. Bank National Association, as Trustee under the applicable
        agreement.”  In the event that any such Assignment is lost or returned
        unrecorded because of a defect therein, the Trustee (upon receipt of notice
        from
        the Custodian) shall enforce the obligation of each Originator pursuant to
        the
        related Originator Master Agreement to promptly prepare or cause to be prepared
        a substitute Assignment or cure or cause to be cured such defect, as the
        case
        may be, and thereafter cause each such Assignment to be duly
        recorded.

       

      In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Depositor further agrees that it will cause, within 30 Business
        Days
        after the Closing Date, the MERS® System to indicate that such Mortgage Loans
        have been assigned by the Depositor 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.

       

      If
        any of
        the documents referred to in Sections 2.01(ii), (iii) or (iv) has, as of
        the
        Closing Date, been submitted for recording but either (x) has not been returned
        from the applicable public recording office or (y) has been lost or such
        public
        recording office has retained the original of such document, the obligations
        of
        the Depositor to deliver such documents shall be deemed to be satisfied upon
        (1)
        delivery to the Trustee (or the Custodian on behalf of the
        Trustee)  of a copy of each such document certified by the related
        Originator in the case of (x) above or the applicable public recording office
        in
        the case of (y) above to be a true and complete copy of the original that
        was
        submitted for recording and (2) if such copy is certified by the related
        Originator, delivery to the Trustee (or the Custodian on behalf of the Trustee)
        promptly upon receipt thereof of either the original or a copy of such document
        certified by the applicable public recording office to be a true and complete
        copy of the original.

       

      If
        the
        original lender’s title insurance policy was not delivered pursuant to Section
        2.01(vi) above, the Depositor shall deliver or cause to be delivered to the
        Trustee (or the Custodian on behalf of the Trustee), promptly after receipt
        thereof, the original lender’s title insurance policy with a copy thereof to the
        Servicer.  The Depositor shall deliver or cause to be delivered to the
        Trustee (or the Custodian on behalf of the Trustee) promptly upon receipt
        thereof any other original documents constituting a part of a Mortgage File
        received with respect to any Mortgage Loan, including, but not limited to,
        any
        original documents evidencing an assumption or modification of any Mortgage
        Loan
        with a copy thereof to the Servicer.

       

      The
        Depositor shall deliver or cause each Originator, the Trustee or the Custodian
        on behalf of the Trustee to deliver to the Servicer copies of all trailing
        documents required to be included in the servicing file at the same time
        the
        originals or certified copies thereof are delivered to the Trustee or the
        Custodian, such documents including but not limited to the mortgagee policy
        of
        title insurance and any mortgage loan documents upon return from the recording
        office.  The Servicer shall not be responsible for any custodian fees
        or other costs incurring in obtaining such documents and the Depositor shall
        cause the Servicer to be reimbursed for any such costs it may incur in
        connection with performing its obligations under this
        Agreement.  Subject to Section 6.03(a), the Servicer shall have no
        liability as a result of an inability to service any Mortgage Loan due to
        its
        failure to receive any documents missing from the Mortgage File or servicing
        file.

       

      All
        original documents relating to the Mortgage Loans that are not delivered
        to the
        Trustee (or the Custodian on behalf of the Trustee) are and shall be held
        by or
        on behalf of the related Originator, the Seller, the Depositor or the Servicer,
        as the case may be, in trust for the benefit of the Trustee on behalf of
        the
        Certificateholders. In the event that any such original document is required
        pursuant to the terms of this Section 2.01 to be a part of a Mortgage File,
        such
        document shall be delivered promptly to the Trustee (or the Custodian on
        behalf
        of the Trustee).  Any such original document delivered to or held by
        the Depositor that is not required pursuant to the terms of this Section
        to be a
        part of a Mortgage File, shall be delivered promptly to the
        Servicer.

       

      The
        Depositor and the Trustee hereto understand and agree that it is not intended
        that any Mortgage Loan be included in the Trust that is a “High-Cost Home Loan”
as defined by the Homeownership and Equity Protection Act of 1994 or any
        other
        applicable predatory or abusive lending laws.

       

      
        	
                SECTION
                  2.02.  

              	
                Acceptance
                  of REMIC I by Trustee.

              

      

       

      The
        Trustee acknowledges receipt (or receipt by the Custodian on behalf of the
        Trustee), subject to the provisions of Section 2.01 and subject to any
        exceptions noted on the exception report described in the next paragraph
        below,
        of the documents referred to in Section 2.01 (other than such documents
        described in Section 2.01(v)) above and all other assets included in the
        definition of “REMIC I” under clauses (i), (iii), (iv) and (v) (to the extent of
        amounts deposited into the Distribution Account) and declares that it holds
        and
        will hold such documents and the other documents delivered to it constituting
        a
        Mortgage File, and that it holds or will hold all such assets and such other
        assets included in the definition of “REMIC I” in trust for the exclusive use
        and benefit of all present and future Certificateholders.

       

      The
        Trustee (or the Custodian on behalf of the Trustee) agrees to execute and
        deliver to the Depositor and the NIMS Insurer on or prior to the Closing
        Date an
        acknowledgment of receipt of the original Mortgage Notes (with any exceptions
        noted), substantially in the form attached as Exhibit C-3 hereto.

       

      The
        Trustee (or the Custodian on behalf of the Trustee) agrees, for the benefit
        of
        the Certificateholders and the NIMS Insurer, to review each Mortgage File
        and,
        within 45 days of the Closing Date, to deliver to the Depositor, the NIMS
        Insurer, the Trustee, the Servicer and the Master Servicer a certification
        in
        substantially the form attached hereto as Exhibit C-1 that, as to each Mortgage
        Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
        in
        full or any Mortgage Loan specifically identified in the exception report
        annexed thereto as not being covered by such certification), (i) all documents
        constituting part of such Mortgage File (other than such documents described
        in
        Section 2.01(v)) required to be delivered to it pursuant to this Agreement
        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, the information set forth in the
        Mortgage Loan Schedule that corresponds to items (1), (3), (12), (15) and
        (18)
        of the definition of “Mortgage Loan Schedule” accurately reflects information
        set forth in the Mortgage File.  It is herein acknowledged that, in
        conducting such review, the Trustee (or the Custodian on behalf of the Trustee)
        is under no duty or obligation (i) to inspect, review or examine any such
        documents, instruments, certificates or other papers to determine whether
        they
        are genuine, enforceable, or appropriate for the represented purpose or whether
        they have actually been recorded or that they are other than what they purport
        to be on their face or (ii) to determine whether any Mortgage File should
        include any of the documents specified in clause (v) of Section
        2.01.

       

      Prior
        to
        the first anniversary date of this Agreement, the Trustee (or the Custodian
        on
        behalf of the Trustee) shall deliver to the Depositor, the NIMS Insurer,
        the
        Trustee, the Servicer and the Master Servicer a final certification in the
        form
        annexed hereto as Exhibit C-2 evidencing the completeness of the Mortgage
        Files,
        with any applicable exceptions noted thereon, and the Servicer shall forward
        a
        copy thereof to any Sub-Servicer.

       

      If
        in the
        process of reviewing the Mortgage Files and making or preparing, as the case
        may
        be, the certifications referred to above, the Trustee (or the Custodian on
        behalf of the Trustee) finds any document or documents constituting a part
        of a
        Mortgage File to be missing or defective in any material respect, at the
        conclusion of its review the Trustee (or the Custodian on behalf of the Trustee)
        shall so notify the Depositor, the NIMS Insurer, the Trustee, the Servicer
        and
        the Master Servicer.  In addition, upon the discovery by the
        Depositor, the NIMS Insurer, the Servicer or the Master Servicer of a breach
        of
        any of the representations and warranties made by an Originator under the
        related Originator Master Agreement or the Seller in an Assignment Agreement
        in
        respect of any Mortgage Loan which materially adversely affects such Mortgage
        Loan or the interests of the related Certificateholders in such Mortgage
        Loan,
        the party discovering such breach shall give prompt written notice to the
        other
        parties.

       

      The
        Trustee (or the Custodian on behalf of the Trustee) shall, at the written
        request and expense of any Certificateholder, provide a written report to
        the
        Trust Administrator for forwarding to such Certificateholder of all related
        Mortgage Files released to the Servicer for servicing purposes.

       

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

       

      Notwithstanding
        anything to the contrary contained herein, the parties hereto acknowledge
        that
        the functions of the Trustee with respect to the custody, acceptance,
        inspection, receipt  and release of the Mortgage Files and other
        documentation pursuant to Section 2.01, 2.02 and 2.03 and preparation and
        delivery of the acknowledgements of receipt and the certifications required
        under such sections shall be performed by the Custodian pursuant to the terms
        and conditions of this Agreement.

       

      
        	
                SECTION
                  2.03.  

              	
                Repurchase
                  or Substitution of Mortgage Loans by an Originator or the
                  Seller.

              

      

       

      (a)  Upon
        receipt of written notice from the Custodian of any materially defective
        document in, or that a document is missing from, a Mortgage File or from
        the
        Depositor, a Servicer, the Master Servicer, the Trust Administrator or the
        Custodian of the breach by an Originator or the Seller of any representation,
        warranty or covenant under the related Originator Master Agreement or Assignment
        Agreement, as applicable (including any representation, warranty or covenant
        regarding the Prepayment Charge Schedule), in respect of any Mortgage Loan
        that
        materially adversely affects the value of such Mortgage Loan or the interest
        therein of the Certificateholders, the Trustee shall promptly notify such
        Originator, the Trust Administrator, the NIMS Insurer, the Seller, the Servicer
        and the Master Servicer of such defect, missing document or breach and request
        that the related Originator or the Seller, as applicable, deliver such missing
        document or cure such defect or breach within 90 days from the date such
        Originator or the Seller, as applicable, was notified of such missing document,
        defect or breach, and if the Trustee receives written notice from the Depositor,
        a Servicer, the Master Servicer, the Trust Administrator or the Custodian,
        that
        the related Originator or the Seller, as applicable, has not delivered such
        missing document or cured such defect or breach in all material respects
        during
        such period, the Trustee shall enforce the obligations of such Originator
        or the
        Seller, as applicable, under the related Master Agreement or Assignment
        Agreement to repurchase such Mortgage Loan from REMIC I at the Purchase Price.
        The Purchase Price for the repurchased Mortgage Loan shall be remitted to
        the
        Servicer for deposit in the Collection Account and the Trustee (or the Custodian
        on behalf of the Trustee), upon receipt of written certification from the
        Servicer of such deposit, shall release to the related Originator or the
        Seller,
        as applicable, the related Mortgage File and the Trustee shall execute and
        deliver such instruments of transfer or assignment, in each case without
        recourse, as the related Originator or the Seller, as applicable, shall furnish
        to it and as shall be necessary to vest in such Originator or the Seller,
        as
        applicable, any Mortgage Loan released pursuant hereto.  In
        furtherance of the foregoing, if an Originator or the Seller, as applicable,
        is
        not a member of MERS and repurchases a Mortgage Loan which is registered
        on the
        MERS® System, the related Originator or the Seller, as applicable, at its own
        expense and without any right of reimbursement, shall cause MERS to execute
        and
        deliver an assignment of the Mortgage in recordable form to transfer the
        Mortgage from MERS to the related Originator or the Seller, as applicable,
        and
        shall cause such Mortgage to be removed from registration on the MERS® System in
        accordance with MERS’ rules and regulations.  Neither the Trustee nor
        the Custodian shall have any further responsibility with regard to such Mortgage
        File.  In lieu of repurchasing any such Mortgage Loan as provided
        above, if so provided in the related Originator Master Agreement or Assignment
        Agreement, an Originator or the Seller, as applicable, may cause such Mortgage
        Loan to be removed from REMIC I (in which case it shall become a Deleted
        Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans
        in
        the manner and subject to the limitations set forth in Section 2.03(b);
        provided, however, the related Originator or the Seller, as applicable, may
        not
        substitute a Qualified Substitute Mortgage Loan for any Deleted Mortgage
        Loan
        that violates any predatory or abusive lending law.  It is understood
        and agreed that the obligation of the Originators or the Seller, as applicable,
        to cure or to repurchase (or to substitute for) any Mortgage Loan as to which
        a
        document is missing, a material defect in a constituent document exists or
        as to
        which such a breach has occurred and is continuing shall constitute the sole
        remedy respecting such omission, defect or breach available to the Trustee
        and
        the Certificateholders.

       

      (b)  Any
        substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage
        Loans
        made pursuant to Section 2.03(a) must be effected prior to the date which
        is two years after the Startup Day for REMIC I.

       

      As
        to any
        Deleted Mortgage Loan for which an Originator or the Seller, as applicable,
        substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution
        shall be effected by such Originator or the Seller, as applicable, delivering
        to
        the Trustee (or the Custodian on behalf of the Trustee), for such Qualified
        Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage, the
        Assignment in blank or to the Trustee (or the Custodian on behalf of the
        Trustee), and such other documents and agreements, with all necessary
        endorsements thereon, as are required by Section 2.01, together with an
        Officers’ Certificate providing that each such Qualified Substitute Mortgage
        Loan satisfies the definition thereof and specifying the Substitution Adjustment
        Amount (as described below), if any, in connection with such
        substitution.  The Trustee (or the Custodian on behalf of the Trustee)
        shall acknowledge receipt for such Qualified Substitute Mortgage Loan or
        Loans
        and, within ten Business Days thereafter, review such documents as specified
        in
        Section 2.02 and deliver to the Depositor, the NIMS Insurer and the Servicer,
        with respect to such Qualified Substitute Mortgage Loan or Loans, a
        certification substantially in the form attached hereto as Exhibit C-1, with
        any
        applicable exceptions noted thereon.  Within one year of the date of
        substitution, the Trustee (or the Custodian on behalf of the Trustee) shall
        deliver to the Depositor, the NIMS Insurer and the Servicer a certification
        substantially in the form of Exhibit C-2 hereto with respect to such Qualified
        Substitute Mortgage Loan or Loans, with any applicable exceptions noted
        thereon.  Monthly Payments due with respect to Qualified Substitute
        Mortgage Loans in the month of substitution are not part of REMIC I and will
        be
        retained by the related Originator or the Seller, as applicable.  For
        the month of substitution, distributions to Certificateholders will reflect
        the
        Monthly Payment due on such Deleted Mortgage Loan on or before the Due Date
        in
        the month of substitution, and the related Originator or the Seller, as
        applicable, shall thereafter be entitled to retain all amounts subsequently
        received in respect of such Deleted Mortgage Loan.  The Depositor
        shall give or cause to be given written notice to the Certificateholders
        and the
        NIMS Insurer that such substitution has taken place, shall amend the Mortgage
        Loan Schedule to reflect the removal of such Deleted Mortgage Loan from the
        terms of this Agreement and the substitution of the Qualified Substitute
        Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage
        Loan
        Schedule to the Master Servicer, the Trust Administrator, the Trustee, the
        Custodian, the Servicer and the NIMS Insurer.  Upon such substitution,
        such Qualified Substitute Mortgage Loan or Loans shall constitute part of
        the
        Mortgage Pool and shall be subject in all respects to the terms of this
        Agreement and the related Originator Master Agreement or Assignment Agreement,
        as applicable, including, all applicable representations and warranties thereof
        included therein.

       

      For
        any
        month in which an Originator or the Seller, as applicable, substitutes one
        or
        more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage
        Loans,
        the Servicer will determine the amount (the “Substitution Adjustment Amount”),
        if any, by which the aggregate Purchase Price of all such Deleted Mortgage
        Loans
        exceeds the aggregate of, as to each such Qualified Substitute Mortgage Loan,
        the Stated Principal Balance thereof as of the date of substitution, together
        with one month’s interest on such Stated Principal Balance at the applicable Net
        Mortgage Rate, plus all outstanding Advances and Servicing Advances (including
        Nonrecoverable Advances and Nonrecoverable Servicing Advances) related
        thereto.  On the date of such substitution, the related Originator or
        the Seller, as applicable, will deliver or cause to be delivered to the Servicer
        for deposit in the Collection Account an amount equal to the Substitution
        Adjustment Amount if any, and the Trustee (or the Custodian on behalf of
        the
        Trustee), upon receipt of the related Qualified Substitute Mortgage Loan
        or
        Loans and written notice by the Servicer of such deposit, shall release to
        the
        related Originator or the Seller, as applicable, the related Mortgage File
        or
        Files and the Trustee shall execute and deliver such instruments of transfer
        or
        assignment, in each case without recourse, the related Originator or the
        Seller,
        as applicable, shall deliver to it and as shall be necessary to vest therein
        any
        Deleted Mortgage Loan released pursuant hereto.

       

      In
        addition, the related Originator or the Seller, as applicable, shall obtain
        at
        its own expense and deliver to the Trustee, the Trust Administrator and the
        NIMS
        Insurer an Opinion of Counsel to the effect that such substitution will not
        cause (a) any federal tax to be imposed on any Trust REMIC, 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 Trust REMIC to fail to qualify
        as a
        REMIC at any time that any Certificate is outstanding.

       

      (c)  Upon
        discovery by the Depositor, the Servicer, the NIMS Insurer, any Originator,
        the
        Seller, the Master Servicer or the Trust Administrator that any Mortgage
        Loan
        does not constitute a “qualified mortgage” within the meaning of Section
        860G(a)(3) of the Code, the party discovering such fact shall within two
        Business Days give written notice thereof to the other parties hereto and
        the
        Trustee shall give written notice to the related Originator and the Seller.
        In
        connection therewith, the related Originator, the Seller or the Depositor
        shall
        repurchase or, subject to the limitations set forth in Section 2.03(b),
        substitute one or more Qualified Substitute Mortgage Loans for the affected
        Mortgage Loan within 90 days of the earlier of discovery or receipt of such
        notice with respect to such affected Mortgage Loan. Such repurchase or
        substitution shall be made by (i) the related Originator or the Seller, as
        the
        case may be, if the affected Mortgage Loan’s status as a non-qualified mortgage
        is or results from a breach of any representation, warranty or covenant made
        by
        such Originator or the Seller, as the case may be, under the related Originator
        Master Agreement or Assignment Agreement, or (ii) the Depositor, if the affected
        Mortgage Loan’s status as a non-qualified mortgage is a breach of no
        representation or warranty.  Any such repurchase or substitution shall
        be made in the same manner as set forth in Section 2.03(a).  The
        Trustee shall reconvey to the Depositor, the related Originator or the Seller,
        as the case may be, 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.

       

      
        	
                SECTION
                  2.04.  

              	
                Reserved.

              

      

       

      
        	
                SECTION
                  2.05.  

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

              

      

       

      (a)  HomEq
        hereby represents, warrants and covenants to the Trust Administrator and
        the
        Trustee, for the benefit of each of the Trustee, the Trust Administrator,
        the
        Certificateholders and to the Depositor that as of the Closing Date or as
        of
        such date specifically provided herein:

       

      (i)  HomEq
        is
        duly organized, validly existing, and in good standing under the laws of
        the
        jurisdiction of its formation and has all licenses necessary to carry on
        its
        business as now being conducted and is licensed, qualified and in good standing
        in the states where the Mortgaged Property is located if the laws of such
        state
        require licensing or qualification in order to conduct business of the type
        conducted by HomEq or to ensure the enforceability or validity of each Mortgage
        Loan; HomEq has the power and authority to execute and deliver this Agreement
        and to perform in accordance herewith; the execution, delivery and performance
        of this Agreement (including all instruments of transfer to be delivered
        pursuant to this Agreement) by HomEq and the consummation of the transactions
        contemplated hereby have been duly and validly authorized; this Agreement
        evidences the valid, binding and enforceable obligation of HomEq, subject
        to
        applicable bankruptcy, insolvency, reorganization, moratorium or other similar
        laws affecting the enforcement of creditors’ rights generally; and all requisite
        corporate action has been taken by HomEq to make this Agreement valid and
        binding upon HomEq in accordance with its terms;

       

      (ii)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of HomEq and will not result in the material
        breach
        of any term or provision of the charter or by-laws of HomEq or result in
        the
        breach of any term or provision of, or conflict with or constitute a default
        under or result in the acceleration of any obligation under, any material
        agreement, indenture or loan or credit agreement or other instrument to which
        HomEq or its property is subject, or result in the violation of any law,
        rule,
        regulation, order, judgment or decree to which HomEq or its property is
        subject;

       

      (iii)  The
        execution and delivery of this Agreement by HomEq and the performance and
        compliance with its obligations and covenants hereunder do not require the
        consent or approval of any governmental authority or, if such consent or
        approval is required, it has been obtained;

       

      (iv)  This
        Agreement, and all documents and instruments contemplated hereby which are
        executed and delivered by HomEq, constitute and will constitute valid, legal
        and
        binding obligations of HomEq, enforceable in accordance with their respective
        terms, except as the enforcement thereof may be limited by applicable bankruptcy
        laws and general principles of equity;

       

      (v)  HomEq
        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;

       

      (vi)  There
        is
        no action, suit, proceeding or investigation pending or, to its knowledge,
        threatened against HomEq that, either individually or in the aggregate, (A)
        may
        result in any change in the business, operations, financial condition,
        properties or assets of HomEq that might prohibit or materially and adversely
        affect the performance by HomEq of its obligations under, or validity or
        enforceability of, this Agreement, or (B) may result in any material impairment
        of the right or ability of HomEq to carry on its business substantially as
        now
        conducted, or (C) would draw into question the validity or enforceability
        of
        this Agreement or of any action taken or to be taken in connection with the
        obligations of HomEq contemplated herein, or (D) would otherwise be likely
        to
        impair materially the ability of HomEq to perform under the terms of this
        Agreement;

       

      (vii)  No
        information, certificate of an officer, statement furnished in writing or
        report
        delivered to the Trustee or the Trust Administrator by HomEq in connection
        with
        the transactions contemplated hereby contains any untrue statement of a material
        fact;

       

      (viii)  HomEq
        covenants that its computer and other systems used in servicing the Mortgage
        Loans operate in a manner such that HomEq can service the Mortgage Loans
        in
        accordance with the terms of this Agreement;

       

      (ix)  HomEq
        will not waive any Prepayment Charge unless it is waived in accordance with
        the
        standard set forth in Section 3.01;

       

      (x)  HomEq
        has
        accurately and fully reported, and will continue to accurately and fully
        report
        on a monthly basis, its borrower credit files to each of the three national
        credit repositories in a timely manner;

       

      (xi)  HomEq
        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; and

       

      (xii)  HomEq
        will transmit full-file credit reporting data for each Mortgage Loan pursuant
        to
        Fannie Mae Guide Announcement 95-19 and that for each Mortgage Loan, HomEq
        agrees to report one of the following statuses each month as
        follows:  new origination, current, delinquent (30-, 60-, 90-days,
        etc.), foreclosed or charged off.

       

      Wells
        Fargo, in its capacity as a Servicer, hereby represents, warrants and covenants
        to the Trust Administrator and the Trustee, for the benefit of each of the
        Trustee, the Trust Administrator, the Certificateholders and to the Depositor
        that as of the Closing Date or as of such date specifically provided
        herein:

       

      (xiii)  Wells
        Fargo is a national banking association duly formed, validly existing and
        in
        good standing under the laws of the United States of America and is duly
        authorized and qualified to transact any and all business contemplated by
        this
        Agreement to be conducted by Wells Fargo;

       

      (xiv)  Wells
        Fargo has the full power and authority to conduct its business as presently
        conducted by it and to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement.  Wells
        Fargo has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming the due authorization, execution and delivery thereof  by the
        Trustee, the Depositor, the Master Servicer and the Trust Administrator,
        constitutes a legal, valid and binding obligation of Wells Fargo, enforceable
        against Wells Fargo in accordance with its terms except as the enforceability
        thereof may be limited by bankruptcy, insolvency, reorganization or similar
        laws
        affecting the enforcement of creditors' rights generally, laws affecting
        the
        contract obligations of insured banks and by general principles of
        equity;

       

      (xv)  The
        execution and delivery of this Agreement by Wells Fargo, the servicing of
        the
        related Mortgage Loans by Wells Fargo hereunder, the consummation by Wells
        Fargo
        of any other of the transactions herein contemplated, and the fulfillment
        of or
        compliance with the terms hereof are in the ordinary course of business of
        Wells
        Fargo and will not (A) result in a breach of any term or provision of the
        charter of by-laws of Wells Fargo or (B) conflict with, result in a breach,
        violation or acceleration of, or result in a default under, the terms of
        any
        other material agreement or instrument to which Wells Fargo is a party or
        by
        which it may be bound, or any statute, order or regulation applicable to
        Wells
        Fargo of any court, regulatory body, administrative agency or governmental
        body
        having jurisdiction over Wells Fargo; and Wells Fargo is not a party to,
        bound
        by, or in breach or violation of any indenture or other agreement or instrument,
        or subject to or in violation of any statute, order or regulation of any
        court,
        regulatory body, administrative agency or governmental body having jurisdiction
        over it, which materially and adversely affects or, to Wells Fargo's knowledge,
        would in the future materially and adversely affect, (x) the ability of Wells
        Fargo to perform its obligations under this Agreement, (y) the business,
        operations, financial condition, properties or assets of Wells Fargo taken
        as a
        whole or (z) the legality, validity or enforceability of this
        Agreement;

       

      (xvi)  Wells
        Fargo is a HUD approved mortgagee pursuant to Section 203 and Section 211
        of the
        National Housing Act and is an approved seller/servicer for Fannie Mae or
        Freddie Mac in good standing. No event has occurred, including but not limited
        to a change in insurance coverage, that would make Wells Fargo unable to
        comply
        with HUD eligibility requirements or that would require notification to
        HUD;

       

      (xvii)  Wells
        Fargo does not believe, nor does it have any reason or cause to believe,
        that it
        cannot perform each and every covenant made by it and contained in this
        Agreement;

       

      (xviii)  No
        litigation is pending against Wells Fargo that would materially and adversely
        affect the execution, delivery or enforceability of this Agreement or the
        ability of Wells Fargo to service the Mortgage Loans serviced by it or to
        perform any of its other obligations hereunder in accordance with the terms
        hereof

       

      (xix)  There
        are
        no actions or proceedings against, or investigations known to it of, Wells
        Fargo
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the consummation of
        the
        transactions contemplated by this Agreement or (C) that might prohibit or
        materially and adversely affect the performance by Wells Fargo of its
        obligations under, or the validity or enforceability of, this
        Agreement;

       

      (xx)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by Wells Fargo
        of,
        or compliance by Wells Fargo with, this Agreement or the consummation by
        it of
        the transactions contemplated by this Agreement, except for such consents,
        approvals, authorizations or orders, if any, that have been obtained prior
        to
        the Closing Date; and

       

      (xxi)  Wells
        Fargo 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 2.05 shall survive delivery of the Mortgage Files to
        the
        Trustee or to the Custodian on its behalf and shall inure to the benefit
        of the
        Trustee, the Trust Administrator, the Depositor and the Certificateholders.
        Upon
        discovery by any of the Depositor, the Servicer, the NIMS Insurer, the Trust
        Administrator or the Trustee of a breach of any of the foregoing
        representations, warranties and covenants which materially and adversely
        affects
        the value of any Mortgage Loan or the interests therein of the
        Certificateholders, the party discovering such breach shall give prompt written
        notice (but in no event later than two Business Days following such discovery)
        to the Servicer, the NIMS Insurer, the Trustee and the Trust Administrator.
        Subject to Section 7.01(a), the obligation of the Servicer set forth in Section
        2.03(c) to cure breaches shall constitute the sole remedies against the Servicer
        available to the Certificateholders, the Depositor, the Trust Administrator
        or
        the Trustee on behalf of the Certificateholders respecting a breach of the
        representations, warranties and covenants contained in this Section
        2.05.

       

      (b)  The
        Master Servicer hereby represents, warrants and covenants to the Trustee,
        for
        the benefit of each of the Trustee and the Certificateholders, and to the
        Servicer, the NIMS Insurer and the Depositor that as of the Closing Date
        or as
        of such date specifically provided herein:

       

      (i)  The
        Master Servicer is a national banking association duly formed, validly existing
        and in good standing under the laws of the United States of America and is
        duly
        authorized and qualified to transact any and all business contemplated by
        this
        Agreement to be conducted by the Master Servicer;

       

      (ii)  The
        Master Servicer has the full power and authority to conduct its business
        as
        presently conducted by it and to execute, deliver and perform, and to enter
        into
        and consummate, all transactions contemplated by this Agreement. The Master
        Servicer has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the Depositor and the
        Trustee, constitutes a legal, valid and binding obligation of the Master
        Servicer, enforceable against it in accordance with its terms except as the
        enforceability thereof may be limited by bankruptcy, insolvency, reorganization
        or similar laws affecting the enforcement of creditors’ rights generally and by
        general principles of equity;

       

      (iii)  The
        execution and delivery of this Agreement by the Master Servicer, the
        consummation by the Master Servicer of any other of the transactions herein
        contemplated, 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 breach of any term or provision of charter and by-laws of the Master
        Servicer or (B) conflict with, result in a breach, violation or acceleration
        of,
        or result in a 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 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 a party
        to, bound by, or in breach or violation of any indenture or other agreement
        or
        instrument, or subject to or in violation of any statute, order or regulation
        of
        any court, regulatory body, administrative agency or governmental body having
        jurisdiction over it, which materially and adversely affects or, to the Master
        Servicer’s knowledge, would in the future materially and adversely affect, the
        ability of the Master Servicer to perform its obligations under this
        Agreement;

       

      (iv)  The
        Master Servicer or an Affiliate thereof is an approved seller/servicer for
        Fannie Mae or Freddie Mac in good standing and is a HUD approved mortgagee
        pursuant to Section 203 of the National Housing Act;

       

      (v)  The
        Master Servicer does not believe, nor does it have any reason or cause to
        believe, that it cannot perform each and every covenant made by it and contained
        in this Agreement;

       

      (vi)  No
        litigation is pending 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 perform any of its other obligations
        hereunder in accordance with the terms hereof,

       

      (vii)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Master
        Servicer before any court, administrative or other tribunal (A) that might
        prohibit its entering into this Agreement, (B) seeking to prevent the
        consummation of the transactions contemplated by this Agreement or (C) that
        might prohibit or materially and adversely affect the performance by the
        Master
        Servicer of its obligations under, or validity or enforceability of, this
        Agreement; and

       

      (viii)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Master
        Servicer of, or compliance by the Master Servicer with, this Agreement or
        the
        consummation of the transactions contemplated by this Agreement, except for
        such
        consents, approvals, authorizations or orders, if any, that have been obtained
        prior to the Closing Date.

       

      It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive delivery of the Mortgage Files to
        the Trust Administrator, the Trustee or the Custodian, as applicable and
        shall
        inure to the benefit of the Trustee, the Depositor and the Certificateholders.
        Upon discovery by any of the Depositor, the Servicer, the Master Servicer,
        the
        NIMS Insurer or the Trustee of a breach of any of the foregoing representations,
        warranties and covenants which materially and adversely affects the value
        of any
        Mortgage Loan or the interests therein of the Certificateholders, the party
        discovering such breach shall give prompt written notice (but in no event
        later
        than two Business Days following such discovery) to other parties to this
        Agreement.

       

      
        	
                SECTION
                  2.06.  

              	
                Conveyance
                  of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC
                  III, REMIC IV, REMIC V and REMIC VI by the Trustee; Issuance of
                  Certificates.

              

      

       

      (a)  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
        assets
        described in the definition of REMIC I for the benefit of the Holders of
        the
        REMIC I Regular Interests (which are uncertificated) and the Class R
        Certificates (in respect of the Class R-I Interest). The Trustee acknowledges
        receipt of the assets described in the definition of REMIC I and declares
        that
        it holds and will hold the same in trust for the exclusive use and benefit
        of
        the holders of the REMIC I Regular Interests and the Class R Certificates
        (in
        respect of the Class R-I Interest). The interests evidenced by the Class
        R-I
        Interest, together with the REMIC I Regular Interests, constitute the entire
        beneficial ownership interest in REMIC I.

       

      (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
        I Regular Interests (which are uncertificated) for the benefit of the Holders
        of
        the REMIC II Regular Interests (which are uncertificated) and the Class R
        Certificates (in respect of the Class R-II Interest). The Trustee acknowledges
        receipt of the REMIC I Regular Interests and declares that it holds and will
        hold the same in trust for the exclusive use and benefit of the Holders of
        the
        REMIC II Regular Interests and the Class R Certificates (in respect of the
        Class
        R-II Interest). The interests evidenced by the Class R-II Interest, together
        with the REMIC II Regular Interests, constitute the entire beneficial ownership
        interest in REMIC II.

       

      (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
        REMIC
        II Regular Interests (which are uncertificated) for the benefit of the Holders
        of the REMIC III Regular Interests and the Class R Certificates (in respect
        of
        the Class R-III Interest). The Trustee acknowledges receipt of the REMIC
        II
        Regular Interests and declares that it holds and will hold the same in trust
        for
        the exclusive use and benefit of the Holders of the REMIC III Regular Interests
        and the Class R Certificates (in respect of the Class R-III Interest). The
        interests evidenced by the Class R-III Interest, together with the Regular
        Certificates (other than the Class CE Certificates and the Class P
        Certificates), the Class CE Interest, the Class P Interest and the Class
        Swap-IO
        Interest constitute the entire beneficial ownership interest in REMIC
        III.

       

      (d)  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 (which is uncertificated) for the benefit of the Holders of the
        Class CE Certificates and the Class R-X Certificates (in respect of the Class
        R-IV Interest). The Trustee acknowledges receipt of the Class CE Interest
        and
        declares that it holds and will hold the same in trust for the exclusive
        use and
        benefit of the Holders of the Class CE Certificates and the Class R-X
        Certificates (in respect of the Class R-IV Interest). The interests evidenced
        by
        the Class R-IV Interest, together with the Class CE Certificates, constitute
        the
        entire beneficial ownership interest in REMIC IV.

       

      (e)  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
        P Interest (which is uncertificated) for the benefit of the Holders of the
        Class
        P Certificates and the Class R-X Certificates (in respect of the Class R-V
        Interest). The Trustee acknowledges receipt of the Class P Interest and declares
        that it holds and will hold the same in trust for the exclusive use and benefit
        of the Holders of the Class P Certificates and the Class R-X Certificates
        (in
        respect of the Class R-V Interest). The interests evidenced by the Class
        R-V
        Interest, together with the Class P Certificates, constitute the entire
        beneficial ownership interest in REMIC V.

       

      (f)  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
        Swap-IO Interest (which is uncertificated) for the benefit of the Holders
        of
        REMIC VI Regular Interest SWAP-IO and the Class R-X Certificates (in respect
        of
        the Class R-VI Interest). The Trustee acknowledges receipt of the Class Swap-IO
        Interest and declares that it holds and shall hold the same in trust for
        the
        exclusive use and benefit of the Holders of REMIC VI Regular Interest SWAP-IO
        and the Class R-X Certificates (in respect of the Class R-VI Interest). The
        interests evidenced by the Class R-VI Interest, together with REMIC VI Regular
        Interest SWAP-IO, constitute the entire beneficial ownership interest in
        REMIC
        VI.

       

      
        	
                SECTION
                  2.07.  

              	
                Issuance
                  of Class R Certificates and Class R-X
                  Certificates.

              

      

       

      (a)  The
        Trustee acknowledges the assignment to it of the REMIC I Regular Interests
        and
        REMIC II Regular Interests and, concurrently therewith and in exchange therefor,
        pursuant to the written request of the Depositor executed by an officer of
        the
        Depositor, the Trustee has executed, authenticated and delivered to or upon
        the
        order of the Depositor, the Class R Certificates in authorized
        denominations.  The interests evidenced by the Class R Certificates
        (in respect of the Class R-III Interest), together with the REMIC III
        Certificates, the Class CE Interest, the Class P Interest and the Class Swap-IO
        Interest, constitute the entire beneficial ownership interest in REMIC
        III.

       

      (b)  The
        Trustee acknowledges the assignment to it of the Class CE Interest, the Class
        P
        Interest and the Class Swap-IO Interest, concurrently therewith and in exchange
        therefor, pursuant to the written request of the Depositor executed by an
        officer of the Depositor, the Trustee has executed, authenticated and delivered
        to or upon the order of the Depositor, the Class R-X Certificates in authorized
        denominations.  The interests evidenced by the Class R-X Certificates,
        together with the Class CE Certificates, the Class P Certificates and the
        REMIC
        VI Regular Interest SWAP-IO constitute the entire beneficial ownership interest
        in REMIC IV, REMIC V and REMIC VI.

       

      
        	
                SECTION
                  2.08.  

              	
                        Authorization
                  to Enter into Interest Rate Cap Agreement and Interest Rate Swap
                  Agreement.

              

      

       

      (a)  The
        Trust
        Administrator is hereby directed to execute and deliver the Interest Rate
        Cap
        Agreement on behalf of Party B (as defined therein) and to exercise the rights,
        perform the obligations, and make the representations of Party B thereunder,
        solely in its capacity as Trust Administrator on behalf of Party B (as defined
        therein) and not in its individual capacity.  The Servicer, the
        Depositor and the Certificateholders (by acceptance of their Certificates)
        acknowledge and agree that (i) the Trust Administrator shall execute and
        deliver
        the Interest Rate Cap Agreement on behalf of Party B (as defined therein)
        and
        (ii) the Trust Administrator shall exercise the rights, perform the obligations,
        and make the representations of Party B thereunder, solely in its capacity
        as
        Trust Administrator on behalf of Party B, as defined therein) 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
        Trust
        Administrator shall apply to the Trust Administrator’s execution of the Interest
        Rate Cap Agreement, and the performance of its duties and satisfaction of
        its
        obligations thereunder.

       

      (b)  The
        Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) is
        hereby
        directed to execute and deliver the Interest Rate Swap Agreement on behalf
        of
        Party B (as defined therein) and to exercise the rights, perform the
        obligations, and make the representations of Party B thereunder, solely in
        its
        capacity as Supplemental Interest Trust Trustee on behalf of Party B (as
        defined
        therein) and not in its individual capacity.  The Servicer, the
        Depositor and the Certificateholders (by acceptance of their Certificates)
        acknowledge and agree that (i) the Trust Administrator (in its capacity as
        Supplemental Interest Trust Trustee) shall execute and deliver the Interest
        Rate
        Swap Agreement on behalf of Party B (as defined therein) and (ii) the Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) shall
        exercise the rights, perform the obligations, and make the representations
        of
        Party B thereunder, solely in its capacity as Supplemental Interest Trust
        Trustee on behalf of Party B as defined therein) 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 Trust Administrator
        shall apply to the Trust Administrator’s execution (in its capacity as
        Supplemental Interest Trust Trustee) of the Interest Rate Swap Agreement,
        and
        the performance of its duties and satisfaction of its obligations
        thereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS

       

      
        	
                SECTION
                  3.01.  

              	
                Servicer
                  to Act as Servicer.

              

      

       

      Unless
        otherwise specified, all references to actions to be taken or
        previously  taken by “the Servicer” under this Article III or any
        other provision of this Agreement with respect to a Mortgage Loan or Mortgage
        Loans or with respect to an REO Property or REO Properties shall be to actions
        to be taken or previously taken by the related Servicer with respect to a
        Mortgage Loan or Mortgage Loans serviced thereby or with respect to an REO
        Property or REO Properties administered thereby.  Furthermore, unless
        otherwise specified, all references to actions to be taken or previously
        taken
        by “the Servicer” under this Article III or any other provision of this
        Agreement with respect to “the Collection Account” or “the Servicing Account”
shall be to actions to be taken or previously taken by each Servicer with
        respect to the Collection Account or the Escrow Account to be established
        and
        maintained thereby.  Consistent with the foregoing, but only insofar
        as the context so permits, this Article III is to be read with respect to
        each
        Servicer as if such Servicer alone was servicing and administering its
        respective Mortgage Loans hereunder.

       

      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 Mortgage Loans and, to the extent consistent
        with such terms, in the same manner in which it services and administers
        similar
        mortgage loans for its own portfolio, giving due consideration to customary
        and
        usual standards of practice of mortgage lenders and loan servicers administering
        similar mortgage loans but without regard to:

       

      (i)  any
        relationship that the Servicer, any Sub-Servicer or any Affiliate of the
        Servicer or any Sub-Servicer 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 obligation to make Advances or Servicing Advances; or

       

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

       

      To
        the
        extent consistent with the foregoing, the Servicer (a) shall seek to maximize
        the timely and complete recovery of principal and interest on the Mortgage
        Notes
        and (b) may waive (or permit a Sub-Servicer to waive) a Prepayment Charge
        only
        under the following circumstances: (i) such waiver is standard and customary
        in
        servicing similar Mortgage Loans and such waiver relates to a default or
        a
        reasonably foreseeable default and would, in the reasonable judgment of the
        Servicer, maximize recovery of total proceeds taking into account the value
        of
        such Prepayment Charge and the related Mortgage Loan, (ii) the collection
        of
        such Prepayment Charge would be in violation of applicable
        laws,  (iii) the amount of the Prepayment Charge set forth on the
        Prepayment Charge Schedule is not consistent with the related Mortgage Note
        or
        is otherwise unenforceable, (iv) the collection of such Prepayment Charge
        would
        be considered “predatory” pursuant to written guidance published or issued by
        any applicable federal, state or local regulatory authority acting in its
        official capacity and having jurisdiction over such matters, (v) the Servicer
        has not received information and documentation sufficient to confirm the
        existence or amount of such Prepayment Charge or (vi) the mortgage debt has
        been
        accelerated in connection with a forclosure or other involuntary
        payment.  If a Prepayment Charge is waived as permitted by meeting the
        standard described in clauses (ii), (iii), (iv), (v) or (vi) above, then
        the
        Trustee (upon receipt of written notice from the Servicer that such waiver
        has
        occurred) shall enforce the obligation of the related Originator to pay the
        amount of such waived Prepayment Charge to the Trust Administrator for deposit
        in the Distribution Account for the benefit of the Holders of the Class P
        Certificates (the “Originator Prepayment Charge Payment Amount”).  If
        a Prepayment Charge is waived other than in accordance with (i), (ii), (iii),
        (iv), (v) or (vi) above, the Servicer shall pay the amount of such waived
        Prepayment Charge to the Trust Administrator for deposit in the Distribution
        Account for the benefit of the Holders of the Class P Certificates (the
“Servicer Prepayment Charge Payment Amount”).

       

      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 Sub-Servicers 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 Sub-Servicer 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 reasonable rules and
        requirements of each insurer under any standard hazard insurance
        policy.  Subject to Section 3.17, within fifteen (15) days of the
        Closing Date, the Trustee shall execute, at the written request of the Servicer,
        and furnish to the Servicer and any Sub-Servicer any special or limited powers
        of attorney and other documents necessary or appropriate to enable the Servicer
        or any Sub-Servicer to carry out their servicing and administrative duties
        hereunder; provided, such limited powers of attorney or other documents
        shall be prepared by the Servicer and submitted to the Trustee for
        execution.  The Trustee shall not be liable for the actions of the
        Servicer or any Sub-Servicers 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
        Sub-Servicer, when the Servicer or the Sub-Servicer, 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 Collection Account
        pursuant to Section 3.11.

       

      Subject
        to Section 3.09 hereof, in accordance with the standards of the preceding
        paragraph, the Servicer, on escrowed accounts, 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 Servicing
        Advances reimbursable in the first instance from related collections from
        the
        Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
        Any cost incurred by the Servicer or by Sub-Servicers in effecting the payment
        of taxes and assessments on a Mortgaged Property shall not, for the purpose
        of
        calculating distributions to Certificateholders, be added to the unpaid Stated
        Principal Balance of the related Mortgage Loan, notwithstanding that the
        terms
        of such Mortgage Loan so permit, provided, however, that the Servicer may
        capitalize the amount of any Servicing Advances incurred pursuant to this
        Section 3.01 in connection with the modification of a Mortgage Loan, subject
        to
        Section 3.07.

       

      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 (except with respect to a Mortgage Loan that is in default
        or, in
        the judgment of the Servicer, such default is reaonsably foreseeable) that
        would
        change the Mortgage Rate, reduce or increase the Stated Principal Balance
        (except for reductions resulting from actual payments of principal) or 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.

       

      
        	
                SECTION
                  3.02.  

              	
                Sub-Servicing
                  Agreements Between Servicer and
                  Sub-Servicers.

              

      

       

      (a)  The
        Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
        may
        be Affiliates of the Servicer, 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 the Mortgage Loans in a manner consistent with the servicing arrangement
        contemplated hereunder and (ii) the NIMS Insurer shall have consented to
        such
        Sub-Servicing Agreement.  The Trustee is hereby authorized to
        acknowledge, at the request of the Servicer, any Sub-Servicing Agreement
        that
        the Servicer certifies in writing to the Trustee meets the requirements
        applicable to Sub-Servicing Agreements set forth in this Agreement and that
        is
        otherwise permitted under this Agreement.

       

      Each
        Sub-Servicer 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 Sub-Servicer 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 Sub-Servicer requirements conforming to the
        provisions set forth in Section 3.08, 3.20, 3.21 and 4.06 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. Any material variations in any Sub-Servicing Agreements 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 Sub-Servicers
        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 Trust Administrator, the Master Servicer, the
        NIMS
        Insurer and the Trustee copies of all Sub-Servicing Agreements, and any
        amendments or modifications thereof, promptly upon the Servicer’s execution and
        delivery of such instruments.

       

      (b)  As
        part
        of its servicing activities hereunder, the Servicer, for the benefit of the
        Trustee and the Certificateholders, shall enforce the obligations of each
        Sub-Servicer under the related Sub-Servicing Agreement, including, without
        limitation, any obligation 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
                  Sub-Servicers.

              

      

       

      The
        Servicer shall be entitled to terminate any Sub-Servicing Agreement and the
        rights and obligations of any Sub-Servicer 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 Sub-Servicer, all
        servicing obligations of such Sub-Servicer shall be assumed simultaneously
        by
        the Servicer without any act or deed on the part of such Sub-Servicer 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
        Sub-Servicer which qualifies under Section 3.02.

       

      Any
        Sub-Servicing Agreement shall include the provision that such agreement may
        be
        immediately terminated by the Master Servicer or the Trustee (if the Master
        Servicer or the Trustee is acting as Servicer) without fee, in accordance
        with
        the terms of this Agreement, in the event that the Servicer (or the Master
        Servicer, if it is then acting as Servicer) shall, for any reason, no longer
        be
        the Servicer (including termination due to a Servicer Event of
        Default).

       

      
        	
                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 Sub-Servicer or reference
        to actions taken through a Sub-Servicer 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 Sub-Servicer 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 Sub- Servicer for indemnification of the Servicer by such
        Sub-Servicer and nothing contained in this Agreement shall be deemed to limit
        or
        modify such indemnification.

       

      
        	
                SECTION
                  3.05.  

              	
                No
                  Contractual Relationship Between Sub-Servicers and the Trustee,
                  the Trust
                  Administrator, the NIMS Insurer or
                  Certificateholders.

              

      

       

      Any
        Sub-Servicing Agreement that may be entered into and any transactions or
        services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
        as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
        and the Trustee, the Master Servicer, the Trust Administrator, the NIMS Insurer
        and the Certificateholders shall not be deemed parties thereto and shall
        have no
        claims, rights, obligations, duties or liabilities with respect to the
        Sub-Servicer except as set forth in Section 3.06.  The Servicer shall
        be solely liable for all fees owed by it to any Sub-Servicer, 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 Master Servicer
        or, if the Master Servicer is the Servicer, the Trustee (or the successor
        servicer appointed pursuant to Section 7.02), as applicable, shall thereupon
        assume all of the rights and obligations of the Servicer under each
        Sub-Servicing Agreement that the Servicer may have entered into, unless the
        Master Servicer or the Trustee, as applicable, elects to terminate any
        Sub-Servicing Agreement in accordance with its terms as provided in Section
        3.03. Upon such assumption, the Master Servicer or the Trustee (or the successor
        servicer appointed pursuant to Section 7.02), as applicable, 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 Trust Administrator nor any successor Servicer 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 make reasonable efforts, in accordance with the servicing
        standards set forth in Section 3.01, to collect all payments called for under
        the terms and provisions of the Mortgage Loans and the provisions of any
        applicable insurance policies provided to the Servicer.  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, but not
        limited
        to, 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, or consent
        to the
        postponement of strict compliance with any such term or otherwise grant
        indulgence to any Mortgagor (any and all such waivers, modifications, variances,
        forgiveness of principal or interest, postponements, or indulgences collectively
        referred to herein as “forbearance”).  The Servicer’s analysis
        supporting any forbearance and the conclusion that any forbearance meets
        the
        standards of Section 3.01 shall be reflected in writing in the Mortgage File
        or
        the Servicer’s books and records.

       

      
        	
                SECTION
                  3.08.  

              	
                Sub-Servicing
                  Accounts.

              

      

       

      In
        those
        cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a Sub-
        Servicing Agreement, the Sub-Servicer 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 Collection
        Account.  The Sub-Servicer shall deposit in the clearing account in
        which it customarily deposits payments and collections on mortgage loans
        in
        connection with its mortgage loan servicing activities on a daily basis,
        and in
        no event more than one Business Day after the Sub-Servicer’s receipt thereof,
        all proceeds of Mortgage Loans received by the Sub-Servicer less its servicing
        compensation to the extent permitted by the Sub-Servicing Agreement, and
        shall
        thereafter deposit such amounts in the Sub-Servicing Account, in no event
        more
        than two Business Days after the receipt of such amounts. The Sub-Servicer
        shall
        thereafter deposit such proceeds in the Collection Account or remit such
        proceeds to the Servicer for deposit in the Collection Account not later
        than
        two Business Days after the deposit of such amounts in the Sub-Servicing
        Account.  For purposes of this Agreement, the Servicer shall be deemed
        to have received payments on the Mortgage Loans when the Sub-Servicer receives
        such payments.

       

      
        	
                SECTION
                  3.09.  

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

              

      

       

      The
        Servicer shall establish and maintain, or cause to be established and
        maintained, one or more accounts (the “Servicing Accounts”), into which all
        collections from the Mortgagors (or related advances from Sub-Servicers)
        for the
        payment of taxes, assessments, fire, flood, and hazard insurance premiums,
        hazard insurance proceeds (to the extent such amounts are to be applied to
        the
        restoration or repair of the property) and comparable items for the account
        of
        the Mortgagors (“Escrow Payments”) shall be deposited and retained. Servicing
        Accounts shall be Eligible Accounts.  The Servicer shall deposit in
        the clearing account in which it customarily deposits payments and collections
        on mortgage loans in connection with its mortgage loan servicing activities
        on a
        daily basis, and in no event more than one Business Day after the Servicer’s
        receipt thereof, all Escrow Payments collected on account of the Mortgage
        Loans
        and shall thereafter deposit such Escrow Payments in the Servicing Accounts,
        in
        no event more than two Business Days after the receipt of such Escrow Payments,
        all Escrow Payments collected on account of the Mortgage Loans for the purpose
        of effecting the payment of any such items as required under the terms of
        this
        Agreement. Withdrawals of amounts from a Servicing Account may be made only
        to
        (i) effect payment of taxes, assessments, hazard insurance premiums, and
        comparable items in a manner and at a time that assures that the lien priority
        of the Mortgage is not jeopardized (or, with respect to the payment of taxes,
        in
        a manner and at a time that avoids the loss of the Mortgaged Property due
        to a
        tax sale or the foreclosure as a result of a tax lien); (ii) reimburse the
        Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing
        Agreement) out of related collections for any Servicing Advances made pursuant
        to Section 3.01 (with respect to taxes and assessments) and Section 3.14
        (with
        respect to hazard insurance); (iii) refund to Mortgagors any sums as may
        be
        determined to be overages; (iv) pay interest, if required and as described
        below, to Mortgagors on balances in the Servicing Account; or (v) clear and
        terminate the Servicing Account at the termination of the Servicer’s obligations
        and responsibilities in respect of the Mortgage Loans under this Agreement
        in
        accordance with Article IX.  In the event the Servicer shall deposit
        in a Servicing Account any amount not required to be deposited therein or
        any
        amount previously deposited therein is unpaid by the related Mortgagor’s banking
        institution, it may at any time withdraw such amount from such Servicing
        Account, any provision herein to the contrary notwithstanding. The Servicer
        will
        be responsible for the administration of the Servicing Accounts and will
        be
        obligated to make Servicing Advances to such accounts when and as necessary
        to
        avoid the lapse of insurance coverage on the Mortgaged Property, or which
        the
        Servicer knows, or in the exercise of the required standard of care of the
        Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged
        Property due to a tax sale or the foreclosure as a result of a tax lien.
        If any
        such payment has not been made and the Servicer receives notice of a tax
        lien
        with respect to the Mortgage being imposed, the Servicer will, within 10
        Business Days of receipt of such notice, advance or cause to be advanced
        funds
        necessary to discharge such lien on the Mortgaged Property. As part of its
        servicing duties, the Servicer or Sub-Servicers shall pay to the Mortgagors
        interest on funds in the Servicing Accounts, to the extent required by law
        and,
        to the extent that interest earned on funds in the Servicing Accounts is
        insufficient, to pay such interest from its or their own funds, without any
        reimbursement therefor. The Servicer may pay to itself any excess interest
        on
        funds in the Servicing Accounts, to the extent such action is in conformity
        with
        the servicing standard set forth in Section 3.01, is permitted by law and
        such
        amounts are not required to be paid to Mortgagors or used for any of the
        other
        purposes set forth above.

       

      
        	
                SECTION
                  3.10.  

              	
                Collection
                  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
“Collection Account”), held in trust for the benefit of the Trust Administrator,
        the Trustee and the Certificateholders.  On behalf of the Trust Fund,
        the Servicer shall deposit or cause to be deposited in the clearing account
        in
        which it customarily deposits payments and collections on mortgage loans
        in
        connection with its mortgage loan servicing activities on a daily basis,
        and in
        no event more than one Business Day after the Servicer’s receipt thereof, and
        shall thereafter deposit in the Collection Account, in no event more than
        two
        Business Days after the Servicer’s receipt thereof, as and when received or as
        otherwise required hereunder, 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:

       

      (i)  all
        payments on account of principal, including Principal Prepayments (but not
        Prepayment Charges), on the Mortgage Loans;

       

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

       

      (iii)  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);

       

      (iv)  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
        Collection Account;

       

      (v)  any
        amounts required to be deposited by the Servicer pursuant to the second
        paragraph of Section 3.14(a) in respect of any blanket policy
        deductibles;

       

      (vi)  all
        proceeds of any Mortgage Loan repurchased or purchased in accordance with
        Section 2.03, Section 3.16(c) or Section 9.01;

       

      (vii)  all
        amounts required to be deposited in connection with Substitution Adjustments
        pursuant to Section 2.03; and

       

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

       

      The
        foregoing requirements for deposit in the Collection 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 Collection Account and may be retained by the Servicer as
        additional compensation. In the event the Servicer shall deposit in the
        Collection Account any amount not required to be deposited therein, it may
        at
        any time withdraw such amount from the Collection Account, any provision
        herein
        to the contrary notwithstanding.

       

      (b)  On
        behalf
        of the Trust Fund, the Servicer shall deliver to the Trust Administrator
        in
        immediately available funds for deposit in the Distribution Account (i) on
        the
        Servicer Remittance Date, that portion of the Available Funds (calculated
        without regard to the references in the definition thereof to amounts that
        may
        be withdrawn from the Distribution Account) for the related Distribution
        Date
        then on deposit in the Collection Account, the amount of all Prepayment Charges
        or any Originator Prepayment Charge Payment Amounts collected during the
        applicable Prepayment Period by the Servicer and Servicer Prepayment Charge
        Payment Amounts in connection with the Principal Prepayment of any of the
        Mortgage Loans  then on deposit in the Collection Account, the amount
        of any funds reimbursable to an Advancing Person pursuant to Section 3.26
        (unless such amounts are to be remitted in another manner as specified in
        the
        documentation establishing the related Advance Facility) and (ii) on each
        Business Day as of the commencement of which the balance on deposit in the
        Collection Account exceeds $75,000 following any withdrawals pursuant to
        the
        next succeeding sentence, the amount of such excess, but only if the Collection
        Account constitutes an Eligible Account solely pursuant to clause (ii) of
        the
        definition of “Eligible Account.”  If the balance on deposit in the
        Collection Account exceeds $75,000 as of the commencement of business on
        any
        Business Day and the Collection Account does not qualify as an Eligible Account
        pursuant to clauses (i), (iii) or (iv) of the definition of “Eligible Account,”
the Servicer shall, on or before 4:00 p.m. New York time on such Business
        Day,
        withdraw from the Collection Account any and all amounts payable or reimbursable
        to the Servicer, the Advancing Person, the Trustee, the Trust Administrator
        or
        any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the
        Persons entitled thereto.

       

      (c)  Funds
        in
        the Collection Account may be invested in Permitted Investments in accordance
        with the provisions set forth in Section 3.12.  Wells Fargo, in its
        capacity as a Servicer, shall give written notice to the Trust Administrator
        (who shall provide notice to the Depositor, the Master Servicer and the NIMS
        Insurer) of the location of the Collection Account maintained by it when
        established and prior to any change thereof and HomEq, in its capacity as
        a
        Servicer, shall give written notice to the Trust Administrator, the Depositor,
        the Master Servicer and the NIMS Insurer) of the location of the Collection
        Account maintained by it when established and prior to any change thereof.
        The
        Trust Administrator shall give notice to the NIMS Insurer, the Servicer and
        the
        Depositor of the location of the Distribution Account when established and
        prior
        to any change thereof.

       

      (d)  Funds
        held in the Collection Account at any time may be delivered by the Servicer
        to
        the Trust Administrator for deposit in an account (which may be the Distribution
        Account and must satisfy the standards for the Distribution Account as set
        forth
        in the definition thereof) and for all purposes of this Agreement shall be
        deemed to be a part of the Collection Account; provided, however, that the
        Trust
        Administrator shall have the sole authority to withdraw any funds held pursuant
        to this subsection (d).  In the event the Servicer shall deliver to
        the Trust Administrator for deposit in the Distribution Account any amount
        not
        required to be deposited therein, it may at any time request in writing that
        the
        Trust Administrator withdraw such amount from the Distribution Account and
        remit
        to it any such amount, any provision herein to the contrary
        notwithstanding.  In addition, the Servicer, with respect to items (i)
        through (iv) below, shall deliver to the Trust Administrator from time to
        time
        for deposit, and the Trust Administrator, with respect to items (i) through
        (iv)
        below, shall so deposit, in the Distribution Account:

       

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

       

      (ii)  any
        amounts required to be deposited pursuant to Section 3.23(d) or (f) in
        connection with any REO Property;

       

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

       

      (iv)      any
        Compensating Interest to be deposited pursuant to Section 3.24 in connection
        with any Prepayment Interest Shortfall; and

       

      (v)  
            any amounts required to be paid to the Trustee pursuant
        to the Agreement, including, but not limited to Section 3.06 and Section
        7.02.

       

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

       

      
        	
                SECTION
                  3.11.  

              	
                Withdrawals
                  from the Collection Account

              

      

       

      (a)  The
        Servicer shall, from time to time, make withdrawals from the Collection Account
        for any of the following purposes, without priority, or as described in Section
        4.04:

       

      (i)  to
        remit
        to the Trust Administrator for deposit in the Distribution 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) and paid to the
        Trust
        Administrator in accordance with Section 3.10(d)(v);

       

      (ii)  subject
        to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
        to the extent of amounts received which represent Late Collections (net of
        the
        related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
        Loans or REO Properties with respect to which such Advances were made in
        accordance with the provisions of Section 4.04; or (b) without limiting any
        right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
        that, upon a Final Recovery Determination with respect to such Mortgage Loan,
        are Nonrecoverable Advances, but only to the extent that Late Collections,
        Liquidation Proceeds and Insurance Proceeds received with respect to such
        Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed
        Advances;

       

      (iii)  subject
        to Section 3.16(d), to pay the Servicer or any Sub-Servicer (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, Liquidation
        Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
        or
        REO Property, and (c) without limiting any right of withdrawal set forth
        in
        clause (vi) below, any Servicing Advances made with respect to a Mortgage
        Loan
        that, upon a Final Recovery Determination with respect to such Mortgage Loan
        are
        Nonrecoverable Advances, but only to the extent that Late Collections,
        Liquidation Proceeds and Insurance Proceeds received with respect to such
        Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer
        for
        Servicing Advances;

       

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

       

      (v)  to
        pay
        itself or the Originator or the Seller with respect to each Mortgage Loan
        that
        has previously been purchased or replaced pursuant to Section 2.03 or Section
        3.16(c) all amounts received thereon subsequent to the date of purchase or
        substitution, as the case may be;

       

      (vi)  to
        reimburse the Servicer for (a) any Advance or Servicing Advance previously
        made
        which the Servicer has determined to be a Nonrecoverable Advance in accordance
        with the provisions of Section 4.03 and (b) following the liquidation of
        a
        second lien Mortgage Loan, any unpaid Servicing Fees for the six-month period
        immediately following the last paid through date with respect to such Mortgage
        Loan, to the extent not recoverable from Liquidation Proceeds, Insurance
        Proceeds or other amounts received with respect to the related second lien
        Mortgage Loan;

       

      (vii)  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(b);

       

      (viii)  to
        reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
        to the Servicer or the Depositor pursuant to Section 6.03;

       

      (ix)  to
        reimburse the NIMS Insurer, the Servicer, the Trust Administrator, the Master
        Servicer or the Trustee, as the case may be, for expenses reasonably incurred
        in
        respect of the breach or defect giving rise to the purchase obligation under
        Section 2.03 of this Agreement that were included in the Purchase Price of
        the
        Mortgage Loan, including any expenses arising out of the enforcement of the
        purchase obligation;

       

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

       

      (xi)  to
        reimburse the Servicer for any Advance or Servicing Advance made with respect
        to
        a delinquent Mortgage Loan which has been modified by the Servicer in accordance
        with the terms of this Agreement but only after receipt by the Servicer of
        three
        (3) consecutive payments following such modification;

       

      (xii)  to
        invest
        funds  in Permitted Investments in accordance with Section
        3.12;

       

      (xiii)  to
        clear
        and terminate the Collection Account pursuant to Section 9.01; and

       

      (xiv)  to
        make
        reimbursements for amounts owed on Mortgage Loans on or prior to the Cut-off
        Date pursuant to Section 2.01 of this Agreement.

       

      (b)  The
        foregoing requirements for withdrawal from the Collection Account shall be
        exclusive.  In the event the Servicer shall deposit in the Collection
        Account any amount not required to be deposited therein or any amount previously
        deposited therein is unpaid by the related Mortgagor’s banking institution, it
        may at any time withdraw such amount from the Collection Account, any provision
        herein to the contrary notwithstanding.

       

      (c)  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
        Collection Account, to the extent held by or on behalf of it, pursuant to
        subclauses (ii), (iii), (iv), (v), (vi) and (vii) above.  The Servicer
        shall provide written notification to the NIMS Insurer and the Trust
        Administrator, on or prior to the next succeeding Servicer Remittance Date,
        upon
        making any withdrawals from the Collection Account pursuant to subclause
        (vi)
        above; provided that a Servicing Officer’s certification in the form described
        under Section 4.03(d) shall suffice for such written notification to the
        Trust
        Administrator in respect hereof.

       

      
        	
                SECTION
                  3.12.  

              	
                Investment
                  of Funds in the Collection Account.

              

      

       

      (a)  The
        Servicer may direct any depository institution maintaining the Collection
        Account and REO Account to invest the funds on deposit in such accounts or
        to
        hold such funds uninvested (each such account, for the purposes of this Section
        3.12, an “Investment Account”).  All investments pursuant to this
        Section 3.12 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 Trust Administrator is the obligor thereon or if such investment
        is
        managed or advised by a Person other than the Trust Administrator or an
        Affiliate of the Trust 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 Trust Administrator is the obligor thereon or if such
        investment is managed or advised by the Trust Administrator or any Affiliate.
        All such Permitted Investments shall be held to maturity, unless payable
        on
        demand.  Any investment of funds in an Investment Account shall be
        made in the name of the Trust Administrator (in its capacity as such), or
        in the
        name of a nominee of the Trust Administrator. The Trust Administrator shall
        be
        entitled to sole possession (except with respect to investment direction
        of
        funds held in the Collection Account and REO Account and any income and gain
        realized thereon) over each such investment, and any certificate or other
        instrument evidencing any such investment shall be delivered directly to
        the
        Trust Administrator or its agent, together with any document of transfer
        necessary to transfer title to such investment to the Trust Administrator
        or its
        nominee.  In the event amounts on deposit in an Investment Account are
        at any time invested in a Permitted Investment payable on demand, the Trust
        Administrator 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 Trust Administrator that such Permitted Investment
        would not constitute a Permitted Investment in respect of funds thereafter
        on
        deposit in the Investment Account.

       

      (b)  All
        income and gain realized from the investment of funds deposited in the
        Collection Account and any REO Account held by or on behalf of the Servicer
        shall be for the benefit of the Servicer and shall be subject to its withdrawal
        in accordance with Section 3.11 or Section 3.23, as applicable. The Servicer
        shall deposit in the Collection Account or any REO Account, as applicable,
        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.

       

      (c)  Except
        as
        otherwise expressly provided in this Agreement, if any default occurs in
        the
        making of a payment due under any Permitted Investment, or if a default occurs
        in any other performance required under any Permitted Investment, the Trust
        Administrator may and, subject to Section 8.01 and Section 8.02(a)(v), upon
        the
        request of the NIMS Insurer or the Holders of Certificates representing more
        than 50% of the Voting Rights allocated to any Class of Certificates, shall
        take
        such action as may be appropriate to enforce such payment or performance,
        including the institution and prosecution of appropriate
        proceedings.

       

      
        	
                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 hazard insurance
        with extended coverage on the Mortgaged Property in an amount which is at
        least
        equal to the least of (i) the current Principal Balance of such Mortgage
        Loan,
        (ii) the amount necessary to fully compensate for any damage or loss to the
        improvements that are a part of such property on a replacement cost basis
        and
        (iii) the maximum insurable value of the improvements which are part of such
        Mortgaged Property, in each case in an amount not less than such amount as
        is
        necessary to avoid the application of any coinsurance clause contained in
        the
        related hazard insurance policy.  The Servicer shall also cause to be
        maintained hazard insurance with extended coverage on each REO Property in
        an
        amount which is at least equal to the least of (i) the outstanding
        Principal Balance of the related Mortgage Loan at the time it became an REO
        Property, (ii) the maximum insurable value of the improvements which are
        part of
        such REO Property and (iii) solely with respect to the Mortage Loans serviced
        by
        Wells Fargo, 100% of the insurable value on a replacement cost basis of the
        improvements securing such Mortgage Loan. The Servicer will comply in the
        performance of this Agreement with all reasonable rules and requirements
        of each
        insurer under any such hazard policies.  Any amounts to be collected
        by the Servicer under any such policies (other than amounts to be applied
        to the
        restoration or repair of the property subject to the related Mortgage or
        amounts
        to be released to the Mortgagor in accordance with the procedures that the
        Servicer would follow in servicing loans held for its own account, subject
        to
        the terms and conditions of the related Mortgage and Mortgage Note) shall
        be
        deposited in the Collection Account, subject to withdrawal pursuant to Section
        3.11, if received in respect of a Mortgage Loan, or in the REO Account, subject
        to withdrawal pursuant to Section 3.23, if received in respect of an REO
        Property.  Any cost incurred by the Servicer in maintaining any such
        insurance shall not, for the purpose of calculating distributions to
        Certificateholders, be added to the unpaid Principal Balance of the related
        Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit;
        provided, however, that the Servicer may capitalize the amount of any Servicing
        Advances incurred pursuant to this Section 3.14 in connection with the
        modification of a Mortgage Loan. It is understood and agreed that no earthquake
        or other additional insurance is to be required of any Mortgagor 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 at any time during
        the
        term of the Mortgage Loan, the Servicer determines, in accordance with
        applicable law, that 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 Disaster Protection Act of 1973, as amended,
        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 forty-five (45) days after such
        notification, the Servicer shall immediately force place the required flood
        insurance on the Mortgagor’s behalf.  Such flood insurance shall be in
        an amount equal to the least of (i) the unpaid Principal Balance of the related
        Mortgage Loan, (ii) the maximum amount of such insurance available for the
        related Mortgaged Property under the national flood insurance program (assuming
        that the area in which such Mortgaged Property is located is participating
        in
        such program) and (iii) the maximum insurable value of the improvements which
        are part of such Mortgaged Property.

       

      In
        the
        event that the Servicer shall obtain and maintain a blanket policy with an
        insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
        Guide insuring against hazard losses on all of the Mortgage Loans, it shall
        conclusively be deemed to have satisfied its obligations as set forth in
        the
        first two sentences of this Section 3.14, it being understood and agreed
        that
        such policy may contain a deductible clause on terms substantially equivalent
        to
        those commercially available and maintained by competent servicers, 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 complying with
        the
        first two sentences of this Section 3.14, and there shall have been one or
        more
        losses which would have been covered by such policy, deposit to the Collection
        Account from its own funds the amount not otherwise payable under the blanket
        policy because of such deductible clause.  In connection with its
        activities as servicer of the Mortgage Loans, the Servicer agrees to prepare
        and
        present, on behalf of itself, the Trustee, the Trust Fund and
        Certificateholders, claims under any such blanket policy in a timely fashion
        in
        accordance with the terms of such policy.

       

      (b)           The
        Servicer shall keep in force during the term of this Agreement a policy or
        policies of insurance covering errors and omissions for failure in the
        performance of the Servicer’s obligations under this Agreement, which policy or
        policies shall be in such form and amount that would meet the requirements
        of
        Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
        unless
        the Servicer has obtained a waiver of such requirements from Fannie Mae or
        Freddie Mac.  The Servicer shall also maintain a fidelity bond in the
        form and amount that would meet the requirements of Fannie Mae or Freddie
        Mac,
        unless the Servicer has obtained a waiver of such requirements from Fannie
        Mae
        or Freddie Mac.   The Servicer shall be deemed to have complied
        with this provision if an Affiliate of the 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
        Servicer.  Any such errors and omissions policy and fidelity bond
        shall by its terms not be cancelable without thirty days’ prior written notice
        to the Trust Administrator and the NIMS Insurer.   The Servicer
        shall also cause each Sub-Servicer to maintain a policy of insurance covering
        errors and omissions and a fidelity bond which would meet such
        requirements.

       

      
        	
                SECTION
                  3.15.  

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

              

      

       

      The
        Servicer will, to the extent it has knowledge of any conveyance or prospective
        conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
        conveyance or by contract of sale, and whether or not the Mortgagor remains
        or
        is to remain liable under the Mortgage Note and/or the Mortgage), exercise
        its
        rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer
        shall
        not be required to take such action if in its sole business judgment the
        Servicer believes it is not in the best interests of the Trust Fund and shall
        not exercise any 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, or if any of the other conditions set forth in the
        proviso to the preceding sentence apply, the Servicer will enter into an
        assumption and modification agreement from or with the person to whom such
        property has been conveyed or is proposed to be conveyed, pursuant to which
        such
        person becomes liable under the Mortgage Note and, to the extent permitted
        by
        applicable state law, the Mortgagor remains liable thereon.  The
        Servicer is also authorized, to the extent permitted under the related Mortgage
        Note, 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 the Mortgagor and becomes liable under the Mortgage
        Note, provided that no such substitution shall be effective unless such person
        satisfies the underwriting criteria of the Servicer for a mortgage loan similar
        to the Mortgage Loan.  In connection with any assumption, modification
        or substitution, the Servicer 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.  The Servicer shall not take or enter into any
        assumption and modification agreement, however, unless (to the extent
        practicable in the circumstances) it shall have received confirmation, in
        writing, of the continued effectiveness of any applicable hazard insurance
        policy.  Any fee collected by the Servicer in respect of an
        assumption, modification or substitution of liability agreement shall be
        retained by the Servicer as additional servicing compensation.  In
        connection with any such assumption, no material term of the Mortgage Note
        (including but not limited to the related Mortgage Rate and the amount of
        the
        Monthly Payment) may be amended or modified, except as otherwise required
        pursuant to the terms thereof.  The Servicer shall notify the Master
        Servicer, the Trust Administrator and the Custodian that any such substitution,
        modification or assumption agreement has been completed by forwarding to
        the
        Custodian the executed original of such substitution, modification 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.

       

      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)  (i)           The
        Servicer shall use its best efforts, consistent with the servicing standards
        set
        forth in Section 3.01, 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 pursuant to Section 3.07.  The
        Servicer shall be responsible for all costs and expenses incurred by it in
        any
        such proceedings; provided, however, that such costs and expenses will be
        recoverable as Servicing Advances by the Servicer as contemplated in Section
        3.11(a) and Section 3.23.  The foregoing is subject to the provision
        that, in any case in which a Mortgaged Property shall have suffered damage
        from
        an Uninsured Cause, the Servicer shall not be required to expend its own
        funds
        toward the restoration of such property unless it shall determine in its
        discretion that such restoration will increase the proceeds of liquidation
        of
        the related Mortgage Loan after reimbursement to itself for such
        expenses.

       

      With
        respect to any second lien Mortgage Loan for which the related first lien
        mortgage loan is not included in the Trust Fund, if, after such Mortgage
        Loan
        becomes 180 days or more delinquent, the Servicer determines that a significant
        recovery is not possible through foreclosure, such Mortgage Loan may be charged
        off and the Mortgage Loan will be treated as a Liquidated Mortgage Loan giving
        rise to a Realized Loss. With respect to any such Charged-Off Mortgage Loan,
        the
        Servicer may, with the consent of the Depositor, select a Subcontractor to
        service such charged off Mortgage Loan on behalf of the Trust and compensation
        to such Subcontractor may be limited to a portion of collections, if any,
        received on such charged off Mortgage Loan.

      

      (ii)           The
        Servicer will not be entitled to any Servicing Fees or reimbursement of expenses
        in connection with such Charged-Off Loans except to the extent of funds
        available from the aggregate amount of recoveries on such Charged-Off Loan
        which
        shall be paid to the Servicer as any accrued and unpaid Servicing Fees and
        reimbursement of expenses.  With respect to any Charged-Off Loan, the
        Servicer will only be entitled to accrued Servicing Fees and reimbursement
        of
        expenses incurred as of the date of charge off and will not be entitled to
        receive any future unaccrued Servicing Fees or expenses from collections
        on such
        Charged-Off Loans. Any recoveries on such Charged-Off Loans (net of accrued
        and
        unpaid Servicing Fees for the number of full Monthly Payments collected and
        out-of-pocket expenses) will be treated as Liquidation Proceeds distributable
        by
        the Trust Administrator to the Holders of the Class X Certificates pursuant
        to
        Section 4.01(i).

       

      Upon
        the
        request of the majority Holder of the Class X Certificates, any Charged-Off
        Loan
        will be transferred to such Holder, without recourse (a “Released Loan”) and
        thereafter (i) such Holder will be entitled to any amounts subsequently received
        in respect of any such Charged-Off Loans, (ii) the majority Holder of the
        Class
        X Certificates may designate any servicer to service any such Released Loan
        and
        (iii) the majority Holder of the Class X Certificates may sell any such
        Charged-Off Loan to a third party.  With respect to any Released Loan,
        the Trustee, upon receipt of a Request for Release, shall release (or cause
        the
        Custodian to release) to the majority Holder of the Class X Certificates
        the
        related Mortgage File and shall execute and deliver such instruments of transfer
        or assignment, in each case without recourse, as shall be furnished to it
        and as
        shall be necessary to vest in the majority Holder of the Class X Certificates
        any Released Loan and the Trustee shall have no further responsibility with
        regard to such Mortgage File (it being understood that the Trustee shall
        have no
        responsibility for determining the sufficiency of such assignment for its
        intended purpose).

       

      Notwithstanding
        the foregoing, the procedures described above in this subsection 3.16(a)(ii)
        relating to the treatment of Charged-Off Loans may be modified at any time
        at
        the discretion of the Holders of a majority Percentage Interest of the Class
        X
        Certificates, with the reasonable consent of the Servicer.

       

      (b)  Notwithstanding
        the foregoing provisions of this Section 3.16 or any other provision of this
        Agreement, with respect to any Mortgage Loan as to which the Servicer has
        received actual notice of, or has actual knowledge of, the presence of any
        toxic
        or hazardous substance on the related Mortgaged Property, the Servicer shall
        not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
        Property as a result of or in lieu of foreclosure or otherwise, or (ii)
        otherwise acquire possession of, or take any other action with respect to,
        such
        Mortgaged Property, if, as a result of any such action, the Trustee, the
        Trust
        Fund or the Certificateholders would be considered to hold title to, to be
        a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
        Mortgaged Property within the meaning of the Comprehensive Environmental
        Response, Compensation and Liability Act of 1980, as amended from time to
        time,
        or any comparable law, unless the Servicer has also previously determined,
        (x)
        with respect to Wells Fargo, based solely on a report prepared by a Person
        who
        regularly conducts environmental audits using customary industry standards
        and
        (y) with respect to HomEq and any successor servicer, based on its reasonable
        judgment and a report prepared by a Person who regularly conducts environmental
        audits using customary industry standards, that:

       

      (1)  such
        Mortgaged Property is in compliance with applicable environmental laws or,
        if
        not, that it would be in the best economic interest of the Trust Fund to
        take
        such actions as are necessary to bring the Mortgaged Property into compliance
        therewith; and

       

      (2)  there
        are
        no circumstances present at such Mortgaged Property relating to the use,
        management or disposal of any hazardous substances, hazardous materials,
        hazardous wastes, or petroleum-based materials for which investigation, testing,
        monitoring, containment, clean-up or remediation could be required under
        any
        federal, state or local law or regulation, or that if any such materials
        are
        present for which such action could be required, that it would be in the
        best
        economic interest of the Trust Fund to take such actions with respect to
        the
        affected Mortgaged Property.

       

      The
        Servicer shall forward a copy of the environmental audit report to the
        Depositor, the Master Servicer and the NIMS Insurer.  Notwithstanding
        the foregoing, if such environmental audit reveals, or if the Servicer has
        actual knowledge or notice, that such Mortgaged Property contains such wastes
        or
        substances, the Servicer shall not foreclose or accept a deed in lieu of
        foreclosure without the prior written consent of the NIMS Insurer.

       

      The
        cost
        of the environmental audit report contemplated by this Section 3.16 shall
        be
        advanced by the Servicer, subject to the Servicer’s right to be reimbursed
        therefor from the Collection Account as provided in Section 3.11(a)(vii),
        such
        right of reimbursement being prior to the rights of Certificateholders to
        receive any amount in the Collection Account received in respect of the affected
        Mortgage Loan or other Mortgage Loans.

       

      If
        the
        Servicer determines, as described above, that it is in the best economic
        interest of the Trust Fund to take such actions as are necessary to bring
        any
        such Mortgaged Property into compliance with applicable environmental laws,
        or
        to take such action with respect to the containment, clean-up or remediation
        of
        hazardous substances, hazardous materials, hazardous wastes or petroleum-based
        materials affecting any such Mortgaged Property, then the Servicer shall
        take
        such action as it deems to be in the best economic interest of the Trust
        Fund;
        provided that any amounts disbursed by the Servicer pursuant to this Section
        3.16(b) shall constitute Servicing Advances, subject to Section 4.03(d).
        The
        cost of any such compliance, containment, clean-up or remediation shall be
        advanced by the Servicer, subject to the Servicer’s right to be reimbursed
        therefor from the Collection Account as provided in Section 3.11(a)(vii),
        such
        right of reimbursement being prior to the rights of Certificateholders to
        receive any amount in the Collection Account received in respect of the affected
        Mortgage Loan or other Mortgage Loans.

       

      (c)  The
        Servicer or the NIMS Insurer may, at its option, purchase a Mortgage Loan
        which
        has become 90 or more days delinquent or for which the Servicer has accepted
        a
        deed in lieu of foreclosure.  Prior to purchase pursuant to this
        Section 3.16(c), the Servicer shall be required to continue to make Advances
        pursuant to Section 4.03.  If the Servicer or the NIMS
        Insurer  purchases any delinquent Mortgage Loans pursuant to this
        Section 3.16(c), it must purchase Mortgage Loans that are delinquent the
        greatest number of days before it may purchase any that are delinquent any
        fewer
        number of days.  The Servicer or the NIMS Insurer shall purchase such
        delinquent Mortgage Loan at a price equal to the Purchase Price of such Mortgage
        Loan.  Any such purchase of a Mortgage Loan pursuant to this Section
        3.16(c) shall be accomplished by deposit in the Collection Account of the
        amount
        of the Purchase Price.  Upon the satisfaction of the requirements set
        forth in Section 3.17(a), the Custodian on behalf of the Trustee shall
        immediately deliver the Mortgage File and any related documentation to the
        Servicer or the NIMS Insurer and the Trustee will execute such documents
        provided to it as are necessary to convey the Mortgage Loan to the Servicer
        or
        the NIMS Insurer, as applicable.

       

      (d)  Proceeds
        received in connection with any Final Recovery Determination, as well as
        any
        recovery resulting from a partial collection of Insurance Proceeds, Liquidation
        Proceeds or condemnation proceeds, in respect of any Mortgage Loan, will
        be
        applied in the following order of priority: first, to make reimbursements
        for
        amounts owed on the Mortgage Loans on or prior to the Cut-off Date pursuant
        to
        Section 2.01 of this Agreement, second, to unpaid Servicing Fees; third,
        to
        reimburse the Servicer or any Sub-Servicer for any related unreimbursed
        Servicing Advances pursuant to Section 3.11(a)(iii) and Advances pursuant
        to
        Section 3.11(a)(ii); fourth, to accrued and unpaid interest on the Mortgage
        Loan, to the date of the Final Recovery Determination, or to the Due Date
        prior
        to the Distribution Date on which such amounts are to be distributed if not
        in
        connection with a Final Recovery Determination; and fifth, as a recovery
        of
        principal of the Mortgage Loan. The portion of the recovery so allocated
        to
        unpaid Servicing Fees shall be reimbursed to the Servicer or any Sub-Servicer
        pursuant to Section 3.11(a)(iii).

       

      
        	
                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
        (with two executed copies) or electronic format, a Request for Release in
        the
        form of Exhibit E 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 Collection 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 (pursuant to the terms of this Agreement) 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 Collection Account or the Distribution
        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 (pursuant to the terms
        of
        this Agreement), upon any request made by or on behalf of the Servicer and
        delivery to the Custodian, in written (with two executed copies) or electronic
        format, of a Request for Release in the form of Exhibit E 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 three 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 Collection 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 Servicing Officer’s certification as to such
        liquidation or action or proceedings. Upon the request of the Custodian,
        the
        Servicer shall provide notice to the Custodian of 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 (with two executed copies) 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 Collection 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 Sub-Servicer, 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 or as otherwise
        provided in Section 3.11, subject to Section 3.24.  In addition, the
        Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
        Proceeds, Liquidation Proceeds or condemnation proceeds to the extent permitted
        by Section 3.11(a)(iii) and out of amounts derived from the operation and
        sale
        of an REO Property to the extent permitted by Section 3.23. Except as provided
        in Section 3.26 or 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 Sub-Servicer pursuant to a Sub-Servicing Agreement entered into
        under
        Section 3.02.

       

      Additional
        servicing compensation in the form of assumption fees, late payment charges,
        insufficient funds charges, ancillary income or otherwise (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(a)(iv) to withdraw from the Collection
        Account
        and pursuant to Section 3.23(b) to withdraw from any REO 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 receive Prepayment Interest Excess pursuant to Section 3.10 and
        3.11
        as additional servicing compensation.  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 Sub-Servicer
        and servicing compensation of each Sub-Servicer) and shall not be entitled
        to
        reimbursement therefor except as specifically provided herein.

       

      
        	
                SECTION
                  3.19.  

              	
                Reports
                  to the Trust Administrator; Collection Account
                  Statements.

              

      

       

      Not
        later
        than twenty days after each Distribution Date, the Servicer shall forward,
        upon
        request, to the Trust Administrator, the NIMS Insurer and the Depositor the
        most
        current available bank statement for the Collection Account. Copies of such
        statement shall be provided by the Trust Administrator to any Certificateholder
        and to any Person identified to the Trust Administrator as a prospective
        transferee of a Certificate, upon request at the expense of the requesting
        party, provided such statement is delivered by the Servicer to the Trust
        Administrator.

       

      
        	
                SECTION
                  3.20.  

              	
                Statement
                  as to Compliance.

              

      

       

      The
        Servicer, the Master Servicer and the Trust Administrator shall deliver (or
        otherwise make available) (and each of the Servicer, the Master Servicer
        and the
        Trust Administrator shall cause any Sub-Servicer subject to Item 1108(a)(2)
        of
        Regulation AB engaged by it to deliver) to the Trust Administrator (and the
        Trust Administrator shall deliver (or otherwise make available) to the
        Depositor) on or before March 15th (with
        no cure
        period) of each year, commencing in March 2008, an Officer’s Certificate
        stating, as to the signer thereof, that (A) a review of such party’s activities
        during the preceding calendar year or portion thereof and of such party’s
        performance under this Agreement, or such other applicable agreement in the
        case
        of a Sub-Servicer subject to Item 1108(a)(2) of Regulation AB, has been made
        under such officer’s supervision and (B) to the best of such officer’s
        knowledge, based on such review, such party has fulfilled all its obligations
        under this Agreement, or such other applicable agreement in the case of a
        Sub-Servicer subject to Item 1108(a)(2) of Regulation AB, in all material
        respects throughout such year or portion thereof, or, if there has been a
        failure to fulfill any such obligation in any material respect, specifying
        each
        such failure known to such officer and the nature and status
        thereof.  The Custodian, in its capacity as such, shall not be
        required to deliver such Officer’s Certificate.

       

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

       

      In
        the
        event the Servicer, the Master Servicer, the Trust Administrator or any
        Sub-Servicer subject to Item 1108(a)(2) of Regulation AB engaged by any such
        party is terminated or resigns pursuant to the terms of this Agreement, or
        any
        applicable agreement in the case of a Sub-Servicer subject to Item 1108(a)(2)
        of
        Regulation AB, as the case may be, such party shall provide an Officer’s
        Certificate pursuant to this Section 3.20 or the relevant section of such
        other
        applicable agreement, as the case may be, notwithstanding any such termination,
        assignment or resignation.

       

      Failure
        of the Servicer to timely comply with this Section 3.20 shall be deemed a
        Servicer Event of Default, and upon receipt of written notice from the Trust
        Administrator of such Servicer Event of Default, the Trustee or the Master
        Servicer, as applicable, may at the direction of the Depositor, in addition
        to
        whatever rights the Trustee or the Master Servicer, as applicable, may have
        under this Agreement and at law or in equity or to damages, including injunctive
        relief and specific performance, upon notice immediately terminate (as provided
        in Section 7.01(a)) all the rights and obligations of the Servicer under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Servicer for the same (other than the Servicer’s rights to
        reimbursement of unreimbursed  Advances and Servicing Advances and
        accrued and unpaid Servicing Fees in the manner provided in this
        Agreement).  This paragraph shall supersede any other provision in
        this Agreement or any other agreement to the contrary.

       

      Each
        of
        the Servicer, the Master Servicer and the Trust Administrator (each, an
“Indemnifying Party”) shall indemnify and hold harmless the Depositor, the
        Master Servicer, the Trust Administrator and their officers, directors and
        Affiliates, as applicable, from and against any actual losses, damages,
        penalties, fines, forfeitures, reasonable and necessary legal fees and related
        costs, judgments and other costs and expenses that such Person may sustain
        based
        upon a breach of the obligations of such Indemnifying Party under this Section
        3.20.

       

      
        	
                SECTION
                  3.21.  

              	
                Assessments
                  of Compliance and Attestation
                  Reports.

              

      

       

      (a)           By
        March 15th
        (with no cure period) of each calendar year during which a Form 10-K is required
        to be filed pursuant to Section 4.06 hereunder, commencing in March 2008,
        the
        Servicer, the Master Servicer, the Trust Administrator and the Custodian,
        each
        at its own expense, shall furnish or otherwise make available, and each such
        party shall cause any Servicing Function Participant engaged by it to furnish,
        each at its own expense, to the Trust Administrator (and the Trust Administrator
        shall furnish or otherwise make available to the Depositor), a report on
        an
        assessment of compliance with the Relevant Servicing Criteria that contains
        (A)
        a statement by such party of its responsibility for assessing compliance
        with
        the Relevant Servicing Criteria, (B) a statement that such party used the
        Relevant Servicing Criteria to assess compliance with the Relevant Servicing
        Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
        Criteria as of and for the fiscal year covered by the Form 10-K required
        to be
        filed pursuant to Section 4.06, including, if there has been any material
        instance of noncompliance with the Relevant Servicing Criteria, a discussion
        of
        each such failure and the nature and status thereof, and (D) a statement
        that a
        registered public accounting firm has issued an attestation report on such
        party’s assessment of compliance with the Relevant Servicing Criteria as of and
        for such period (the “Attestation Report”).  The Custodian, in its
        capacity as such and any Servicing Function Participant, shall deliver such
        assessment of compliance only for so long as the Trust is subject to the
        Exchange Act reporting requirements.

      

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

       

      The
        Master Servicer shall include all annual reports on assessment of compliance
        received by it from the Servicers with its own assessment of compliance to
        be
        submitted to the Trust Administrator pursuant to this Section.

       

      In
        the
        event the Servicer, the Master Servicer, the Trust Administrator, the Custodian,
        or any Servicing Function Participant 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 provide a report on assessment of compliance pursuant to this
        Section 3.21, or the relevant section of such other applicable agreement,
        notwithstanding any such termination, assignment or resignation.

       

      (b)           By
        March 15th
        (with no cure period) of each year, commencing in March 2008, the Servicer,
        the
        Master Servicer, the Trust Administrator and the Custodian, each at its own
        expense, shall cause, and each such party shall cause any Servicing Function
        Participant engaged by it to cause, each at its own expense, a registered
        public
        accounting firm (which may also render other services to the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian, or such other Servicing
        Function Participants, as the case may be) and that is a member of the American
        Institute of Certified Public Accountants to furnish an attestation report
        to
        the Trust Administrator and the Depositor, to the effect that (i) it has
        obtained a representation regarding certain matters from the management of
        such
        party, which includes an assertion that such party has complied with the
        Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
        by such firm in accordance with standards for attestation engagements issued
        or
        adopted by the Public Company Accounting Oversight Board, it is expressing
        an
        opinion as to whether such party’s compliance with the Relevant Servicing
        Criteria was fairly stated in all material respects, or it cannot express
        an
        overall opinion regarding such party’s assessment of compliance with the
        Relevant Servicing Criteria.  In the event that an overall opinion
        cannot be expressed, such registered public accounting firm shall state in
        such
        report why it was unable to express such an opinion.  Such report must
        be available for general use and not contain restricted use
        language.

       

      Promptly
        after receipt of each such assessment of compliance and attestation report,
        the
        Trust Administrator shall confirm that each assessment submitted pursuant
        to
        Section 3.21(a) is coupled with an attestation meeting the requirements of
        this
        Section and notify the Depositor of any exceptions.

       

      The
        Master Servicer shall include each such attestation furnished to it by the
        Servicers with its own attestation to be submitted to the Trust Administrator
        pursuant to this Section.

       

      In
        the
        event the Servicer, the Master Servicer, the Trust Administrator, the Custodian,
        or any Servicing Function Participant engaged by any such party, is terminated,
        assigns its rights and duties under, or resigns pursuant to the terms of,
        this
        Agreement, or any applicable custodial agreement or sub-servicing agreement,
        as
        the case may be, such party shall cause a registered public accounting firm
        to
        provide an attestation pursuant to this Section 3.21(b), or the relevant
        section
        of such other applicable agreement, notwithstanding any such termination,
        assignment or resignation.

       

      (c)           Failure
        of the Servicer to timely comply with this Section 3.21 shall be deemed a
        Servicer Event of Default, and upon written receipt of notice (which notice
        may
        be delivered electronically) from the Trust Administrator of such Servicer
        Event
        of Default, the Trustee or the Master Servicer, as applicable, at the direction
        of the Depositor may, in addition to whatever rights the Trustee or the Master
        Servicer, as applicable, may have under this Agreement and at law or in equity,
        including injunctive relief and specific performance, upon notice immediately
        terminate (as provided in Section 7.01(a)) all the rights and obligations
        of the
        Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Servicer for the same (other than the
        Servicer’s rights to reimbursement of unreimbursed  Advances and
        Servicing Advances and accrued and unpaid Servicing Fees in the manner provided
        in this Agreement).  This paragraph shall supersede any other
        provision in this Agreement or any other agreement to the contrary.

       

      Each
        of
        the Servicer, the Master Servicer, the Trust Administrator and the Custodian
        shall indemnify and hold harmless the Depositor, the Master Servicer and
        the
        Trust Administrator and its respective officers, directors and Affiliates
        from
        and against any actual losses, damages, penalties, fines, forfeitures,
        reasonable and necessary legal fees and related costs, judgments and other
        costs
        and expenses that such Person may sustain based upon a breach of the obligations
        of such Indemnifying Party under this Section 3.21.

       

      The
        parties hereto acknowledge that the Custodian shall be required to comply
        with
        the provisions of this Section 3.21 only for so long as the Trust is subject
        to
        the Exchange Act reporting requirements.

       

      If
        the
        indemnifications provided for herein are unavailable or insufficient to hold
        harmless any indemnified party, then the indemnifying party 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 indemnifying party on the
        other.  This indemnification shall survive the termination of this
        Agreement or the termination of the indemnifying party.

       

      Notwithstanding
        the foregoing, in no event shall the Custodian be liable for any consequential,
        indirect or punitive damages pursuant to this Section 3.21.

       

      
        	
                SECTION
                  3.22.  

              	
                Access
                  to Certain Documentation.

              

      

       

      The
        Servicer shall provide to the to the Trustee, the Trust Administrator and
        the
        Depositor, at the request of 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 the documentation 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. Nothing in this Section
        shall limit the obligation of the Servicer 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 the Servicer
        to
        provide access as provided in this Section as a result of such obligation
        shall
        not constitute a breach of this Section.  In addition, access to the
        documentation regarding the Mortgage Loans will be provided to the Trust
        Administrator, the NIMS Insurer, the Trustee, on behalf of the
        Certificateholders or a prospective transferee of a Certificate, subject
        to the
        execution of a confidentiality agreement in form and substance satisfactory
        to
        the Servicer, upon reasonable written request during normal business hours
        at
        the offices of the Servicer designated by it at the expense of the Person
        requesting such access.  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.

       

      To
        the
        extent the Servicer has serviced the Mortgage Loans during the sixty (60)
        day
        period prior to the Cut-off Date, the Servicer agrees to fully furnish in
        accordance with the Fair Credit Reporting Act and its implementing regulations,
        accurate and complete information (e.g., favorable and unfavorable) on its
        borrower credit files to Equifax, Experian and Trans Union Credit Information
        Company or their successors (the “Credit Repositories”) in a timely manner on a
        monthly basis.

       

      
        	
                SECTION
                  3.23.  

              	
                Title,
                  Management and Disposition of REO
                  Property.

              

      

       

      (a)  In
        the
        event that title to an REO Property is acquired in foreclosure or by deed
        in
        lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
        to
        a limited power of attorney to be provided by the Trustee to the Servicer)
        in
        the name of the Trustee or a nominee thereof, on behalf of the
        Certificateholders, or in the event the Trustee or a nominee thereof 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 (the cost
        of
        which shall constitute a Servicing Advance) 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 Trustee shall acknowledge in writing
        that such title is being held as nominee for the benefit of the Trustee.
        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 Servicer shall
        ensure
        that the title to such REO Property references this Agreement and the Trustee’s
        capacity hereunder.  The Servicer, on behalf of REMIC I, shall sell
        any REO Property as soon as practicable and in any event no later than the
        end
        of the third full taxable year after the taxable year in which such REMIC
        acquires ownership of such REO Property for purposes of Section 860G(a)(8)
        of
        the Code or request from the Internal Revenue Service, no later than 60 days
        before the day on which the three-year grace period would otherwise expire,
        an
        extension of such three-year period, unless the Servicer shall have delivered
        to
        the Trust Administrator, the Trustee and the NIMS Insurer an Opinion of Counsel
        acceptable to the NIMS Insurer and addressed to the Trust Administrator,
        the
        Trustee, the NIMS Insurer and the Depositor, to the effect that the holding
        by
        the REMIC of such REO Property subsequent to three years after its acquisition
        will not result in the imposition on the REMIC of taxes on “prohibited
        transactions” thereof, as defined in Section 860F of the Code, or cause any of
        the REMICs created hereunder to fail to qualify as a REMIC under Federal
        law at
        any time that any Certificates are outstanding.  The Servicer shall
        manage, conserve, protect and operate each REO Property for the
        Certificateholders solely for the purpose of its prompt disposition and sale
        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 Code or
        result in the receipt by any of the REMICs created hereunder of any “income from
        non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
        or any “net income from foreclosure property” which is subject to taxation under
        the REMIC Provisions.

       

      (b)  The
        Servicer shall separately account for all funds collected and received in
        connection with the operation of any REO Property and shall establish and
        maintain, or cause to be established and maintained, with respect to REO
        Properties an account held in trust for the Trustee for the benefit of the
        Certificateholders (the “REO Account”), which shall be an Eligible
        Account.  The Servicer shall be permitted to allow the Collection
        Account to serve as the REO Account, subject to separate ledgers for each
        REO
        Property.  The Servicer shall be entitled to retain or withdraw any
        interest income paid on funds deposited in the REO Account.

       

      (c)  The
        Servicer shall have full power and authority, subject only to the specific
        requirements and prohibitions of this Agreement, to do any and all things
        in
        connection with any REO Property as are consistent with the manner in which
        the
        Servicer manages and operates similar property owned by the Servicer or any
        of
        its Affiliates, all on such terms and for such period (subject to the
        requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
        deems to be in the best interests of Certificateholders.  In
        connection therewith, the Servicer shall deposit, or cause to be deposited
        in
        the clearing account in which it customarily deposits payments and collections
        on mortgage loans in connection with its mortgage loan servicing activities
        on a
        daily basis, and in no event more than one Business Day after the Servicer’s
        receipt thereof, and shall thereafter deposit in the REO Account, in no event
        more than two Business Days after the Servicer’s receipt thereof, all revenues
        received by it with respect to an REO Property and shall withdraw therefrom
        funds necessary for the proper operation, management and maintenance of such
        REO
        Property including, without limitation:

       

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

       

      (ii)  all
        real
        estate taxes and assessments in respect of such REO Property that may result
        in
        the imposition of a lien thereon; and

       

      (iii)  all
        costs
        and expenses necessary to maintain, operate and dispose of such REO
        Property.

       

      To
        the
        extent that amounts on deposit in the REO Account with respect to an REO
        Property are insufficient for the purposes set forth in clauses (i) through
        (iii) above with respect to such REO Property, the Servicer shall advance
        from
        its own funds such amount as is necessary for such purposes if, but only
        if, the
        Servicer would make such advances if the Servicer owned the REO Property
        and if
        in the Servicer’s judgment, the payment of such amounts will be recoverable from
        the rental or sale of the REO Property.

       

      Notwithstanding
        the foregoing, none of the Servicer, the Trust Administrator or the Trustee
        shall:

       

      (a)  authorize
        the Trust Fund to enter into, renew or extend any New Lease with respect
        to any
        REO Property, if the New Lease by its terms will give rise to any income
        that
        does not constitute Rents from Real Property;

       

      (b)  authorize
        any amount to be received or accrued under any New Lease other than amounts
        that
        will constitute Rents from Real Property;

       

      (c)  authorize
        any construction on any REO Property, other than the completion of a building
        or
        other improvement thereon, and then only if more than ten percent of the
        construction of such building or other improvement was completed before default
        on the related Mortgage Loan became imminent, all within the meaning of Section
        856(e)(4)(B) of the Code; or

       

      (d)  authorize
        any Person to Directly Operate any REO Property on any date more than 90
        days
        after its date of acquisition by the Trust Fund;

       

      unless,
        in any such case, the Servicer has obtained an Opinion of Counsel, provided
        to
        the Trust Administrator, the Master Servicer and the NIMS Insurer, to the
        effect
        that such action will not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code at
        any time that it is held by the REMIC, in which case the Servicer may take
        such
        actions as are specified in such Opinion of Counsel.

       

      The
        Servicer may contract with any Independent Contractor for the operation and
        management of any REO Property; provided that:

       

      (i)  the
        terms
        and conditions of any such contract shall not be inconsistent
        herewith;

       

      (ii)  any
        such
        contract shall require, or shall be administered to require, that the
        Independent Contractor pay all costs and expenses incurred in connection
        with
        the operation and management of such REO Property, including those listed
        above
        and remit all related revenues (net of such costs and expenses) to the Servicer
        as soon as practicable, but in no event later than thirty days following
        the
        receipt thereof by such Independent Contractor;

       

      (iii)  none
        of
        the provisions of this Section 3.23(c) relating to any such contract or to
        actions taken through any such Independent Contractor shall be deemed to
        relieve
        the Servicer of any of its duties and obligations to the Trustee on behalf
        of
        the Certificateholders with respect to the operation and management of any
        such
        REO Property; and

       

      (iv)  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.

       

      The
        Servicer shall be entitled to enter into any agreement with any Independent
        Contractor performing services for it related to its duties and obligations
        hereunder for indemnification of the Servicer by such Independent Contractor,
        and nothing in this Agreement shall be deemed to limit or modify such
        indemnification.  The Servicer shall be solely liable for all fees
        owed by it to any such Independent Contractor, irrespective of whether the
        Servicer’s compensation pursuant to Section 3.18 is sufficient to pay such fees;
        provided, however, that to the extent that any payments made by such Independent
        Contractor would constitute Servicing Advances if made by the Servicer, such
        amounts shall be reimbursable as Servicing Advances made by the
        Servicer.

       

      (d)  In
        addition to the withdrawals permitted under Section 3.23(c), the Servicer
        may
        from time to time make withdrawals from the REO Account for any REO Property:
        (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of
        the
        related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
        unreimbursed Servicing Advances and Advances made in respect of such REO
        Property or the related Mortgage Loan. On the Servicer Remittance Date, the
        Servicer shall withdraw from each REO Account maintained by it and deposit into
        the Distribution Account in accordance with Section 3.10(d)(ii), for
        distribution on the related Distribution Date in accordance with Section
        4.01,
        the income from the related REO Property received during the prior calendar
        month, net of any withdrawals made pursuant to Section 3.23(c) or this Section
        3.23(d).

       

      (e)  Subject
        to the time constraints set forth in Section 3.23(a), each REO Disposition
        shall
        be carried out by the Servicer in a manner, at such price and upon such terms
        and conditions as shall be normal and usual in the servicing standard set
        forth
        in Section 3.01.

       

      (f)  The
        proceeds from the REO Disposition, net of any amount required by law to be
        remitted to the Mortgagor under the related Mortgage Loan and net of any
        payment
        or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
        be
        deposited in the Distribution Account in accordance with Section 3.10(d)(ii)
        on
        the Servicer Remittance Date in the month following the receipt thereof for
        distribution on the related Distribution Date in accordance with Section
        4.01.  Any REO Disposition shall be for cash only (unless changes in
        the REMIC Provisions made subsequent to the Startup Day allow a sale for
        other
        consideration).

       

      (g)  The
        Servicer shall file information returns with respect to the receipt of mortgage
        interest received in a trade or business, reports of foreclosures and
        abandonments of any Mortgaged Property and cancellation of indebtedness income
        with respect to any Mortgaged Property as 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
                  3.24.  

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              

      

       

      On
        each
        Servicer Remittance Date, (in the case of HomEq as Servicer no later than
        2:00
        p.m. New York time) the Servicer shall remit to the Distribution Account
        an
        amount (“Compensating Interest”) equal to the lesser of (A) the aggregate of the
        Prepayment Interest Shortfalls for the related Distribution Date and (B)
        its
        aggregate Servicing Fee received in the related Due Period. The Servicer
        shall
        not have the right to reimbursement for any amounts remitted to the Trust
        Administrator in respect of Compensating Interest. Such amounts so remitted
        shall be included in the Available Funds and distributed therewith on the
        next
        Distribution Date.  

       

      
        	
                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 Collection Account from
        its own
        funds the amount of any such shortfall and shall indemnify and hold harmless
        the
        Trust Fund, the Trustee, the Trust Administrator, 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

              

      

       

      The
        Servicer is hereby authorized to enter into a financing or other facility
        (any
        such arrangement, an “Advance Facility”) under which (1) 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 (2) an Advancing
        Person
        agrees to fund some or all Advances and/or Servicing Advances required to
        be
        made by the Servicer pursuant to this Agreement.  No consent of the
        Depositor, the Trustee, the Trust Administrator, the Certificateholders or
        any
        other party shall be required before the Servicer may enter into an Advance
        Facility.  The Servicer shall notify each other party to this
        Agreement prior to or promptly after entering into or terminating any 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.  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 (“Advance Reimbursement Amounts”)
        and/or Servicing Advances including Nonrecoverable Advances (“Servicing Advance
        Reimbursement Amounts” and together with Advance Reimbursement Amounts,
“Reimbursement Amounts”) (in each case to the extent such type of Reimbursement
        Amount is included in the Advance Facility), as applicable, pursuant to this
        Agreement, then, the Servicer shall identify such Reimbursement Amounts
        consistent with the reimbursement rights set forth in Section 3.11(a)(ii),
        (iii), (vi) and (vii) and remit such Reimbursement Amounts in accordance
        with
        Section 3.10(b) or otherwise 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 anything to the contrary herein, in no event
        shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
        be included in the Available Funds or distributed to
        Certificateholders.

       

      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 or the Advancing Person had made the related Advance(s) and/or
        Servicing Advance(s).  Notwithstanding the foregoing, except with
        respect to reimbursement of Nonrecoverable Advances as set forth in this
        Agreement, no Person shall be entitled to reimbursement from funds held in
        the
        Collection Account for future distribution to Certificateholders pursuant
        to
        this Agreement.  None of the Depositor, the Trust Administrator or the
        Trustee shall have any duty or liability with respect to the calculation
        or
        payment of any Reimbursement Amount, nor shall the Depositor, the Master
        Servicer, the Trust Administrator or the Trustee 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 and (upon request) the Trust Administrator a detailed accounting
        on a
        loan by loan basis as to amounts advanced by, sold, 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.

       

      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
        hereunder are limited to the funding or purchase of Advances and/or Servicing
        Advances shall not be required to meet the criteria for qualification of
        a
        subservicer set forth in this Agreement.

       

      Reimbursement
        Amounts distributed with respect to each Mortgage Loan shall be allocated
        to
        outstanding 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 documentation shall also require the Servicer to provide
        to the related Advancing Person or Advance Facility Trustee loan by loan
        information with respect to each Reimbursement Amount distributed to such
        Advancing Person or Advance Facility Trustee, to enable the Advancing Person
        or
        Advance Facility Trustee to make the FIFO allocation of each Reimbursement
        Amount with respect to each Mortgage Loan.  The Servicer shall remain
        entitled to be reimbursed for all Advances and Servicing Advances funded
        by the
        Servicer to the extent the related rights to be reimbursed therefor have
        not
        been sold, assigned or pledged to an Advancing Person.

       

      The
        Servicer shall indemnify the Depositor, the Trustee, the Master Servicer,
        the
        Trust Administrator, any successor servicer and the Trust Fund resulting
        from
        any claim by the related Advancing Person arising out of the Advance Facility,
        except to the extent that such claim, loss, liability or damage resulted
        from or
        arose out of negligence, recklessness or willful misconduct or breach of
        its
        duties hereunder on the part of the Depositor, the Trust Administrator, the
        Trustee or any successor servicer.

       

      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 Trustee, the
        Trust
        Administrator, the Depositor and the Servicer without the consent of any
        Certificateholder, provided such amendment complies with Section 11.01
        hereof.  All reasonable costs and expenses (including attorneys’ fees)
        of each party hereto of any such amendment shall be borne solely by the
        Servicer.  Prior to entering into an Advance Facility, the Servicer
        shall notify the Advancing Person in writing that:  (a) the Advances
        and/or Servicing Advances purchased, financed by and/or pledged to the Advancing
        Person are obligations owed to the Servicer on a non-recourse basis payable
        only
        from the cash flows and proceeds received under this Agreement for reimbursement
        of Advances and/or Servicing Advances only to the extent provided herein,
        and
        the Trustee, the Trust Administrator and the Trust are not otherwise obligated
        or liable to repay any Advances and/or Servicing Advances financed by the
        Advancing Person; (b) the Servicer will be responsible for remitting to the
        Advancing Person the applicable amounts collected by it as reimbursement
        for
        Advances and/or Servicing Advances funded by the Advancing Person, subject
        to
        the restrictions and priorities created in this Agreement; and (c) neither
        the
        Trustee nor the Trust Administrator shall have any responsibility to track
        or
        monitor the administration of the Advance Facility between the Servicer and
        the
        Advancing Person.

       

      
        	
                SECTION
                  3.27.  

              	
                Solicitations.

              

      

       

      The
        Servicer shall not take any action or cause any action to be taken by any
        of its
        employees, agents or Affiliates, or by any independent contractors acting
        on the
        Servicer’s behalf, to solicit any borrower in any manner whatsoever, including
        but not limited to, soliciting a borrower to prepay or refinance a Mortgage
        Loan.  Furthermore, neither the Servicer nor any of its Affiliates
        shall directly or indirectly provide information to any third party for purposes
        of soliciting the borrowers related to the Mortgage Loans.  It is
        understood that promotions undertaken by the Servicer or its Affiliates which
        are directed to the general public at large (i.e., newspaper advertisements,
        radio or T.V. ads, etc.) and not specifically directed to the borrowers related
        to the Mortgage Loans shall not constitute a breach of this Section
        3.27.  From and after the Closing Date, Servicer hereby agrees that
        Servicer will not take any action or cause any action to be taken by any
        of its
        agents or Affiliates, or by any independent contractors or independent mortgage
        brokerage companies on the Servicer’s behalf, to personally, by telephone or
        mail, solicit the borrower under any Mortgage Loan for the purpose of
        refinancing such Mortgage Loan; provided, that Servicer may solicit any borrower
        for whom Servicer has received a request for verification of mortgage, a
        request
        for demand for payoff, a borrower initiated written or verbal communication
        indicating a desire to prepay the related Mortgage Loan, or the borrower
        initiates a title search, provided further, it is understood and agreed that
        promotions undertaken by the Servicer or any of its affiliates which concern
        optional insurance products or other additional products shall not constitute
        solicitation nor is the Servicer prohibited from responding to unsolicited
        requests or inquiries made by a borrower or an agent of a borrower.
        Notwithstanding the foregoing, the following solicitations, if undertaken
        by the
        Servicer or any Affiliate of the Servicer, shall not be prohibited: (i)
        solicitations or promotions that are directed to the general public at large,
        including, without limitation, mass mailings based on mailing lists and
        newspaper, radio, television and other mass media advertisements and (ii)
        borrower messages included on, and statement inserts provided with, the monthly
        statements sent to borrowers; provided, however, that similar messages and
        inserts are sent to all other borrowers of similar type mortgage loans serviced
        by the Servicer and such Affiliates, including, but not limited to, those
        mortgage loans serviced for the Servicer’s and/or such Affiliates own account;
        and (iii) solicitations made as a part of a campaign directed to borrowers
        with
        mortgage loans meeting certain defined parameters (other than parameters
        relating to the borrowers or the Mortgage Loans specifically), provided,
        that
        such solicitations are made to all borrowers of mortgage loans serviced by
        the
        Servicer and such Affiliates with respect to mortgage loans meeting such
        defined
        parameters, including, but not limited to, those mortgage loans serviced
        for the
        Servicer’s and/or such Affiliates own 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 Trust 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 Collection Account pursuant to Section
        3.10.

       

      The
        Trustee shall furnish the Servicer and the Master Servicer with any powers
        of
        attorney 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 Trust Administrator shall provide access to the records and
        documentation in possession of the Trustee or the Trust 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 Trust Administrator, as applicable; provided, however, that, unless
        otherwise required by law, neither the Trustee nor the Trust 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 Trust 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 Trust Administrator’s, as
        applicable, actual costs.

       

      The
        Trustee shall 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 or Security Instrument; (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, the Trust
        Administrator 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 Trust Administrator 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),
        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 and act as Servicer of the Mortgage
        Loans or appoint a successor servicer; provided, however, it is understood
        and
        acknowledged by the parties hereto that there will be a period of transition
        (not to exceed 90 days) before the actual servicing functions can be fully
        transferred to such successor servicer. Such enforcement, including, without
        limitation, the legal prosecution of claims 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 applicable, in its good faith
        business judgment, would require were it the owner of the Mortgage Loans.
        The
        Master Servicer or the Trustee, as applicable, shall pay the costs of such
        enforcement at its own expense, provided that the Master Servicer or the
        Trustee, 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
        applicable, shall have received reasonable indemnity for its costs and expenses
        in pursuing such action.

       

        To
        the
        extent that the costs and expenses of the Master Servicer or Trustee, as
        applicable, related to any termination of the Servicer, appointment of a
        successor servicer or the transfer and assumption of servicing by the Master
        Servicer or the Trustee, as applicable, 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, the Master Servicer or the Trustee, as applicable, shall
        be
        entitled to reimbursement of such costs and expenses from the Distribution
        Account.

       

        The
        Master Servicer (or if the Master Servicer is the Servicer, the Trustee)
        shall,
        upon receipt from the Servicer, the Master Servicer or the Trust 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 carry out its duties hereunder,
        in
        each case in accordance with Accepted Master Servicing Practices (and the
        Trustee shall have no liability for misuse of any such powers of attorney
        by the
        Master Servicer or 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 Trust
        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
        withdraw from the Distribution 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 Trust 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 will be entitled to all income and gain realized from any
        investment of funds in the Distribution 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
        Trust 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 in full 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.  

              	
                Distribution
                  Account.

              

      

       

        On
        behalf
        of the Trust Fund, the Trust Administrator shall establish and maintain one
        or
        more accounts (such account or accounts, the “Distribution Account”), held in
        trust for the benefit of the Trustee and the Certificateholders.  The
        Distribution Account shall be an Eligible Account. The Master Servicer will
        deposit in the Distribution 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 from the Collection
        Account;

       

      (2)           Any
        Advances received from the Servicer or made by the Master Servicer or (if
        the
        Master Servicer is the Servicer) the Trustee (in each case in its capacity
        as
        successor servicer), and any payments of Compensating Interest received from
        the
        Servicer 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
        Distribution 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 Collection
        Account;

       

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

       

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

       

        All
        amounts deposited to the Distribution Account shall be held by the Master
        Servicer 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 Distribution Account shall
        be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of (A) late payment charges or
        assumption, tax service, statement account or payoff, substitution,
        satisfaction, release and other like fees and charges and (B) the items
        enumerated in Section 3A.12(a) (with respect the clearing and termination
        of the Distribution 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
        Distribution Account.  In the event that the Master Servicer shall
        deposit or cause to be deposited to the Distribution Account any amount not
        required to be credited thereto, the Trustee or the Trust 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
        Trust
        Administrator may direct any depository institution maintaining the Distribution
        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
        Trust
        Administrator is the obligor thereon or if such investment is managed or
        advised
        by a Person other than the Trust Administrator or an Affiliate of the Trust
        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 Trust
        Administrator is the obligor thereon or if such investment is managed or
        advised
        by the Trust Administrator or any Affiliate.  All such Permitted
        Investments shall be held to maturity, unless payable on demand.  Any
        investment of funds in the Distribution Account shall be made in the name
        of the
        Trustee, or in the name of a nominee of the Trust Administrator.  The
        Trust Administrator 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 Trust Administrator or its
        agent,
        together with any document of transfer necessary to transfer title to such
        investment to the Trust Administrator or its nominee. In the event amounts
        on
        deposit in the Distribution Account are at any time invested in a Permitted
        Investment payable on demand, the Trust Administrator 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 Trust Administrator that such Permitted Investment
        would not constitute a Permitted Investment in respect of funds thereafter
        on
        deposit in the Distribution Account.

       

        All
        income and gain realized from the investment of funds deposited in the
        Distribution Account shall be for the benefit of the Master
        Servicer.  The Trust Administrator shall deposit in the Distribution
        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 Distribution
                  Account.

              

      

       

        The
        Trust
        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 Distribution Account pursuant to this Agreement.  The Trust
        Administrator may clear and terminate the Distribution Account pursuant to
        Section 9.01 and remove amounts from time to time deposited in
        error.

       

        On
        an
        ongoing basis, the Trust Administrator shall withdraw funds from the
        Distribution 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(b), to the Trustee pursuant to Section 3.06, Section 7.02 or
        Section 8.05 or to the Master Servicer pursuant to Section 6.03(c), and
        (ii) any amounts expressly payable to the Master Servicer as set forth in
        Section 3A.09.

       

        The
        Trust
        Administrator may withdraw from the Distribution 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)
        [reserved] 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 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 (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 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 Trust 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 Distribution 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 Distribution Account;

       

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

       

      (xiii)        
        to withdraw any amount deposited in the Distribution Account in
        error;

       

      (xiv)       
        to clear and terminate the Distribution Account pursuant to Section 9.01;
        and

       

      (xv)           to
        make distributions to the Swap Account.

       

      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 Distribution 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 Distribution 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 Trust
        Administrator for deposit in the Distribution Account any Advances required
        to
        be made and the Master Servicer shall deposit in the Distribution Account
        any
        Compensating Interest required to be paid, in either such case by the Master
        Servicer or the Trustee, as applicable, with respect to the Mortgage
        Loans.

       

      
        	
                SECTION
                  3A.13.  

              	
                Late
                  Remittance.

              

      

       

      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 the Prime Rate, adjusted
        as of
        the date of each change, plus three percentage points, but in no event greater
        than the maximum amount permitted by applicable law.  Such interest
        shall be deposited in the Distribution Account by the Servicer on the date
        such
        late payment is made and shall cover the period commencing with the day
        following the day such payment was due 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.

       

      ARTICLE
        IV

       

      PAYMENTS
        TO CERTIFICATEHOLDERS

       

      
        	
                SECTION
                  4.01.  

              	
                Distributions.

              

      

       

      (a)  On
        each
        Distribution Date, the following amounts, in the following order of priority,
        shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular
        Interests and distributed to the holders of the Class R Certificates (in
        respect
        of the Class R-I Interest), as the case may be:

       

      (i)  to
        Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-1-A through
        I-72-B, pro rata, in an amount equal to (A) Uncertificated Interest for such
        REMIC I Regular Interests for such Distribution Date, plus (B) any amounts
        payable in respect thereof remaining unpaid from previous Distribution
        Dates.

       

      (ii)  to
        the
        extent of amounts remaining after the distributions made pursuant to clause
        (1)
        above, payments of principal shall be allocated as follows: (A) first, to
        REMIC
        I Regular Interest I and then to REMIC I Regular Interests I-1-A through
        I-72-B
        starting with the lowest numerical denomination until the Uncertificated
        Balance
        of each such REMIC I Regular Interest is reduced to zero, provided that,
        for
        REMIC I Regular Interests with the same numerical denomination, such payments
        of
        principal shall be allocated pro rata between such REMIC I Regular Interests
        and
        (B) second, to the extent of any Overcollateralization Reduction Amounts,
        first
        to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC
        I
        Regular Interest is reduced to zero, then, to REMIC I Regular Interests I-1-A
        through I-72-B starting with the lowest numerical denomination until the
        Uncertificated Balance of each such REMIC I Regular Interest is reduced to
        zero,
        provided that, for REMIC I Regular Interests with the same numerical
        denomination, such Overcollateralization Reduction Amounts shall be allocated
        pro rata between such REMIC I Regular Interests.

       

      (iii)  to
        the
        Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing
        Prepayment Charges (other than any Originator Prepayment Charge Payment Amount)
        in respect of the Mortgage Loans received during the related Prepayment Period
        and (B) on the Distribution Date immediately following the expiration of
        the
        latest Prepayment Charge as identified on the Prepayment Charge Schedule
        or any
        Distribution Date thereafter until $100 has been distributed pursuant to
        this
        clause.

       

      (b)  On
        each
        Distribution Date, the following amounts, in the following order of priority,
        shall be distributed by REMIC II to REMIC III on account of the REMIC II
        Regular
        Interests or withdrawn from the Distribution Account and distributed to the
        holders of the Class R Certificates (in respect of the Class R-II Interest),
        as
        the case may be:

       

      (i)  to
        the
        Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (a)
        Uncertificated Accrued Interest for such REMIC II Regular Interest for such
        Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
        from
        previous Distribution Dates.

       

      (ii)  to
        Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
        REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
        II
        Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
        Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
        II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
        REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
        II
        Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
        Interest II-LTM11, REMIC II Regular Interest II-LTM12, REMIC II Regular Interest
        II-LTZZ and REMIC II Regular Interest II-LTP, 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 II
        Regular
        Interest II-LTZZ shall be reduced and deferred when the REMIC II
        Overcollateralized Amount is less than the REMIC II Required
        Overcollateralization Amount, by the lesser of (x) the amount of such difference
        and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such
        amount will be payable to the Holders of REMIC II Regular Interest II-LTA1,
        REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
        II
        Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
        Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
        II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
        REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
        II
        Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
        Interest II-LTM11 and REMIC II Regular Interest II-LTM12 in the same proportion
        as the Overcollateralization Deficiency Amount is allocated to the Corresponding
        Certificates and the Uncertificated Balance of REMIC II Regular Interest
        II-LTZZ
        shall be increased by such amount; and

       

      (iii)  to
        the
        Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date,
        100%
        of the amount paid in respect of Prepayment Charges (other than any Originator
        Prepayment Charge Payment Amount) and (B) on the Distribution Date immediately
        following the expiration of the latest Prepayment Charge as identified on
        the
        Prepayment Charge Schedule or any Distribution Date thereafter until $100
        has
        been distributed pursuant to this clause;

       

      (iv)  to
        the
        Holders of the REMIC II Regular Interests, in an amount equal to the remainder
        of the Available Funds for such Distribution Date after the distributions
        made
        pursuant to clauses (i), (ii) and (iii) above, allocated as
        follows:

       

      (a)           98.00%
        of such remainder to the Holders of REMIC II Regular Interest II-LTAA, until
        the
        Uncertificated Balance of such REMIC II Regular Interest is reduced to
        zero;

       

      (b)           2.00%
        of such remainder, first to the Holders of REMIC II Regular Interest II-LTA1,
        REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
        II
        Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
        Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
        II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
        REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
        II
        Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
        Interest II-LTM11 and REMIC II Regular Interest II-LTM12, equal to 1.00%
        of and
        in the same proportion as principal payments are allocated to the Corresponding
        Certificates, until the Uncertificated Balances of such REMIC II Regular
        Interests are reduced to zero and second, to the Holders of REMIC II Regular
        Interest II-LTZZ, 1.00%, until the Uncertificated Balance of such REMIC II
        Regular Interest is reduced to zero; and

       

      (c)           any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-II Interest);

       

      provided,
        however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
        attributable to an Overcollateralization Release Amount shall be allocated
        to
        Holders of (i) REMIC II Regular Interest II-LTAA and REMIC II Regular Interest
        II-LTZZ, respectively; once the Uncertificated Principal Balances of REMIC
        II
        Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
        Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
        II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
        REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
        II
        Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
        Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
        II-LTM10, REMIC II Regular Interest II-LTM11 and REMIC II Regular Interest
        II-LTM12 have been reduced to zero.

       

      On
        each
        Distribution Date, all amounts representing Prepayment Charges (other than
        any
        Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans
        during the related Prepayment Period will be distributed by REMIC II to the
        Holders of REMIC II Regular Interest II-LTP. The payment of the foregoing
        amounts to the Holders of REMIC II Regular Interest II-LTP shall not reduce
        the
        Uncertificated Balance thereof.

       

      (c)  On
        each
        Distribution Date, the Trust Administrator shall withdraw from the Distribution
        Account that portion of Available Funds for such Distribution Date consisting
        of
        the Interest Remittance Amount for such Distribution Date, and make the
        following distributions in the order of priority described below, in each
        case
        to the extent of the Interest Remittance Amount remaining for such Distribution
        Date:

       

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

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, the Class M-2 Certificates,
        the
        Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
        the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
        Certificates, the Class M-9 Certificates, the Class M-10 Certificates, the
        Class
        M-11 Certificates and the Class M-12 Certificates, in that order, the Monthly
        Interest Distributable Amount allocable to each such Class of
        Certificates.

       

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

       

      (i)  to
        the
        Holders of the Class A Certificates (allocated among the Class A Certificates
        in
        the priority described below), until the Certificate Principal Balances thereof
        have been reduced to zero; and

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, the Class M-2 Certificates,
        the
        Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
        the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
        Certificates, the Class M-9 Certificates, the Class M-10 Certificates, the
        Class
        M-11 Certificates and the Class M-12 Certificates, in that order, until the
        Certificate Principal Balances thereof have been reduced to zero.

       

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

       

      (iii)  to
        the
        Holders of the Class A Certificates (allocated among the Class A Certificates
        in
        the priority described below), the Senior Principal Distribution Amount until
        the Certificate Principal Balances thereof have been reduced to
        zero;

       

      (iv)  to
        the
        Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (v)  to
        the
        Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (vi)  to
        the
        Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (vii)  to
        the
        Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (viii)  to
        the
        Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (ix)  to
        the
        Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (x)  to
        the
        Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (xi)  to
        the
        Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (xii)  to
        the
        Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (xiii)  to
        the
        Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;

       

      (xiv)  to
        the
        Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero;
        and

       

      (xv)  to
        the
        Holders of the Class M-12 Certificates, the Class M-12 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero.

       

      With
        respect to the Class A Certificates, all principal distributions will be
        distributed sequentially to the Class A-1 Certificates, the Class A-2
        Certificates, the Class A-3 Certificates and the Class A-4 Certificates,
        in that
        order, until their respective Certificate Principal Balances have been reduced
        to zero.  Notwithstanding any provisions contained in this Agreement
        to the contrary, on any Distribution Date on which the aggregate Certificate
        Principal Balance of the Subordinate Certificates has been reduced to zero,
        all
        distributions of principal to the Class A Certificates shall be distributed
        concurrently to the Class A-1 Certificates, the Class A-2 Certificates, the
        Class A-3 Certificates and the Class A-4 Certificates, on a pro rata
        basis based on the Certificate Principal Balance of each such
        Class.

       

      (e)  On
        each
        Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
        follows:

       

      (i)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Cap Agreement and the Interest Rate Swap Agreement,
        distributable to such Holders as part of the Principal Distribution Amount,
        as
        applicable, as described under Section 4.01(b) above;

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
        M-3
        Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
        Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
        Certificates, Class M-10 Certificates, Class M-11 Certificates and Class
        M-12
        Certificates, in that order, in each case first, in an amount equal to the
        Unpaid Interest Shortfall Amount allocable to such Certificates and second,
        in
        an amount equal to the Allocated Realized Loss Amount allocable to such
        Certificates;

       

      (iii)  to
        the
        Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
        Amounts, without taking into account amounts, if any, received under the
        Interest Rate Cap Agreement and the Interest Rate Swap Agreement;

       

      (iv)  to
        the
        Swap Provider, any Swap Termination Payments resulting from a Swap Provider
        Trigger Event;

       

      (v)  to
        the
        Holders of the Class CE Certificates, (a) the Monthly Interest Distributable
        Amount and any Overcollateralization Release Amount for such Distribution
        Date
        and (b) on any Distribution Date on which the aggregate Certificate Principal
        Balance of the Class A Certificates and the Mezzanine Certificates has been
        reduced to zero, any remaining amounts in reduction of the Certificate Principal
        Balance of the Class CE Certificates, until the Certificate Principal Balance
        thereof has been reduced to zero;

       

      (vi)  if
        such
        Distribution Date follows the Prepayment Period during which occurs the latest
        date on which a Prepayment Charge may be required to be paid in respect of
        any
        Mortgage Loans, to the Holders of the Class P Certificates, in reduction
        of the
        Certificate Principal Balance thereof, until the Certificate Principal Balance
        thereof is reduced to zero; and

       

      (vii)  any
        remaining amounts to the Holders of the Residual Certificates (in respect
        of the
        appropriate Class R Interest).

       

      Without
        limiting the provisions of Section 9.01(b), by acceptance of the Residual
        Certificates the Holders of the Residual Certificates agree, and it is the
        understanding of the parties hereto, that for so long as any of the notes
        issued
        pursuant to the Indenture are outstanding or any amounts are reimbursable
        or
        payable to the NIMS Insurer in accordance with the terms of the Indenture,
        to
        pledge their rights to receive any amounts otherwise distributable to the
        Holders of the Class R Certificates (and such rights are hereby assigned
        and
        transferred) to the Holders of the Class CE Certificates.

       

      (f)  On
        each
        Distribution Date, after making the distributions of the Available Funds
        as set
        forth above, the Trust Administrator will withdraw from the Net WAC Rate
        Carryover Reserve Account, to the extent of amounts remaining on deposit
        therein, the amount of any Net WAC Rate Carryover Amount for such Distribution
        Date and distribute such amount in the following order of priority:

       

      (i)   concurrently,
        to the Class A Certificates, on a pro rata basis based on the remaining
        Net WAC Rate Carryover Amount for each such Class; and

       

      (ii)  sequentially,
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
        Certificates, Class M-11 Certificates and Class M-12 Certificates, in that
        order, the Net WAC Rate Carryover Amount for each such Class.

       

      On
        each
        Distribution Date, the Trust Administrator shall withdraw any amounts then
        on
        deposit in the Distribution Account that represent (i) Prepayment Charges
        collected by each Servicer and remitted to the Master Servicer in connection
        with the Principal Prepayment of any of the Mortgage Loans, (ii) any Originator
        Prepayment Charge Payment Amounts or (iii) any Servicer Prepayment Charge
        Payment Amounts, and shall distribute such amounts to the Holders of the
        Class P
        Certificates.  Such distributions shall not be applied to reduce the
        Certificate Principal Balance of the Class P Certificates.

       

      Following
        the foregoing distributions, an amount equal to the amount of Subsequent
        Recoveries remitted to the Master Servicer shall be applied to increase the
        Certificate Principal Balance of the Class of Certificates with the Highest
        Priority up to the extent of such Realized Losses previously allocated to
        that
        Class of Certificates pursuant to Section 4.04.  An amount equal
        to the amount of any remaining Subsequent Recoveries shall be applied to
        increase the Certificate Principal Balance of the Class of Certificates with
        the
        next Highest Priority, up to the amount of such Realized Losses previously
        allocated to that Class of Certificates pursuant to
        Section 4.04.  Holders of such Certificates will not be entitled
        to any distribution in respect of interest on the amount of such increases
        for
        any Accrual Period preceding the Distribution Date on which such increase
        occurs.  Any such increases shall be applied to the Certificate
        Principal Balance of each Certificate of such Class in accordance with its
        respective Percentage Interest.

       

      (g)  On
        or
        before each Distribution Date, Net Swap Payments (whether payable to the
        Swap
        Provider or to the Supplemental Interest Trust Trustee), any Swap Termination
        Payment owed to the Swap Provider not resulting from a Swap Provider Trigger
        Event pursuant to the Interest Rate Swap Agreement and any Swap Termination
        Payments owed to the Supplemental Interest Trust Trustee will be deposited
        by
        the Swap Administrator into the Swap Account.  On or before each
        Distribution Date, pursuant to the Interest Rate Swap Agreement, the Trust
        Administrator shall withdraw from amounts on deposit in the Swap Account
        (other
        than amounts representing Swap Termination Payments received by the Supplemental
        Interest Trust Trustee or Net Swap Payments received by the Supplemental
        Interest Trust Trustee) prior to any distribution to any Certificates and
        distribute such withdrawn amounts as follows:

       

      (i)  to
        the
        Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to
        the
        Interest Rate Swap Agreement for such Distribution Date;

       

      (ii)  to
        the
        Swap Provider, any Swap Termination Payment owed to the Swap Provider not
        due to
        a Swap Provider Trigger Event pursuant to the Interest Rate Swap Agreement
        and
        to the extent not paid by the Trust Administrator (in its capacity as
        Supplemental Interest Trust Trustee) from any upfront payment received pursuant
        to any replacement interest rate swap agreement;

       

      On
        each
        Distribution Date, after making the distributions of the Available Funds,
        Net
        Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
        Reserve Account as set forth above, the Trust Administrator shall distribute
        the
        amount on deposit in the Swap Account as follows:

       

      (iii)  concurrently,
        to each Class of Class A Certificates, the related Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount remaining
        undistributed after the distributions of the Interest Remittance Amount,
        on a
        pro rata basis based on such respective remaining Monthly Interest Distributable
        Amount and Unpaid Interest Shortfall Amount;

       

      (iv)  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, Class M-10, Class M-11 and Class M-12 Certificates,
        in that order, the related Monthly Interest Distributable Amount and Unpaid
        Interest Shortfall Amount, to the extent remaining undistributed after the
        distributions of the Interest Remittance Amount and the Net Monthly Excess
        Cashflow;

       

      (v)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Swap Agreement, distributable to such Holders as part of
        the
        Principal Distribution Amount, remaining undistributed after distribution
        of the
        Net Monthly Excess Cashflow;

       

      (vi)  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, Class M-10, Class M-11 and Class M-12 Certificates,
        in that order, in each case up to the related Allocated Realized Loss Amount
        related to such Certificates for such Distribution Date remaining undistributed
        after distribution of the Net Monthly Excess Cashflow;

       

      (vii)  concurrently,
        to each Class of Class A Certificates, the Net WAC Rate Carryover Amount,
        to the
        extent remaining undistributed after distributions are made from the Net
        WAC
        Rate Carryover Reserve Account, on a pro rata basis based on such respective
        Net
        WAC Rate Carryover Amounts remaining; and

       

      (viii)  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, Class M-10, Class M-11 and Class M-12 Certificates,
        in that order, the Net WAC Rate Carryover Amount, to the extent remaining
        undistributed after distributions are made from the Net WAC Rate Carryover
        Reserve Account.

       

      (h)  On
        each
        Distribution Date, after making the distributions of the Available Funds,
        Net
        Monthly Excess Cashflow, amounts on deposit in the Net WAC Rate Carryover
        Reserve Account and amounts on deposit in the Swap Account as set forth above,
        the Trust Administrator shall distribute the amount on deposit in the Cap
        Account as follows:

       

      (1)           concurrently,
        to each Class of Class A Certificates, the related Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount remaining
        undistributed after the distributions of the Interest Remittance Amount,
        on a
pro rata basis based on such respective remaining Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount;

       

      (2)           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, Class M-10, Class M-11 and Class M-12 Certificates,
        in that order, the related Monthly Interest Distributable Amount and Unpaid
        Interest Shortfall Amount, to the extent remaining undistributed after the
        distributions of the Interest Remittance Amount and the Net Monthly Excess
        Cashflow;

       

      (3)           to
        the Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Swap Agreement, distributable to such Holders as part of
        the
        Principal Distribution Amount, remaining undistributed after distribution
        of the
        Net Monthly Excess Cashflow;

       

      (4)           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, Class M-10, Class M-11 and Class M-12 Certificates,
        in that order, in each case up to the related Allocated Realized Loss Amount
        related to such Certificates for such Distribution Date remaining undistributed
        after distribution of the Net Monthly Excess Cashflow;

       

      (5)           concurrently,
        to each Class of Class A Certificates, the related Net WAC Rate Carryover
        Amount, to the extent remaining undistributed after distributions are made
        from
        the Net WAC Rate Carryover Reserve Account, on a pro rata basis based
        on such respective Net WAC Rate Carryover Amounts remaining;

       

      (6)           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, Class M-10, Class M-11 and Class M-12 Certificates,
        in that order, the related Net WAC Rate Carryover Amount, to the extent
        remaining undistributed after distributions are made from the Net WAC Rate
        Carryover Reserve Account; and

       

      (7)           any
        remaining amount to the Holders of the Class CE Certificates.

       

      (i)  Distributions
        made with respect to each Class of Certificates on each Distribution Date
        shall
        be allocated pro rata among the outstanding Certificates in such Class
        based on their respective Percentage Interests.  Distributions in
        respect of each Class of Certificates on each Distribution Date will be made
        to
        the Holders of the respective Class of record on the related Record Date
        (except
        as otherwise provided in Section 4.01(d) or Section 9.01 respecting
        the final distribution on such Class), based on the aggregate Percentage
        Interest represented by their respective Certificates, and shall be made
        by wire
        transfer of immediately available funds to the account of any such Holder
        at a
        bank or other entity having appropriate facilities therefor, if such Holder
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Certificates having an initial aggregate Certificate
        Principal Balance or Notional Amount that is in excess of the lesser of (i)
        $5,000,000 or (ii) two-thirds of the initial Certificate Principal Balance
        or
        Notional Amount of such Class of Certificates, or otherwise by check mailed
        by
        first class mail to the address of such Holder appearing in the Certificate
        Register.  The final distribution on each Certificate will be made in
        like manner, but only upon presentment and surrender of such Certificate
        at the
        Corporate Trust Office of the Trust Administrator or such other location
        specified in the notice to Certificateholders of such final
        distribution.

       

      On
        each
        Distribution Date, all amounts representing collections in respect of the
        Charged-Off Loans serviced by the Servicer pursuant to this Agreement and
        received during the related Prepayment Period will be withdrawn from the
        Distribution Account and distributed by the Trust Administrator to the Holders
        of the Class X Certificates and shall not be available for distribution to
        the
        Holders of any other Class of Certificates.

       

      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 Trust Administrator, the Depositor or the Master Servicer
        shall have any responsibility therefor except as otherwise provided by this
        Agreement or applicable law.

       

      (j)  The
        rights of the Certificateholders to receive distributions in respect of the
        Certificates, and all interests of the Certificateholders in such distributions,
        shall be as set forth in this Agreement.  None of the Holders of any
        Class of Certificates, the Trustee, the Trust Administrator or the Master
        Servicer shall in any way be responsible or liable to the Holders of any
        other
        Class of Certificates in respect of amounts properly previously distributed
        on
        the Certificates.

       

      (k)  Except
        as
        otherwise provided in Section 9.01, whenever the Trust Administrator
        expects that the final distribution with respect to any Class of Certificates
        will be made on the next Distribution Date, the Trust Administrator shall,
        no
        later than three (3) days before the related Distribution Date, mail to each
        Holder on such date of such Class of Certificates a notice to the effect
        that:

       

      (i)  the
        Trust
        Administrator expects 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 Trust Administrator
        therein specified, and

       

      (ii)  no
        interest shall accrue on such Certificates from and after the end of the
        related
        Accrual Period.

       

      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 by
        the
        Trust Administrator 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(e) shall not have been surrendered for
        cancellation within six months after the time specified in such notice, the
        Trust 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 one
        year after the second notice all such Certificates shall not have been
        surrendered for cancellation, the Trust Administrator shall, directly or
        through
        an agent, mail a final notice to the remaining non-tendering Certificateholders
        concerning surrender of their Certificates but shall continue to hold any
        remaining funds for the benefit of non-tendering
        Certificateholders.  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 one year after the
        final notice any such Certificates shall not have been surrendered for
        cancellation, the Trust Administrator shall pay to UBS Securities LLC all
        such
        amounts, and all rights of non-tendering Certificateholders in or to such
        amounts shall thereupon cease. No interest shall accrue or be payable to
        any
        Certificateholder on any amount held in trust by the Trust Administrator
        as a
        result of such Certificateholder’s failure to surrender its Certificate(s) for
        final payment thereof in accordance with this
        Section 4.01(d).  Any such amounts held in trust by the Trust
        Administrator shall be held in an Eligible Account and the Trust Administrator
        may direct any depository institution maintaining such account to invest
        the
        funds in one or more Permitted Investments.  All income and gain
        realized from the investment of funds deposited in such accounts held in
        trust
        by the Trust Administrator shall be for the benefit of the Trust Administrator;
        provided, however, that the Trust Administrator shall deposit in such account
        the amount of any loss of principal incurred in respect of any such Permitted
        Investment made with funds in such accounts immediately upon the realization
        of
        such loss.

       

      (l)  Notwithstanding
        anything to the contrary herein, (i) in no event shall the Certificate Principal
        Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
        than
        once in respect of any particular amount both (a) allocated to such Certificate
        in respect of Realized Losses pursuant to Section 4.04 and (b) distributed
        to the Holder of such Certificate in reduction of the Certificate Principal
        Balance thereof pursuant to this Section 4.01 from Net Monthly Excess
        Cashflow and (ii) in no event shall the Uncertificated Balance of a REMIC
        I
        Regular Interest be reduced more than once in respect of any particular amount
        both (a) allocated to such REMIC I Regular Interest in respect of Realized
        Losses pursuant to Section 4.04 and (b) distributed on such REMIC I Regular
        Interest in reduction of the Uncertificated Balance thereof pursuant to this
        Section 4.01.

       

      
        	
                SECTION
                  4.02.  

              	
                Statements
                  to Certificateholders.

              

      

       

      On
        each
        Distribution Date, based (in part), as applicable, on information provided
        to
        the Trust Administrator by the Master Servicer (which in turn shall be based
        (in
        part), as applicable, on information provided to the Master Servicer by each
        Servicer), the Trust Administrator shall prepare and make available to each
        Holder of the Regular Certificates, the Credit Risk Manager, the other parties
        hereto and the Rating Agencies, a statement as to the distributions to be
        made
        on such Distribution Date containing the following information:

       

      (i)  the
        amount of the distribution made on such Distribution Date to the Holders
        of the
        Certificates of each Class allocable to principal, and the amount of the
        distribution made on such Distribution Date to the Holders of the Class P
        Certificates allocable to Prepayment Charges, Originator Prepayment Charge
        Payment Amounts and Servicer Prepayment Charge Payment Amounts;

       

      (ii)  the
        amount of the distribution made on such Distribution Date to the Holders
        of the
        Certificates of each Class allocable to interest;

       

      (iii)  the
        fees
        and expenses of the Trust accrued and paid on such Distribution Date and
        to whom
        such fees and expenses were paid;

       

      (iv)  the
        aggregate amount of Advances for such Distribution Date (including the general
        purpose of such Advances);

       

      (v)  the
        aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
        as of the last day of the related Due Period;

       

      (vi)  the
        number, aggregate Stated Principal Balance, weighted average remaining term
        to
        maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
        related Due Date;

       

      (vii)  the
        number and aggregate unpaid Principal Balance of Mortgage Loans (a) delinquent
        30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days,
        in
        each case, as of the last day of the preceding calendar month, not including
        Liquidated Mortgage Loans as of the end of the related Prepayment Period,
        (d) as
        to which foreclosure proceedings have been commenced and (e) with respect
        to
        which the related Mortgagor has filed for protection under applicable bankruptcy
        laws, with respect to whom bankruptcy proceedings are pending or with respect
        to
        whom bankruptcy protection is in force and with respect to (a), (b) and (c)
        above, delinquencies shall be determined by and reported utilizing the OTS
        methodology;

       

      (viii)  the
        total
        number and cumulative principal balance of all REO Properties as of the close
        of
        business on the last day of the preceding Prepayment Period;

       

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

       

      (x)  the
        Delinquency Percentage;

       

      (xi)  the
        aggregate amount of Realized Losses incurred during the related Prepayment
        Period, which will include the aggregate amount of Subsequent Recoveries
        received during the related Prepayment Period and the aggregate amount of
        Realized Losses incurred since the Closing Date, which will include the
        cumulative amount of Subsequent Recoveries received since the Closing
        Date;

       

      (xii)  the
        aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
        Collection Account or the Distribution Account for such Distribution
        Date;

       

      (xiii)  the
        aggregate Certificate Principal Balance and Notional Amount, as applicable,
        of
        each Class of Certificates, before and after giving effect to the distributions,
        and allocations of Realized Losses, made on such Distribution Date, separately
        identifying any reduction thereof due to allocations of Realized
        Losses;

       

      (xiv)  the
        Certificate Factor for each such Class of Certificates applicable to such
        Distribution Date;

       

      (xv)  the
        Monthly Interest Distributable Amount in respect of the Class A Certificates,
        the Mezzanine Certificates and the Class CE Certificates for such Distribution
        Date and the Unpaid Interest Shortfall Amount, if any, with respect to the
        Class
        A Certificates and the Mezzanine Certificates on such Distribution Date,
        separately identifying any reduction thereof due to allocations of Realized
        Losses, Prepayment Interest Shortfalls and Relief Act Interest
        Shortfalls;

       

      (xvi)  the
        aggregate amount of any Prepayment Interest Shortfall for such Distribution
        Date, to the extent not covered by payments by the related Servicer or the
        Master Servicer;

       

      (xvii)  the
        aggregate amount of Relief Act Interest Shortfalls for such Distribution
        Date;

       

      (xviii)  the
        Net
        Monthly Excess Cashflow, the Overcollateralization Target Amount, the
        Overcollateralized Amount, the Overcollateralization Deficiency Amount and
        the
        Credit Enhancement Percentage for such Distribution Date;

       

      (xix)  the
        respective Pass-Through Rates applicable to the Class A Certificates, the
        Mezzanine Certificates and the Class CE Certificates for such Distribution
        Date
        (and whether such Pass-Through Rate was limited by the Net WAC
        Rate);

       

      (xx)  the
        Aggregate Loss Severity Percentage;

       

      (xxi)  whether
        the Stepdown Date or a Trigger Event is in effect;

       

      (xxii)  the
        total
        cashflows received and the general sources thereof;

       

      (xxiii)  the
        Available Funds;

       

      (xxiv)  the
        Net
        WAC Rate Carryover Amount for the Class A Certificates and the Mezzanine
        Certificates, if any, for such Distribution Date, the amount remaining unpaid
        after reimbursements therefor on such Distribution Date;

       

      (xxv)  payments,
        if any, made under the Interest Rate Cap Agreement and the amount of any
        Net
        Swap Payments or Swap Termination Payments; and

       

      (xxvi)  unless
        otherwise set forth in the Form 10-D relating to such Distribution Date,
        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 and the aggregate number of Mortgage Loans which have
        been
        modified, waived or amended since the Closing Date; and

       

      (xxvii)  the
        applicable Record Dates, Accrual Periods and Determination Dates for calculating
        distributions for such Distribution Date.

       

      The
        Trust
        Administrator will make such statement (and, at its option, any additional
        files
        containing the same information in an alternative format) available each
        month
        to Certificateholders, the Master Servicer, each Servicer, the Depositor
        and the
        Rating Agencies via the Trust Administrator’s internet website.  The
        Trust Administrator’s internet website shall initially be located at
“www.ctslink.com”.  Assistance in using the website can be obtained by
        calling the Trust Administrator’s customer service desk at (866)
        846-4526.  Parties that are unable to use the above distribution
        options are entitled to have a paper copy mailed to them via first class
        mail by
        calling the customer service desk and indicating such. The Trust Administrator
        shall have the right to change the way such statements are distributed in
        order
        to make such distribution more convenient and/or more accessible to the above
        parties and the Trust Administrator shall provide timely and adequate
        notification to all above parties regarding any such changes.  As a
        condition to access the Trust Administrator’s internet website, the Trust
        Administrator may require registration and the acceptance of a
        disclaimer.  The Trust Administrator will not be liable for the
        dissemination of information in accordance with this Agreement.  The
        Trust Administrator shall also be entitled to rely on but shall not be
        responsible for the content or accuracy of any information provided by third
        parties for purposes of preparing the distribution date statement and may
        affix
        thereto any disclaimer it deems appropriate in its reasonable discretion
        (without suggesting liability on the part of any other party
        thereto).

       

      In
        the
        case of information furnished pursuant to subclauses (i) through (iii) above,
        the amounts shall be expressed as a dollar amount per Single Certificate
        of the
        relevant Class.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trust
        Administrator shall, upon written request, forward to each Person who at
        any
        time during the calendar year was a Holder of a Regular Certificate and the
        NIMS
        Insurer a statement containing the information set forth in subclauses (i)
        through (iii) above, aggregated for such calendar year or applicable portion
        thereof during which such Person was a Certificateholder.  Such
        obligation of the Trust Administrator shall be deemed to have been satisfied
        to
        the extent that substantially comparable information shall be provided by
        the
        Trust Administrator pursuant to any requirements of the Code as from time
        to
        time are in force.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trust
        Administrator shall furnish to each Person who at any time during the calendar
        year was a Holder of a Residual Certificate and the NIMS Insurer a statement
        setting forth the amount, if any, actually distributed with respect to the
        Residual Certificates, as appropriate, aggregated for such calendar year
        or
        applicable portion thereof during which such Person was a
        Certificateholder.

       

      The
        Trust
        Administrator shall, upon request, furnish to each Certificateholder and
        the
        NIMS Insurer, during the term of this Agreement, such periodic, special,
        or
        other reports or information, whether or not provided for herein, as shall
        be
        reasonable with respect to the Certificateholder, or otherwise with respect
        to
        the purposes of this Agreement, all such reports or information to be provided
        at the expense of the Certificateholder in accordance with such reasonable
        and
        explicit instructions and directions as the Certificateholder may
        provide.  For purposes of this Section 4.02, the Trust
        Administrator’s duties are limited to the extent that the Master Servicer
        receives timely reports as required from each Servicer.

       

      On
        each
        Distribution Date the Trust Administrator shall provide Intex Solutions,
        Inc.
        and 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 Trust Administrator and Bloomberg.

       

      (b)           For
        each Distribution Date, through and including the Distribution Date in December
        2007, the Trust Administrator shall calculate on each Significance Percentage
        Calculation Date the Significance Percentage of the Interest Rate Swap
        Agreement.  If on any such Distribution Date, the Significance
        Percentage is equal to or greater than 9%, the Trust Administrator shall
        promptly notify the Depositor and the Depositor shall obtain the financial
        information required to be delivered by the Swap Provider pursuant to the
        terms
        of the Interest Rate Swap Agreement. If, on any succeeding Distribution Date
        through and including the Distribution Date in December 2007, the Significance
        Percentage is equal to or greater than 10%, the Trust Administrator shall
        promptly notify the Depositor and the Depositor shall, within 5 Business
        Days of
        such Distribution Date, deliver to the Trust Administrator the financial
        information provided to it by the Swap Provider for inclusion in the Form
        10-D
        relating to such Distribution Date.  If on any Distribution Date after
        December 2007, the Significance Percentage is greater than 10%, the Trust
        Administrator shall include the Significance Percentage on the statement
        to
        Certificateholders for the related Distribution Date.

       

      The
        Trust
        Administrator shall calculate the Significance Percentage in accordance with
        the
        definition of “Significance Percentage” as set forth herein.

       

      
        	
                SECTION
                  4.03.  

              	
                Remittance
                  Reports, Advances.

              

      

       

      (a)  In
        the
        case of HomEq, as Servicer, on the 2nd Business Day following the Determination
        Date, but in no event later than noon on the 18th calendar day (or, if such
        18th
        day is not a Business Day (other than a Saturday), then on the next succeeding
        Business Day, or, if such 18th day is a Saturday, then on the preceding Business
        Day), in the case of Wells Fargo as Servicer, no later than the 10th calendar
        day (or, if such 10th day is not a Business Day (other than a Saturday),
        then on
        the next succeeding Business Day, or, if such 10th day is a Saturday, then
        on
        the preceding Business Day), each Servicer shall furnish to the Trust
        Administrator, the NIMS Insurer and the Credit Risk Manager (subject to the
        related Credit Risk Management Agreement) a monthly remittance advice (which
        together with any supplemental reports is known as the “Remittance Report”) in a
        format attached as Exhibit R-2 or in any other format as mutually agreed
        to
        between the related Servicer and the Trust Administrator, containing such
        information regarding the Mortgage Loans as is needed by the Trust Administrator
        to perform its duties as set forth in Section 4.01 and 4.02
        hereof.  Such Remittance Report will also include a delinquency report
        substantially in the form set forth in Exhibit R-1 and a realized loss report
        substantially in the form set forth in Exhibit R-3 (or in either case, such
        other format as mutually agreed to between the related Servicer and the Trust
        Administrator); provided, however, Wells Fargo, in its capacity as Servicer,
        will report delinquencies based on the MBA methodology and Wells Fargo, in
        its
        capacity as Trust Administrator, shall recalculate such delinquency information
        based on the OTS methodology.  No later than 3 Business Days after the
        15th day of each calendar month, each Servicer shall furnish to the Trust
        Administrator a monthly report containing such information regarding prepayments
        in full on Mortgage Loans during the applicable Prepayment Period in a format
        as
        mutually agreed to between the related Servicer and the Trust
        Administrator.

       

      (b)  With
        respect to any Mortgage Loan on which a Monthly Payment was due during the
        related Due Period and delinquent on the related Determination Date, the
        amount
        of each Servicer’s Advance will be equal to the Monthly Payment (net of the
        related Servicing Fee) that would have been due on the related Due Date in
        respect of the related Mortgage Loan.   With respect to each REO
        Property, which REO Property was acquired during or prior to the related
        Prepayment Period and as to which such REO Property an REO Disposition did
        not
        occur during the related Prepayment Period, an amount equal to the excess,
        if
        any, of the Monthly Payment (net of the related Servicing Fee) that would
        have
        been due on the related Due Date in respect of the related Mortgage Loan,
        over
        the net income from such REO Property deposited in the Collection Account
        pursuant to Section 3.23 for distribution on such Distribution
        Date.

       

      On
        the
        Servicer Remittance Date, each Servicer shall remit in immediately available
        funds to the Trust Administrator for deposit in the Distribution Account
        an
        amount equal to the aggregate amount of Advances, if any, to be made in respect
        of the Mortgage Loans for the related Distribution Date either (i) from its
        own
        funds or (ii) from the Collection Account, to the extent of funds held therein
        for future distribution (in which case it will cause to be made an appropriate
        entry in the records of the Collection Account that amounts held for future
        distribution have been, as permitted by this Section 4.03, used by the related
        Servicer in discharge of any such Advance) or (iii) in the form of any
        combination of (i) and (ii) aggregating the total amount of Advances to be
        made
        by the related Servicer with respect to the Mortgage Loans.  Any
        amounts held for future distribution used by a Servicer to make a Advance
        as
        permitted in the preceding sentence shall be appropriately reflected in the
        related Servicer’s records and replaced by the related Servicer by deposit in
        the Collection Account on or before any future Servicer Remittance Date to
        the
        extent that the Available Funds for the related Distribution Date (determined
        without regard to Advances to be made on the Servicer Remittance Date) shall
        be
        less than the total amount that would be distributed to the Certificateholders
        pursuant to Section 4.01 on such Distribution Date if such amounts held for
        future distributions had not been so used to make Advances. The Trust
        Administrator will provide notice to the applicable Servicer and the NIMS
        Insurer by telecopy by the close of business on the Servicer Remittance Date
        in
        the event that the amount remitted by the related Servicer to the Trust
        Administrator on such date is less than the Advances required to be made
        by the
        related Servicer for the related Distribution Date.

       

      (c)  The
        obligation of each Servicer to make such Advances is mandatory, notwithstanding
        any other provision of this Agreement but subject to (d) below, and, with
        respect to any Mortgage Loan or REO Property, shall continue until a Final
        Recovery Determination in connection therewith or the removal thereof from
        the
        Trust Fund pursuant to any applicable provision of this Agreement, except
        as
        otherwise provided in this Section.  With respect however to Balloon
        Mortgage Loans, no Servicer shall be required to make any Advances covering
        the
        Balloon Payment.

       

      (d)  Notwithstanding
        anything herein to the contrary, no Advance or Servicing Advance shall be
        required to be made hereunder by any Servicer if such Advance or Servicing
        Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable
        Servicing Advance, respectively. The determination by the a Servicer that
        it has
        made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance or that
        any
        proposed Advance or Servicing Advance, if made, would constitute a
        Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively,
        shall
        be evidenced by a certification of a Servicing Officer delivered to the Trust
        Administrator (whereupon, upon receipt of such certification, the Trust
        Administrator shall forward a copy of such certification to the Depositor,
        the
        Trustee, the NIMS Insurer and the Credit Risk
        Manager).  Notwithstanding the foregoing, if following the application
        of Liquidation Proceeds on any Mortgage Loan that was the subject of a Final
        Recovery Determination, any Servicing Advance with respect to such Mortgage
        Loan
        shall remain unreimbursed to the related Servicer, then without limiting
        the
        provisions of Section 3.11(a), a certification of a Servicing Officer regarding
        such Nonrecoverable Servicing Advance shall not be required to be delivered
        by
        the related Servicer to the Trust Administrator.

       

      (e)  In
        the
        event a Servicer fails to make any Advance required to be made by it pursuant
        to
        this Section 4.03 and such failure is not remedied within the applicable
        cure
        period pursuant to Section 7.01(a), then, pursuant to Section 7.01(a), the
        related Servicer will be terminated, and, in accordance with Sections 7.01(a)
        and 7.02, the Master Servicer or (if the Master Servicer is the Servicer)
        the
        Trustee (in its respective capacity as successor servicer) or another successor
        servicer shall be required to make such Advance on the Distribution Date
        with
        respect to which the applicable Servicer was required to make such Advance,
        subject to the Master Servicer’s or the Trustee’s (or other successor
        servicer’s) determination of recoverability.  Each Servicer, the
        Master Servicer or the Trustee, as applicable (or other successor servicer)
        shall not be required to make any Advance to cover any Relief Act Interest
        Shortfall on any Mortgage Loan or shortfalls relating to bankruptcy
        proceedings.  If the Master Servicer or the Trustee, as applicable (or
        other successor servicer) is required to make any Advances, such advances
        may be
        made by it in the manner set forth under subsection 4.03(b) above.

       

      
        	
                SECTION
                  4.04.  

              	
                Allocation
                  of Realized Losses.

              

      

       

      (a)  Prior
        to
        each Distribution Date, each Servicer shall determine as to each Mortgage
        Loan
        and REO Property: (i) the total amount of Realized Losses, if any, incurred
        in
        connection with any Final Recovery Determinations made during the related
        Prepayment Period; (ii) whether and the extent to which such Realized Losses
        constituted Bankruptcy Losses; and (iii) the respective portions of such
        Realized Losses allocable to interest and allocable to
        principal.  Prior to each Distribution Date, each Servicer shall also
        determine as to each Mortgage Loan: (A) the total amount of Realized Losses,
        if
        any, incurred in connection with any Deficient Valuations made during the
        related Prepayment Period; and (B) the total amount of Realized Losses, if
        any,
        incurred in connection with Debt Service Reductions in respect of Monthly
        Payments due during the related Due Period.  The information described
        in the two preceding sentences that is to be supplied by each Servicer shall
        be
        either included in the related Remittance Report or evidenced by an Servicing
        Officer certification delivered to the Trust Administrator by the related
        Servicer not later than the 18th of the calendar month in which such
        Distribution Date occurs (or,  if such 18th day is not a Business Day
        (other than a Saturday), then on the next succeeding Business Day, or, if
        such
        18th day is a Saturday, then on the preceding Business Day), immediately
        following the end of (x) in the case of Bankruptcy Losses allocable to interest,
        the Due Period during which any such Realized Loss was incurred, and (y)
        in the
        case of all other Realized Losses, the Prepayment Period during which any
        such
        Realized Loss was incurred.

       

      (b)  All
        Realized Losses on the Mortgage Loans shall be allocated by the Trust
        Administrator on each Distribution Date as follows: first, to Net Monthly
        Excess
        Cashflow; second, to Net Swap Payments received under the Interest Rate Swap
        Agreement, third, to payments received under the Interest Rate Cap Agreement,
        fourth, to the Class CE Certificates, until the Certificate Principal Balance
        thereof has been reduced to zero; fifth, to the Class M-12 Certificates,
        until
        the Certificate Principal Balance thereof has been reduced to zero; sixth,
        to
        the Class M-11 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; seventh, to the Class M-10 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; eighth, to
        the
        Class M-9 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; ninth, to the Class M-8 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; tenth, to the Class M-7
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero; eleventh, to the Class M-6 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; twelfth, to the Class
        M-5
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero; thirteenth, to the Class M-4 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; fourteenth, to the Class
        M-3
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero; fifteenth, to the Class M-2 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; and sixteenth, to the
        Class
        M-1 Certificates, until the Certificate Principal Balance thereof has been
        reduced to zero.  All Realized Losses to be allocated to the
        Certificate Principal Balances of all Classes on any Distribution Date shall
        be
        so allocated after the actual distributions to be made on such date as provided
        above.  All references above to the Certificate Principal Balance of
        any Class of Certificates shall be to the Certificate Principal Balance of
        such
        Class immediately prior to the relevant Distribution Date, before reduction
        thereof by any Realized Losses, in each case to be allocated to such Class
        of
        Certificates, on such Distribution Date.

       

      Any
        allocation of Realized Losses to a Mezzanine 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 a Class CE Certificate
        shall be made by reducing the amount otherwise payable in respect thereof
        pursuant to Section 4.01(a)(5)(iv).  No allocations of any
        Realized Losses shall be made to the Certificate Principal Balances of the
        Class
        A Certificates or the Class P Certificates.

       

      As
        used
        herein, an allocation of a Realized Loss on a “pro rata basis” among
        two or more specified Classes of Certificates means an allocation on a pro
        rata basis, among the various Classes so specified, to each such Class of
        Certificates on the basis of their then outstanding Certificate Principal
        Balances prior to giving effect to distributions to be made on such Distribution
        Date.  All Realized Losses and all other losses allocated to a Class
        of Certificates hereunder will be allocated among the Certificates of such
        Class
        in proportion to the Percentage Interests evidenced thereby.

       

      (c)  With
        respect to the REMIC I Regular Interests, all Realized Losses on the Mortgage
        Loans shall be allocated by the Trust Administrator on each Distribution
        Date
        first, to REMIC I Regular Interest I until the Uncertificated Balance has
        been
        reduced to zero and then to REMIC I Regular Interest I-1-A through I-72-B,
        starting with the lowest numerical denomination until the Uncertificated
        Balance
        of each such REMIC I Regular Interest is reduced to zero, provided that,
        for
        REMIC I Regular Interests with the same numerical denomination, such Realized
        Losses shall be allocated pro rata between such REMIC I Regular
        Interests.

       

      With
        respect to the REMIC II Regular Interests, all Realized Losses on the Mortgage
        Loans shall be allocated by the Trust Administrator on each Distribution
        Date to
        the following REMIC II Regular Interests in the specified percentages, as
        follows: first, to Uncertificated Interest payable to the REMIC II Regular
        Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate
        amount
        equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively;
        second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA
        and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to
        the
        REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third,
        to
        the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II
        Regular Interest II-LTM12 and REMIC II Regular Interest II-LTZZ, 98%, 1%
        and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM12 has been reduced to zero; fourth, to the Uncertificated Balances
        of
        REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM11 and
        REMIC
        II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
        Uncertificated Balance of REMIC II Regular Interest II-LTM11 has been reduced
        to
        zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest
        II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest
        II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
        REMIC
        II Regular Interest II-LTM10 has been reduced to zero; sixth, to the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM9 has been reduced to zero; seventh, to the Uncertificated Balances
        of
        REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM8 and
        REMIC
        II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
        Uncertificated Balance of REMIC II Regular Interest II-LTM8 has been reduced
        to
        zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest
        II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC II Regular Interest
        II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
        REMIC
        II Regular Interest II-LTM7 has been reduced to zero; ninth, to the
        Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
        Interest II-LTM6 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM6 has been reduced to zero; tenth, to the Uncertificated Balances of
        REMIC
        II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM5 and REMIC
        II
        Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
        Balance of REMIC II Regular Interest II-LTM5 has been reduced to zero; eleventh,
        to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC
        II
        Regular Interest II-LTM4 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
        1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM4 has been reduced to zero; twelfth, to the Uncertificated Balances
        of
        REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM3 and
        REMIC
        II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
        Uncertificated Balance of REMIC II Regular Interest II-LTM3 has been reduced
        to
        zero; and thirteenth, to the Uncertificated Balances of REMIC II Regular
        Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC II Regular
        Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
        Balance
        of REMIC II Regular Interest II-LTM2 has been reduced to zero; and fourteenth,
        to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC
        II
        Regular Interest II-LTM1 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
        1%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        II-LTM1 has been reduced to zero.

      

      
        	
                SECTION
                  4.05.  

              	
                Compliance
                  with Withholding Requirements.

              

      

       

      Notwithstanding
        any other provision of this Agreement, the Trust Administrator shall comply
        with
        all federal withholding requirements respecting payments to Certificateholders
        of interest or original issue discount that the Trust Administrator reasonably
        believes are applicable under the Code.  The consent of
        Certificateholders shall not be required for such withholding.  In the
        event the Trust Administrator does withhold any amount from interest or original
        issue discount payments or advances thereof to any Certificateholder pursuant
        to
        federal withholding requirements, the Trust Administrator shall indicate
        the
        amount withheld to such Certificateholders.

       

      
        	
                SECTION
                  4.06.  

              	
                Exchange
                  Commission Filings; Additional
                  Information.

              

      

       

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

       

      (ii)           As
        set forth on Exhibit P hereto, within 5 calendar days after the related
        Distribution Date, (i) the parties described on Exhibit P shall be required
        to
        provide to the Trust Administrator and to 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 Trust 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
        Q
        hereto 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 Trust Administrator has no duty under
        this Agreement to monitor or enforce the performance by the other parties
        listed
        on Exhibit P of their duties under this paragraph or proactively solicit
        or
        procure from such other parties any Additional Form 10-D Disclosure
        information.  The Depositor will be responsible for any reasonable
        fees and expenses assessed or incurred by the Trust Administrator in connection
        with including any Additional Form 10-D Disclosure on Form 10-D pursuant
        to this
        paragraph.

       

      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 hereby represents to
        the Trust Administrator that the Depositor has filed all such required reports
        during the preceding 12 months and that it has been subject to such filing
        requirement for the past 90 days. The Depositor shall notify the Trust
        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 either question should be “no.” The Trust Administrator shall be
        entitled to rely on such representations in preparing, executing and/or filing
        any such report.

       

      After
        preparing the Form 10-D, the
        Trust Administrator shall forward electronically a copy of the Form 10-D
        to the
        Depositor (provided that such Form 10-D includes any Additional Form 10-D
        Disclosure).  Within two Business Days after receipt of such copy, but
        no later than the 12th calendar
        day after
        the Distribution Date, the Depositor shall notify the Trust 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 Trust Administrator shall be entitled to assume that such Form
        10-D is in final form and the Trust Administrator may proceed with the process
        for execution and filing of the Form 10-D.  A duly authorized
        representative of the Master Servicer shall sign each Form 10-D.  If a
        Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
        to be
        amended, the Trust Administrator will follow the procedures set forth in
        Section
        4.06(a)(vi).  Promptly (but no later than one Business Day) after
        filing with the Commission, the Trust Administrator will make available on
        its
        internet website a final executed copy of each Form 10-D filed by the Trust
        Administrator.  Each party to this Agreement acknowledges that the
        performance by each of the Master Servicer and the Trust Administrator of
        its
        duties under this Section 4.06(a)(ii) related to the timely preparation,
        execution and filing of Form 10-D is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 4.06(a)(ii).  The Depositor acknowledges that the performance
        by each of the Master Servicer and the Trust Administrator of its respective
        duties under this Section 4.06(a)(ii) related to the preparation and execution
        of Form 10-D is also contingent upon each Servicer, the Custodian and any
        Servicing Function Participant strictly observing deadlines no later than
        those
        set forth in this paragraph that are applicable to the parties to this Agreement
        in the delivery to the Trust Administrator of any necessary Additional Form
        10-D
        Disclosure.  Neither the Master Servicer nor the Trust Administrator
        shall have any liability for any loss, expense, damage or claim arising out
        of
        or with respect to any failure to properly prepare or execute and/or timely
        file
        such Form 10-D, where such failure results from the Trust Administrator’s
        inability or failure to obtain or receive, on a timely basis, any information
        from any other party hereto or any Servicing Function Participant needed
        to
        prepare, arrange for execution or file such Form 10-D, not resulting from
        its
        own negligence, bad faith or willful misconduct.  Notwithstanding
        anything contained herein, the Trust Administrator shall promptly notify
        the
        Depositor if a Form 10-D cannot be timely filed prior to the  related
        filing deadline.

       

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

       

      As
        set
        forth on Exhibit P hereto, 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 on Exhibit P shall be required pursuant to Section 4.06(a)(v)
        below to provide to the Trust 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 Trust Administrator, 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 will 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 Depositor will be responsible for any reasonable fees and
        expenses assessed or incurred by the Trust Administrator in connection with
        including any Form 8-K Disclosure Information on Form 8-K pursuant to this
        Section.

       

      After
        preparing the Form 8-K, the Trust Administrator shall forward electronically
        a
        copy of the Form 8-K to the Depositor.  Promptly, but no later than
        the close of business on the third Business Day after the Reportable Event,
        the
        Depositor shall notify the Trust 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 Trust Administrator shall be entitled to assume that such Form 8-K is
        in
        final form and the Trust Administrator may proceed with the process for
        execution and filing of the Form 8-K.  A duly authorized
        representative of the Master Servicer shall sign each Form 8-K.  If a
        Form 8-K cannot be filed on time or if a previously filed Form 8-K needs
        to be
        amended, the Trust Administrator will follow the procedures set forth in
        Section
        4.06(a)(vi).  Promptly (but no later than one Business Day) after
        filing with the Commission, the Trust Administrator will make available on
        its
        internet website a final executed copy of each Form 8-K filed by the Trust
        Administrator.  The parties to this Agreement acknowledge that the
        performance by each of the Master Servicer and the Trust Administrator of
        its
        duties under this Section 4.06(a)(iii) related to the timely preparation,
        execution and filing of Form 8-K is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 4.06(a)(iii).  The Depositor acknowledges that the performance
        by each of the Master Servicer and the Trust Administrator of its duties
        under
        this Section 4.06(a)(iii) related to the preparation, execution and filing
        of
        Form 8-K is also contingent upon each Servicer, the Custodian and any Servicing
        Function Participant strictly observing deadlines no later than those set
        forth
        in this paragraph that are applicable to the parties to this Agreement in
        the
        delivery to the Trust Administrator of any necessary Form 8-K Disclosure
        Information.  Neither the Master Servicer nor the Trust Administrator
        shall have any liability for any loss, expense, damage or claim arising out
        of
        or with respect to any failure to properly prepare, execute or timely file
        such
        Form 8-K, where such failure results from the Trust Administrator’s inability or
        failure to obtain or receive, on a timely basis, any information from each
        Servicer, the Custodian or any Servicing Function Participant (other than
        any
        Servicing Function Participant engaged by the Master Servicer or Trust
        Administrator) needed to prepare, arrange for execution or file such Form
        8-K,
        not resulting from its own negligence, bad faith or willful
        misconduct.  Notwithstanding anything contained herein, the Trust
        Administrator shall promptly notify the Depositor if a Form 8-K cannot be
        timely
        filed prior to the  related filing deadline.

       

      (iv)           On
        or prior to the 90th day 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 Trust 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 Trust
        Administrator within the applicable time frames set forth in this
        Agreement:

       

      (a)           an
        annual compliance statement for each Servicer, the Master Servicer, the Trust
        Administrator and any Servicing Function Participant engaged by such parties
        (each, a “Reporting Servicer”) as described under Section 3.20 of this
        Agreement, provided, however, that the Trust 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;

       

      (b)           (A)
        the annual reports on assessment of compliance with Servicing Criteria for
        each
        Reporting Servicer, as described under Section 3.21 of this Agreement and
        (B) if
        each Reporting Servicer’s report on assessment of compliance with Servicing
        Criteria identifies any material instance of noncompliance, disclosure
        identifying such instance of noncompliance, or if each Reporting Servicer’s
        report on assessment of compliance with Servicing Criteria 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 Trust Administrator, at its discretion, may omit from the Form 10-K
        any
        assessment of compliance or attestation report described in clause (c) below
        that is not required to be filed with such Form 10-K pursuant to Regulation
        AB;

       

      (c)           (A)
        the registered public accounting firm attestation report for each Reporting
        Servicer, as described under Section 3.21 of this Agreement and (B) if any
        registered public accounting firm attestation report identifies any material
        instance of noncompliance, disclosure identifying such instance of
        noncompliance, or if any such registered public accounting firm attestation
        report is not included as an exhibit to such Form 10-K, disclosure that such
        report is not included and an explanation why such report is not included;
        and

       

      (d)           a
        Sarbanes-Oxley Certification as described in this Section
        4.06(a)(iv).

       

      Any
        disclosure or information in addition to (a) through (d) above that is required
        to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall be
        reported by the parties set forth on Exhibit P to the Depositor and the Trust
        Administrator and directed and approved by the Depositor pursuant to the
        following paragraph, and the Trust Administrator will have no duty or liability
        for any failure hereunder to determine or prepare any Additional Form 10-K
        Disclosure, except as set forth in the next paragraph.

       

      As
        set
        forth on Exhibit P hereto, no later than March 15th (with
        no cure
        period) of each year that the Trust is subject to the Exchange Act reporting
        requirements, commencing in 2008, (i) the parties described on Exhibit P
        shall
        be required to provide to the Trust Administrator and to 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 Trust
        Administrator and such party, the form and substance of any Additional Form
        10-K
        Disclosure, if applicable, together with an Additional Disclosure Notification,
        and (ii) the Depositor will approve, as to form and substance, or disapprove,
        as
        the case may be, the inclusion of the Additional Form 10-K Disclosure on
        Form
        10-K.  The Trust Administrator has no duty under this Agreement to
        monitor or enforce the performance by the other parties listed on Exhibit
        P of
        their duties under this paragraph or proactively solicit or procure from
        such
        other parties any Additional Form 10-K Disclosure information.  The
        Depositor will be responsible for any reasonable fees and expenses assessed
        or
        incurred by the Trust Administrator in connection with including any Additional
        Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

       

      Form
        10-K
        requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” The Depositor hereby represents to
        the Trust Administrator that the Depositor has filed all such required reports
        during the preceding 12 months and that it has been subject to such filing
        requirement for the past 90 days. The Depositor shall notify the Trust
        Administrator in writing, no later than March 15th with respect to the filing
        of
        a report on Form 10-K, if the answer to either question should be “no.” The
        Trust Administrator shall be entitled to rely on such representations in
        preparing, executing and/or filing any such report.

       

      After
        preparing the Form 10-K, the
        Trust Administrator shall forward electronically a copy of the Form 10-K
        to the
        Depositor.  Within three Business Days after receipt of such copy, but
        no later than March 25th, the Depositor shall notify the Trust 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 Trust Administrator shall be entitled to assume that such Form
        10-K is in final form, and the Trust Administrator may proceed with the process
        for 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.  If a Form 10-K cannot be filed on time or if a previously filed
        Form 10-K needs to be amended, the Trust Administrator will follow the
        procedures set forth in Section 4.06(a)(vi).  Promptly (but no later
        than one Business Day) after filing with the Commission, the Trust Administrator
        will make available on its internet website a final executed copy of each
        Form
        10-K filed by the Trust Administrator.  The parties to this Agreement
        acknowledge that the performance by each of the Master Servicer and the Trust
        Administrator of its duties under this Section 4.04(a)(iv) related to the
        timely
        preparation, execution and filing of Form 10-K is contingent upon such parties
        strictly observing all applicable deadlines in the performance of their duties
        under this Section 4.04(a)(iv), Section 3.20 and Section 3.21.  The
        Depositor acknowledges that the performance by each of the Master Servicer
        and
        the Trust Administrator of its duties under this Section 4.04(a)(iv) related
        to
        the timely preparation and execution of Form 10-K is also contingent upon
        each
        Servicer, the Custodian and any Servicing Function Participant strictly
        observing deadlines no later than those set forth in this paragraph that
        are
        applicable to the parties to this Agreement in the delivery to the Trust
        Administrator of any necessary Additional Form 10-K Disclosure, any annual
        statement of compliance and any assessment of compliance and attestation
        pursuant to the related Servicing Agreement, the custodial agreement or any
        other applicable agreement.  Neither the Master Servicer nor the Trust
        Administrator shall have any liability for any loss, expense, damage or claim
        arising out of or with respect to any failure to properly prepare, execute
        and/or timely file such Form 10-K, where such failure results from the Trust
        Administrator’s inability or failure to obtain or receive, on a timely basis,
        any information from each Servicer, the Custodian or any Servicing Function
        Participant needed to prepare, arrange for execution or file such Form 10-K,
        not
        resulting from its own negligence, bad faith or willful
        misconduct.  Notwithstanding anything contained herein, the Trust
        Administrator shall promptly notify the Depositor if a Form 10-K cannot be
        timely filed prior to the  related filing deadline.

       

      Each
        Form
        10-K shall include a Sarbanes-Oxley Certification, substantially in the form
        set
        forth in Exhibit J-1 attached hereto, required to be included therewith pursuant
        to the Sarbanes-Oxley Act.  Each Servicer and the Trust Administrator
        shall provide, and each such party shall cause any Servicing Function
        Participant engaged by it to provide, to the Person who signs the Sarbanes-Oxley
        Certification (the “Certifying Person”), by March 15th (with no cure
        period) 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 J-2, upon which the Certifying Person, the entity
        for
        which the Certifying Person acts as an officer, and such entity’s officers,
        directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely.  The senior
        officer of the 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
        443-367-3307.  In the event any such party or any Servicing Function
        Participant engaged by such party is terminated or resigns pursuant to the
        terms
        of this Agreement, or any applicable sub-servicing agreement, as the case
        may
        be, such party shall provide a Back-Up Certification to the Certifying Person
        pursuant to this Section 4.06 (a)(iv) 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 Trust Administrator shall not be required to deliver a Back-Up Certification
        to each other if both are the same Person and the Master Servicer is the
        Certifying Person and (ii) the Master Servicer shall not be obligated to
        sign
        the Sarbanes-Oxley Certification in the event that it does not receive any
        Back-Up Certification required to be furnished to it pursuant to this section
        or
        any Servicing Agreement or custodial agreement.

       

      (v)           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 Trust Administrator’s obligation to
        include such Additional Information in the applicable Exchange Act report
        is
        subject to its receipt of such information from the entity that is indicated
        in
        Exhibit P as the responsible party for providing such information, if other
        than
        the Trust Administrator, as and when required as described in Section
        4.06(a)(ii) through (iv) above.  Each of the Master Servicer, each
        Servicer and Depositor hereby agree to notify and to provide, to the extent
        known, to the Trust Administrator and the Depositor, all Additional Disclosure
        relating to the Trust Fund, with respect to which such party is the responsible
        party for providing that information, as indicated in Exhibit P
        hereof.  The Swap Provider will be obligated pursuant to the Swap
        Agreement to provide to the Trust Administrator and the Depositor any
        information that may be required to be included in any Form 10-D, Form 8-K
        or
        Form 10-K.  Each Servicer shall be responsible for determining the
        pool concentration applicable to any related Sub-Servicer or Originator at
        any
        time, for purposes of disclosure as required by Items 1108 and 1110 of
        Regulation AB.

       

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

       

      In
        the
        event that the Trust Administrator is unable to timely file with the Commission
        all or any required portion of any Form 8-K, Form 10-D or Form 10-K required
        to
        be filed pursuant to this Agreement because required disclosure information
        was
        either not delivered to it or was delivered to it after the delivery deadlines
        set forth in this Agreement or for any other reason, the Trust Administrator
        will promptly electronically notify the Depositor.  In the case of
        Form 10-D and Form 10-K, the parties to this Agreement will cooperate to
        prepare
        and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant
        to Rule 12b-25 of the Exchange Act.  In the case of Form 8-K, the
        Trust 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, Form 10-D or Form 10-K needs to be amended in
        connection with any Additional Form 10-D Disclosure (other than, in the case
        of
        Form 10-D, for the purpose of restating any Monthly Statement), Additional
        Form
        10-K Disclosure or Form 8-K Disclosure Information, the Trust Administrator
        will
        electronically notify the Depositor and such other parties to the transaction
        as
        are affected by such amendment, and such parties will cooperate to prepare
        any
        necessary Form 8-K/A, Form 10-D/A or Form 10-K/A.  Any Form 15, Form
        12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed
        by a
        duly authorized representative, or senior officer in charge of master servicing,
        as applicable, of the Master Servicer.  The parties to this Agreement
        acknowledge that the performance by each of the Master Servicer and the Trust
        Administrator of its duties under this Section 4.06(a)(vi) related to the
        timely
        preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
        to
        Form 8-K, Form 10-D or Form 10-K is contingent upon each such party performing
        its duties under this Section.  Neither the Master Servicer nor the
        Trust Administrator shall have any liability for any loss, expense, damage
        or
        claim arising out of or with respect to any failure to properly prepare,
        execute
        and/or timely file any such Form 15, Form 12b-25 or any amendments to Form
        8-K,
        Form 10-D or Form 10-K, where such failure results from the Trust
        Administrator’s inability or failure to obtain or receive, on a timely basis,
        any information from each Servicer, the Custodian or any Servicing Function
        Participant needed to prepare, arrange for execution or file such Form 15,
        Form
        12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting
        from
        its own negligence, bad faith or willful misconduct.

       

      The
        Depositor agrees to promptly furnish to the Trust Administrator, from time
        to
        time upon request, such further information, reports and financial statements
        within its control related to this Agreement, and the Mortgage Loans as the
        Trust Administrator reasonably deems appropriate to prepare and file all
        necessary reports with the Commission. The Trust Administrator shall have
        no
        responsibility to file any items other than those specified in this Section
        4.06; provided, however, the Trust Administrator will 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. Fees and expenses
        incurred by the Trust Administrator in connection with this Section 4.06
        shall
        not be reimbursable from the Trust Fund.

       

      (b)  The
        Trust
        Administrator shall indemnify and hold harmless the Depositor and 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) a breach of
        the
        Trust Administrator’s obligations under this Section 4.06 or the Trust
        Administrator’s negligence, bad faith or willful misconduct in connection
        therewith or (ii) any material misstatement or omission in the Annual Statement
        of Compliance and the Assessment of Compliance delivered by the Trust
        Administrator pursuant to Section 3.20 and Section 3.21.

       

      The
        Depositor shall indemnify and hold harmless the Trust Administrator and the
        Master Servicer and 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 a breach of the obligations of the Depositor
        under
        this Section 4.06 or the Depositor’s negligence, bad faith or willful misconduct
        in connection therewith.

       

      The
        Master Servicer shall indemnify and hold harmless the Trust Administrator
        and
        the Depositor and 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) a breach of the obligations of the Master
        Servicer under this Section 4.06 or the Master Servicer’s negligence, bad faith
        or willful misconduct in connection therewith or (ii) any material misstatement
        or omission in the Statement as to Compliance delivered by the Master Servicer
        pursuant to Section 3.20 or the Assessment of Compliance delivered by the
        Master
        Servicer pursuant to Section 3.21.

       

      Each
        Servicer shall indemnify and hold harmless the Master Servicer, Trust
        Administrator and the Depositor and 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) a breach of its obligations
        under
        this Section 4.06 and (ii) any material misstatement or omission in the Annual
        Statement of Compliance delivered by it pursuant to Section 3.20 or the
        Assessment of Compliance delivered by it pursuant to Section 3.21.

       

      Notwithstanding
        the provisions set forth in this Agreement, no Servicer shall be obligated
        to
        provide any indemnification or reimbursement hereunder to any other party
        for
        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 which are indirect, consequential, punitive or special in
        nature.

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the Depositor, the Master Servicer or the Trust Administrator, as
        applicable, then the defaulting party, in connection with a breach of its
        respective obligations under this Section 4.06 or its respective negligence,
        bad
        faith or willful misconduct in connection therewith, 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.

       

      (c)  Nothing
        shall be construed from the foregoing subsections (a) and (b) to require
        the
        Trust Administrator or any officer, director or Affiliate thereof to sign
        any
        Form 10-K or any certification contained therein.  Furthermore, the
        inability of the Trust Administrator to file a Form 10-K as a result of the
        lack
        of required information as set forth in Section 4.06(a) or required signatures
        on such Form 10-K or any certification contained therein shall not be regarded
        as a breach by the Trust Administrator of any obligation under this
        Agreement.

       

      (d)  Notwithstanding
        the provisions of Section 11.01, this Section 4.06 may be amended without
        the
        consent of the Certificateholders.

       

      
        	
                SECTION
                  4.07.  

              	
                Net
                  WAC Rate Carryover Reserve Account.

              

      

       

      No
        later
        than the Closing Date, the Trust Administrator shall establish and maintain
        with
        itself a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
        Trust Administrator, in trust for the registered holders of MASTR Asset Backed
        Securities Trust 2007-HE1, Mortgage Pass-Through Certificates, Series
        2007-HE1—Net WAC Rate Carryover Reserve Account.”  All amounts
        deposited in the Net WAC Rate Carryover Reserve Account shall be distributed
        to
        the Holders of the Class A Certificates and/or the Mezzanine Certificates
        in the
        manner set forth in Section 4.01.

       

      On
        each
        Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
        to the Class A Certificates and/or the Mezzanine Certificates, the Trust
        Administrator has been directed by the Class CE Certificateholders to, and
        therefore will, deposit into the Net WAC Rate Carryover Reserve Account the
        amounts described in Section 4.01(e)(v), rather than distributing such
        amounts to the Class CE Certificateholders.  On each such Distribution
        Date, the Trust Administrator shall hold all such amounts for the benefit
        of the
        Holders of the Class A Certificates and the Mezzanine Certificates, and will
        distribute such amounts to the Holders of the Class A Certificates and/or
        the
        Mezzanine Certificates in the amounts and priorities set forth in
        Section 4.01(a).

       

      It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
        be
        disregarded as an entity separate from the Holder of the Class CE Certificates
        unless and until the date when either (a) there is more than one Class CE
        Certificateholder or (b) any Class of Certificates in addition to the Class
        CE
        Certificates is recharacterized as an equity interest in the Net WAC Rate
        Carryover Reserve Account for federal income tax purposes, in which case
        it is
        the intention of the parties hereto that, for federal and state income and
        state
        and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
        be
        treated as a grantor trust; provided, that the Trust Administrator shall
        not be
        required to prepare and file grantor trust tax returns in respect of such
        grantor trust unless it receives additional reasonable compensation (not
        to
        exceed $10,000 per year) from the Holders of the Class CE Certificates for
        the
        preparation of such filings, written notification recognizing the creation
        of a
        grantor trust and comparable documentation evidencing the grantor trust,
        if
        any.  All amounts deposited into the Net WAC Rate Carryover Reserve
        Account shall be treated as amounts distributed by REMIC III to the Holder
        of
        the Class CE Interest and by REMIC IV to the Holder of the Class CE
        Certificates.  The Net WAC Rate Carryover Reserve Account will be an
“outside reserve fund” within the meaning of Treasury Regulation Section
        1.860G-2(h).  Upon the termination of the Trust, or the payment in
        full of the Class A and the Mezzanine Certificates, all amounts remaining
        on
        deposit in the Net WAC Rate Carryover Reserve Account will be released by
        the
        Trust and distributed to the Seller or its designee.  The Net WAC Rate
        Carryover Reserve Account will be part of the Trust but not part of any REMIC
        and any payments to the Holders of the Class A and the Mezzanine Certificates
        of
        Net WAC Rate Carryover Amounts will not be payments with respect to a “regular
        interest” in a REMIC within the meaning of Code Section
        860(G)(a)(1).

       

      By
        accepting a Class CE Certificate, each Class CE Certificateholder hereby
        agrees
        to direct the Trust Administrator, and the Trust Administrator hereby is
        directed, to deposit into the Net WAC Rate Carryover Reserve Account the
        amounts
        described above on each Distribution Date as to which there is any Net WAC
        Rate
        Carryover Amount rather than distributing such amounts to the Class CE
        Certificateholders.  By accepting a Class CE Certificate, each Class
        CE Certificateholder further agrees that such direction is given for good
        and
        valuable consideration, the receipt and sufficiency of which is acknowledged
        by
        such acceptance.  Amounts on deposit in the Net WAC Rate Carryover
        Reserve Account shall remain uninvested.

       

      
        	
                SECTION
                  4.08.  

              	
                Swap
                  Account.

              

      

       

      (a)  On
        the
        Closing Date, there is hereby established a separate trust (the “Supplemental
        Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
        Swap Agreement and (ii) the Swap Administration Agreement.  The
        Supplemental Interest Trust shall be maintained by the Supplemental Interest
        Trust Trustee.  No later than the Closing Date, the Supplemental
        Interest Trust Trustee shall establish and maintain with itself a separate,
        segregated trust account titled, “Wells Fargo Bank, N.A. as Supplemental
        Interest Trust Trustee, in trust for the registered holders of MASTR Asset
        Backed Securities Trust 2007-HE1, Mortgage Pass-Through Certificates, Series
        2007-HE1—Swap Account.” 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 Supplemental Interest Trust Trustee held pursuant to this
        Agreement.  Amounts therein shall be held uninvested.

       

      (b)  On
        each
        Distribution Date, prior to any distribution to any Certificate, the
        Supplemental Interest Trust Trustee shall deposit into the Swap Account:
        (i) the
        amount of any Net Swap Payment or Swap Termination Payment (other than any
        Swap
        Termination Payment resulting from a Swap Provider Trigger Event) owed to
        the
        Swap Provider (after taking into account any upfront payment received from
        the
        counterparty to a replacement interest rate swap agreement) from funds collected
        and received with respect to the Mortgage Loans prior to the determination
        of
        Available Funds and (ii) amounts received by the Supplemental Interest Trust
        Trustee from the Swap Provider, for distribution pursuant to the Swap
        Administration Agreement, dated as of the Closing Date (the “Swap Administration
        Agreement”), among Wells Fargo Bank, N.A. in its capacity as Supplemental
        Interest Trust Trustee, Wells Fargo Bank, N.A. in its capacity as Swap
        Administrator, Wells Fargo Bank, N.A. in its capacity as Trust Administrator
        and
        the Seller.

       

      (c)  The
        Supplemental Interest Trust will be an “outside reserve fund” within the meaning
        of Treasury Regulation Section 1.860G-2(h).  It is the intention of
        the parties hereto that, for federal and state income and state and local
        franchise tax purposes, the Supplemental Interest Trust be disregarded as
        an
        entity separate from the Holder of the Class CE Certificates unless and until
        the date when either (a) there is more than one Class CE Certificateholder
        or
        (b) any Class of Certificates in addition to the Class CE Certificates is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes, in which case it is the intention of the parties
        hereto that, for federal and state income and state and local franchise tax
        purposes, the Supplemental Interest Trust be treated as a grantor trust;
        provided, that the Trust Administrator shall not be required to prepare and
        file
        grantor trust tax returns in respect of such grantor trust unless it receives
        additional reasonable compensation (not to exceed $10,000 per year) from
        the
        Holders of the Class CE Certificates for the preparation of such filings,
        written notification recognizing the creation of a grantor trust and comparable
        documentation evidencing the grantor trust, if any.

       

      (d)  To
        the
        extent that the Supplemental Interest Trust is determined to be a separate
        legal
        entity from the Supplemental Interest Trust Trustee, any obligation of the
        Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
        shall
        be deemed to be an obligation of the Supplemental Interest Trust.

       

      (e)  The
        Trust
        Administrator shall treat the Holders of Certificates (other than the Class
        P,
        Class CE, Class R and Class R-X Certificates) as having entered into a notional
        principal contract with respect to the Holders of the Class CE Certificates.
        Pursuant to each such notional principal contract, all Holders of Certificates
        (other than the Class P, Class CE, Class R and Class R-X Certificates) shall
        be
        treated as having agreed to pay, on each Distribution Date, to the Holder
        of the
        Class CE Certificates an aggregate amount equal to the excess, if any, of
        (i)
        the amount payable on such Distribution Date on the REMIC III 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 Net WAC 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 CE Certificates shall be treated as having
        agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
        (other than the Class CE, Class P, Class R and Class R-X 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 CE, Class P, Class R and Class R-X 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 III and as having been paid by such Holders to the Trust Administrator
        pursuant to the notional principal contract. Thus, each Certificate (other
        than
        the Class P, Class R and Class R-X Certificates) shall be treated as
        representing not only ownership of Regular Interests in REMIC III or REMIC
        IV,
        but also ownership of an interest in, and obligations with respect to, a
        notional principal contract.

       

      
        	
                SECTION
                  4.09.  

              	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              

      

       

      For
        federal income tax purposes, each holder of a Class A or Mezzanine Certificate
        is deemed to own an undivided beneficial ownership interest in a REMIC regular
        interest and the right to receive payments from either the Net WAC Rate
        Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
        Carryover Amount or the obligation to make payments to the Swap Account.
        For
        federal income tax purposes, the Trust Administrator will account for payments
        to each Class A and Mezzanine Certificates as follows: each Class A and
        Mezzanine Certificate will be treated as receiving their entire payment from
        REMIC III (regardless of any Swap Termination Payment or obligation under
        the
        Interest Rate Swap Agreement) and subsequently paying their portion of any
        Swap
        Termination Payments in respect of each such Class’ obligation under the
        Interest Rate Swap Agreement.  In the event that any such Class is
        resecuritized in a REMIC, the obligation under the Interest Rate Swap Agreement
        to pay any such Swap Termination Payment (or any shortfall in Swap Provider
        Fee), will be made by one or more of the REMIC Regular Interests issued by
        the
        resecuritization REMIC subsequent to such REMIC Regular Interest receiving
        its
        full payment from any such Class A or Mezzanine Certificate.

       

      The
        REMIC
        regular interest corresponding to a Class A or Mezzanine Certificate will
        be
        entitled to receive interest and principal payments at the times and in the
        amounts equal to those made on the certificate to which it corresponds, except
        that (i) the maximum interest rate of that REMIC regular interest will equal
        the
        Net WAC Pass-Through Rate computed for this purpose by limiting the Base
        Calculation Amount of the Interest Rate Swap Agreement to the aggregate Stated
        Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment
        will be treated as being payable solely from Net Monthly Excess Cashflow.
        As a
        result of the foregoing, the amount of distributions and taxable income on
        the
        REMIC regular interest corresponding to a Class A or Mezzanine Certificate
        may
        exceed the actual amount of distributions on the Class A or Mezzanine
        Certificate.

       

      
        	
                SECTION
                  4.10.  

              	
                Cap
                  Account.

              

      

       

      (a)  No
        later
        than the Closing Date, the Trust Administrator shall establish and maintain
        with
        itself, a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
        Trust Administrator, in trust for the registered holders of MASTR Asset Backed
        Securities Trust 2007-HE1, Mortgage Pass-Through Certificates, Series
        2007-HE1—Cap Account.” Such account shall be an Eligible Account and amounts
        therein shall be held uninvested.

       

      (b)  On
        each
        Distribution Date, prior to any distribution to any Certificate, the Trust
        Administrator shall deposit into the Cap Account amounts received by the
        Trust
        Administrator under the Interest Rate Cap Agreement for distribution in
        accordance with Section 4.01(h) above.

       

      (c)  It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Cap Account be disregarded as an entity
        separate from the Holder of the Class CE Certificates unless and until the
        date
        when either (a) there is more than one Class CE Certificateholder or (b)
        any
        Class of Certificates in addition to the Class CE Certificates is
        recharacterized as an equity interest in the Cap Account for federal income
        tax
        purposes, in which case it is the intention of the parties hereto that, for
        federal and state income and state and local franchise tax purposes, the
        Cap
        Account be treated as a grantor trust.  The Cap Account will be an
“outside reserve fund” within the meaning of Treasury Regulation Section
        1.860G-2(h).  Upon the termination of the Trust Fund, or the payment
        in full of the Class A Certificates and the Mezzanine Certificates, all amounts
        remaining on deposit in the Cap Account shall be released by the Trust Fund
        and
        distributed to the Class CE Certificateholders or their
        designees.  The Cap Account shall be part of the Trust Fund but not
        part of any Trust REMIC and any payments to the Holders of the Floating Rate
        Certificates of Net WAC Rate Carryover Amounts will not be payments with
        respect
        to a “regular interest” in a REMIC within the meaning of Code Section
        860(G)(a)(1).

       

      It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Cap Account be disregarded as an entity
        separate from the Holder of the Class CE Certificates unless and until the
        date
        when either (a) there is more than one Holder of the Class CE Certificates
        or
        (b) any Class of Certificates in addition to the Class CE Certificates is
        recharacterized as an equity interest in the Cap Account for federal income
        tax
        purposes, in which case it is the intention of the parties hereto that, for
        federal and state income and state and local franchise tax purposes, the
        Cap
        Account be treated as a grantor trust, provided, that the Trust Administrator
        shall not be required to prepare and file grantor trust tax returns in respect
        of such grantor trust unless it receives additional reasonable compensation
        (not
        to exceed $10,000 per year) from the Holders of the Class CE Certificates
        for
        the preparation of such filings, written notification recognizing the creation
        of a grantor trust and comparable documentation evidencing the grantor trust,
        if
        any.

       

      (d)  By
        accepting a Class CE Certificate, each Class CE Certificateholder hereby
        agrees
        to direct the Trust Administrator, and the Trust Administrator is hereby
        directed, to deposit into the Cap Account the amounts described above on
        each
        Distribution Date.

       

      (e)  For
        federal income tax purposes, the Depositor shall provide the Trust
        Administrator, no later than July 1, 2007, the value of the right of the
        Class A
        and Mezzanine Certificates to receive Net WAC Rate Carryover Amounts from
        the
        Net WAC Rate Carryover Reserve Account and the Swap Account.

       

      
        	
                SECTION
                  4.11.  

              	
                Collateral
                  Accounts.

              

      

       

      (a)  The
        Trust
        Administrator is hereby directed to perform the obligations of the Custodian
        as
        defined under the Interest Rate Cap Credit Support Annex (the “Interest Rate Cap
        Custodian”).  On or before the Closing Date, the Interest Rate Cap
        Custodian shall establish an Interest Rate Cap Collateral
        Account.  The Interest Rate Cap Collateral Account shall be held in
        the name of the Interest Rate Cap Custodian in trust for the benefit of the
        Certificateholders.  The Interest Rate Cap Collateral Account must be
        an Eligible Account and shall be titled “Interest Rate Cap Collateral Account,
        Wells Fargo Bank, N.A., as Interest Rate Cap Custodian for Wells Fargo Bank,
        N.A. as Trust Administrator, in trust for the registered Certificateholders
        of
        MASTR Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
        Certificates, Series 2007-HE1.”

       

      The
        Interest Rate Cap Custodian shall credit to Interest Rate Cap Collateral
        Account
        all collateral (whether in the form of cash or securities) posted by the
        Interest Rate Cap Provider to secure the obligations of the Interest Rate
        Cap
        Provider in accordance with the terms of the Interest Rate Cap
        Agreement.  Except for investment earnings, the Interest Rate Cap
        Provider shall not have any legal, equitable or beneficial interest in the
        Interest Rate Cap Collateral Account other than in accordance with this
        Agreement, the Interest Rate Cap Agreement and applicable law.  The
        Interest Rate Cap Custodian shall maintain and apply all collateral and earnings
        thereon on deposit in the Interest Rate Cap Collateral Account in accordance
        with the Interest Rate Cap Credit Support Annex and this Agreement.

       

      Cash
        collateral posted by the Interest Rate Cap Provider in accordance with the
        Interest Rate Cap Credit Support Annex shall be invested in the Wells Fargo
        Advantage Prime Investment Money Market Fund, so long as such fund is a
        Permitted Investment, and such investment shall comply with the requirements
        set
        forth in the Interest Rate Cap Credit Support Annex.  The Trust
        Administrator shall not be liable for any losses incurred on such
        investment.  All amounts earned on amounts on deposit in the Interest
        Rate Cap Collateral Account (whether cash collateral or securities) shall
        be
        taxable to the Interest Rate Cap Provider.

       

      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Interest Rate Cap Agreement), amounts in the Interest Rate Cap Collateral
        Account shall be withdrawn by the Interest Rate Cap Custodian and applied
        to the
        payment of any termination payment due to Party B (as defined in the Interest
        Rate Cap Agreement) in accordance with the Interest Rate Cap Credit Support
        Annex.  Any excess amounts held in such Interest Rate Cap Collateral
        Account after payment of all amounts owing to Party B under the Interest
        Rate
        Cap Agreement shall be withdrawn from the Interest Rate Cap Collateral Account
        and paid to the Interest Rate Cap Provider in accordance with the Interest
        Rate
        Cap Credit Support Annex.

       

      (b)  The
        Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) is
        hereby
        directed to perform the obligations of the Custodian as defined under the
        Swap
        Credit Support Annex (the “Swap Custodian”).  On or before the Closing
        Date, the Swap Custodian shall establish a Swap Collateral
        Account.  The Swap Collateral Account shall be held in the name of the
        Swap Custodian in trust for the benefit of the
        Certificateholders.  The Swap Collateral Account must be an Eligible
        Account and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as
        Swap Custodian for Wells Fargo Bank, N.A. as Trust Administrator, in trust
        for
        the registered Certificateholders of MASTR Asset Backed Securities Trust
        2007-HE1, Mortgage Pass-Through Certificates, Series 2007-HE1.”

       

      The
        Swap
        Custodian shall credit to Swap Collateral Account all collateral (whether
        in the
        form of cash or securities) posted by the Swap Provider to secure the
        obligations of the Swap Provider in accordance with the terms of the Interest
        Rate Swap Agreement.  Except for investment earnings, the Swap
        Provider shall not have any legal, equitable or beneficial interest in the
        Swap
        Collateral Account other than in accordance with this Agreement, the Interest
        Rate Swap Agreement and applicable law.  The Swap Custodian shall
        maintain and apply all collateral and earnings thereon on deposit in the
        Swap
        Collateral Account in accordance with the Swap Credit Support Annex and this
        Agreement.

       

      Cash
        collateral posted by the Swap Provider in accordance with the Swap Credit
        Support Annex shall be invested in the Wells Fargo Advantage Prime Investment
        Money Market Fund, so long as such fund is a Permitted Investment, and such
        investment shall comply with the requirements set forth in the Swap Credit
        Support Annex.  The Trust Administrator shall not be liable for any
        losses incurred on such investment.  All amounts earned on amounts on
        deposit in the Swap Collateral Account (whether cash collateral or securities)
        shall be taxable to the Swap Provider.

       

      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Interest Rate Swap Agreement), amounts in the Swap Collateral Account shall
        be
        withdrawn by the Swap Custodian and applied to the payment of any termination
        payment due to Party B (as defined in the Interest Rate Swap Agreement) in
        accordance with the Swap Credit Support Annex.  Any excess amounts
        held in such Swap Collateral Account after payment of all amounts owing to
        Party
        B under the Interest Rate Swap Agreement shall be withdrawn from the Swap
        Collateral Account and paid to the Swap Provider in accordance with the Swap
        Credit Support Annex.

       

      
        	
                SECTION
                  4.12.  

              	
                        Rights
                  and Obligations Under the Interest Rate Cap Agreement and the Interest
                  Rate Swap Agreement.

              

      

       

      (a)  In
        the
        event that the Interest Rate Cap Provider fails to perform any of its
        obligations under the Interest Rate Cap Agreement (including, without
        limitation, its obligation to make any payment or transfer collateral), or
        breaches any of its representations and warranties thereunder, or in the
        event
        that any Event of Default, Termination Event, or Additional Termination Event
        (each as defined in the Interest Rate Cap Agreement) occurs with respect
        to the
        Interest Rate Cap Agreement, the Trust Administrator shall, promptly following
        actual notice of such failure, breach or event, notify the Depositor and
        send
        any notices and make any demands, on behalf of the Trust, required to enforce
        the rights of the Trust under the Interest Rate Cap Agreement.

       

      In
        the
        event that the Interest Rate Cap Provider’s obligations are guaranteed by a
        third party under a guaranty relating to the Interest Rate Cap Agreement
        (such
        guaranty the “Guaranty” and such third party the “Guarantor”), then to the
        extent that the Interest Rate Cap Provider fails to make any payment by the
        close of business on the day it is required to make payment under the terms
        of
        the Interest Rate Cap Agreement, the Trust Administrator shall, promptly
        following actual knowledge of the Interest Rate Cap Provider’s failure to pay,
        demand that the Guarantor make any and all payments then required to be made
        by
        the Guarantor pursuant to such Guaranty; provided, that the Trust Administrator
        shall in no event be liable for any failure or delay in the performance by
        the
        Interest Rate Cap Provider or any Guarantor of its obligations hereunder
        or
        pursuant to the Interest Rate Cap Agreement and the Guaranty, nor for any
        special, indirect or consequential loss or damage of any kind whatsoever
        (including but not limited to lost profits) in connection
        therewith.

       

      Upon
        an
        early termination of the Interest Rate Cap Agreement other than in connection
        with the optional termination of the Trust, the Trust Administrator, at the
        direction of the Depositor, will use reasonable efforts to appoint a successor
        interest rate cap provider to enter into a new Interest Rate Cap Agreement
        on
        terms substantially similar to the Interest Rate Cap Agreement, with a successor
        interest rate cap provider meeting all applicable eligibility requirements.
        If
        the Trust Administrator receives a termination payment from the Interest
        Rate
        Cap Provider in connection with such early termination, the Trust Administrator
        will apply such termination payment to any upfront payment required to appoint
        the successor interest rate cap provider.  If the Trust Administrator
        is required to pay a termination payment to the Interest Rate Cap Provider
        in
        connection with such early termination, the Trust Administrator will apply
        any
        upfront payment received from the successor interest rate cap provider to
        pay
        such termination payment.

       

      If
        the
        Trust Administrator is unable to appoint a successor interest rate cap provider
        within 30 days of the early termination, then the Trust Administrator will
        deposit any termination payment received from the original Interest Rate
        Cap
        Provider into a separate, non-interest bearing reserve account and will,
        on each
        subsequent Distribution Date, withdraw from the amount then remaining on
        deposit
        in such reserve account an amount equal to the payment, if any, that would
        have
        been paid to the Trust Administrator by the original Interest Rate Cap Provider
        calculated in accordance with the terms of the original Interest Rate Cap
        Agreement, and distribute such amount in accordance with the terms
        of  Section 4.01(i).

       

      Upon
        an
        early termination of the Interest Rate Cap Agreement in connection with the
        optional termination of the Trust, if the Trust Administrator receives a
        termination payment from the Interest Rate Cap Provider, such termination
        payment will be distributed in accordance with Section 4.01(i).

       

      (b)  In
        the
        event that the Swap Provider fails to perform any of its obligations under
        the
        Interest Rate Swap Agreement (including, without limitation, its obligation
        to
        make any payment or transfer collateral), or breaches any of its representations
        and warranties thereunder, or in the event that any Event of Default,
        Termination Event, or Additional Termination Event (each as defined in the
        Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
        Agreement, the Trust Administrator (in its capacity as Supplemental Interest
        Trust Trustee) shall, promptly following actual notice of such failure, breach
        or event, notify the Depositor and send any notices and make any demands,
        on
        behalf of the Supplemental Interest Trust, required to enforce the rights
        of the
        Supplemental Interest Trust under the Interest Rate Swap Agreement.

       

      In
        the
        event that the Swap Provider’s obligations are guaranteed by a third party under
        a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
        “Guaranty” and such third party the “Guarantor”), then to the extent that the
        Swap Provider fails to make any payment by the close of business on the day
        it
        is required to make payment under the terms of the Interest Rate Swap Agreement,
        the Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
        shall, promptly following actual knowledge of the Swap Provider’s failure to
        pay, demand that the Guarantor make any and all payments then required to
        be
        made by the Guarantor pursuant to such Guaranty; provided, that the Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) shall
        in
        no event be liable for any failure or delay in the performance by the Swap
        Provider or any Guarantor of its obligations hereunder or pursuant to the
        Interest Rate Swap Agreement and the Guaranty, nor for any special, indirect
        or
        consequential loss or damage of any kind whatsoever (including but not limited
        to lost profits) in connection therewith.

       

      Upon
        an
        early termination of the Interest Rate Swap Agreement other than in connection
        with the optional termination of the Trust, the Trust Administrator (in its
        capacity as Supplemental Interest Trust Trustee) will, at the direction of
        the
        Depositor, use reasonable efforts to appoint a successor swap provider to
        enter
        into a new interest rate swap agreement on terms substantially similar to
        the
        Interest Rate Swap Agreement, with a successor swap provider meeting all
        applicable eligibility requirements. If the Trust Administrator (in its capacity
        as Supplemental Interest Trust Trustee) receives a termination payment from
        the
        Swap Provider in connection with such early termination, the Trust Administrator
        (in its capacity as Supplemental Interest Trust Trustee) will apply such
        termination payment to any upfront payment required to appoint the successor
        swap provider.  If the Trust Administrator (in its capacity as
        Supplemental Interest Trust Trustee) is required to pay a termination payment
        to
        the Swap Provider in connection with such early termination, the Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) will
        apply any upfront payment received from the successor swap provider to pay
        such
        termination payment.

       

      If
        the
        Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
        is
        unable to appoint a successor swap provider within 30 days of the early
        termination, then the Trust Administrator (in its capacity as Supplemental
        Interest Trust Trustee) will deposit any termination payment received from
        the
        original Swap Provider into a separate, non-interest bearing reserve account
        and
        will, on each subsequent Distribution Date, withdraw from the amount then
        remaining on deposit in such reserve account an amount equal to the Net Swap
        Payment, if any, that would have been paid to the Trust Administrator (in
        its
        capacity as Supplemental Interest Trust Trustee) by the original Swap Provider
        calculated in accordance with the terms of the original Interest Rate Swap
        Agreement, and distribute such amount in accordance with the terms
        of  Section 4.01(h).

       

      Upon
        an
        early termination of the Interest Rate Swap Agreement in connection with
        the
        optional termination of the Trust, if the Trust Administrator (in its capacity
        as Supplemental Interest Trust Trustee) receives a termination payment from
        the
        Swap Provider, such termination payment will be distributed in accordance
        with
        Section 4.01(h).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        V

       

      THE
        CERTIFICATES

       

      
        	
                SECTION
                  5.01.  

              	
                The
                  Certificates.

              

      

       

      (a)  The
        Certificates in the aggregate will represent the entire beneficial ownership
        interest in the Mortgage Loans and all other assets included in REMIC
        I.

       

      The
        Certificates will be substantially in the forms annexed hereto as Exhibits
        A-1
        through A-21. The Certificates of each Class will be issuable in registered
        form
        only, in denominations of authorized Percentage Interests as described in
        the
        definition thereof.  Each Certificate will share ratably in all rights
        of the related Class.

       

      Upon
        original issue, the Certificates shall be executed by the Trust Administrator
        and authenticated and delivered by the Trust Administrator to or upon the
        order
        of the Depositor.  The Certificates shall be executed by manual or
        facsimile signature on behalf of the Trust Administrator by an authorized
        signatory.  Certificates bearing the manual or facsimile signatures of
        individuals who were at any time the proper officers of the Trust Administrator
        shall bind the Trust 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
        herein executed by the Trust Administrator by manual signature, and such
        certificate of authentication 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.

       

      (b)  The
        Class
        A Certificates and the Mezzanine Certificates shall initially be issued as
        one
        or more Certificates held by the Book-Entry Custodian or, if appointed to
        hold
        such Certificates as provided below, the Depository and 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 Trust 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 such
        Certificates through the book-entry facilities of the Depository and, except
        as
        provided below, shall not be entitled to definitive, fully registered
        Certificates (“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 only transfer the Ownership Interests 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
        Trust Administrator is hereby initially appointed as the Book-Entry Custodian
        and hereby agrees to act as such in accordance herewith and in accordance
        with
        the agreement that it has with the Depository authorizing it to act as such.
        The
        Book-Entry Custodian may, and, if it is no longer qualified to act as such,
        the
        Book-Entry Custodian shall, appoint, by a written instrument delivered to
        the
        Depositor, the Master Servicer and the Trust Administrator, any other transfer
        agent (including the Depository or any successor Depository) to act as
        Book-Entry Custodian under such conditions as the predecessor Book-Entry
        Custodian and the Depository or any successor Depository may prescribe, provided
        that the predecessor Book-Entry Custodian shall not be relieved of any of
        its
        duties or responsibilities by reason of any such appointment of other than
        the
        Depository.  If the Trust Administrator resigns or is removed in
        accordance with the terms hereof, the successor trust administrator or, if
        it so
        elects, the Depository shall immediately succeed to its predecessor’s duties as
        Book-Entry Custodian.  The Depositor shall have the right to inspect,
        and to obtain copies of, any Certificates held as Book-Entry Certificates
        by the
        Book-Entry Custodian.

       

      The
        Trustee, the Trust Administrator, the Master Servicer and the Depositor may
        for
        all purposes (including the making of payments due on the Book-Entry
        Certificates) deal with the Depository as the authorized representative of
        the
        Certificate Owners with respect to the Book-Entry Certificates for the purposes
        of exercising the rights of Certificateholders hereunder.  The rights
        of Certificate Owners with respect to the 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 the 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 Trust 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 Trust 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) after the occurrence of a Servicer Event of Default or a Master Servicer
        Event of Default, Certificate Owners representing in the aggregate not less
        than
        51% of the Ownership Interests of the Book-Entry Certificates advise the
        Trust
        Administrator through the Depository, in writing, that the continuation of
        a
        book-entry system through the Depository is no longer in the best interests
        of
        the Certificate Owners, the Trust 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 Trust Administrator of the Book-Entry Certificates
        by the Book-Entry Custodian or the Depository, as applicable, accompanied
        by
        registration instructions from the Depository for registration of transfer,
        the
        Trust Administrator shall cause the Definitive Certificates to be issued.
        Such
        Definitive Certificates will be issued in minimum denominations of $25,000,
        except that any beneficial ownership that was represented by a Book-Entry
        Certificate in an amount less than $25,000 immediately prior to the issuance
        of
        a Definitive Certificate shall be issued in a minimum denomination equal
        to the
        amount represented by such Book-Entry Certificate. None of the Depositor,
        the
        Master Servicer, the Servicers, the Trustee or the Trust Administrator shall
        be
        liable for any delay in the delivery of such instructions and may conclusively
        rely on, and shall be protected in relying on, such instructions. Upon the
        issuance of Definitive Certificates all references herein to obligations
        imposed
        upon or to be performed by the Depository shall be deemed to be imposed upon
        and
        performed by the Trust Administrator, to the extent applicable with respect
        to
        such Definitive Certificates, and the Trustee and the Trust Administrator
        shall
        recognize the Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      
        	
                SECTION
                  5.02.  

              	
                Registration
                  of Transfer and Exchange of
                  Certificates.

              

      

       

      (a)  The
        Trust
        Administrator shall cause to be kept at one of the offices or agencies to
        be
        appointed by the Trust Administrator in accordance with the provisions of
        Section 8.11, a Certificate Register for the Certificates in which, subject
        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.

       

      (b)  No
        transfer of any Class M-11 Certificate, the Class M-12 Certificate, the Class
        CE
        Certificate, the Class P Certificate, the Class X Certificate or any Residual
        Certificate (collectively, the “Private Certificates”) shall be made unless that
        transfer is made pursuant to an effective registration statement under the
        Securities Act of 1933, as amended (the “1933 Act”), and an effective
        registration or qualification under applicable state securities laws, or
        is made
        in a transaction that does not require such registration or
        qualification.  In the event that such a transfer of a Private
        Certificate is to be made without registration or qualification (other than
        in
        connection with (i) the initial transfer of any such Certificate by the
        Depositor to an Affiliate of the Depositor or, in the case of the Class R-X
        Certificates, the first transfer by an Affiliate of the Depositor or the
        first
        transfer by the initial transferee of an Affiliate of the Depositor, (ii)
        the
        transfer of any such Class CE, Class P or Residual Certificate to the issuer
        under the Indenture or the indenture trustee under the Indenture or (iii)
        a
        transfer of any such Certificate from the issuer under the Indenture or the
        indenture trustee under the Indenture to the Depositor or an Affiliate of
        the
        Depositor), the Trustee and the Certificate Registrar shall each require
        receipt
        of: (i) if such transfer is purportedly being made in reliance upon Rule
        144A
        under the 1933 Act, written certifications from the Certificateholder desiring
        to effect the transfer and from such Certificateholder’s prospective transferee,
        substantially in the forms attached hereto as Exhibit F-1; and (ii) in all
        other
        cases, an Opinion of Counsel satisfactory to it that such transfer may be
        made
        without such registration (which Opinion of Counsel shall not be an expense
        of
        the Depositor, the Trustee, the Trust Administrator, the Master Servicer
        in its
        capacity as such, the Servicers, any Sub-Servicer or the Trust Fund), together
        with copies of the written certification(s) of the Certificateholder desiring
        to
        effect the transfer and/or such Certificateholder’s prospective transferee upon
        which such Opinion of Counsel is based, if any.  None of the
        Depositor, the Master Servicer, the Servicers, the Trust Administrator, the
        Certificate Registrar or the Trustee is obligated to register or qualify
        the
        Private Certificates under the 1933 Act or any other securities laws or to
        take
        any action not otherwise required under this Agreement to permit the transfer
        of
        such Certificates without registration or qualification.

       

      Any
        Certificateholder desiring to effect the transfer of any such Certificate
        shall,
        and does hereby agree to, indemnify the Trustee, the Trust Administrator,
        the
        Depositor and the Master Servicer 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 any Class CE Certificate shall be made unless the transferee
        of such
        Class CE Certificate provides to the Trust Administrator, the Swap Provider
        and
        the Interest Rate Cap Provider the appropriate tax certification form (i.e.,
        IRS
        Form W-9 or IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable (or any successor
        thereto)) as a condition to such transfer and agrees to update such forms
        (i)
        upon expiration of any such form, (ii) as required under then applicable
        U.S.
        Treasury Regulations and (iii) promptly upon learning that any IRS Form W-9
        or
        IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable (or any successor thereto),
        has become obsolete or incorrect.  In addition, no transfer of any
        Class CE Certificate shall be made if such transfer would cause the Supplemental
        Interest Trust or the Cap Account to be beneficially owned by two or more
        persons for federal income tax purposes, or continue to be so treated, unless
        (a) each proposed transferee of such Class CE Certificate complies with the
        foregoing conditions, (b) the proposed majority Holder of the Class CE
        Certificates (or each Holder, if there is or would be no majority Holder)
        (A)
        provides, or causes to be provided, on behalf of the Supplemental Interest
        Trust
        and the Cap Account, if applicable, the appropriate tax certification form
        that
        would be required from the Supplemental Interest Trust or the Cap Account,
        as
        applicable, to eliminate any withholding or deduction for taxes from amounts
        payable by the Swap Provider or the Interest Rate Cap Provider, pursuant
        to the
        Interest Rate Swap Agreement or the Interest Rate Cap Agreement, to the Trust
        Administrator, the Swap Provider and the Interest Rate Cap Provider on behalf
        of
        the Supplemental Interest Trust or the Cap Account (i.e., IRS Form W-9 or
        IRS
        Form W-8BEN, W-8IMY or W-8ECI, as applicable (or any successor form thereto)
        as
        a condition to such transfer, together with any applicable attachments) and
        (B)
        agrees to update such form (x) upon expiration of any such form, (y) as required
        under then applicable U.S. Treasury regulations and (z) promptly upon learning
        that such form has become obsolete or incorrect.  If, under applicable
        U.S. Treasury regulations, such tax certification form may only be signed
        by a
        trustee acting on behalf of the Supplemental Interest Trust or the Cap Account,
        then the Supplemental Interest Trust Trustee or the Trust Administrator,
        as
        applicable, shall sign such certification form if so requested by a Holder
        of
        the Class CE Certificates.

       

      Upon
        receipt of any such tax certification form from a transferee of any Class
        CE
        Certificate pursuant to the immediately preceding paragraph, the Trust
        Administrator shall provide a copy of any such tax certification form to
        the
        Swap Provider and the Interest Rate Cap Provider, upon its request, solely
        to
        the extent the Swap Provider or the Interest Rate Cap Provider has not received
        such IRS Form directly from the Holder of the Class CE
        Certificates.  Each Holder of a Class CE Certificate by its purchase
        of such Certificate is deemed to consent to any such IRS Form being so
        forwarded.  Upon the request of the Swap Provider or the Interest Rate
        Cap Provider, the Trust Administrator shall be required to forward any tax
        certification received by it to the Swap Provider or the Interest Rate Cap
        Provider at the last known address provided to it, and, subject to Section
        8.01,
        shall not be liable for the receipt of such tax certification by the Swap
        Provider or the Interest Rate Cap Provider, nor any action taken or not taken
        by
        the Swap Provider or the Interest Rate Cap Provider with respect to such
        tax
        certification.  Any purported sales or transfers of any Class CE
        Certificate to a transferee which does not comply with the requirements of
        the
        preceding paragraph shall be deemed null and void under this
        Agreement.  The Trust Administrator shall have no duty to take any
        action to correct any misstatement or omission in any tax certification provided
        to it by the Holder of the Class CE Certificates and forwarded to the Swap
        Provider or the Interest Rate Cap Provider.

       

      (c)  No
        transfer of a Class CE Certficate, Class P Certificate, Residual Certificate
        or
        any interest therein shall be made to any Plan, any Person acting, directly
        or
        indirectly, on behalf of any such Plan or any Person acquiring such Certificates
        with “Plan Assets” of a Plan within the meaning of the Department of Labor
        regulation promulgated at 29 C. F. R. § 2510.3-101 (“Plan Assets”), as certified
        by such transferee in the form of Exhibit G, unless the Trust Administrator
        is
        provided with an Opinion of Counsel for the benefit of the Trustee, the Trust
        Administrator, the Depositor, the Master Servicer and the Servicers and on
        which
        they may rely which establishes to the satisfaction of the Depositor, the
        Trustee, the Trust Administrator, the Servicers and the Master Servicer that
        the
        purchase of such Certificates is permissible under applicable law, will not
        constitute or result in any prohibited transaction under ERISA or
        Section 4975 of the Code and will not subject the Depositor, the Master
        Servicer, the Servicers, the NIMS Insurer, the Trust Administrator, the Trustee
        or the Trust Fund to any obligation or liability (including obligations or
        liabilities under ERISA or Section 4975 of the Code) in addition to those
        undertaken in this Agreement, which Opinion of Counsel shall not be an expense
        of the Depositor, the Master Servicer, the Servicers, the Trust Administrator,
        the Trustee or the Trust Fund.  Neither an Opinion of Counsel nor any
        certification will be required in connection with (i) the initial transfer
        of
        any Class CE Certficate, Class P Certificate or Residual Certificate by the
        Depositor to an Affiliate of the Depositor, (ii) the transfer of any Class
        CE
        Certficate, Class P Certificate or Residual Certificate to the issuer under
        the
        Indenture or the indenture trustee under the Indenture or (iii) a transfer
        of
        any Class CE Certficate, Class P Certificate or Residual Certificate from
        the
        issuer under the Indenture or the indenture trustee under the Indenture to
        the
        Depositor or an Affiliate of the Depositor (in which case, the Transferee
        thereof shall have deemed to have represented that it is not a Plan or a
        Person
        investing Plan Assets) and the Trust Administrator shall be entitled to
        conclusively rely upon a representation (which, upon the request of the Trust
        Administrator, shall be a written representation) from the Transferor of
        the
        status of such transferee as an affiliate of the Depositor.

       

      Any
        transferee of a Class A Certificate or Mezzanine Certificate acquired prior
        to
        the termination of the Supplemental Interest Trust shall be deemed to represent
        that either (i) it is not a Plan or purchasing with assets of a Plan, (ii)(A)
        such Plan is an accredited investor within the meaning of the Exemption and
        (B)
        except in the case of a Class M-11 Certificate or a Class M-12 Certificate,
        such
        acquisition or holding is eligible for the exemptive relief available under
        Department of Labor Prohibited Transaction Class Exemption (“PTE”) 84-14, PTE
        91-38, PTE 90-1, PTE 95-60 or PTE 96-23 or (iii) in the case of a Class M-11
        Certificate or a Class M-12 Certificate such acquisition or holding is eligible
        for the exemptive relief under PTE 95-60.

       

      Subsequent
        to the termination of the Supplemental Interest Trust, each beneficial owner
        of
        such Mezzanine Certificate or any interest therein 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 investing with “Plan
        Assets,” (ii) other than in the case of a Class M-11 Certificate or a Class M-12
        Certificate, it has acquired and is holding such Mezzanine Certificate in
        reliance on the Exemption, and that it understands that there are certain
        conditions to the availability of the Exemption, including that the Mezzanine
        Certificate must be rated, at the time of purchase not lower than “BBB-” (or its
        equivalent) by S&P, Moody’s, Fitch, Dominion Bond Rating Service Limited
        (“DBRS Limited”) or Dominion Bond Rating Service, Inc. (“DBRS, Inc.”; each, an
“Exemption Rating Agency”) 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 PTE 95-60,
        and (3) the conditions in Sections I and III of PTE 95-60 have been
        satisfied.

       

      If
        any
        Certificate or any interest therein is acquired or held in violation of the
        provisions of the preceding three paragraphs, the next preceding permitted
        beneficial owner will be treated as the beneficial owner of that Certificate
        retroactive to the date of transfer to the purported beneficial owner. Any
        purported beneficial owner whose acquisition or holding of any such Certificate
        or interest therein was effected in violation of the provisions of the preceding
        three paragraphs shall indemnify and hold harmless the Depositor, the Master
        Servicer, each Servicer, the NIMS Insurer, the Trust Administrator, the Trustee
        and the Trust Fund from and against any and all liabilities, claims, costs
        or
        expenses incurred by those parties as a result of that acquisition or
        holding.

       

      (d)  (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 Trust 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 Trust
        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 Trust Administrator shall require delivery to it, and shall
        not
        register the Transfer of any Residual Certificate until its receipt of, an
        affidavit and agreement (a “Transfer Affidavit and Agreement,” in the form
        attached hereto as Exhibit F-2) from the proposed Transferee, in form and
        substance satisfactory to the Trust Administrator, representing and warranting,
        among other things, that such Transferee 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
        that 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(d)
        and agrees to be bound by them.

       

        (C)           Notwithstanding
        the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
        under clause (B) above, if a Responsible Officer of the Trust Administrator
        who
        is 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.

       

        (ii)           Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (x) to require a Transfer Affidavit and Agreement in the form
        attached hereto as Exhibit F-2 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 Transferor Affidavit
        (in the form attached hereto as Exhibit F-2) to the Trust Administrator stating
        that, among other things, it has no actual knowledge that such other Person
        is
        not a Permitted Transferee.

       

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

       

      (iii)           The
        Trust Administrator will register the Transfer of any Residual Certificate
        only
        if it shall have received the Transfer Affidavit and Agreement and all of
        such
        other documents as shall have been reasonably required by the Trust
        Administrator as a condition to such registration.  In addition, no
        Transfer of a Residual Certificate shall be made unless the Trust Administrator
        shall have received a representation letter from the Transferee of such
        Certificate to the effect that such Transferee is a Permitted
        Transferee.

       

      (A)           If
        any purported Transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 5.02(d), then the last
        preceding Permitted Transferee shall be restored, to the extent permitted
        by
        law, to all rights as holder thereof retroactive to the date of registration
        of
        such Transfer of such Residual Certificate. The Trust Administrator shall
        be
        under no liability to any Person for any registration of Transfer of a Residual
        Certificate that is in fact not permitted by this Section 5.02(d) 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(d) 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 Trust 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 Trust Administrator on
        such
        terms as the Trust Administrator may choose. Such purported Transferee shall
        promptly endorse and deliver each Residual Certificate in accordance with
        the
        instructions of the Trust Administrator. Such purchaser may be the Trust
        Administrator itself or any Affiliate of the Trust Administrator. The proceeds
        of such sale, net of the commissions (which may include commissions payable
        to
        the Trustee or its Affiliates), expenses and taxes due, if any, will be remitted
        by the Trust 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 Trust Administrator, and the Trust Administrator 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
        Trust 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 described in Treasury regulations sections
        1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
        such Residual Certificate and (B) as a result of any regulated investment
        company, real estate investment trust, common Trust, 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 which is a Disqualified Organization. Reasonable
        compensation for providing such information may be accepted by the Trust
        Administrator.

       

      (v)           The
        provisions of this Section 5.02(d) set forth prior to this subsection (v)
        may be modified, added to or eliminated, provided that there shall have been
        delivered to the Trust Administrator and the NIMS Insurer at the expense
        of the
        party seeking to modify, add to or eliminate any such provision the
        following:

       

        (A)           written
        notification from each Rating Agency to the effect that the modification,
        addition to or elimination of such provisions will not cause such Rating
        Agency
        to downgrade its then-current ratings of any Class of Certificates;
        and

       

        (B)           an
        Opinion of Counsel, in form and substance satisfactory to the Trust
        Administrator and the NIMS Insurer, to the effect that such modification
        of,
        addition to or elimination of such provisions will not cause any Trust REMIC
        to
        cease to qualify as a REMIC and will not cause any Trust REMIC to be subject
        to
        an entity-level tax caused by the Transfer of any Residual Certificate to
        a
        Person that is not a Permitted Transferee or a Person other than the prospective
        transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
        Certificate to a Person that is not a Permitted Transferee.

       

      The
        Trust
        Administrator shall forward to the NIMS Insurer a copy of the items delivered
        to
        it pursuant to (A) and (B) above.

       

      (e)  Subject
        to the preceding subsections, upon surrender for registration of transfer
        of any
        Certificate at any office or agency of the Trust Administrator maintained
        for
        such purpose pursuant to Section 8.11, the Trust Administrator shall
        execute, 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.

       

      (f)  At
        the
        option of the Holder thereof, any Certificate may be exchanged for other
        Certificates of the same Class with authorized denominations and a like
        aggregate Percentage Interest, upon surrender of such Certificate to be
        exchanged at any office or agency of the Trust Administrator maintained for
        such
        purpose pursuant to Section 8.11. Whenever any Certificates are so
        surrendered for exchange, the Trust 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 Trust Administrator) be duly endorsed
        by,
        or be accompanied by a written instrument of transfer in the form satisfactory
        to the Trust Administrator duly executed by, the Holder thereof or his attorney
        duly authorized in writing.  In addition, (i) with respect to each
        Class R Certificate, the holder thereof may exchange, in the manner described
        above, such Class R Certificate for three separate certificates, each
        representing such holder’s respective Percentage Interest in the Class R-I
        Interest, the Class R-II Interest and the Class R-III Interest, respectively,
        in
        each case that was evidenced by the Class R Certificate being exchanged and
        (ii)
        with respect to each Class R-X Certificate, the holder thereof may exchange,
        in
        the manner described above, such Class R-X Certificate for three separate
        certificates, each  representing such holder’s respective Percentage
        Interest in the Class R-IV Interest, the Class R-V Interest and the Class
        R-VI
        Interest, respectively, in each case that was evidenced by the Class R-X
        Certificate being exchanged.

       

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

       

      (h)  All
        Certificates surrendered for transfer and exchange shall be canceled and
        destroyed by the Trust Administrator in accordance with its customary
        procedures.

       

      
        	
                SECTION
                  5.03.  

              	
                Mutilated,
                  Destroyed, Lost or Stolen
                  Certificates.

              

      

       

      If
        (i)
        any mutilated Certificate is surrendered to the Trust Administrator, or the
        Trust Administrator receives evidence to its satisfaction of the destruction,
        loss or theft of any Certificate, and (ii) there is delivered to the Trust
        Administrator, the Trustee and the NIMS Insurer such security or indemnity
        as
        may be required by it to save it harmless, then, in the absence of actual
        knowledge by the Trust Administrator that such Certificate has been acquired
        by
        a bona fide purchaser or the Trust 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 of like denomination
        and Percentage Interest. Upon the issuance of any new Certificate under this
        Section, the Trust 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 Trust
        Administrator) connected therewith. Any replacement Certificate issued pursuant
        to this Section shall constitute complete and indefeasible evidence of
        ownership in the applicable REMIC created hereunder, 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 Master Servicer, the Servicers, the NIMS Insurer, the Trust
        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 none of the Depositor, the Master Servicer,
        the
        Servicers, the NIMS Insurer, the Trust Administrator, the Trustee or any
        agent
        of any of them shall be affected by notice to the contrary.

       

      
        	
                SECTION
                  5.05.  

              	
                Certain
                  Available Information.

              

      

       

      On
        or
        prior to the date of the first sale of any Private Certificate to an Independent
        third party, the Depositor shall provide to the Trust Administrator ten copies
        of any private placement memorandum or other disclosure document used by
        the
        Depositor in connection with the offer and sale of such Certificates. In
        addition, if any such private placement memorandum or disclosure document
        is
        revised, amended or supplemented at any time following the delivery thereof
        to
        the Trust Administrator, the Depositor promptly shall inform the Trust
        Administrator of such event and shall deliver to the Trust Administrator
        ten
        copies of the private placement memorandum or disclosure document, as revised,
        amended or supplemented. The Trust Administrator shall maintain at its Corporate
        Trust Office and shall make available free of charge during normal business
        hours for review by any Holder of a Certificate or any Person identified
        to the
        Trust Administrator as a prospective transferee of a Certificate, originals
        or
        copies of the following items: (i) in the case of a Holder or prospective
        transferee of a Private Certificate, the related private placement memorandum
        or
        other disclosure document relating to such Class of Certificates, in the
        form
        most recently provided to the Trust Administrator; and (ii) in all cases,
        (A)
        this Agreement and any amendments hereof entered into pursuant to
        Section 11.01, (B) all Monthly Statements required to be delivered to
        Certificateholders of the relevant Class pursuant to Section 4.02 since the
        Closing Date, and all other notices, reports, statements and written
        communications delivered to the Certificateholders of the relevant Class
        pursuant to this Agreement since the Closing Date, (C) all certifications
        delivered by a Responsible Officer of the Trust Administrator since the Closing
        Date, (D) any and all Officers’ Certificates delivered to the Trust
        Administrator by a Servicer since the Closing Date to evidence the related
        Servicer’s determination that any Advance or Servicing Advance was, or if made,
        would be a Nonrecoverable Advance or Nonrecoverable Servicing Advance,
        respectively, and (E) any and all Officers’ Certificates delivered to the Trust
        Administrator by a Servicer since the Closing Date pursuant to
        Section 4.04(a). Copies and mailing of any and all of the foregoing items
        will be available from the Trust Administrator upon request at the expense
        of
        the Person requesting the same.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        VI

       

      THE
        DEPOSITOR, THE SERVICERS AND THE MASTER SERVICER

       

      
        	
                SECTION
                  6.01.  

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

              

      

       

      The
        Depositor, the Servicers and the Master Servicer each shall be liable in
        accordance herewith only to the extent of the obligations specifically imposed
        by this Agreement upon them in their respective capacities as Depositor,
        Servicer and Master Servicer and undertaken hereunder by the Depositor, each
        Servicer and the Master Servicer herein.

       

      
        	
                SECTION
                  6.02.  

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

              

      

       

      Subject
        to the following paragraph, the Depositor will keep in full effect its
        existence, rights and franchises as a corporation under the laws of the
        jurisdiction of its incorporation.  Subject to the following
        paragraph, each Servicer will keep in full effect its existence, rights and
        franchises as a national banking association under the laws of the United
        States
        of America or as a limited liability company under the laws of the State
        of
        Delaware, as the case may be.  Subject to the following paragraph, the
        Master Servicer will keep in full effect its existence, rights and franchises
        as
        a national banking association and shall ensure that it (or an Affiliate)
        maintains its qualification as an approved conventional seller/servicer for
        Fannie Mae or Freddie Mac in good standing.  The Depositor, each
        Servicer and the Master Servicer 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.

       

      The
        Depositor, each Servicer or the Master Servicer 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 the Depositor, a Servicer or the Master Servicer shall be a party,
        or
        any Person succeeding to the business of the Depositor, a Servicer or the
        Master
        Servicer, shall be the successor of the Depositor 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 a Servicer shall be qualified to service mortgage loans on behalf
        of
        Fannie Mae or Freddie Mac; and provided further that the Rating Agencies’
ratings of the Class A Certificates and the Mezzanine Certificates in effect
        immediately prior to such merger or consolidation will not be qualified,
        reduced
        or withdrawn as a result thereof (as evidenced by a letter to such effect
        from
        the Rating Agencies).

       

      
        	
                SECTION
                  6.03.  

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

              

      

       

      (a)  Each
        Servicer (but not the Trustee if it is required to succeed a Servicer after
        becoming Master Servicer hereunder) indemnifies and holds the NIMS Insurer,
        the
        Trustee, the Trust Administrator, the Master Servicer and the Depositor harmless
        against any and all claims, losses, penalties, fines, forfeitures, reasonable
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the NIMS Insurer, the Trustee, the Trust Administrator, the Master Servicer
        and the Depositor may sustain in any way related to its failure to perform
        its
        duties and service the Mortgage Loans in compliance with the terms of this
        Agreement.

       

      Each
        Servicer shall immediately notify the NIMS Insurer, the Trustee, the Trust
        Administrator, the Master Servicer and the Depositor if a claim is made that
        may
        result in such claims, losses, penalties, fines, forfeitures, legal fees
        or
        related costs, judgments, or any other costs, fees and expenses, and each
        Servicer shall assume (with the consent of the Trust Administrator, the
        Depositor, the Master Servicer and the Trustee, as applicable) the defense
        of
        any such claim and pay all expenses in connection therewith, including
        reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against the NIMS Insurer, the Trustee, the Trust
        Administrator, the Master Servicer and/or the Depositor in respect of such
        claim.  The provisions of this Section 6.03 shall survive the
        termination of this Agreement and the payment of the outstanding
        Certificates.

       

      (b)  The
        Master Servicer agrees to indemnify the Indemnified Persons (as defined below)
        for, and to hold them harmless against, any loss, liability or expense
        (including reasonable legal fees and disbursements of counsel) incurred on
        their
        part to the extent sustained in connection with, arising out of, or relating
        to,
        any claim or legal action (including any pending or threatened claim or legal
        action) relating to this Agreement or the Certificates or the powers of attorney
        delivered by the Trustee hereunder (i) related to the Master Servicer’s failure
        to perform its duties in compliance with this Agreement (except as any such
        loss, liability or expense shall be otherwise reimbursable pursuant to this
        Agreement) or (ii) incurred by reason of the Master Servicer’s willful
        misfeasance, bad faith or gross negligence in the performance of duties
        hereunder or by reason of reckless disregard of obligations and duties
        hereunder, provided, in each case, that with respect to any such claim or
        legal
        action (or pending or threatened claim or legal action), the Trustee shall
        have
        given the Master Servicer and the Depositor written notice thereof promptly
        after the Trustee shall have with respect to such claim or legal action
        knowledge thereof. The Master Servicer’s failure to receive any such notice
        shall not affect any Indemnified Person’s right to indemnification under this
        Section 6.03(b), except to the extent the Master Servicer is materially
        prejudiced by such failure to give notice. This indemnity shall survive the
        resignation or removal of the Trustee, Master Servicer or the Trust
        Administrator and the termination of this Agreement.  For purposes of
        this Section 6.03(b), “Indemnified Persons” means each of the Trustee, each
        Servicer, the NIMS Insurer and their respective officers, directors, agents
        and
        employees and, with respect to the Trustee, any separate co-trustee and its
        officers, directors, agents and employees.

       

      (c)  None
        of
        the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator,
        each Servicer or any of the directors, officers, employees or agents of the
        Depositor, the Master Servicer, the Trust Administrator or each 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 Master Servicer, the
        Trust
        Administrator, each Servicer or any such person against any breach of
        warranties, representations or covenants made herein, or against any specific
        liability imposed on the Master Servicer or Servicer pursuant hereto, or
        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, in the case of the
        Master Servicer, a breach of the servicing standard set forth in Section
        3A.01
        or in the case of a Servicer, a breach of the servicing standard set forth
        in
        Section 3.01.  The Depositor, the NIMS Insurer, the Master Servicer,
        the Trust Administrator and each Servicer and any director, officer, employee
        or
        agent of the Depositor, the NIMS Insurer, the Master Servicer, the Trust
        Administrator or each Servicer may rely in good faith on any document of
        any
        kind which is, prima facie, is properly executed and submitted by any
        Person respecting any matters arising hereunder. The Depositor, the NIMS
        Insurer, the Master Servicer, the Trust Administrator, or each Servicer and
        any
        director, officer, employee or agent of the Depositor, the NIMS Insurer,
        the
        Master Servicer, the Trust Administrator, or each Servicer shall be indemnified
        and held harmless by the Trust Fund against any loss, liability or expense
        incurred in connection with (i) any legal action relating to this Agreement
        or
        the Certificates, other than any loss, liability or expense relating 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 any
        loss,
        liability or expense incurred by reason of 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 (ii) any breach of a
        representation or warranty by the Originator or any other party regarding
        the
        Mortgage Loans.  None of the Depositor, the NIMS Insurer, the Master
        Servicer, the Trust Administrator or the Servicer shall be under any obligation
        to appear in, prosecute or defend any legal action unless such action is
        related
        to its respective duties under this Agreement and, in its opinion, does not
        involve it in any expense or liability; provided, however, that each of the
        Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
        and
        the Servicer may in its discretion undertake any such action which it may
        deem
        necessary or desirable with respect to this Agreement and the rights and
        duties
        of the parties hereto and the interests of the Certificateholders hereunder.
        In
        such event, the legal expenses and costs of such action and any liability
        resulting therefrom (except 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) shall be expenses, costs and liabilities of the Trust Fund, and
        the
        Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
        and
        the Servicer shall be entitled to be reimbursed therefor from the Collection
        Account or Distribution Account, as applicable, as and to the extent provided
        in
        Section 3.11 or Section 3A.12, any such right of reimbursement being prior
        to
        the rights of the Certificateholders to receive any amount in the Collection
        Account or Distribution Account. The Master Servicer’s, the Trust
        Administrator’s or Servicer’s right to indemnity or reimbursement pursuant to
        this Section shall survive any termination of this Agreement, any resignation
        or
        termination of the Master Servicer, the Trust Administrator or a Servicer
        pursuant to Section 6.04 or 7.01 with respect to any losses, expenses, costs
        or
        liabilities arising prior to such resignation or termination (or arising
        from
        events that occurred prior to such resignation or termination).

       

      
        	
                SECTION
                  6.04.  

              	
                Limitation
                  on Resignation of a Servicer; Assignment of Master
                  Servicing.

              

      

       

      (a)  Except
        as
        otherwise provided herein, the Servicers shall not resign from the obligations
        and duties hereby imposed on it except upon determination that its duties
        hereunder are no longer permissible under applicable law.  Any such
        determination pursuant to the preceding sentence permitting the resignation
        of a
        Servicer shall be evidenced by an Opinion of Counsel to such effect obtained
        at
        the expense of the resigning Servicer and delivered to the Trustee, the Trust
        Administrator, the Master Servicer and the NIMS Insurer.  No
        resignation of a Servicer shall become effective until the Master Servicer
        or
        (if the Master Servicer is a Servicer) the Trustee or a successor servicer
        acceptable to the NIMS Insurer shall have assumed the resigning Servicer’s
        responsibilities, duties, liabilities (other than those liabilities arising
        prior to the appointment of such successor) and obligations under this
        Agreement.  Any such resignation shall not relieve the resigning
        Servicer of responsibility for any of the obligations specified in Sections
        7.01
        and 7.02 as obligations that survive the resignation or termination of the
        resigning Servicer.

       

      Except
        as
        expressly provided herein, the Servicers shall not assign or transfer any
        of its
        rights, benefits, privileges or obligations hereunder to any other Person,
        or
        delegate to or subcontract with, or authorize or appoint any other Person
        to
        perform any of the duties, covenants or obligations to be performed by the
        related Servicer hereunder.  The foregoing prohibition on assignment
        shall not prohibit a Servicer from designating a Sub-Servicer as payee of
        any
        indemnification amount payable to the related Servicer hereunder; provided,
        however, that as provided in Section 3.06 hereof, no Sub-Servicer shall be
        a
        third-party beneficiary hereunder and the parties hereto shall not be required
        to recognize any Sub-Servicer as an indemnitee under this Agreement. If,
        pursuant to any provision hereof, the duties of a Servicer are transferred
        to a
        successor servicer, the entire amount of the Servicing Fee and other
        compensation payable to the related Servicer pursuant hereto shall thereafter
        be
        payable to such successor servicer.

       

      (b)  The
        Master Servicer may sell, assign or delegate its rights, duties and obligations
        as Master Servicer under this Agreement in their entirety; provided, however,
        that:  (i) the purchaser or transferee accepting such sale, assignment
        and delegation (a) shall be a Person qualified to service mortgage loans
        for
        Fannie Mae or Freddie Mac; (b) shall have a net worth of not less than
        $50,000,000 (unless otherwise approved by each Rating Agency pursuant to
        clause
        (ii) below); (c) shall be reasonably satisfactory to the NIMS Insurer and
        the
        Trustee (as evidenced in a writing signed by each of the NIMS Insurer and
        the
        Trustee); and (d) shall execute and deliver to the Trustee and the NIMS Insurer
        an agreement, in form and substance reasonably satisfactory to the Trustee
        and
        the NIMS Insurer, 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 assumption agreement; (ii) each Rating Agency
        shall be given prior written notice of the identity of the proposed successor
        to
        the Master Servicer and shall confirm in writing to the Master Servicer,
        the
        NIMS Insurer and the Trustee that any such sale, assignment or delegation
        would
        not result in a withdrawal or a downgrading of the rating on any Class of
        Certificates in effect immediately prior to such sale, assignment or delegation;
        and (iii) the Master Servicer shall deliver to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
        precedent to such action under this Agreement have been fulfilled and such
        action is permitted by and complies with the terms of this
        Agreement.  No such sale, assignment or delegation shall affect any
        liability of the Master Servicer arising prior to the effective date
        thereof.

       

      
        	
                SECTION
                  6.05.  

              	
                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, the NIMS
        Insurer, the Trust Administrator 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, the NIMS Insurer 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.

       

      
        	
                SECTION
                  6.06.  

              	
                Rights
                  of the Depositor in Respect of the
                  Servicers.

              

      

       

      The
        Servicers shall afford (and any Sub-Servicing Agreement shall provide that
        each
        Sub-Servicer shall afford) the Depositor, the NIMS Insurer, the Master Servicer,
        the Trust Administrator and the Trustee, upon reasonable notice, during normal
        business hours, reasonable access to all records maintained by each Servicer
        (and any such Sub-Servicer) in respect of the Servicers’ rights and obligations
        hereunder and access to officers of the Servicers (and those of any such
        Sub-Servicer) responsible for such obligations.  Upon request, the
        Servicers shall furnish to the Depositor, the NIMS Insurer, the Master Servicer,
        the Trust Administrator and the Trustee its (and any such Sub-Servicer’s) most
        recent financial statements and such other information relating to the
        Servicers’ capacity to perform its obligations under this Agreement as it
        possesses (and that any such Sub-Servicer possesses). To the extent such
        information is not otherwise available to the public, the Depositor, the
        NIMS
        Insurer, the Master Servicer, the Trust Administrator and the Trustee shall
        not
        disseminate any information obtained pursuant to the preceding two sentences
        without the related Servicer’s written consent, except as required pursuant to
        this Agreement or to the extent that it is appropriate to do so (i) in working
        with legal counsel, auditors, taxing authorities or other governmental agencies
        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 and the Trustee or the Trust Fund, and in any case, the Depositor,
        the
        NIMS Insurer, the Master Servicer, the Trust Administrator or the Trustee,
        as
        the case may be, shall use its 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 Servicers
        under this Agreement and may, but is not obligated to, perform, or cause
        a
        designee to perform, any defaulted obligation of a Servicer under this Agreement
        or exercise the rights of a Servicer under this Agreement; provided that
        the
        related Servicer shall not be relieved of any of its obligations under this
        Agreement by virtue of such performance by the Depositor or its designee.
        The
        Depositor shall not have any responsibility or liability for any action or
        failure to act by the related Servicer and is not obligated to supervise
        the
        performance of any Servicer under this Agreement or otherwise.

       

      
        	
                SECTION
                  6.07.  

              	
                [Reserved].

              

      

       

      
        	
                SECTION
                  6.08.  

              	
                Duties
                  of the Credit Risk Manager.

              

      

       

      For
        and
        on behalf of the Depositor, the Credit Risk Manager will provide reports
        and
        recommendations concerning certain delinquent and defaulted Mortgage Loans,
        and
        as to the collection of any Prepayment Charges with respect to the Mortgage
        Loans.  Such reports and recommendations will be based upon
        information provided pursuant to the Credit Risk Management Agreement to
        the
        Credit Risk Manager by the Servicers. The Credit Risk Manager shall look
        solely
        to the Servicers and/or Master Servicer, as applicable, for all information
        and
        data (including loss and delinquency information and data) and loan level
        information and data relating to the servicing of the Mortgage Loans and
        the
        Trustee shall not have any obligation to provide any such information to
        the
        Credit Risk Manager and shall not otherwise have any responsibility under
        the
        Credit Risk Management Agreement.  Upon any termination of the Credit
        Risk Manager or the appointment of a successor Credit Risk Manager, the
        Depositor shall give written notice thereof to the Servicers, the Trustee,
        the
        Master Servicer, the Trust Administrator, the NIMS Insurer and each Rating
        Agency.  Notwithstanding the foregoing, the termination of the Credit
        Risk Manager pursuant to this Section shall not become effective until the
        appointment of a successor Credit Risk Manager.

       

      
        	
                SECTION
                  6.09.  

              	
                Limitation
                  Upon Liability of the Credit Risk
                  Manager.

              

      

       

      Neither
        the Credit Risk Manager, nor any of its directors, officers, employees, or
        agents shall be under any liability to the Trustee, the Certificateholders,
        the
        Trust Administrator, the Servicers, the Master Servicer or the Depositor
        for any
        action taken or for refraining from the taking of any action made in good
        faith
        pursuant to this Agreement, in reliance upon information provided by the
        Servicers or the Master Servicer under the related Credit Risk Management
        Agreement, or for errors in judgment; provided, however, that this provision
        shall not protect the Credit Risk Manager or any such person against liability
        that would otherwise be imposed by reason of willful malfeasance or bad faith
        in
        its performance of its duties.  The Credit Risk Manager and any
        director, officer, employee, or agent of the Credit Risk Manager may rely
        in
        good faith on any document of any kind prima facie properly executed
        and submitted by any Person respecting any matters arising hereunder, and
        may
        rely in good faith upon the accuracy of information furnished by the Servicers
        or the Master Servicer pursuant to the related Credit Risk Management Agreement
        in the performance of its duties thereunder and hereunder.

       

      
        	
                SECTION
                  6.10.  

              	
                Removal
                  of the Credit Risk Manager.

              

      

       

      The
        Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
        holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in
        the
        exercise of its or their sole discretion.  The Certificateholders
        shall provide written notice of the Credit Risk Manager’s removal to the Trust
        Administrator.  Upon receipt of such notice, the Trust Administrator
        shall provide written notice to the Credit Risk Manager of its removal, which
        shall be effective upon receipt of such notice by the Credit Risk
        Manager.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        VII

       

      DEFAULT

       

      
        	
                SECTION
                  7.01.  

              	
                Servicer
                  Events of Default and Master Servicer Events of
                  Termination.

              

      

       

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

       

      (i)  any
        failure by a Servicer to remit to the Trust Administrator for distribution
        to
        the Certificateholders any payment (other than an Advance required to be
        made
        from its own funds on any Servicer Remittance Date pursuant to Section 4.03)
        required to be made under the terms of the Certificates and this Agreement
        which
        continues unremedied for a period of one Business Day after the date upon
        which
        written notice of such failure, requiring the same to be remedied, shall
        have
        been given to the related Servicer by the Depositor or the Trust Administrator
        (in which case notice shall be provided by telecopy), or to the related
        Servicer, the Depositor and the Trust Administrator by the NIMS Insurer or
        the
        Holders of Certificates entitled to at least 25% of the Voting Rights;
        or

       

      (ii)  other
        than with respect to clause (vi) below, any failure on the part of a Servicer
        duly to observe or perform in any material respect any other of the covenants
        or
        agreements on the part of a Servicer contained in this Agreement, or the
        breach
        by a Servicer of any representation and warranty contained in Section 2.05,
        which continues unremedied for a period of 30 days (or if such failure or
        breach
        cannot be remedied within 30 days, then such remedy shall have been commenced
        within 30 days and diligently pursued thereafter; provided, however, that
        in no
        event shall such failure or breach be allowed to exist for a period of greater
        than 90 days) after the earlier of (i) the date on which written notice of
        such
        failure, requiring the same to be remedied, shall have been given to the
        related
        Servicer by the Depositor or the Trust Administrator or to the related Servicer,
        the Depositor and the Trust Administrator by the NIMS Insurer or the Holders
        of
        Certificates entitled to at least 25% of the Voting Rights and (ii) actual
        knowledge of such failure by a Servicing Officer of the related Servicer;
        or

       

      (iii)  a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in
        the premises 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, marshalling
        of
        assets and liabilities or similar proceeding, or for the winding-up or
        liquidation of its affairs, shall have been entered against the related Servicer
        and such decree or order shall have remained in force undischarged or unstayed
        for a period of 90 days; or

       

      (iv)  the
        related Servicer 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 it or of or relating
        to all
        or substantially all of its property; or

       

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

       

      (vi)  any
        failure by the related Servicer to timely comply with its obligations pursuant
        to Section 3.20, Section 3.21 or Section 4.06 hereof (in each case, taking
        into
        account any applicable cure periods);

       

      (vii)  any
        failure of the related Servicer to make any Advance on any Servicer Remittance
        Date required to be made from its own funds pursuant to Section 4.03 which
        continues unremedied until 3:00 p.m. New York time on the Business Day following
        the Servicer Remittance Date.

       

      If
        (a) a
        Servicer Event of Default described in clauses (i) through (vi) of this Section
        shall occur, then, and in each and every such case, so long as such Servicer
        Event of Default shall not have been remedied, the Depositor, the Master
        Servicer, the Trustee or the Trust Administrator may, and at the written
        direction of the Holders of Certificates entitled to at least 51% of Voting
        Rights, or at the direction of the NIMS Insurer, the Trustee shall or (b)
        a
        Servicer Event of Default described in clause (vii) of this Section shall
        occur
        and the Trustee or the Master Servicer has, at the direction of the Depositor,
        determined to terminate the related Servicer, then the Trustee, shall, by
        notice
        in writing to the related Servicer, the Master Servicer and the Depositor,
        terminate all of the rights and obligations of the related Servicer in its
        capacity as Servicer under this Agreement, to the extent permitted by law,
        and
        in and to the Mortgage Loans and the proceeds thereof. If a Servicer Event
        of
        Default described in clause (vii) hereof shall occur, the Trustee shall,
        by
        notice in writing to the related Servicer, the Depositor, the Master Servicer
        and the NIMS Insurer, terminate all of the rights and obligations of the
        related
        Servicer in its capacity as Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof.  Subject to Section 7.02
        hereof, on or after the receipt by the related Servicer of such written notice,
        all authority and power of the related Servicer under this Agreement, whether
        with respect to the Certificates (other than as a Holder of any Certificate)
        or
        the Mortgage Loans or otherwise, shall pass to and be vested in the Master
        Servicer or if the Master Servicer is the affected Servicer, the Trustee
        pursuant to and under this Section, and, without limitation, the Master Servicer
        or the Trustee, as applicable, is hereby authorized and empowered, as
        attorney-in-fact or otherwise, to execute and deliver, on behalf of and at
        the
        expense of the related Servicer, 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. Each Servicer agrees to promptly (and in any event no later than
        ten
        Business Days subsequent to such notice) provide the Master Servicer or the
        Trustee, as applicable, with all documents and records requested by it to
        enable
        it to assume the Servicer’s functions under this Agreement, and to cooperate
        with the Master Servicer or the Trustee, as applicable, in effecting the
        termination of a Servicer’s responsibilities and rights under this Agreement,
        including, without limitation, the transfer within one Business Day to the
        Master Servicer or the Trustee, as applicable, for administration by it of
        all
        cash amounts which at the time shall be or should have been credited by the
        related Servicer to the Collection Account held by or on behalf of the related
        Servicer, the Distribution Account or any REO Account or Servicing Account
        held
        by or on behalf of the related Servicer or thereafter be received with respect
        to the Mortgage Loans or any REO Property serviced by the related Servicer;
        provided, however, that the related Servicer shall continue to be entitled
        to
        receive all amounts accrued or owing to it under this Agreement on or prior
        to
        the date of such termination, whether in respect of Advances or otherwise,
        and
        shall continue to be entitled to the benefits of Section 6.03, notwithstanding
        any such termination, with respect to events occurring prior to such
        termination.

       

      (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 Distribution 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 the NIMS Insurer 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, either the Trustee,
        the NIMS Insurer 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
        NIMS Insurer and 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; and (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. 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.  

              	
                Master
                  Servicer or Trustee to Act; Appointment of Successor
                  Servicer.

              

      

       

      (a)  From
        the
        time a Servicer receives a notice of termination, the Master Servicer or
        (if the
        Master Servicer is the affected Servicer) the Trustee (or such other successor
        servicer as is acceptable to the NIMS Insurer) shall be the successor in
        all
        respects to the related Servicer in its capacity as Servicer under this
        Agreement and the transactions set forth or provided for herein, and all
        the
        responsibilities, duties and liabilities relating thereto and arising thereafter
        shall be assumed by the Master Servicer or the Trustee, as applicable, (except
        for any representations or warranties of the related Servicer under this
        Agreement, the responsibilities, duties and liabilities contained in Section
        2.05 and the obligation to deposit amounts in respect of losses pursuant
        to
        Section 3.12) by the terms and provisions hereof; provided, however, the
        Master
        Servicer or the Trustee, as applicable, shall immediately assume the related
        Servicer’s obligations to make Advances pursuant to Section 4.03; provided,
        further, however, that if the Master Servicer or the Trustee, as applicable,
        is
        prohibited by law or regulation from obligating itself to make advances
        regarding delinquent mortgage loans, then the Master Servicer or the Trustee,
        as
        applicable, shall not be obligated to make Advances pursuant to Section 4.03;
        and provided further, that any failure to perform such duties or
        responsibilities caused by the related Servicer’s failure to provide information
        required by Section 7.01(a) shall not be considered a default by the Master
        Servicer or the Trustee, as applicable, as successor to the related Servicer
        hereunder.  It is understood and acknowledged by the parties hereto
        that there will be a period of transition (not to exceed 90 days) before
        the
        transition of servicing obligations is fully effective. As compensation
        therefor, the Master Servicer or the Trustee, as applicable, shall be entitled
        to the Servicing Fee and all funds relating to the Mortgage Loans to which
        the
        related Servicer would have been entitled if it had continued to act
        hereunder.  Notwithstanding the above and subject to Section 7.02(b)
        below, the Master Servicer or the Trustee, as applicable, if it shall be
        unwilling to so act, or shall, if it is unable to so act or if it is prohibited
        by law from making advances regarding delinquent mortgage loans or if the
        Holders of Certificates entitled to at least 51% of the Voting Rights or
        the
        NIMS Insurer so request in writing to the Trustee, promptly appoint or petition
        a court of competent jurisdiction to appoint, an established mortgage loan
        servicing institution acceptable to each Rating Agency and the NIMS Insurer
        and
        having a net worth of not less than $15,000,000, as the successor to the
        related
        Servicer under this Agreement in the assumption of all or any part of the
        responsibilities, duties or liabilities of the related Servicer under this
        Agreement.

       

      Pending
        appointment of a successor to the affected Servicer hereunder, unless the
        Master
        Servicer or the Trustee, as applicable, is prohibited by law from so acting,
        the
        Master Servicer or the Trustee, as applicable, shall act in such capacity
        as
        hereinabove provided.  In connection with such appointment and
        assumption, the successor shall be entitled to receive compensation out of
        payments on Mortgage Loans in an amount equal to the compensation which the
        related Servicer would otherwise have received pursuant to Section 3.18 (or
        such
        other compensation as the Master Servicer or the Trustee, as applicable,
        and
        such successor shall agree, not to exceed the Servicing Fee).  The
        appointment of a successor servicer shall not affect any liability of the
        predecessor Servicer which may have arisen under this Agreement prior to
        its
        termination as Servicer to pay any deductible under an insurance policy pursuant
        to Section 3.14 or to indemnify the NIMS Insurer pursuant to Section 6.03,
        nor
        shall any successor servicer be liable for any acts or omissions of the
        predecessor servicer or for any breach by such servicer of any of its
        representations or warranties contained herein or in any related document
        or
        agreement.  The Master Servicer or the Trustee, as applicable, and
        such successor shall take such action, consistent with this Agreement, as
        shall
        be necessary to effectuate any such succession. All reasonable Servicing
        Transfer Costs shall be paid by the predecessor servicer upon presentation
        of
        reasonable documentation of such costs, and if such predecessor servicer
        defaults in its obligation to pay such costs, such costs shall be paid by
        the
        successor servicer or the Master Servicer or the Trustee, as applicable (in
        which case the successor servicer or the Master Servicer or the Trustee,
        as
        applicable, shall be entitled to reimbursement therefor from the assets of
        the
        Trust Fund).

       

      (b)  No
        appointment of a successor to a Servicer under this Agreement shall be effective
        until the assumption by the successor of all of the related Servicer’s
        responsibilities, duties and liabilities hereunder. In connection with such
        appointment and assumption described herein, the Master Servicer or the Trustee,
        as applicable, 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 related Servicer as such hereunder.  The Depositor, the
        Trustee, the Trust Administrator, the Master Servicer and such successor
        shall
        take such action, consistent with this Agreement, as shall be necessary to
        effectuate any such succession. Pending appointment of a successor to the
        related Servicer under this Agreement the Master Servicer or the Trustee,
        as
        applicable, shall act in such capacity as hereinabove provided.

       

      Any
        successor to a Servicer, including the Master Servicer or the Trustee, as
        applicable, shall during the term of its service as servicer continue to
        service
        and administer the Mortgage Loans for the benefit of Certificateholders,
        and
        maintain in force a policy or policies of insurance covering errors and
        omissions in the performance of its obligations as Servicer hereunder and
        a
        fidelity bond in respect of its officers, employees and agents to the same
        extent as the terminated Servicer is so required pursuant to Section
        3.14.

       

      (c)  Notwithstanding
        any provision in this Agreement to the contrary, for a period of 30 days
        following the date on which a Servicer shall have received a notice of a
        Servicer Event of Default pursuant to Section 7.01, or a default under a
        loan
        agreement pursuant to Section 6.04 or a Servicer resignation pursuant to
        Section
        6.04, the terminated Servicer or its designee may, with the consent of the
        NIMS
        Insurer,  appoint a successor servicer that satisfies the eligibility
        criteria of a successor servicer set forth above; provided that such successor
        servicer agrees to fully effect the servicing transfer within 90 days following
        the termination of the related Servicer and to make all Advances that would
        otherwise be made by the Master Servicer or the Trustee, as applicable, under
        Section 7.01 as of the date of such appointment.  Any proceeds
        received in connection with the appointment of such successor servicer (after
        deduction of any expenses incurred in connection with the servicing transfer)
        shall be the property of the terminated Servicer or its
        designee.  Notwithstanding the foregoing, in the event of a Servicer
        Event of Default pursuant to Section 7.01(a)(vii), either (i) the related
        Servicer shall remit the amount of the required Advance by 3:00 p.m.
        New York time on the Business Day following the Servicer Remittance Date
        or (ii)
        by 3:00 p.m. New York time on the Business Day following the Servicer Remittance
        Date, the related Servicer shall have appointed a successor servicer that
        satisfies the eligibility criteria of a successor servicer set forth above
        and
        that has remitted the amount of the required Advance to the Trust
        Administrator.  If the related Servicer fails to adhere to the
        requirements set forth in the immediately preceding sentence, the Master
        Servicer or the Trustee, as applicable, shall be the successor in all respects
        to the related Servicer in its capacity as Servicer under this Agreement
        and
        shall immediately assume the related Servicer’s obligations to make
        Advances.  In no event shall the termination of a Servicer under this
        Agreement result in any diminution of a Servicer’s right to reimbursement for
        any outstanding Advances or Servicing Advances or accrued and unpaid Servicing
        Fees due to each Servicer at the time of termination.  Reimbursement
        of unreimbursed Advances and Servicing Advances and accrued and unpaid Servicing
        Fees shall be made on a FIFO, loan-by-loan basis.  Each Servicer shall
        continue to be entitled to the benefits of Section 6.03 hereof related to
        indemnification, notwithstanding any termination hereunder.

       

      (d)  In
        connection with the termination or resignation of a Servicer hereunder, either
        (i) the successor servicer, including the Master Servicer or the Trustee,
        as
        applicable, if the Master Servicer or the Trustee, as applicable, is acting
        as
        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 or the Trustee, as applicable, 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(d).

       

      
        	
                SECTION
                  7.03.  

              	
                Trustee
                  to Act; Appointment of Successor Master
                  Servicer.

              

      

       

      (a)  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 (i) 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 (ii) shall not be obligated to perform any obligation
        of the
        Master Servicer under Section 3.20 or 3.21 with respect to any period of
        time
        during which the Trustee was not the Master Servicer. As compensation therefor,
        but subject to Section 6.05, 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, acceptable to the NIMS Insurer 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 consent from
        the
        NIMS Insurer and a letter 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 Trust Administrator are the same entity, then at
        any
        time the Master Servicer resigns or is removed as Master Servicer, the Trust
        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 (in which case the
        successor Master Servicer or the Trustee, as applicable, shall be entitled
        to
        reimbursement therefor from the assets of the Trust Fund).

       

      (b)  If
        the
        Trustee shall succeed to any duties of the Master Servicer respecting the
        Mortgage Loans as provided herein, it shall do so in a separate capacity
        and not
        in its capacity as Trustee and, accordingly, the provisions of Article VIII
        shall be inapplicable to the Trustee in its duties as the successor to the
        Master Servicer in the master servicing of the Mortgage Loans (although such
        provisions shall continue to apply to the Trustee in its capacity as Trustee);
        the provisions of Article VI, however, shall apply to it in its capacity
        as
        successor Master Servicer.

       

      
        	
                SECTION
                  7.04.  

              	
                Notification
                  to Certificateholders.

              

      

       

      (a)  Upon
        any
        termination of a Servicer or the Master Servicer pursuant to Section 7.01
        above or any appointment of a successor to a Servicer or Master Servicer
        pursuant to Section 7.02 or Section 7.03 above, the Trust Administrator, or
        in the event of the termination of the Master Servicer, the Trustee (or such
        other successor Trust Administrator) shall give prompt written notice thereof
        to
        each Servicer, the Credit Risk Manager, the NIMS Insurer, the Master Servicer
        and the Certificateholders at their respective addresses appearing in the
        Certificate Register.

       

      (b)  Not
        later
        than the later of 60 days after the occurrence of any event, which constitutes
        or which, with notice or lapse of time or both, would constitute a Servicer
        Event of Default or a Master Servicer Event of Default or five days after
        a
        Responsible Officer of the Trust Administrator (in the case of a Servicer
        Event
        of Default) or the Trustee (in the case of a Master Servicer Event of Default)
        becomes aware of the occurrence of such an event, the Trust Administrator
        or
        Trustee, as applicable, shall transmit by mail to the Credit Risk Manager,
        the
        NIMS Insurer and to all Holders of Certificates notice of each such occurrence,
        unless such Servicer Event of Default or Master Servicer Event of Default
        shall
        have been cured or waived.

       

      
        	
                SECTION
                  7.05.  

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

              

      

       

      The
        Holders representing at least 66% of the Voting Rights (with the consent
        of the
        NIMS Insurer) evidenced by all Classes of Certificates affected by any default,
        Servicer Event of Default or Master Servicer Event of Default hereunder may
        waive such default, Servicer Event of Default or Master Servicer Event of
        Default; provided, however, that a Servicer Event of Default under clause
        (i) or
        (vii) of Section 7.01(a) or Master Servicer Event of Default under clause
        (i) or
        (vi) of Section 7.01(b) may be waived only by all of the Holders of the Regular
        Certificates (with the consent of the NIMS Insurer). Upon any such waiver
        of a
        default, Servicer Event of Default or Master Servicer Event of Default, such
        default, Servicer 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,
        Servicer Event of Default or Master Servicer Event of Default or impair any
        right consequent thereon except to the extent expressly so
        waived.  Notice of any such waiver shall be given by the Trust
        Administrator or the Trustee as applicable, to the Rating Agencies and the
        NIMS
        Insurer.

       

      
        	
                SECTION
                  7.06.  

              	
                Survivability
                  of Servicer and Master Servicer
                  Liabilities.

              

      

       

      Notwithstanding
        anything herein to the contrary, upon termination of a Servicer or the Master
        Servicer hereunder, any liabilities of the terminated Servicer or the Master
        Servicer, as applicable, which accrued prior to such termination shall survive
        such termination.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        VIII

       

      CONCERNING
        THE TRUSTEE AND THE TRUST ADMINISTRATOR

       

      
        	
                SECTION
                  8.01.  

              	
                Duties
                  of Trustee and Trust Administrator.

              

      

       

      The
        Trustee, prior to the occurrence of a Servicer Event of Default or Master
        Servicer Event of Default and after the curing of all Servicer Events of
        Default
        or Master Servicer Events of Termination which may have occurred, undertakes
        to
        perform such duties and only such duties as are specifically set forth in
        this
        Agreement. The Trust Administrator undertakes to perform such duties and
        only
        such duties as are specifically set forth in this Agreement. If a Servicer
        Event
        of Default or Master Servicer Event of Default has occurred (which has not
        been
        cured) of which a Responsible Officer has knowledge, the Trustee shall exercise
        such of the rights and powers vested in it by this Agreement, and use the
        same
        degree of care and skill in their exercise, as a prudent man would exercise
        or
        use under the circumstances in the conduct of his own affairs.

       

      Each
        of
        the Trustee and the Trust Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to it which are specifically required to be furnished
        pursuant to any provision of this Agreement, shall examine them to determine
        whether they conform to the requirements of this Agreement; provided, however,
        that neither the Trustee nor the Trust Administrator will be responsible
        for the
        accuracy or content of any such resolutions, certificates, statements, opinions,
        reports, documents or other instruments. If any such instrument is found
        not to
        conform to the requirements of this Agreement in a material manner the Trustee
        or the Trust 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 Trust Administrator’s satisfaction, the
        Trustee or the Trust Administrator, as applicable, will provide notice thereof
        to the Certificateholders and the NIMS Insurer.

       

      No
        provision of this Agreement shall be construed to relieve the Trustee or
        the
        Trust Administrator from liability for its own negligent action, its own
        negligent failure to act or its own misconduct; provided, however,
        that:

       

      (i)  Prior
        to
        the occurrence of a Servicer Event of Default or Master Servicer Event of
        Default, and after the curing of all such Servicer Events of Default or Master
        Servicer Events of Termination which 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 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, in the absence of bad faith on the part of the Trustee, 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.
        The Trust Administrator shall not be liable except for the performance of
        such
        duties and obligations as are specifically set forth in this Agreement, no
        implied covenants or obligations shall be read into this Agreement against
        the
        Trust Administrator, in the absence of bad faith on the part of the Trust
        Administrator, the Trust 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 Trust Administrator, that conform
        to the requirements of this Agreement;

       

      (ii)  Neither
        the Trustee nor the Trust Administrator shall be personally liable for an
        error
        of judgment made in good faith by a Responsible Officer of the Trustee or
        the
        Trust Administrator, as applicable, unless it shall be proved that the Trustee
        or the Trust Administrator, as the case may be, was negligent in ascertaining
        the pertinent facts;

       

      (iii)  Neither
        the Trustee nor the Trust Administrator shall be personally liable with respect
        to any action taken, suffered or omitted to be taken by it in good faith
        in
        accordance with the direction of the NIMS Insurer or the Holders of Certificates
        evidencing not less than 51% of the Voting Rights  relating to the
        time, method and place of conducting any proceeding for any remedy available
        to
        the Trustee or the Trust Administrator, as applicable, or exercising or omitting
        to exercise any trust or power conferred upon the Trustee, under this Agreement;
        and

       

      (iv)  The
        Trustee shall not be required to take notice or be deemed to have notice
        or
        knowledge of any default, Servicer Event of Default or Master Servicer Event
        of
        Default unless a Responsible Officer of the Trustee at the Corporate Trust
        Office obtains actual knowledge of such failure or the Trustee receives written
        notice of such failure from the Depositor, a Servicer or the Holders of
        Certificates evidencing not less than 51% of the Voting Rights.

       

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

       

      
        	
                SECTION
                  8.02.  

              	
                Certain
                  Matters Affecting the Trustee and the Trust
                  Administrator

              

      

       

      (a)  Except
        as
        otherwise provided in Section 8.01:

       

      (i)  Either
        the Trustee or the Trust Administrator may request and rely upon, and shall
        be
        protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
        instrument, opinion, report, notice, request, consent, order, appraisal,
        bond or
        other paper or document reasonably believed by it to be genuine and to have
        been
        signed or presented by the proper party or parties, and the manner of obtaining
        consents and of evidencing the authorization of the execution thereof by
        Certificateholders shall be subject to such reasonable regulations as the
        Trustee or the Trust Administrator may prescribe;

       

      (ii)  Either
        the Trustee or the Trust Administrator 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;

       

      (iii)  Neither
        the Trustee nor the Trust Administrator shall be under any obligation to
        exercise any of the rights or powers vested in it by this Agreement, or to
        institute, conduct or defend any litigation hereunder or in relation hereto,
        at
        the request, order or direction of any of the Certificateholders or the NIMS
        Insurer, pursuant to the provisions of this Agreement, unless such
        Certificateholders or the NIMS Insurer, as applicable, shall have offered
        to the
        Trustee or the Trust Administrator, as applicable, reasonable security or
        indemnity against the costs, expenses and liabilities which may be incurred
        therein or thereby; the right of the Trustee or the Trust Administrator to
        perform any discretionary act enumerated in this Agreement shall not be
        construed as a duty, and neither the Trustee nor the Trust Administrator
        shall
        be answerable for other than its negligence or willful misconduct in the
        performance of any such act; nothing contained herein shall, however, relieve
        the Trustee of the obligation, upon the occurrence of a Master Servicer Event
        of
        Default of which the Trustee has received written notice or of which a
        Responsible Officer of the Trustee has actual knowledge (which has not been
        cured or waived), 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 person would exercise under the circumstances in the conduct of his
        own
        affairs;

       

      (iv)  Prior
        to
        the occurrence of a Servicer Event of Default or Master Servicer Event of
        Default hereunder and after the curing or waiver of all Servicer Events of
        Default or Master Servicer Events of Termination which may have occurred,
        neither the Trustee nor the Trust Administrator shall be personally liable
        for
        any action taken, suffered or omitted by it in good faith and believed by
        it to
        be authorized or within the discretion or rights or powers conferred upon
        it by
        this Agreement;

       

      (v)  Prior
        to
        the occurrence of a Servicer Event of Default or Master Servicer Event of
        Default and after the curing of all Servicer Events of Default or Master
        Servicer Events of Termination which may have occurred, neither the Trustee
        nor
        the Trust Administrator shall be bound to make any investigation into the
        facts
        or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or documents, unless requested in writing to do so by the NIMS Insurer or
        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 the
        Trust Administrator, as applicable, of the costs, expenses or liabilities
        likely
        to be incurred by it in the making of such investigation is, in the opinion
        of
        the Trustee or the Trust Administrator, as applicable, not reasonably assured
        to
        the Trustee or the Trust Administrator, as applicable, by the security afforded
        to it by the terms of this Agreement, the Trustee or the Trust Administrator,
        as
        applicable, may require reasonable indemnity against such cost, expense or
        liability as a condition to such proceeding; and

       

      (vi)  Either
        the Trustee or the Trust Administrator may execute any of the trusts or powers
        hereunder or perform any duties hereunder either directly or by or through
        agents or attorneys, custodians or nominees.

       

      (b)  All
        rights of action under this Agreement or under any of the Certificates,
        enforceable by the Trustee, may be enforced by it 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
        such
        Certificates, subject to the provisions of this Agreement.

       

      
        	
                SECTION
                  8.03.  

              	
                Neither
                  Trustee nor Trust Administrator Liable for Certificates or Mortgage
                  Loans.

              

      

       

      The
        recitals contained herein and in the Certificates (other than the signature
        of
        the Trust Administrator, the authentication of the Trust Administrator on
        the
        Certificates, the acknowledgments of the Trustee contained in Article II
        and the
        representations and warranties of the Trustee and the Trust Administrator
        in
        Section 8.13) shall be taken as the statements of the Depositor and neither
        the Trustee nor the Trust Administrator assumes any responsibility for their
        correctness. Neither the Trustee nor the Trust Administrator makes any
        representations or warranties as to the validity or sufficiency of this
        Agreement (other than as specifically set forth in Section 8.12) or of the
        Certificates (other than the signature of the Trust Administrator and
        authentication of the Trust Administrator on the Certificates) or of any
        Mortgage Loan or related document. Neither the Trustee nor the Trust
        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, the Servicers or the
        Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn
        from the Collection Account by the Servicers or the Distribution Account
        by the
        Master Servicer.

       

      
        	
                SECTION
                  8.04.  

              	
                Trustee
                  and Trust Administrator May Own
                  Certificates.

              

      

       

      Each
        of
        the Trustee and the Trust Administrator in its individual capacity or any
        other
        capacity may become the owner or pledgee of Certificates with the same rights
        it
        would have if it were not Trustee or Trust Administrator, as applicable.
        Each of
        the Trustee and the Trust Administrator in its individual capacity or any
        other
        capacity may transact any banking and trust business with the Originator,
        the
        Servicers, the Depositor or their Affiliates.

       

      
        	
                SECTION
                  8.05.  

              	
                Trust
                  Administrator’s and Trustee’s Fees and
                  Expenses.

              

      

       

      On
        each
        Distribution Date, the Trust Administrator shall be entitled to compensation
        as
        separately agreed with the Master Servicer.  The annual fees of the
        Trustee hereunder and of the Custodian shall be paid in accordance with side
        letter agreements with the Trust Administrator and at the sole expense of
        the
        Trust Administrator. The Trustee, the Trust Administrator or any director,
        officer, employee or agent of any of them, shall be indemnified by the Trust
        Fund and held harmless against any loss, liability or expense (not including
        expenses and disbursements incurred or made by the Trustee or the Trust
        Administrator, including the compensation and the expenses and disbursements
        of
        its agents and counsel, in the ordinary course of the Trustee’s or the Trust
        Administrator’s performance in accordance with the provisions of this Agreement)
        incurred by the Trustee or by the Trust Administrator arising out of or in
        connection with the acceptance or administration of the obligations and duties
        of the Trustee or the Trust Administrator under this Agreement, other than
        any
        loss, liability or expense (i) resulting from a breach of a Servicer’s or the
        Master Servicer’s obligations and duties under this Agreement for which the
        Trustee or the Trust Administrator, as applicable, is otherwise indemnified
        under this Agreement or (ii) any loss, liability or expense incurred by reason
        of willful misfeasance, bad faith or negligence of the Trustee or of the
        Trust
        Administrator, as applicable, in the performance of its duties hereunder
        or by
        reason of the Trustee’s or the Trust Administrator’s, as applicable, reckless
        disregard of obligations and duties hereunder or as a result of a breach
        of the
        Trustee’s or the Trust Administrator’s, as applicable, obligations under Article
        X hereof.  Any amounts payable to the Trustee, the Trust Administrator
        or any director, officer, employee or agent of the Trustee or the Trust
        Administrator, in respect of the indemnification provided by this
        Section 8.05, or pursuant to any other right of reimbursement from the
        Trust Fund that the Trustee, the Trust Administrator or any director, officer,
        employee or agent of the Trustee or the Trust Administrator, may have hereunder
        in its capacity as such, may be withdrawn by the Trust Administrator for
        payment
        to the applicable indemnified Person from the Distribution Account at any
        time.  The foregoing indemnity shall survive the resignation or
        removal of the Trustee or the Trust Administrator.

       

      
        	
                SECTION
                  8.06.  

              	
                Eligibility
                  Requirements for Trustee and Trust
                  Administrator.

              

      

       

      Each
        of
        the Trustee and the Trust Administrator hereunder shall at all times be an
        entity duly organized and validly existing under the laws of the United States
        of America or any state thereof, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of at least
        $50,000,000 and subject to supervision or examination by federal or state
        authority.  If such entity publishes reports of condition at least
        annually, pursuant to law or to the requirements of the aforesaid supervising
        or
        examining authority, then for the purposes of this Section 8.06, the
        combined capital and surplus of such entity shall be deemed to be its combined
        capital and surplus as set forth in its most recent report of condition so
        published. The principal offices of each of the Trustee and the Trust
        Administrator (other than the initial Trustee and initial Trust Administrator)
        shall be in a state with respect to which an Opinion of Counsel has been
        delivered to such Trustee or Trust Administrator, as applicable, at the time
        such Trustee or Trust Administrator, as applicable, is appointed Trustee
        or
        Trust Administrator, as applicable, to the effect that the Trust will not
        be a
        taxable entity under the laws of such state. In case at any time the Trustee
        or
        the Trust Administrator shall cease to be eligible in accordance with the
        provisions of this Section 8.06, the Trustee or the Trust Administrator, as
        applicable, shall resign immediately in the manner and with the effect specified
        in Section 8.07.

       

      
        	
                SECTION
                  8.07.  

              	
                Resignation
                  and Removal of the Trustee or Trust
                  Administrator.

              

      

       

      The
        Trustee or the Trust Administrator may at any time resign and be discharged
        from
        the trusts hereby created by giving written notice thereof to the Depositor,
        the
        NIMS Insurer, the Servicers, the Master Servicer, each Rating Agency and,
        if the
        Trustee is resigning, to the Trust Administrator, or, if the Trust Administrator
        is resigning, to the Trustee. Upon receiving such notice of resignation,
        the
        Depositor shall promptly appoint a successor Trustee or Trust Administrator,
        (which may be the same Person in the event both the Trustee and the Trust
        Administrator resign or are removed) acceptable to the NIMS Insurer by written
        instrument, in duplicate, one copy of which instrument shall be delivered
        to the
        resigning Trustee or Trust Administrator, as applicable, and one copy to
        the
        successor Trustee or Trust Administrator. If no successor Trustee or Trust
        Administrator, as applicable, shall have been so appointed and having accepted
        appointment within 30 days after the giving of such notice of resignation,
        the
        resigning Trustee or Trust Administrator may petition any court of competent
        jurisdiction for the appointment of a successor Trustee or Trust Administrator,
        as applicable.

       

      If
        the
        Trust Administrator and the Master Servicer are the same entity, then at
        any
        time the Trust Administrator resigns or is removed as Trust Administrator,
        the
        Master Servicer shall also be removed hereunder.

       

      If
        at any
        time the Trustee or the Trust 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 Depositor or the NIMS Insurer (or in
        the
        case of the Trust Administrator, the Trustee), or if at any time the Trustee
        or
        the Trust Administrator shall be legally unable to act, or shall be adjudged
        bankrupt or insolvent, or a receiver of the Trustee or the Trust Administrator
        or of its property shall be appointed, or any public officer shall take charge
        or control of the Trustee or the Trust Administrator or of its property or
        affairs for the purpose of rehabilitation, conservation or liquidation, then
        the
        Depositor, the NIMS Insurer, the Servicers or the Master Servicer may remove
        the
        Trustee or the Trust Administrator, as applicable. If the Depositor, a Servicer
        or the Master Servicer removes the Trustee or the Trust Administrator under
        the
        authority of the immediately preceding sentence, the Depositor shall promptly
        appoint a successor Trustee or Trust Administrator, as applicable, acceptable
        to
        the NIMS Insurer, by written instrument, in duplicate, one copy of which
        instrument shall be delivered to the Trustee or Trust Administrator so removed
        and one copy to the successor Trustee or Trust Administrator.

       

      The
        Holders of Certificates entitled to at least 51% of the Voting Rights (or
        the
        NIMS Insurer upon failure of the Trustee to perform its obligations hereunder)
        may at any time remove the Trustee or the Trust Administrator and appoint
        a
        successor trustee acceptable to the NIMS Insurer, 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
        Depositor, one complete set to the Trustee or Trust Administrator so removed
        and
        one complete set to the successor so appointed. A copy of such instrument
        shall
        be delivered to the Certificateholders, the Servicers and the Master Servicer
        by
        the Depositor.

       

      The
        Trust
        Administrator (i) may not be the Originator, either Servicer, the Depositor
        or
        an affiliate of the Depositor unless the Trust Administrator is an institutional
        trust department, (ii) must be authorized to exercise corporate trust powers
        under the laws of its jurisdiction of organization, and (iii) must be rated
        at
        least “A/F1” by Fitch Ratings Inc. (“Fitch”), if Fitch is a Rating Agency, or
        the equivalent rating by S&P or Moody’s, or such other rating as is
        acceptable to Fitch as evidenced by a Rating Agency confirmation.  If
        no successor Trust Administrator shall have been appointed and shall have
        accepted appointment within 60 days after the Trust Administrator ceases
        to be
        the Trust Administrator pursuant to this Section 8.07, then the Trustee
        shall perform the duties of the Trust Administrator pursuant to this Agreement.
        The Trustee shall notify the Rating Agencies of any change of Trust
        Administrator.

       

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

       

      Notwithstanding
        anything to the contrary contained herein, the Master Servicer and the Trust
        Administrator shall at all times be the same Person.

       

      
        	
                SECTION
                  8.08.  

              	
                Successor
                  Trustee or Trust Administrator.

              

      

       

      Any
        successor Trustee or Trust Administrator appointed as provided in
        Section 8.07 shall execute, acknowledge and deliver to the Depositor, the
        NIMS Insurer, the Servicers, the Master Servicer and to its predecessor Trustee
        or Trust Administrator an instrument accepting such appointment hereunder,
        and
        thereupon the resignation or removal of the predecessor Trustee or Trust
        Administrator shall become effective, and such successor Trustee or Trust
        Administrator, without any further act, deed or conveyance, shall become
        fully
        vested with all the rights, powers, duties and obligations of its predecessor
        hereunder, with like effect as if originally named as Trustee or Trust
        Administrator. The Depositor and the predecessor Trustee or Trust Administrator
        shall execute and deliver such instruments and do such other things as may
        reasonably be required for fully and certainly vesting and confirming in
        the
        successor Trustee or Trust Administrator all such rights, powers, duties
        and
        obligations.

       

      No
        successor Trustee or Trust Administrator shall accept appointment as provided
        in
        this Section 8.08 unless at the time of such acceptance such successor
        Trustee or Trust Administrator shall be eligible under the provisions of
        Section 8.06 and the appointment of such successor Trustee or Trust
        Administrator shall not result in a downgrading of the Regular Certificates
        by
        any Rating Agency, as evidenced by a letter from each Rating
        Agency.

       

      Upon
        acceptance of appointment by a successor Trustee or Trust Administrator as
        provided in this Section 8.08, the successor Trustee or Trust Administrator
        shall mail notice of the appointment of a successor Trustee or Trust
        Administrator hereunder to all Holders of Certificates at their addresses
        as
        shown in the Certificate Register and to each Rating Agency.

       

      Any
        Person appointed as successor trust administrator pursuant to this Agreement
        shall also be required to serve as successor supplemental interest trust
        trustee
        under the Interest Rate Swap Agreement.

       

      
        	
                SECTION
                  8.09.  

              	
                Merger
                  or Consolidation of Trustee or Trust
                  Administrator.

              

      

       

      Any
        entity into which the Trustee or the Trust Administrator may be merged or
        converted or with which it may be consolidated, or any entity resulting from
        any
        merger, conversion or consolidation to which the Trustee or the Trust
        Administrator shall be a party, or any entity succeeding to the business
        of the
        Trustee or Trust Administrator, shall be the successor of the Trustee or
        the
        Trust Administrator hereunder, as applicable, provided such entity shall
        be
        eligible under the provisions of Section 8.06 and 8.08, 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 REMIC I 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 and the NIMS Insurer to act as co-trustee or
        co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
        of all or any part of REMIC I, and to vest in such Person or Persons, in
        such
        capacity, such title to REMIC I, 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.  Any
        such co-trustee or separate trustee shall be subject to the written approval
        of
        the NIMS Insurer.  If the NIMS Insurer shall not have joined in such
        appointment within 15 days after the receipt by it of a request to do so,
        the
        Trustee alone 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 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 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 by the Trustee (whether as Trustee hereunder
        or as
        successor to a defaulting 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
        REMIC
        I 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 trust 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 NIMS Insurer.

       

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

       

      
        	
                SECTION
                  8.11.  

              	
                Appointment
                  of Office or Agency; Appointment of
                  Custodian.

              

      

       

      The
        Trust
        Administrator will appoint an office or agency in the City of Minneapolis,
        Minnesota where the Certificates may be surrendered for registration of transfer
        or exchange, and presented for final distribution, and where notices and
        demands
        to or upon the Trust Administrator in respect of the Certificates and this
        Agreement may be served.

       

      The
        Trustee may, with the consent of the Depositor, the Servicers, the Master
        Servicer and the NIMS Insurer, appoint a Custodian to hold all or a portion
        of
        the Mortgage Files as agent for the Trustee.  The appointment of the
        Custodian may at any time be terminated and a substitute Custodian appointed
        therefor upon the reasonable request of the Servicers, the Master Servicer
        or
        the NIMS Insurer to the Trustee, the consent to which shall not be unreasonably
        withheld.  Wells Fargo Bank, N.A. is hereby appointed as Custodian,
        and the Depositor, the Servicers and the Master Servicer each consent to
        such
        appointment.  Subject to Article VIII hereof, the Trustee agrees to
        comply with the terms of this Agreement and to enforce the terms and provisions
        hereof against the Custodian, if applicable, for the benefit of the
        Certificateholders having an interest in any Mortgage File held by the
        Custodian.  The Custodian shall be a depository institution or trust
        company subject to supervision by federal or state authority, shall have
        combined capital and surplus of at least $10,000,000 and shall be qualified
        to
        do business in the jurisdiction in which it holds any Mortgage
        File.  Subject to Section 8.02(a) and Section 2.02, in no event
        shall the appointment of the Custodian pursuant to this Agreement diminish
        the
        obligations of the Trustee hereunder.

       

      
        	
                SECTION
                  8.12.  

              	
                Representations
                  and Warranties.

              

      

       

      Each
        of
        the Trustee, the Custodian and the Trust Administrator hereby represents
        and
        warrants to the Servicers, the Master Servicer and the Depositor, as of the
        Closing Date, that:

       

      (i)  It
        is a
        national banking association duly organized, validly existing and in good
        standing under the laws of the United States of America.

       

      (ii)  The
        execution and delivery of this Agreement by it, and the performance and
        compliance with the terms of this Agreement by it, will not violate its articles
        of association 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)  It
        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 other
        parties hereto, constitutes a valid, legal and binding obligation of it,
        enforceable against it in accordance with the terms hereof, subject to (A)
        applicable bankruptcy, insolvency, receivership, 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)  It
        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, in its good faith and reasonable
        judgment, is likely to affect materially and adversely either the ability
        of it
        to perform its obligations under this Agreement or its financial
        condition.

       

      (vi)  No
        litigation is pending or, to the best of its knowledge, threatened against
        it,
        which would prohibit it from entering into this Agreement or, in its good
        faith
        reasonable judgment, is likely to materially and adversely affect either
        the
        ability of it to perform its obligations under this Agreement or its financial
        condition.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        IX

       

      TERMINATION

       

      
        	
                SECTION
                  9.01.  

              	
                Termination
                  Upon Repurchase or Liquidation of All Mortgage
                  Loans.

              

      

       

      (a)  Subject
        to Section 9.02, the respective obligations and responsibilities under this
        Agreement of the Depositor, the Servicers, the Master Servicer, the Trust
        Administrator and the Trustee (other than the indemnification obligations
        of
        each Servicer and the Master Servicer pursuant to Section 6.03 and of the
        Servicers to make remittances to the Trust Administrator and the Trust
        Administrator to make payments in respect of the REMIC I Regular Interests
        and
        the Classes of Certificates as hereinafter set forth) shall terminate upon
        payment to the Certificateholders and the deposit of all amounts held by
        or on
        behalf of the Trust Administrator and required hereunder to be so paid or
        deposited on the Distribution Date coinciding with or following the earlier
        to
        occur of (i) the purchase by the Terminator (as defined below) on a servicing
        retained basis of all Mortgage Loans and each REO Property remaining in REMIC
        I
        and (ii) the final payment or other liquidation (or any advance with respect
        thereto) of the last Mortgage Loan or REO Property remaining in REMIC I;
        provided, however, that in no event shall the trust 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, living on the date hereof and (ii)
        the
        Latest Possible Maturity Date as defined in the Preliminary
        Statement.  Subject to Section 3.10 hereof, the purchase by the
        Terminator of all Mortgage Loans and each REO Property remaining in REMIC
        I
        shall be at a price (the “Termination Price”) equal to the greater of (i) the
        Stated Principal Balance of the Mortgage Loans and the appraised value of
        any
        REO Properties, such appraisal to be conducted by an Independent appraiser
        mutually agreed upon by the Terminator and the Trust Administrator in their
        reasonable discretion and (ii) the fair market value of all of the assets
        of
        REMIC I (as determined by the Terminator and the Trust Administrator, as
        of the
        close of business on the third Business Day next preceding the date upon
        which
        notice of any such termination is furnished to Certificateholders pursuant
        to
        clause (c) of this Section 9.01) in each case, plus accrued and unpaid
        interest thereon at the weighted average of the Mortgage Rates through the
        end
        of the Due Period preceding the final Distribution Date plus unreimbursed
        Advances, Servicing Advances and any unpaid Servicing Fees allocable to such
        Mortgage Loans and REO Properties and any other amounts owed to each Servicer,
        the Master Servicer, the Trust Administrator or the Trustee under this
        Agreement, any accrued and unpaid Net WAC Rate Carryover Amount and any Swap
        Termination Payment payable to the Swap Provider then remaining unpaid or
        which
        is due to the exercise of such option; provided, however, such option may
        only
        be exercised if (i) the Termination Price is sufficient to pay all interest
        accrued on, as well as amounts necessary to retire the principal balance
        of,
        each class of notes issued pursuant to the Indenture and any remaining amounts
        owed to the trustee under the Indenture and the NIMS Insurer on the date
        such
        notes are retired and (ii) the fair market value of the Mortgage Loans and
        REO
        Properties determined as described above is at least equal to the Stated
        Principal Balance of the Mortgage Loans (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) and the appraised value of the REO
        Properties.

       

      (b)  The
        majority holder of the Class CE Certificates (so long as such Holder is not
        the
        Seller or an affiliate of the Seller), or if such majority holder fails to
        exercise such right, each Servicer, or if the Servicer fail to exercise such
        right, the Master Servicer, or if the Master Servicer fails to exercise such
        right, the NIMS Insurer, shall have the right (the party exercising such
        right,
        the “Terminator”), to purchase all of the Mortgage Loans and each REO Property
        remaining in REMIC I pursuant to clause (i) of the preceding paragraph no
        later
        than the Determination Date in the month immediately preceding the Distribution
        Date on which the Certificates will be retired; provided, however, that the
        Terminator may elect to purchase all of the Mortgage Loans and each REO Property
        remaining in REMIC I pursuant to clause (i) above only if the aggregate Stated
        Principal Balance of the Mortgage Loans and each REO Property remaining in
        the
        Trust Fund at the time of such election is equal to or less than 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.
        By acceptance of the Residual Certificates, the Holder of the Residual
        Certificates agrees for so long as any notes insured by the NIMS Insurer
        and
        secured by all or a portion of the Class CE, Class P, Class R or Class R-X
        Certificates are outstanding, in connection with any termination hereunder,
        to
        assign and transfer any amounts in excess of par, and to the extent received
        in
        respect of such termination, to pay any such amounts to the Holders of the
        Class
        CE Certificates.

       

      In
        connection with any termination pursuant to this Section 9.01(b):

       

      (i)           At
        least twenty (20) days prior to the latest date on which notice of such optional
        termination is required to be mailed to the Certificateholders pursuant to
        Section 9.01(c), the Terminator shall notify in writing (which may be done
        in
        electronic format) the Swap Provider of the final Distribution Date on which
        the
        Terminator intends to terminate the Trust Fund;

       

      (ii)           No
        later than 4:00 pm (New York City time) four (4) Business Days prior to the
        final Distribution Date specified in the notices required pursuant to Sections
        9.01(c), the Trust Administrator shall request in writing (in accordance
        with
        the applicable provision of the Interest Rate Swap Agreement) and by phone
        from
        the  Swap Provider the amount of the Estimated Swap Termination
        Payment.  The Swap Provider shall, no later than 2:00 pm (New York
        City time) on the following Business Day, notify in writing (which may be
        done
        in electronic format) the Trust Administrator of the amount of the Estimated
        Swap Termination Payment and the Trust Administrator shall promptly on the
        same
        day notify the Terminator of the amount of the Estimated Swap Termination
        Payment; and

       

      (iii)           Two
        (2) Business Days prior to the final Distribution Date specified in the notices
        required pursuant to Sections 9.01(c), (x)  the Terminator shall, no
        later than 1:00 pm (New York City time) on such day, deliver to the Trust
        Administrator and the Trust Administrator shall deposit funds in the
        Distribution Account in an amount equal to the sum of the Termination Price
        (which shall be based on the Estimated Swap Termination Payment), and (y)
        if the
        Trust Administrator shall have determined that the all of the requirements
        for
        Optional Termination have been met, including without limitation the deposit
        required pursuant to the immediately preceding clause (x) as well as the
        requirements specified in Section 9.01(c), then the Trust Administrator shall,
        on the same Business Day, provide written notice to the Terminator and the
        Swap
        Provider (in accordance with the applicable provision of the Interest Rate
        Swap
        Agreement) confirming (a) its receipt of the Termination Price (which shall
        be
        based on the Estimated Swap Termination Payment), and (b) that all other
        requirements of the Optional Termination have been met (the “Optional
        Termination Notice”).  Upon the delivery of the Optional Termination
        Notice by the Trust Administrator pursuant to the preceding sentence, (i)
        the
        optional termination shall become irrevocable, (ii) the notice to
        Certificateholders of such optional termination provided pursuant to Section
        9.01(c) shall become unrescindable, (iii) the Swap Provider shall determine
        the
        Swap Termination Payment in accordance with the Interest Rate Swap Agreement
        (which shall not exceed the Estimated Swap Termination Payment), and (iv)
        the
        Swap Provider shall provide to the Trust Administrator written notice of
        the
        amount of the Swap Termination Payment not later than one (1) Business Day
        prior
        to the final Distribution Date specified in the notices required pursuant
        to  Sections 9.01(c).

       

      (c)  Notice
        of
        the liquidation of the Certificates shall be given promptly by the Trust
        Administrator by letter to Certificateholders and the NIMS Insurer mailed
        (a) in
        the event such notice is given in connection with the purchase of the Mortgage
        Loans and each REO Property by the Terminator, not earlier than the 10th day and
        not later
        than the 20th
        day of the month next preceding the month of the final distribution on the
        Certificates 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 the Trust Fund will terminate and the final
        payment
        in respect of the REMIC I Regular Interests and the Certificates will be
        made
        upon presentation and surrender of the related Certificates at the office
        of the
        Trust Administrator therein designated, (ii) the amount of any such final
        payment, (iii) that no interest shall accrue in respect of the REMIC I Regular
        Interests or the Certificates from and after the Accrual Period relating
        to the
        final Distribution Date therefor and (iv) 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
        Trust
        Administrator. In the event such notice is given in connection with the purchase
        of all of the Mortgage Loans and each REO Property remaining in REMIC I by
        the
        Terminator, the Terminator shall deliver to the Trust Administrator for deposit
        in the Distribution Account not later than the last Business Day of the month
        next preceding the month of the final distribution on the Certificates an
        amount
        in immediately available funds equal to the Termination Price.  The
        Trust Administrator shall remit to the related Servicer from such funds
        deposited in the Distribution Account (i) any amounts which the related Servicer
        would be permitted to withdraw and retain from the Collection Account pursuant
        to Section 3.11 and (ii) any other amounts otherwise payable by the Trust
        Administrator to the related Servicer from amounts on deposit in the
        Distribution Account pursuant to the terms of this Agreement, in each case
        prior
        to making any final distributions pursuant to Section 9.01(d)
        below.  Upon certification to the Trustee and the Trust Administrator
        by the Terminator of the making of such final deposit, the Trust Administrator
        shall promptly release to the Terminator the Mortgage Files for the remaining
        Mortgage Loans, and the Trustee shall execute all assignments, endorsements
        and
        other instruments necessary to effectuate such transfer.

       

      (d)  Upon
        presentation of the Certificates by the Certificateholders on the final
        Distribution Date, the Trust Administrator shall distribute to each
        Certificateholder so presenting and surrendering its Certificates the amount
        otherwise distributable on such Distribution Date in accordance with
        Section 4.01 in respect of the Certificates so presented and
        surrendered.  Any funds not distributed to any Holder or Holders of
        Certificates being retired 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 9.01 shall not have been
        surrendered for cancellation within six months after the time specified in
        such
        notice, the Trust 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 one year after the second notice all such Certificates shall not
        have been surrendered for cancellation, the Trust Administrator shall, directly
        or through an agent, mail a final notice to 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 one year after the final notice any such Certificates
        shall not have been surrendered for cancellation, the Trust Administrator
        shall
        pay to UBS Securities LLC all such amounts, and all rights of non-tendering
        Certificateholders in or to such amounts shall thereupon cease.  No
        interest shall accrue or be payable to any Certificateholder on any amount
        held
        in trust by the Trust Administrator as a result of such Certificateholder’s
        failure to surrender its Certificate(s) for final payment thereof in accordance
        with this Section 9.01.  Any such amounts held in trust by the
        Trust Administrator shall be held in an Eligible Account and the Trust
        Administrator may direct any depository institution maintaining such account
        to
        invest the funds in one or more Permitted Investments.  All income and
        gain realized from the investment of funds deposited in such accounts held
        in
        trust by the Trust Administrator shall be for the benefit of the Trust
        Administrator; provided, however, that the Trust Administrator shall deposit
        in
        such account the amount of any loss of principal incurred in respect of any
        such
        Permitted Investment made with funds in such accounts immediately upon the
        realization of such loss.

       

      Immediately
        following the deposit of funds in trust hereunder in respect of the
        Certificates, the Trust Fund shall terminate.

       

      
        	
                SECTION
                  9.02.  

              	
                Additional
                  Termination Requirements.

              

      

       

      (a)  In
        the
        event that the Terminator purchases all the Mortgage Loans and each REO Property
        or the final payment on or other liquidation of the last Mortgage Loan or
        REO
        Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund
        shall be terminated in accordance with the following additional requirements,
        unless the Trust Administrator and the Servicers have received an Opinion
        of  Counsel, which Opinion of Counsel shall be at the expense of the
        Terminator (or in connection with a termination resulting from the final
        payment
        on or other liquidation of the last Mortgage Loan or REO Property remaining
        in
        REMIC I, which Opinion of Counsel shall be at the expense of the person seeking
        nonadherence to the following additional requirements but which in no event
        shall be at the expense of the Trust Fund or, unless it is the person seeking
        nonadherence to the following additional requirements, the Servicers or
        the  Trust Administrator), to the effect that the failure of REMIC I
        to comply with such additional requirements of this Section 9.02 will not
        (A) result in the imposition on the Trust Fund of taxes on “prohibited
        transactions,” as described in Section 860F of the Code, or (B) cause REMIC
        I to fail to qualify as a REMIC at any time that any Certificate is
        outstanding:

       

      (i)  The
        Trust
        Administrator shall specify the first day in the 90-day liquidation period
        in a
        statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
        regulation Section 1.860F-1 and shall satisfy all requirements of a
        qualified liquidation under Section 860F of the Code and any regulations
        thereunder, as evidenced by an Opinion of Counsel obtained at the expense
        of the
        Terminator;

       

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

       

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

       

      (b)  At
        the
        expense of the Terminator, the Depositor shall prepare or cause to be prepared
        the documentation required in connection with the adoption of a plan of
        liquidation of each Trust REMIC pursuant to this Section 9.02.

       

      (c)  By
        their
        acceptance of Certificates, the Holders thereof hereby agree to authorize
        the
        Trust Administrator to specify the 90-day liquidation period for each Trust
        REMIC, which authorization shall be binding upon all successor
        Certificateholders.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        X

       

      REMIC
        PROVISIONS

       

      
        	
                SECTION
                  10.01.  

              	
                REMIC
                  Administration.

              

      

       

      (a)  The
        Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
        if
        necessary, under applicable state law.  Each such election will be
        made by the Trustee on Form 1066 or other appropriate federal tax or information
        return 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 election in respect of REMIC I, the REMIC I Regular
        Interests shall be designated as the Regular Interests in REMIC I and the
        Class
        R-I Interest shall be designated as the Residual Interest in REMIC
        I.  For the purposes of the REMIC election in respect of REMIC II, the
        REMIC II Regular Interests shall be designated as the Regular Interests in
        REMIC
        II and the Class R-II Interest shall be designated as the Residual Interest
        in
        REMIC II.  The Class A Certificates, the Mezzanine Certificates, the
        Class CE Interest, the Class P Interest and the Class Swap-IO Interest shall
        be
        designated as the Regular Interests in REMIC III and the Class R-III Interest
        shall be designated as the Residual Interest in REMIC III.  The CE
        Certificates shall be designated as the Regular Interests in REMIC IV and
        the
        Class R-IV Interest shall be designated as the Residual Interest in REMIC
        IV.  The Class P Certificates shall be designated as the Regular
        Interests in REMIC V and the Class R-V Interest shall be designated as the
        Residual Interest in REMIC V.  REMIC VI Regular Interest SWAP-IO shall
        be designated as the Regular Interests in REMIC VI and the Class R-VI Interest
        shall be designated as the Residual Interest in REMIC VI.  The Trustee
        shall not permit the creation of any “interests” in any Trust REMIC (within the
        meaning of Section 860G of the Code) other than the interests identified
        above
        as Regular Interests or Residual Interests in REMIC I, REMIC II, REMIC III,
        REMIC IV, REMIC V and REMIC VI.

       

      (b)  The
        Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
        within the meaning of Section 860G(a)(9) of the Code.

       

      (c)  The
        Trust
        Administrator shall be reimbursed for any and all expenses relating to any
        tax
        audit of the Trust Fund (including, but not limited to, any professional
        fees or
        any administrative or judicial proceedings with respect to any Trust REMIC
        that
        involve the Internal Revenue Service or state tax authorities), including
        the
        expense of obtaining any tax related Opinion of Counsel except as specified
        herein.  The Trust Administrator, as agent for each Trust REMIC’s tax
        matters person shall (i) act on behalf of the Trust Fund in relation to any
        tax
        matter or controversy involving any Trust REMIC 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.  The
        holder of the largest Percentage Interest of the Residual Certificates shall
        be
        designated, in the manner provided under Treasury Regulations Section
        1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1, as the tax
        matters person of the related REMIC created hereunder.  By their
        acceptance thereof, the holder of the largest Percentage Interest of the
        Residual Certificates hereby agrees to irrevocably appoint the Trust
        Administrator or an Affiliate as its agent to perform all of the duties of
        the
        tax matters person for the Trust Fund.

       

      (d)  The
        Trust
        Administrator shall prepare, sign and file all of the Tax Returns (including
        Form 8811, which must be filed within 30 days following the Closing Date)
        in
        respect of each Trust REMIC.  The expenses of preparing and filing
        such returns shall be borne by the Trust Administrator without any right
        of
        reimbursement therefor.

       

      (e)  The
        Trust
        Administrator shall perform on behalf of each Trust REMIC all reporting and
        other tax compliance duties that are the responsibility of such REMIC under
        the
        Code, the REMIC Provisions or other compliance guidance issued by the Internal
        Revenue Service or any state or local taxing authority. Among its other duties,
        as required by the Code, the REMIC Provisions or other such compliance guidance,
        the Trust 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 each Trust REMIC.  The Depositor shall provide or
        cause to be provided to the Trust Administrator, within ten (10) days after the
        Closing Date, all information or data that the Trust 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
        Trust
        Administrator shall take such action and shall cause each Trust REMIC to
        take
        such action as shall be necessary to create or maintain the status thereof
        as a
        REMIC under the REMIC Provisions.  Neither the Trust Administrator nor
        the Trustee shall 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 any Trust REMIC as a REMIC or (ii) 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) (either
        such event, an “Adverse REMIC Event”) unless the Trustee, the Trust
        Administrator and the NIMS Insurer have received an Opinion of Counsel,
        addressed to the Trustee, the NIMS Insurer and the Trust Administrator (at
        the
        expense of the party seeking to take such action but in no event at the expense
        of the Trustee or the Trust Administrator) to the effect that the contemplated
        action will not, with respect to any Trust REMIC, endanger such status or
        result
        in the imposition of such a tax, nor shall the Servicers take or fail to
        take
        any action (whether or not authorized hereunder) as to which the Trustee,
        the
        Trust Administrator or the NIMS Insurer 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 such action; provided that the Servicers may conclusively
        rely on such Opinion of Counsel and shall incur no liability for its action
        or
        failure to act in accordance with such Opinion of Counsel.  In
        addition, prior to taking any action with respect to any Trust REMIC or the
        respective assets of each, or causing any Trust REMIC to take any action,
        which
        is not contemplated under the terms of this Agreement, the Servicers will
        consult with the Trustee, the Trust Administrator, the Master Servicer, the
        NIMS
        Insurer or their respective designees, in writing, with respect to whether
        such
        action could cause an Adverse REMIC Event to occur with respect to any Trust
        REMIC and the Servicers shall not take any such action or cause any Trust
        REMIC
        to take any such action as to which the Trustee, the Trust Administrator,
        the
        Master Servicer or the NIMS Insurer has advised it in writing that an Adverse
        REMIC Event could occur; provided that the Servicers may conclusively rely
        on
        such writing and shall incur no liability for its action or failure to act
        in
        accordance with such writing.  The Trustee, the Trust Administrator,
        the Master Servicer or the NIMS Insurer may consult with counsel to make
        such
        written advice, and the cost of same shall be borne by the party seeking
        to take
        the action not permitted by this Agreement, but in no event shall such cost
        be
        an expense of the Trustee, the Trust Administrator or the Master
        Servicer.  At all times as may be required by the Code, the Trust
        Administrator will ensure that substantially all of the assets of REMIC I
        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, to the extent such obligations are within the Trust Administrator’s
        control and not otherwise inconsistent with the terms of this
        Agreement.

       

      (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 such REMIC as defined in Section 860G(c) of
        the Code, on any contributions to any such 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 Trust Administrator pursuant to Section 10.03 hereof, if
        such tax arises out of or results from a breach by the Trust Administrator
        of
        any of its obligations under this Article X, (ii) to the Trustee pursuant
        to
        Section 10.03 hereof, if such tax arises out of or results from a breach by
        the Trustee of any of its obligations under this Article X, (iii) to the
        Master
        Servicer pursuant to Section 10.03 hereof, if such tax arises out of or
        results from a breach by the Master Servicer of any of its obligations under
        Article III or this Article X, (iv) to the Servicers pursuant to
        Section 10.03 hereof, if such tax arises out of or results from a breach by
        the Master Servicer of any of its obligations under Article III or this Article
        X or (v) against amounts on deposit in the Distribution Account and shall
        be
        paid by withdrawal therefrom.

       

      (h)  [Reserved].

       

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

       

      (j)  Following
        the Startup Day, none of the Servicers, the Master Servicer, the Trust
        Administrator or the Trustee shall accept any contributions of assets to
        any
        Trust REMIC other than in connection with any Qualified Substitute Mortgage
        Loan
        delivered in accordance with Section 2.03 unless it shall have received an
        Opinion of Counsel to the effect that the inclusion of such assets in the
        Trust
        Fund will not cause the related REMIC to fail to qualify as a REMIC at any
        time
        that any Certificates are outstanding or subject such REMIC to any tax under
        the
        REMIC Provisions or other applicable provisions of federal, state and local
        law
        or ordinances.

       

      (k)  None
        of
        the Trustee, the Trust Administrator, the Servicers or the Master Servicer
        shall
        enter into any arrangement by which any Trust REMIC will receive a fee or
        other
        compensation for services nor permit either REMIC 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 Servicers, the Master Servicer, the Trust Administrator
        or
        the Trustee shall sell, dispose of or substitute 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 REMIC I, (iii) the termination
        of
        REMIC I pursuant to Article IX of this Agreement, (iv) a substitution pursuant
        to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant
        to
        Article II or III of this Agreement), nor acquire any assets for any Trust
        REMIC
        (other than REO Property acquired in respect of a defaulted Mortgage Loan),
        nor
        sell or dispose of any investments in the Collection Account or the Distribution
        Account for gain, nor accept any contributions to any Trust REMIC after the
        Closing Date (other than a Qualified Substitute Mortgage Loan delivered in
        accordance with Section 2.03), unless it has received an Opinion of
        Counsel, addressed to the Trustee, the Trust Administrator and the NIMS Insurer
        (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 the Trust Administrator) that such sale, disposition, substitution,
        acquisition or contribution will not (a) affect adversely the status of any
        Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject to a tax
        on
“prohibited transactions” or “contributions” pursuant to the REMIC
        Provisions.

       

      
        	
                SECTION
                  10.03.  

              	
                Servicer,
                  Master Servicer and Trustee
                  Indemnification.

              

      

       

      (a)  In
        the
        event that any Trust REMIC fails to qualify as a REMIC, loses its status
        as a
        REMIC, or incurs federal, state or local taxes as a result of a prohibited
        transaction or prohibited contribution under the REMIC Provisions due to
        (i) the
        negligent performance by the Trustee or the Trust Administrator of its duties
        and obligations set forth herein or (ii) any state, local or franchise taxes
        imposed upon the Trust Fund as a result of the location of the Trustee or
        the
        Trust Administrator or any co-trustee, the Trustee or the Trust Administrator,
        as applicable, shall indemnify the NIMS Insurer, the Servicers, the Master
        Servicer and the Trust Fund against any and all Losses resulting from such
        negligence, including, without limitation, any reasonable attorneys’ fees
        imposed on or incurred as a result of a breach of the Trustee’s or the Trust
        Administrator’s, as applicable, or any co-trustee’s covenants; provided,
however, that the Trustee or the Trust Administrator, as applicable,
        shall not be liable for any such Losses attributable to the action or inaction
        of any Servicer, the Master Servicer, the Depositor or the Holder of such
        Residual Certificate, as applicable, nor for any such Losses resulting from
        misinformation provided by the Holder of such Residual Certificate on which
        the
        Trustee or the Trust Administrator, as applicable, has relied.  The
        foregoing shall not be deemed to limit or restrict the rights and remedies
        of
        the Holder of such Residual Certificate now or hereafter existing at law
        or in
        equity.  Notwithstanding the foregoing, however, in no event shall the
        Trustee or the Trust Administrator, as applicable, have any liability (1)
        for
        any action or omission that is taken in accordance with and in compliance
        with
        the express terms of, or which is expressly permitted by the terms of, this
        Agreement, (2) for any Losses other than arising out of a negligent performance
        by the Trustee or the Trust Administrator, as applicable, of its duties and
        obligations set forth herein, and (3) for any special or consequential damages
        to Certificateholders (in addition to payment of principal and interest on
        the
        Certificates).

       

      (b)  In
        the
        event that any Trust REMIC fails to qualify as a REMIC, loses its status
        as a
        REMIC, or incurs federal, state or local taxes as a result of a prohibited
        transaction or prohibited contribution under the REMIC Provisions due to
        the
        negligent performance by the Master Servicer of its duties and obligations
        set
        forth herein, the Master Servicer shall indemnify the NIMS Insurer, the
        Servicers, the Trustee, the Trust Administrator and the Trust Fund against
        any
        and all losses, claims, damages, liabilities or expenses (“Losses”) resulting
        from such negligence, including, without limitation, any reasonable attorneys’
fees imposed on or incurred as a result of a breach of the Master Servicer’s
        covenants; provided, however, that the Master Servicer shall not
        be liable for any such Losses attributable to the action or inaction of the
        Trustee, the Trust Administrator, any Servicer, the Depositor or the Holder
        of
        such Residual Certificate, as applicable, nor for any such Losses resulting
        from
        misinformation provided by the Holder of such Residual Certificate on which
        the
        Master Servicer has relied.  The foregoing shall not be deemed to
        limit or restrict the rights and remedies of the Holder of such Residual
        Certificate now or hereafter existing at law or in
        equity.  Notwithstanding the foregoing, however, in no event shall the
        Master Servicer have any liability (1) for any action or omission that is
        taken
        in accordance with and in compliance with the express terms of, or which
        is
        expressly permitted by the terms of, this Agreement, (2) for any Losses other
        than arising out of a negligent performance by the Master Servicer of its
        duties
        and obligations set forth herein, and (3) for any special or consequential
        damages to Certificateholders (in addition to payment of principal and interest
        on the Certificates).

       

      (c)  In
        the
        event that any Trust REMIC fails to qualify as a REMIC, loses its status
        as a
        REMIC, or incurs federal, state or local taxes as a result of a prohibited
        transaction or prohibited contribution under the REMIC Provisions due to
        (i) the
        negligent performance by the Servicers of its duties and obligations set
        forth
        herein or (ii) any state, local or franchise taxes imposed upon the Trust
        Fund
        as a result of the location of a Servicer or any sub-servicer, each Servicer
        shall indemnify the NIMS Insurer, the Master Servicer, the Trustee, the Trust
        Administrator and the Trust Fund against any and all losses, claims, damages,
        liabilities or expenses (“Losses”) resulting from such negligence, including,
        without limitation, any reasonable attorneys’ fees imposed on or incurred as a
        result of a breach of the related Servicer’s or any sub-servicer’s covenants;
provided, however, that each Servicer shall not be liable for any
        such Losses attributable to the action or inaction of the Master Servicer,
        the
        Trustee, the Trust Administrator, the Depositor or the Holder of such Residual
        Certificate, as applicable, nor for any such Losses resulting from
        misinformation provided by the Holder of such Residual Certificate on which
        the
        related Servicer has relied.  The foregoing shall not be deemed to
        limit or restrict the rights and remedies of the Holder of such Residual
        Certificate now or hereafter existing at law or in
        equity.  Notwithstanding the foregoing, however, in no event shall a
        Servicer have any liability (1) for any action or omission that is taken
        in
        accordance with and in compliance with the express terms of, or which is
        expressly permitted by the terms of, this Agreement, (2) for any Losses other
        than arising out of a negligent performance by the related Servicer of its
        duties and obligations set forth herein, and (3) for any special or
        consequential damages to Certificateholders (in addition to payment of principal
        and interest on the Certificates).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      
        	
                SECTION
                  11.01.  

              	
                Amendment.

              

      

       

      This
        Agreement may be amended from time to time by the Depositor, each Servicer,
        the
        Master Servicer, the Trust Administrator and the Trustee with the consent
        of the
        NIMS Insurer and without the consent of any of the Certificateholders, (i)
        to
        cure any ambiguity or defect, (ii) to correct, modify or supplement any
        provisions herein (including to give effect to the expectations of
        Certificateholders), or (iii) to make any other provisions with respect to
        matters or questions arising under this Agreement which shall not be
        inconsistent with the provisions of this Agreement, provided that such action
        shall not adversely affect in any material respect the interests of any
        Certificateholder as evidenced by either (i) an Opinion of Counsel delivered
        to
        the Servicers, the Master Servicer, the Trustee, the Trust Administrator
        and the
        NIMS Insurer or (ii) confirmation from the Rating Agencies, delivered to
        the
        Servicers, the Master Servicer, the Trustee, the Trust Administrator and
        the
        NIMS Insurer, that such amendment will not result in the reduction or withdrawal
        of the rating of any outstanding Class of Certificates.  No amendment
        shall be deemed to adversely affect in any material respect the interests
        of any
        Certificateholder who shall have consented thereto, and no Opinion of Counsel
        shall be required to address the effect of any such amendment on any such
        consenting Certificateholder.

       

      This
        Agreement may also be amended from time to time by the Depositor, each Servicer,
        the Master Servicer, the Trust Administrator, the NIMS Insurer and the Trustee
        with the consent of the NIMS Insurer and the Holders of Certificates entitled
        to
        at least 66% 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 Swap Provider or 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 Swap Provider or Holders of any Class of
        Certificates (as evidenced by either (i) an Opinion of Counsel delivered
        to the
        Trustee and the NIMS Insurer or (ii) confirmation from the Rating Agencies,
        delivered to the Servicers, the Master Servicer, the Trustee and the NIMS
        Insurer,  that such action will not result in the reduction or
        withdrawal of the rating of any outstanding Class of Certificates) in a manner,
        other than as described in (i), or (iii) modify the consents required by
        the
        immediately preceding clauses (i) and (ii) 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 Depositor, the Servicers or the Master Servicer or any Affiliate
        thereof shall be entitled to Voting Rights with respect to matters affecting
        such Certificates.

       

      Notwithstanding
        any contrary provision of this Agreement, none of the Trustee, the Trust
        Administrator or the NIMS Insurer shall consent to any amendment to this
        Agreement unless it shall have first received an Opinion of Counsel satisfactory
        to the NIMS Insurer to the effect that such amendment will not result in
        the
        imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions
        or
        cause any Trust REMIC to fail to qualify as a REMIC at any time that any
        Certificates are outstanding.

       

      Notwithstanding
        any of the other provisions of this Section 11.01, none of the parties to
        this
        Agreement shall enter into any amendment to this Agreement that could reasonably
        be expected to have a material adverse effect on the interests of  the
        Swap Provider hereunder (excluding, for the avoidance of doubt, any amendment
        to
        this Agreement that is entered into solely for the purpose of appointing
        a
        successor servicer, trust administrator, trustee or other service provider)
        without the prior written consent of the Swap Provider, which consent shall
        not
        be unreasonably withheld, conditioned or delayed.

       

      Promptly
        after the execution of any such amendment the Trust Administrator shall notify
        each Certificateholder and make available to each Certificateholder and the
        NIMS
        Insurer a copy of such amendment.

       

      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 Trust Administrator may
        prescribe.

       

      The
        cost
        of any Opinion of Counsel to be delivered pursuant to this Section 11.01
        shall be borne by the Person seeking the related amendment, but in no event
        shall such Opinion of Counsel be an expense of the Trustee or the Trust
        Administrator.

       

      The
        Trustee and the Trust Administrator may, but neither shall 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 Servicers at the expense
        of
        the Certificateholders, but only upon direction of the Trustee or the Trust
        Administrator 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, 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, or the obligations of the parties hereto, nor shall anything herein
        set
        forth, or contained in the terms of any of the Certificates, be construed
        so as
        to constitute the Certificateholders from time to time as partners or members
        of
        an association; nor shall any Certificateholder be under any liability to
        any
        third person by reason of any action taken by the parties to this Agreement
        pursuant to any provision hereof.

       

      No
        Certificateholder shall have any right by virtue of any provision of this
        Agreement to institute any suit, action or proceeding in equity or at law
        upon
        or under or with respect to this Agreement, unless such Holder previously
        shall
        have given to the Trustee a written notice of default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        entitled to at least 25% of the Voting Rights shall have made written request
        upon the Trustee to institute such action, suit or proceeding in its own
        name as
        Trustee hereunder and shall have offered to the Trustee such reasonable
        indemnity as it may require against the costs, expenses and liabilities to
        be
        incurred therein or thereby, and the Trustee, for 15 days after its receipt
        of
        such notice, request and offer of indemnity, shall have neglected or refused
        to
        institute any such action, suit or proceeding.  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 whatsoever 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 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
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when received if personally delivered at or
        mailed by first class mail, postage prepaid, or by express delivery service
        or
        delivered in any other manner specified herein, to (a) in the case of the
        Depositor, 1285 Avenue of the Americas, New York, New York 10019, Attention:
        Legal (telecopy number (212) 713-2080), or such other address or telecopy
        number
        as may hereafter be furnished to the Servicers, the Master Servicer, the
        Trust
        Administrator, the NIMS Insurer and the Trustee in writing by the Depositor,
        (b)
        in the case of HomEq, HomEq Servicing, 4837 Watt Avenue, North Highlands,
        California 95660-5101, Attention: Portfolio Management, Facsimile No. (916)
        339-6995 with a copy to HomEq Servicing, 1620 East Roseville Parkway, Suite
        210,
        2nd Floor, Roseville, California 95661, Attention: Legal Department, Facsimile
        No. (916) 339-6995, or such other address or telecopy number as may hereafter
        be
        furnished to the Depositor, the Master Servicer, the Trust Administrator
        and the
        Trustee in writing by HomEq, (c) in the case of Wells Fargo (in its capacity
        as
        Servicer), Wells Fargo Home Mortgage, 1 Home Campus, Des Moines, IA 50328-0001,
        Attention: John Brown, MAC X2302-033, with a copy to Wells Fargo Home Mortgage,
        1 Home Campus, Des Moines, IA 50328-0001, Attention: General Counsel, MAC
        X2401-06T or such other address or telecopy number as may hereafter be furnished
        to the Depositor, the Master Servicer, the Trust Administrator and the Trustee
        in writing by Wells Fargo in its capacity as Servicer (d) in the case of
        the
        Master Servicer, Custodian or the Trust Administrator, Wells Fargo Bank,
        N.A.,
        P.O. Box 98, Columbia, Maryland 21046, Attention: Client Manager-MABS 2007-HE1
        (telecopy number (410) 715-2380), with a copy to Wells Fargo Bank, N.A.,
        9062
        Old Annapolis Road, Columbia, Maryland 21045, Attention: Client Manager-MABS
        2007-HE1 (telecopy number (410) 715-2380), with a copy to Wells Fargo Bank,
        N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
        Attention: Client Manager-MABS 2007-HE1, or such other address or telecopy
        number as may hereafter be furnished to the Servicers, the Trustee, the NIMS
        Insurer and the Depositor in writing by the Master Servicer, (e) in the case
        of
        the Trustee, 60 Livingston Avenue, EP-MN-WS3D, St. Paul, Minnesota 55107,
        Attention: Structured Finance/MASTR 2007-HE1 (telecopy number (651) 495-8090),
        or such other address or telecopy number as may hereafter be furnished to
        the
        Depositor, the Servicers, the NIMS Insurer, the Trust Administrator and the
        Master Servicer in writing by the Trustee, or such other address or telecopy
        number as may hereafter be furnished to the Master Servicer, the NIMS Insurer
        and the Depositor in writing by the Trustee, (f) in the case of the Credit
        Risk
        Manager, 1700 Lincoln Street, Suite 1600, Denver, Colorado 80203,
        Attention:  General Counsel, or such other address or telecopy number
        as may hereafter be furnished to the Depositor, the Servicers, the Trustee
        and
        the NIMS Insurer and (g) in the case of the NIMS Insurer, if any, the address
        set forth in the Indenture, or such other address or telecopy number as may
        hereafter be furnished to the Master Servicer, the Trust Administrator, the
        Depositor and the Trustee in writing by the NIMS Insurer.  Any notice
        required or permitted to be given 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
        when
        mailed, whether or not the Certificateholder receives such notice. A copy
        of any
        notice required to be telecopied hereunder also shall be mailed to the
        appropriate party in the manner set forth above.

       

      
        	
                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.  

              	
                Notice
                  to Rating Agencies and the NIMS
                  Insurer.

              

      

       

      The
        Trust
        Administrator shall use its best efforts promptly to provide notice to the
        Rating Agencies and the NIMS Insurer 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 Servicer Event of Default or Master Servicer Event of Default
        that has not been cured or waived;

       

      (3)  The
        resignation or termination of the Master Servicer, the Trust Administrator
        or
        the Trustee;

       

      (4)  The
        repurchase or substitution of Mortgage Loans pursuant to or as contemplated
        by
        Section 2.03;

       

      (5)  The
        final
        payment to the Holders of any Class of Certificates;

       

      (6)  Any
        change in the location of the Collection Account or the Distribution
        Account;

       

      (7)  Any
        event
        that would result in the inability of the Master Servicer to make advances
        regarding delinquent Mortgage Loans to the same extent the Servicers are
        required to make such advances as provided in Section 4.03;
        and

       

      (8)  The
        filing of any claim under any Servicer’s blanket bond and errors and omissions
        insurance policy required by Section 3.14 or the cancellation or material
        modification of coverage under any such instrument.

       

      In
        addition, the Trust Administrator shall promptly make available to each Rating
        Agency and the NIMS Insurer copies of each report to Certificateholders
        described in Section 4.02 and the Master Servicer shall promptly make
        available to each Rating Agency copies of the following:

       

      (1)  Each
        annual statement as to compliance described in Section 3.20;

       

      (2)  Each
        annual independent public accountants’ servicing report described in
        Section 3.21;

       

      (3)  Any
        notice delivered pursuant to Section 7.01

       

      Any
        such
        notice pursuant to this Section 11.07 shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by first class
        mail,
        postage prepaid, or by express delivery service to Moody’s Investors Service
        Inc., 99 Church Street, New York, New York 10004 and Standard & Poor’s
        Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
        Street, New York, New York 10007, or such other addresses as the Rating Agencies
        may designate in writing to the parties hereto.

       

      
        	
                SECTION
                  11.08.  

              	
                Article
                  and Section References.

              

      

       

      All
        article and section references used in this Agreement, unless otherwise
        provided, are to articles and sections in this Agreement.

       

      
        	
                SECTION
                  11.09.  

              	
                Grant
                  of Security Interest.

              

      

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
        Loans by the Depositor and not a pledge of the Mortgage Loans to secure a
        debt
        or other obligation of the Depositor. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Depositor, then, (a) it is the express intent
        of the
        parties 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
        and (b)(1) this Agreement shall also be deemed to be a security agreement
        within
        the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
        from
        time to time in the State of New York; (2) the conveyance provided for in
        Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
        Trustee of a security interest in all of the Depositor’s right, title and
        interest in and to the Mortgage Loans and all amounts payable to the holders
        of
        the Mortgage Loans and the Swap Provider in accordance with the terms thereof
        and all proceeds of the conversion, voluntary or involuntary, of the foregoing
        into cash, instruments, securities or other property, including without
        limitation all amounts, other than investment earnings, from time to time
        held
        or invested in the Collection Account and the Distribution Account, whether
        in
        the form of cash, instruments, securities or other property; (3) the obligations
        secured by such security agreement shall be deemed to be all of the Depositor’s
        obligations under this Agreement, including the obligation to provide to
        the
        Certificateholders and the Swap Provider the benefits of this Agreement relating
        to the Mortgage Loans and the Trust Fund; and (4) 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. Accordingly, the Depositor hereby
        grants to the Trustee a security interest in the Mortgage Loans and all other
        property described in clause (2) of the preceding sentence, for the purpose
        of
        securing to the Trustee the performance by the Depositor of the obligations
        described in clause (3) of the preceding sentence. Notwithstanding the
        foregoing, the parties hereto intend the conveyance pursuant to
        Section 2.01 to be a true, absolute and unconditional sale of the Mortgage
        Loans and assets constituting the Trust Fund by the Depositor to the
        Trustee.

       

      
        	
                SECTION
                  11.10.  

              	
                Third
                  Party Rights.

              

      

       

      Each
        of
        the NIMS Insurer and the Swap Provider shall be deemed a third-party beneficiary
        of this Agreement to the same extent as if it were a party hereto, and shall
        have the right to enforce the provisions of this Agreement.

       

      
        	
                SECTION
                  11.11.  

              	
                Intention
                  of the Parties and Interpretation.

              

      

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 3.20,
        3.21 and 4.06 of this Agreement is to facilitate compliance by the Depositor
        with the provisions of Regulation AB promulgated by the SEC under the Exchange
        Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time
        and subject to clarification and interpretive advice as may be issued by
        the
        staff of the Commission from time to time.  Therefore, each of the
        parties hereto 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 reasonably 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, to the extent practicable from
        a
        timing and information systems perspective and to the extent that the Depositor
        will pay any increased costs of the Trustee and Trust Administrator caused
        by
        such request, with requests made by the Depositor for delivery of additional
        or
        different information as the Depositor may determine in good faith is necessary
        to comply with the provisions of Regulation AB, and (d) no amendment of this
        Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
        provisions of Regulation AB.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Depositor, the Servicers, the Master Servicer, the Trust
        Administrator, the Custodian and the Trustee have caused their names to be
        signed hereto by their respective officers thereunto duly authorized, in
        each
        case as of the day and year first above written.

       

      
        	
                MORTGAGE
                  ASSET SECURITIZATION TRANSACTIONS, INC., as Depositor

              
	 	 
	
                By:

              	
                /s/
                  Angus Hamilton

              
	
                Name:

              	
                Angus
                  Hamilton

              
	
                Title:

              	
                Associate
                  Director

              
	 	 
	
                By:

              	
                /s/
                  Jennie Tom

              
	
                Name:

              	
                Jennie
                  Tom

              
	
                Title:

              	
                Associate
                  Director

              
	 
	 
	 
	
                WELLS
                  FARGO BANK, N.A., as Master Servicer, Trust Administrator and
                  Custodian

                 

              
	 	 
	
                By:

              	
                /s/
                  Raymond Delli Colli

              
	
                Name:

              	
                Raymond
                  Delli Colli

              
	
                Title:

              	
                Vice
                  President

              
	 
	 
	
                BARCLAYS
                  CAPITAL REAL ESTATE INC. D/B/A HOMEQ SERVICING, as
                  Servicer

              
	 	 
	
                By:

              	
                /s/
                  Arthur Lyon

              
	
                Name:

              	
                Arthur
                  Lyon

              
	
                Title:

              	
                EVP

              
	 
	 
	
                WELLS
                  FARGO BANK, N.A., as Servicer

                 

              
	 	 
	
                By:

              	
                /s/
                  Laurie McGoogan

              
	
                Name:

              	
                Laurie
                  McGoogan

              
	
                Title:

              	
                Vice
                  President

              
	 
	 
	
                U.S.
                  BANK NATIONAL ASSOCIATION, as Trustee

              
	 	 
	
                By:

              	
                /s/
                  Shannon M. Rantz

              
	
                Name:

              	
                Shannon
                  M. Rantz

              
	
                Title:

              	
                Vice
                  President

              

      

      

       

      
        	
                For
                  purposes of Sections 6.08, 6.09 and 6.10:

                CLAYTON
                  FIXED INCOME SERVICES INC.

              
	 	 
	
                By:

              	
                /s/
                  Kevin J. Kanouff

              
	
                Name:

              	
                Kevin
                  J. Kanouff

              
	
                Title:

              	
                President
                  and General Counsel

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      

       

      On
        the
        ___ day of May 2007, before me, a notary public in and for
        said  State, personally appeared ________________________ and
        ________________________, known to me to be a(n) ________________________
        and
        ________________________, respectively, of Mortgage Asset Securitization
        Transactions, 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 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
        ____ 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., 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 CALIFORNIA

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF SACRAMENTO

              	
                )

              	 

      

      

       

      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 Barclays Capital Real Estate Inc.
        d/b/a
        HomEq Servicing, 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 MINNESOTA

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF RAMSEY

              	
                )

              	 

      

      

       

      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 U.S. Bank National Association, 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-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of the Class A-1 Certificates as
                  of the
                  Issue Date: $380,100,000.00

                 

                Denomination:
                  $380,100,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AA3

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class A-1 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth is
        Section
        5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator and
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        	 	
                WELLS FARGO
                  BANK,
                  N.A., not in its individual capacity, but solely as Trust Administrator
                  for the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                  Pass-Through Certificates

                 

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	
                Authorized
                  Officer

              	 
	 	 	 	 
	 	 	 	 

      

       

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	
                
                  Authorized
                    Signatory

                

              	 
	 	 	 	 
	 	 	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian                

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

       

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2 Certificates as
                  of the
                  Issue Date: $83,650,000.00

                 

                Denomination:
                  $83,650,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AB1

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class A-2 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth is
        Section
        5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          	 	
                  WELLS FARGO
                    BANK,
                    N.A., not in its individual capacity, but solely as Trust Administrator
                    for the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                    Pass-Through Certificates

                   

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	
                  Authorized
                    Officer

                	 
	 	 	 	 
	 	 	 	 

        

         

         

         

         

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	
                  
                    Authorized
                      Signatory

                  

                	 
	 	 	 	 
	 	 	 	 

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class A-3 Certificates as
                  of the
                  Issue Date: $135,300,000.00

                 

                Denomination:
                  $135,300,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AC9

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class A-3 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth is
        Section
        5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        
          	 	
                  WELLS FARGO
                    BANK,
                    N.A., not in its individual capacity, but solely as Trust Administrator
                    for the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                    Pass-Through Certificates

                   

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	
                  Authorized
                    Officer

                	 
	 	 	 	 
	 	 	 	 

        

         

         

         

         

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	
                  
                    Authorized
                      Signatory

                  

                	 
	 	 	 	 
	 	 	 	 

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class A-4 Certificates as
                  of the
                  Issue Date: $41,878,000.00

                 

                Denomination:
                  $41,878,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AD7

              

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class A-4 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        Custodian, the NIMS Insurer, if any, and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Master Servicer, the
        Servicer, the Trust Administrator, the Trustee and the NIMS Insurer, if any,
        without the consent on the Certificateholders or with the consent of the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights as further
        set
        forth in the Agreement.  Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange herefor or in lieu hereof whether or not notation of
        such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth is
        Section
        5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator , or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        
          
            	 	
                    WELLS FARGO
                      BANK,
                      N.A., not in its individual capacity, but solely as Trust Administrator
                      for the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                      Pass-Through Certificates

                     

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	 	 
	 	 	
                    Authorized
                      Officer

                  	 
	 	 	 	 
	 	 	 	 

          

           

           

           

           

          CERTIFICATE
            OF AUTHENTICATION

           

          This
            is
            one of the Certificates referred to in the within-mentioned
            Agreement.

           

          
            	 	
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	 	 
	 	 	
                    
                      Authorized
                        Signatory

                    

                  	 
	 	 	 	 
	 	 	 	 

          

           

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       EXHIBIT
        A-5

       

      FORM
        OF
        CLASS M-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-1 Certificates as
                  of the
                  Issue Date: $39,494,000.00

                 

                Denomination:
                  $39,494,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AE5

                 

              

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-1 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        
          
            
              	 	
                      WELLS
                        FARGO BANK,
                        N.A., not in its individual capacity, but solely as Trust
                        Administrator
                        for the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                        Pass-Through Certificates

                       

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:
                        

                    	 	 
	 	 	
                      Authorized
                        Officer

                    	 
	 	 	 	 
	 	 	 	 

            

             

             

             

             

            CERTIFICATE
              OF AUTHENTICATION

             

            This
              is
              one of the Certificates referred to in the within-mentioned
              Agreement.

             

            
              	 	
                      WELLS
                        FARGO BANK, N.A.,

                      as
                        Trust Administrator

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:
                        

                    	 	 
	 	 	
                      
                        Authorized
                          Signatory

                      

                    	 
	 	 	 	 
	 	 	 	 

            

             

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-2 Certificates as
                  of the
                  Issue Date: $38,636,000.00

                 

                Denomination:
                  $38,636,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AF2

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-2 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        
          
            
              
                	 	
                        WELLS
                          FARGO BANK,
                          N.A., not in its individual capacity, but solely as Trust
                          Administrator
                          for the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                          Pass-Through Certificates

                         

                         

                      	 
	 	 	 	 
	
                         

                      	
                        By:
                          

                      	 	 
	 	 	
                        Authorized
                          Officer

                      	 
	 	 	 	 
	 	 	 	 

              

               

               

               

               

              CERTIFICATE
                OF AUTHENTICATION

               

              This
                is
                one of the Certificates referred to in the within-mentioned
                Agreement.

               

              
                	 	
                        WELLS
                          FARGO BANK, N.A.,

                        as
                          Trust Administrator

                         

                      	 
	 	 	 	 
	
                         

                      	
                        By:
                          

                      	 	 
	 	 	
                        
                          Authorized
                            Signatory

                        

                      	 
	 	 	 	 
	 	 	 	 

              

               

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-3 Certificates as
                  of the
                  Issue Date: $12,020,000.00

                 

                Denomination:
                  $12,020,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AG0

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-3 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        
          
            
              
                
                  	 	
                          WELLS
                            FARGO BANK,
                            N.A., not in its individual capacity, but solely as Trust
                            Administrator
                            for the MASTR Asset Backed Securities Trust 2007-HE1,
                            Mortgage
                            Pass-Through Certificates

                           

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
                            

                        	 	 
	 	 	
                          Authorized
                            Officer

                        	 
	 	 	 	 
	 	 	 	 

                

                 

                 

                 

                 

                CERTIFICATE
                  OF AUTHENTICATION

                 

                This
                  is
                  one of the Certificates referred to in the within-mentioned
                  Agreement.

                 

                
                  	 	
                          WELLS
                            FARGO BANK, N.A.,

                          as
                            Trust Administrator

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
                            

                        	 	 
	 	 	
                          
                            Authorized
                              Signatory

                          

                        	 
	 	 	 	 
	 	 	 	 

                

                 

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-4 Certificates as
                  of the
                  Issue Date: $13,308,000.00

                 

                Denomination:
                  $13,308,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AH8

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-4 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Custodian, the Trust
        Administrator or the Trustee may treat the Person in whose name this Certificate
        is registered as the owner hereof for all purposes, and none of the Depositor,
        the Master Servicer, the Trust Administrator, the Trustee nor any such agent
        shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
        
          
            
              
                
                  	 	
                          WELLS
                            FARGO BANK,
                            N.A., not in its individual capacity, but solely as Trust
                            Administrator
                            for the MASTR Asset Backed Securities Trust 2007-HE1,
                            Mortgage
                            Pass-Through Certificates

                           

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
                            

                        	 	 
	 	 	
                          Authorized
                            Officer

                        	 
	 	 	 	 
	 	 	 	 

                

                 

                 

                 

                 

                CERTIFICATE
                  OF AUTHENTICATION

                 

                This
                  is
                  one of the Certificates referred to in the within-mentioned
                  Agreement.

                 

                
                  	 	
                          WELLS
                            FARGO BANK, N.A.,

                          as
                            Trust Administrator

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
                            

                        	 	 
	 	 	
                          
                            Authorized
                              Signatory

                          

                        	 
	 	 	 	 
	 	 	 	 

                

                 

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND
        THE
        CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of the Class M-5 Certificates as
                  of the
                  Issue Date: $14,167,000.00

                 

                Denomination:
                  $14,167,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AJ4

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-5 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-5 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May ___, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-6 Certificates as
                  of the
                  Issue Date: $9,015,000.00

                 

                Denomination:
                  $9,015,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AK1

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-6 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-6 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-6 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May ___, 2007

       

      
        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-7 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-7 Certificates as
                  of the
                  Issue Date: $12,020,000.00

                 

                Denomination:
                  $12,020,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AL9

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-7 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-7 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-7 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                  

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                   

                

              

            

          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-8 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES
        AND THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-8 Certificates as
                  of the
                  Issue Date: $11,591,000.00

                 

                Denomination:
                  $11,591,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AM7

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-8 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-8 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-8 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May ___, 2007

       

      
        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-9 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-9 Certificates as
                  of the
                  Issue Date: $12,449,000.00

                 

                Denomination:
                  $12,449,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AN5

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-9 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-9 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-9 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Custodian, the Trust
        Administrator or the Trustee may treat the Person in whose name this Certificate
        is registered as the owner hereof for all purposes, and none of the Depositor,
        the Master Servicer, the Custodian, the Trust Administrator, the Trustee
        nor any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May ___, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-10 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-10 Certificates as
                  of the
                  Issue Date: $14,167,000.00

                 

                Denomination:
                  $14,167,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AP0

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-10 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-10 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-10 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS M-11 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES
        AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      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.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-11 Certificates as
                  of the
                  Issue Date: $7,727,000.00

                 

                Denomination:
                  $7,727,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AQ8

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-11 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-11 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      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 sate 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 Holder of this Certificate
        desiring to effect such transfer and such Holder’s prospective transferee shall
        each certify to the Trustee and the Depositor in writing the facts surrounding
        the transfer.  The Holder hereof desiring to effect such transfer
        shall, and does hereby agree to indemnify the Trustee, the Trust Administrator
        and the Depositor against any liability that may result if the transfer is
        not
        so exempt or is not made in accordance with such federal and state
        laws.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-11 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      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
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS M-12 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES,
        THE CLASS M-10 CERTIFICATES AND THE CLASS M-11 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      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.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      
        	
                Series:  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-12 Certificates as
                  of the
                  Issue Date: $4,292,000.00

                 

                Denomination:
                  $4,292,000.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

                CUSIP:
                  576457 AR6

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-12 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-12 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      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 sate 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 Holder of this Certificate
        desiring to effect such transfer and such Holder’s prospective transferee shall
        each certify to the Trustee and the Depositor in writing the facts surrounding
        the transfer.  The Holder hereof desiring to effect such transfer
        shall, and does hereby agree to indemnify the Trustee, the Trust Administrator
        and the Depositor against any liability that may result if the transfer is
        not
        so exempt or is not made in accordance with such federal and state
        laws.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class M-12 Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      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
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                     __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       EXHIBIT
        A-17

       

      FORM
        OF
        CLASS CE CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      

      
        	
                Series
                  2007-HE1

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class CE Certificates as of
                  the Issue
                  Date: $28,763,452.67

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

              

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class CE Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        the
        Class CE Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class CE Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer 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
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

      

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                     __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      

      
        	
                Series:  2007-HE1

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class P Certificates as of
                  the Issue
                  Date: $100.00

                 

                Denomination:
                  $100.00

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class P Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        the
        Class P Certificates in REMIC V created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Servicer, the
        Master Servicer, the Trust Administrator, the Custodian and 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 have the meanings assigned in the Agreement.  This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class P Certificates
        on such
        Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer 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
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 AS AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
        THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
        ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
        INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
        FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
        521 OF THE CODE) THAT 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, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
        BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
        DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, 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 HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02 (C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

      

      
        	
                Series:  2007-HE1

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date:
                  100.00%

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

                 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Servicer, the Master Servicer, the Trust
        Administrator, the Custodian and 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 have the meanings assigned
        in the Agreement.  This Certificate is issued under and is subject to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class R Certificates
        on such
        Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. Neither the Depositor nor the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer 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
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R Certificates have been designated as a residual interest in a REMIC,
        (B)
        it will include in its income a pro rata share of the net income of the
        Trust Fund and that such income may be an “excess inclusion,” as defined in the
        Code, that, with certain exceptions, cannot be offset by other losses or
        benefits from any tax exemption, and (C) it expects to have the financial
        means
        to satisfy all of its tax obligations including those relating to holding
        the
        Class R Certificates. Notwithstanding the registration in the Certificate
        Register of any transfer, sale or other disposition of this Certificate to
        a
        Disqualified Organization or an agent (including a broker, nominee or middleman)
        of a Disqualified Organization, 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, including, but not limited to, the receipt
        of
        distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the
        Trustee  nor any such agent shall be affected by notice to the
        contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May ___, 2007

       

      
        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-20

       

      FORM
        OF
        CLASS R-X CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE
        DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE
        CODE OF
        1986 AS AMENDED (THE “CODE”).

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
        THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
        ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
        INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
        FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
        521 OF THE CODE) THAT 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, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
        BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
        DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, 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 HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02 (C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

      

      
        	
                Series:  2007-HE1

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: May 1, 2007

                 

                First
                  Distribution Date: June 25, 2007

                 

                No.
                  1

              	
                Aggregate
                  Percentage Interest of the Class R-X Certificates as of the Issue
                  Date:
                  100.00%

                 

                Master
                  Servicer, Trust Administrator and Custodian: Wells Fargo Bank,
                  N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: May 30, 2007

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Servicer, the Master Servicer, the Trust
        Administrator, the Custodian and 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 have the meanings assigned
        in the Agreement.  This Certificate is issued under and is subject to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions 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 (a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered on the Record Date, in an amount
        equal
        to the product of the Percentage Interest evidenced by this Certificate and
        the
        amount required to be distributed to the Holders of Class R-X Certificates
        on
        such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        or
        otherwise by check mailed by first class mail 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 by the Trust Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Trust Administrator for that purpose as
        provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement.  Any such consent by the Holder of this Certificate shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      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 appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. Neither the Depositor nor the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer 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
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.  No
        service charge will be made for any such registration of transfer or exchange
        of
        Certificates, but the Trust Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R-X Certificates have been designated as a residual interest in a REMIC,
        (B) it will include in its income a pro rata share of the net income of
        the Trust Fund and that such income may be an “excess inclusion,” as defined in
        the Code, that, with certain exceptions, cannot be offset by other losses
        or
        benefits from any tax exemption, and (C) it expects to have the financial
        means
        to satisfy all of its tax obligations including those relating to holding
        the
        Class R-X Certificates. Notwithstanding the registration in the Certificate
        Register of any transfer, sale or other disposition of this Certificate to
        a
        Disqualified Organization or an agent (including a broker, nominee or middleman)
        of a Disqualified Organization, 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, including, but not limited to, the receipt
        of
        distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust
        Administrator  or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Master Servicer, the Trust Administrator, the Trustee nor
        any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

      
         

        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                 

                __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-21

       

      FORM
        OF
        CLASS X CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      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
        CLASS X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                May
                  1, 2007

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                June
                  25, 2007

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Class

                 

              	
                :

                 

              	
                X

                 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Servicer, the Master Servicer, the Trust
        Administrator, the Custodian and 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 have the meanings assigned
        in the Agreement.  This Certificate is issued under and is subject to
        the terms, provisions and conditions of the Agreement, to which Agreement
        the
        Holder of this Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent 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
        Corporate Trust Office maintained by the Trust Administrator.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      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, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicers and the Trust Administrator and of Holders of the
        requisite percentage of the Percentage Interests of each Class of Certificates
        affected by such amendment, as specified in the Agreement. Any such consent
        by
        the Holder of this Certificate shall be conclusive and binding on such Holder
        and upon all future Holders of this Certificate and of any Certificate issued
        upon the transfer hereof or in exchange therefor or in lieu hereof whether
        or
        not notation of such consent is made upon this Certificate. The Agreement
        also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trustee as provided in the Pooling
        and Servicing Agreement accompanied by a written instrument of transfer in
        form
        satisfactory to the Trust Administrator and the Certificate Registrar duly
        executed by the holder hereof or such holder’s attorney duly authorized in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations and evidencing the same aggregate Percentage Interest
        in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, the Certificates are
        exchangeable for new Certificates of the same Class in authorized denominations
        and evidencing the same aggregate Percentage Interest, as requested by the
        Holder surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicers and the Trust Administrator and any agent of the
        Depositor, the Servicers, or the Trust Administrator may treat the Person
        in
        whose name this Certificate is registered as the owner hereof for all purposes,
        and none of the Depositor, the Trust Administrator, the Servicers, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trustee upon the earliest of (i) the Distribution
        Date on which the Certificate Principal Balances of the Regular Certificates
        have been reduced to zero, (ii) the final payment or other liquidation of
        the
        last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
        of
        the Mortgage Loans as described in the Agreement and (iv) the Distribution
        Date
        in May 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      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 Trust Administrator and the Depositor 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 Trust
        Administrator and the Depositor of an Opinion of Counsel 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 Servicers, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor 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, the Trust Administrator and the Depositor against
        any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      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(e) 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 Trustee 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 Trust 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 Trust 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 X Certificate in violation of the restrictions
        mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trustee.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        May __, 2007

       

       

      
        
          
            
              
                
                  
                    	 	
                            WELLS
                              FARGO BANK,
                              N.A., not in its individual capacity, but solely as
                              Trust Administrator
                              for the MASTR Asset Backed Securities Trust 2007-HE1,
                              Mortgage
                              Pass-Through Certificates

                             

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            Authorized
                              Officer

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                   

                   

                   

                  CERTIFICATE
                    OF AUTHENTICATION

                   

                  This
                    is
                    one of the Certificates referred to in the within-mentioned
                    Agreement.

                   

                  
                    	 	
                            WELLS
                              FARGO BANK, N.A.,

                            as
                              Trust Administrator

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
                              

                          	 	 
	 	 	
                            
                              Authorized
                                Signatory

                            

                          	 
	 	 	 	 
	 	 	 	 

                  

                   

                

              

            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM -

                 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian           

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                     __________________

                             (State)

              
	
                TEN
                  ENT  -

                 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN     -

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                 tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        ________________________________________________________________

      

      
        	 	
                .

              

      

       (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      [RESERVED]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C-1

       

      FORM
        OF
        INITIAL CERTIFICATION

       

      [Date]

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

                 

              	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                Attn:
                  Client Manager: MABS 2007-HE1

                 

              
	
                U.S.
                  Bank National Association

                60
                  Livingston Avenue

                EP-MN-WS3D

                St.
                  Paul, MN 55107

                Attn:
                  Structured Finance/MASTR 2007-HE1

              	
                Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing

                4837
                  Watt Avenue

                North
                  Highlands, California 95660

                 

              
	
                 

                Wells
                  Fargo Home Mortgage

                1
                  Home Campus

                Des
                  Moines, IA 50328-0001

                Attention:
                  General Counsel

              	
                [NIMS
                  Insurer]

              

      

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of May 1, 2007, among Mortgage
                  Asset
                  Securitization Transactions, Inc. as Depositor, Wells Fargo Bank,
                  N.A. as
                  Master Servicer, Trust Administrator and Custodian, Wells Fargo
                  Bank, N.A.
                  as Servicer, Barclays Capital Real Estate Inc. d/b/a HomEq
                  Servicing as Servicer and U.S.
                  Bank National Association as
                  Trustee

              

      

      
        	
                 

              	
                Mortgage
                  Pass-Through Certificates, Series
                  2007-HE1

              

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the [Custodian’s] [Trustee’s] preliminary exception report delivered in
        accordance with Section 2.02 of the referenced Pooling and Servicing Agreement
        (the “Pooling and Servicing Agreement”). Capitalized terms used but not
        otherwise defined herein shall have the meanings set forth in the Pooling
        and
        Servicing Agreement.

       

      The
        [Custodian] [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 [Custodian] [Trustee] makes no
        representations as to (i) the validity, legality, sufficiency, enforceability
        or
        genuineness of any of the documents contained in the Mortgage File pertaining
        to
        the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan or (iii) whether any Mortgage File included any of the documents specified
        in clause (vi) of Section 2.01 of the Pooling and Servicing
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	 	
                [Custodian/
                  Trustee]

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        C-2

       

      FORM
        OF
        FINAL CERTIFICATION

       

      [Date]

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

                 

              	
                U.S.
                  Bank National Association

                60
                  Livingston Avenue

                EP-MN-WS3D

                St.
                  Paul, MN 55107

                Attn:
                  Structured Finance/MASTR 2007-HE1

              
	 	 
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                Attn:
                  Client Manager: MABS 2007-HE1

              	
                Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing

                4837
                  Watt Avenue

                North
                  Highlands, California 95660

                 

              
	 	 
	
                Wells
                  Fargo Home Mortgage

                1
                  Home Campus

                Des
                  Moines, IA 50328-0001

                Attention:
                  General Counsel

              	
                [NIMS
                  Insurer]

              

      

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of May 1, 2007, among Mortgage
                  Asset
                  Securitization Transactions, Inc. as Depositor, Wells Fargo Bank,
                  N.A. as
                  Master Servicer, Trust Administrator and Custodian, Wells Fargo
                  Bank, N.A.
                  as Servicer, Barclays Capital Real Estate Inc. d/b/a HomEq
                  Servicing as Servicer and U.S.
                  Bank National Association as
                  Trustee

              

      

      
        	
                 

              	
                Mortgage
                  Pass-Through Certificates, Series
                  2007-HE1

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as [Custodian] [Trustee], hereby certifies that as to each Mortgage
        Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
        in
        full or listed on Schedule I hereto) it (or its custodian) has received the
        applicable documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in the Mortgage Loan Schedule is
        correct.

       

      The
        [Custodian] [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 [Custodian] [Trustee] makes no
        representations as to (i) the validity, legality, sufficiency, enforceability
        or
        genuineness of any of the documents contained in the Mortgage File pertaining
        to
        the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan or (iii) whether any Mortgage File included any of the documents specified
        in clause (vi) of Section 2.01 of the Pooling and Servicing
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	 	[CUSTODIAN/
                TRUSTEE]	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        C-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTES

       

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

                 

              	
                [NIMS
                  Insurer]

              
	 	 
	 	 

      

      

       

       

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of May 1, 2007, among Mortgage
                  Asset
                  Securitization Transactions, Inc. as Depositor, Wells Fargo Bank,
                  N.A. as
                  Master Servicer, Trust Administrator and Custodian, Wells Fargo
                  Bank, N.A.
                  as Servicer, Barclays Capital Real Estate Inc. d/b/a HomEq
                  Servicing as Servicer and U.S.
                  Bank National Association as
                  Trustee

              

      

      
        	
                 

              	
                Mortgage
                  Pass-Through Certificates, Series
                  2007-HE1

              

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.02 of the Pooling and Servicing Agreement, dated as of May 1,
        2007,
        among Mortgage Asset Securitization Transactions, Inc. as Depositor, Wells
        Fargo
        Bank, N.A. as Master Servicer, Trust Administrator and Custodian (the “Master
        Servicer”, the “Trust Administrator” and the “Custodian”), Wells Fargo Bank,
        N.A. as Servicer, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing
        as
        Servicer (together with Wells Fargo Bank, N.A., the “Servicers”) and U.S. Bank
        National Association as Trustee, we hereby acknowledge the receipt of the
        original Mortgage Notes (a copy of which is attached hereto as Exhibit 1)
        with
        any exceptions thereto listed on Exhibit 2.

       

      
        	 	
                [TRUSTEE/
                  CUSTODIAN]

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      FORMS
        OF
        ASSIGNMENT AGREEMENTS

       

      
         

         

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated May 30, 2007, (“Agreement”)
          between UBS Real Estate Securities Inc. (“Assignor”) and Mortgage Asset
          Securitization Transactions, Inc. (“Assignee”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

         

        I.  Assignment
          and Conveyance

         

        The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          First
          Street Financial, Inc. (the “Company”) on the schedule (the “Mortgage
          Loan Schedule”) attached hereto as Exhibit A (the “Mortgage Loans”)
          and (b) except as described below, that certain Master Seller’s Purchase,
          Warranties and Interim Servicing Agreement dated as of August 1, 2004,
          as
          amended (the “Purchase Agreement”), between the Assignor, as purchaser
          (the “Purchaser”), and the Company, as seller, solely insofar as the
          Purchase Agreement relates to the Mortgage Loans and (y) other than as
          provided
          below with respect to the enforcement of representations and warranties,
          none of
          the obligations of the Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the mortgage loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.  The Assignor also maintains its
          rights to enforce any obligations of the Company pursuant to the Purchase
          Agreement.

         

        II.           The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  Each
          Mortgage Loan 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 and abusive lending laws;

         

        (b)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws;

         

        (c)  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 5.7 Revised, Appendix E); and

         

        (d)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act;

         

         

        III.  Remedies
          for Breach of Representations and Warranties

         

        The
          remedies available to the Assignor, the Assignee and the Trust (including
          the
          Trustee and the Master Servicer acting on the Trust’s behalf) in connection with
          any breach of the representations and warranties made by the Company set
          forth
          in Section 3.02 of the Purchase Agreement shall be as set forth in Section
          2.03
          of the Pooling and Servicing Agreement and Subsection 3.03 of the Purchase
          Agreement as if they were set forth herein (including without limitation
          the
          repurchase and indemnity obligations set forth therein).  It is
          understood by the parties hereto that a breach of the representations and
          warranties made in Subsections 3.02 (ee), (uu), (vv), (ccc) and (ggg) of
          the
          Purchase Agreement shall be deemed to materially and adversely affect the
          value
          of the related mortgage loan or the interests of the Trust in the related
          mortgage loans.

         

        Within
          60
          days of the earlier of discovery by the Assignor or receipt of notice by
          the
          Assignor of (i) the breach of any representation or warranty of the Company
          set
          forth in Section 3.02 of the Purchase Agreement which materially and adversely
          affects the interests of the Certificateholders in any of the Mortgage
          Loan and
          for which the Company has failed to cure such breach in accordance with
          the
          terms of the Purchase Agreement and (ii)(a) the fact that the Company is
          no
          longer an operating company or (b) an Officers’ Certificate certifying to the
          fact that the Company is financially unable to cure such breach pursuant
          to the
          terms of the Purchase Agreement, the Assignor shall take such action described
          in Section 2.03 of the Pooling Agreement in respect of such Mortgage Loan.
          Such
          obligation of the Assignor shall continue until such time that the Rating
          Agencies inform the Assignee and the Assignor in writing that such obligation
          is
          no longer required in order for the Rating Agencies to maintain their
          then-current ratings on the Certificates.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Master Servicer acting
          on
          the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in this Agreement shall be as
          set
          forth in Section 2.03 of the Pooling and Servicing Agreement as if they
          were set
          forth herein (including without limitation the repurchase obligations set
          forth
          therein).

         

         

        V.  Miscellaneous

         

        This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee and the Trust Administrator.

         

        This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and the Master Servicer acting on the Trust’s behalf). Any entity
          into which Assignor, Assignee or Company may be merged or consolidated
          shall,
          without the requirement for any further writing, be deemed Assignor, Assignee
          or
          Company, respectively, hereunder.

         

        Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control.

         

        Capitalized
          terms used in this Agreement (including the exhibits hereto)  but not
          defined in this Agreement shall have the meanings given to such terms in
          the
          Purchase Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 	 	 	 	 	
                  UBS
                    REAL ESTATE SECURITIES INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        

        Available
          Upon Request

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          1

        

        Capitalized
          terms used herein but not defined in this Schedule 1 shall have the meanings
          given to such terms in the Purchase Agreement:

         

        
          	
                	
                  Section
                    3.02

                	
                  Representations
                    and Warranties as to Individual Mortgage
                    Loans.

                

        

         

        The
          Company hereby represents and warrants to the Purchaser, as to each Mortgage
          Loan, as of the related Closing Date and as of the related Servicing Transfer
          Date as follows:

         

        (a)  The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects;

         

        (b)  The
          Mortgage creates a (A) first lien and first priority security interest
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and
          second
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
          in either case, in the related Mortgaged Property securing the related
          Mortgage
          Note;

         

        (c)  All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

         

        (d)  All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

         

        (e)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments which have been
          recorded
          to the extent any such recordation is required by law.  No instrument
          of waiver, alteration or modification has been executed, and no Mortgagor
          has
          been released, in whole or in part, from the terms thereof except in connection
          with an assumption agreement and which assumption agreement is part of
          the
          Mortgage File and the terms of which are reflected in the related Mortgage
          Loan
          Schedule; the substance of any such waiver, alteration or modification
          has been
          approved by the issuer has been approved by the issuer of any related title
          insurance policy, to the extent required by the related policy.

         

        (f)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g)  All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          either
          (1) the outstanding principal balance of the Mortgage Loan with respect
          to each
          Mortgage Loan which is indicated by the Company to be a First Lien (as
          reflected
          on the Mortgage Loan Schedule) or (2) with respect to each Second Lien
          Mortgage
          Loan, the sum of the outstanding principal balance of the first lien on
          such
          Mortgage Loan and the outstanding principal balance of such Second Lien
          Mortgage
          Loan, and (b) an amount such that the proceeds thereof shall be sufficient
          to
          prevent the Mortgagor and/or the mortgagee from becoming a co-insurer,
          but in no
          event greater than the maximum amount permitted under applicable law. All
          such
          standard hazard policies are in full force and effect and on the date of
          origination contained a standard mortgagee clause naming the Company and
          its
          successors in interest and assigns as loss payee and such clause is still
          in
          effect and all premiums due thereon have been paid.  If required by
          the Flood Disaster Protection Act of 1973, as amended, the Mortgage Loan
          is
          covered by a flood insurance policy meeting the requirements of the current
          guidelines of the Federal Insurance Administration which policy conforms
          to
          Fannie Mae and Freddie Mac requirements, in an amount not less than the
          amount
          required by the Flood Disaster Protection Act of 1973, as
          amended.  Such policy was issued by an insurer acceptable under Fannie
          Mae or Freddie Mac guidelines.  The Mortgage obligates the Mortgagor
          thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
          and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
          to maintain such insurance at the Mortgagor’s cost and expense and to seek
          reimbursement therefor from the Mortgagor;

         

        (h)  Each
          Mortgage Loan and, if any, the related prepayment penalty complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth-in-lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          fair housing, disclosure, or predatory, fair and abusive lending laws applicable
          to the origination and servicing of loans of a type similar to the Mortgage
          Loans and the consummation of the transactions contemplated hereby will
          not
          involve the violation of any such laws;

         

        (i)  The
          Mortgage has not been satisfied, canceled or subordinated (other than the
          subordination of any Second Lien Mortgage Loan to the related First Lien),
          in
          whole or in part, or rescinded, and the Mortgaged Property has not been
          released
          from the lien of the Mortgage, in whole or in part nor has any instrument
          been
          executed that would effect any such release, cancellation, subordination
          or
          rescission. The Company has not waived the performance by the Mortgagor
          of any
          action, if the Mortgagor’s failure to perform such action would cause the
          Mortgage Loan to be in default, nor has the Company waived any default
          resulting
          from any action or inaction by the Mortgagor;

         

        (j)  The
          related Mortgage is a valid, subsisting, enforceable and perfected (A)
          first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, on the Mortgaged Property including all buildings on the Mortgaged
          Property and all installations and mechanical, electrical, plumbing, heating
          and
          air conditioning systems affixed to such buildings, and all additions,
          alterations and replacements made at any time with respect to the foregoing
          securing the Mortgage Note’s original principal balance.  The Mortgage
          and the Mortgage Note do not contain any evidence of any security interest
          or
          other interest or right thereto.  Such lien is free and clear of all
          adverse claims, liens and encumbrances having priority over the first lien
          of
          the Mortgage subject only to (1) the lien of non-delinquent current real
          property taxes and assessments not yet due and payable, (2) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording which are acceptable to mortgage
          lending institutions generally and either (A) which are referred to or
          otherwise
          considered in the appraisal made for the originator of the Mortgage Loan,
          or (B)
          which do not adversely affect the appraised value of the Mortgaged Property
          as
          set forth in such appraisal, (3) 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 the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property and (4) with respect to
          each
          Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
          Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged
          Property.  Any security agreement, chattel mortgage or equivalent
          document related to and delivered in connection with the Mortgage Loan
          establishes and creates a valid, subsisting, enforceable and perfected
          (A) first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, on the property described therein, and the Company has the
          full
          right to sell and assign the same to the Purchaser;

         

        (k)  The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser.  All parties to the Mortgage Note and the Mortgage had the
          legal capacity to enter into the Mortgage Loan and to execute and deliver
          the
          Mortgage Note and the Mortgage.  The Mortgage Note and the Mortgage
          have been duly and properly executed by such parties. No fraud, error,
          omission,
          misrepresentation, negligence or similar occurrence with respect to a Mortgage
          Loan has taken place on the part of the Company or the Mortgagor, or, on
          the
          part of any other party involved in the origination of the Mortgage
          Loan.  The proceeds of the Mortgage Loan have been fully disbursed and
          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 the
          Mortgage Loan and the recording of the Mortgage were paid or are in the
          process
          of being paid, and the Mortgagor is not entitled to any refund of any amounts
          paid or due under the Mortgage Note or Mortgage;

         

        (l)  The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge other
          than
          with respect to a lien of a warehouse lender which lien was released by
          such
          lender simultaneously with or prior to the payment of the Purchase Price
          by the
          Purchaser as evidenced by a security release certification delivered to
          the
          Purchaser pursuant to Section 2.09 of this Agreement.  The Company had
          good and marketable title to and was the sole owner thereof and had full
          right
          to transfer and sell the Mortgage Loan to the Purchaser free and clear
          of any
          encumbrance, equity, lien, pledge, charge, claim or security interest and
          has
          the full right and authority subject to no interest or participation of,
          or
          agreement with, any other party, to sell and assign the Mortgage Loan pursuant
          to this Agreement and following the sale of the Mortgage Loan, the Purchaser
          will own such Mortgage Loan free and clear of any encumbrance, equity,
          participation interest, lien, pledge, charge, claim or security
          interest.  The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in this Agreement.  Either the Mortgagor is
          a natural person or the Mortgagor is an inter-vivos trust acceptable to
          Fannie
          Mae.  With respect to each inter-vivos trust, holding title to the
          Mortgaged Property in such trust will not diminish any rights as a creditor
          including the right to full title to the Mortgaged Property in the event
          foreclosure proceedings are initiated;

         

        (m)  Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy (or, with
          respect to any Second Lien Mortgage Loan, by a short form title report)
          issued
          by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified
          to do
          business in the jurisdiction where the Mortgaged Property is located, insuring
          (subject to the exceptions contained in (j)(1), (2) and (3) above and,
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          Second
          Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause
          (4)) the
          Company, its successors and assigns, as to the first (or, where applicable,
          second) priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan and, with respect to each Adjustable Rate Mortgage Loan,
          against
          any loss by reason of the invalidity or unenforceability of the lien resulting
          from the provisions of the Mortgage providing for adjustment in the Mortgage
          Interest Rate and Monthly Payment.  Additionally, such policy
          affirmatively insures ingress and egress to and from the Mortgaged
          Property.  Where required by applicable state law or regulation, the
          Mortgagor has been given the opportunity to choose the carrier of the required
          mortgage title insurance.  The Company, its successors and assigns,
          are the sole insureds of such lender’s title insurance policy, such title
          insurance policy has been duly and validly endorsed to the Purchaser or
          the
          assignment to the Purchaser of the Company’s interest therein does not require
          the consent of or notification to the insurer and such lender’s title insurance
          policy is in full force and effect and will be in full force and effect
          upon the
          consummation of the transactions contemplated by this Agreement and the
          related
          Confirmation.  No claims have been made under such lender’s title
          insurance policy, and no prior holder of the related Mortgage, including
          the
          Company, has done, by act or omission, anything which would impair the
          coverage
          of such lender’s title insurance policy;

         

        (n)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, 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 permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration.  With respect to each
          Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
          Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien is
          in full
          force and effect, (ii) there is no default, breach, violation or event
          of
          acceleration existing under such First Lien mortgage or the related mortgage
          note, (iii) to the best of Company’s knowledge, no event which, 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 thereunder,
          and
          either (A) the First Lien mortgage contains a provision which allows or
          (B)
          applicable law requires, the mortgagee under the Second Lien Mortgage Loan
          to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the First Lien mortgage;

         

        (o)  There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to or equal to the lien of the related Mortgage;

         

        (p)  All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

         

        (q)  The
          Mortgage Loan was originated by or for the Company.  The Mortgage Loan
          complies with all the terms, conditions and requirements of the Company’s
          Underwriting Standards in effect at the time of origination of such Mortgage
          Loan subject to exceptions which are in writing in the Mortgage File and
          were
          approved by the Purchaser prior to the related Closing Date.  The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac.  The Mortgage Loan bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month.  The Mortgage contains the usual and
          enforceable provisions of the originator at the time of origination for
          the
          acceleration of the payment of the unpaid principal amount of the Mortgage
          Loan
          if the related Mortgaged Property is sold without the prior consent of
          the
          mortgagee thereunder;

         

        (r)  The
          Mortgaged Property is not subject to any material damage by waste, fire,
          earthquake, windstorm, flood or other casualty, and is in good
          repair.  At origination of the Mortgage Loan there was, and there
          currently is, no proceeding pending for the total or partial condemnation
          of the
          Mortgaged Property. There have not been any condemnation proceedings with
          respect to the Mortgaged Property and there are no such proceedings scheduled
          to
          commence at a future date;

         

        (s)  The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby.  There is no homestead or other exemption available to the
          Mortgagor which would interfere with the right to sell the Mortgaged Property
          at
          a trustee’s sale or the right to foreclose the Mortgage;

         

        (t)  If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

         

        (u)  The
          Mortgage File contains an appraisal of the related Mortgaged
          Property  which, (a) with respect to First Lien Mortgage Loans, is on
          appraisal form 1004 or form 2055 with an interior inspection, or (b) with
          respect to Second Lien Mortgage Loans, is on appraisal form 704, 2065 or
          2055,
          and (c) with respect to (a) or (b) above was signed prior to the final
          approval
          of the mortgage loan application by a Qualified Appraiser, 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, and the appraisal and appraiser both
          satisfy
          the requirements of Fannie Mae or Freddie Mac and Title XI of FIRREA and
          the
          regulations promulgated thereunder, all as in effect on the date the Mortgage
          Loan was originated.  The appraisal is in a form acceptable to Fannie
          Mae or Freddie Mac;

         

        (v)  All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (w)  The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to in (j) above
          and
          such collateral does not serve as security for any other
          obligation;

         

        (x)  The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

         

        (y)  The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature;  no Mortgage
          Loan contains any buydown provisions;

         

        (z)  The
          Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and the
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

         

        (aa)  Except
          with respect to any IO Mortgage Loan, principal payments on the Mortgage
          Loan
          commenced no more than sixty (60) days after the funds were disbursed in
          connection with the Mortgage Loan. The Mortgage Loans have an original
          term to
          maturity of not more than 30 years, with interest payable in arrears on
          the
          first day of each month. The Mortgage Loan bears interest at the Mortgage
          Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is
          payable
          on the first day of each month in Monthly Payments which, with respect
          to a
          Mortgage Loan other than an IO Mortgage Loan or Balloon Mortgage Loan,
          requires
          a monthly payment which in the case of a Fixed Rate Mortgage Loan, is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate, and in the case
          of an
          Adjustable Rate Mortgage Loan, is changed on each Adjustment Date and is
          sufficient to fully amortize the original principal balance over the original
          term thereof and to pay interest at the related Mortgage Interest Rate.
          With
          respect to each Balloon Mortgage Loan, the Mortgage Note requires a monthly
          payment which is sufficient to fully amortize the original principal balance
          over the original term thereof and to pay interest at the related Mortgage
          Interest Rate and requires a final Monthly Payment substantially greater
          than
          the preceding monthly payment which is sufficient to repay the remained
          unpaid
          principal balance of the Balloon Mortgage Loan as the Due Date of such
          monthly
          payment.  With respect to each IO Mortgage Loan, the interest-only
          period shall not exceed the interest-only period set forth on the related
          Mortgage Loan Schedule and following the expiration of such interest-only
          period, the remaining Monthly Payments shall be sufficient to fully amortize
          the
          original principal balance over the remaining term of the Mortgage
          Loan.  No Mortgage Loan contains terms or provisions which would
          result in negative amortization.  No Mortgage Loan provides for the
          capitalization or forbearance of interest;

         

        (bb)  No
          Mortgage Loan is subject to a lender-paid mortgage insurance
          policy;

         

        (cc)  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        (dd)  The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home.  As of the date of origination, no portion of the
          Mortgaged Property was used for commercial purposes, and since the date
          or
          origination no portion of the Mortgaged Property has been used for commercial
          purposes;

         

        (ee)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a prepayment penalty. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a prepayment penalty, such prepayment
          penalty
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          prepayment penalty, such prepayment penalty does not extend beyond three
          years
          after the date of origination.  Any such prepayment penalty is
          permissible and enforceable in accordance with its terms upon the mortgagor’s
          full and voluntary principal prepayment under applicable law, except to
          the
          extent that: the enforceability thereof may be limited by bankruptcy,
          insolvency, moratorium, receivership and other similar laws relating to
          creditors' rights; the collectability thereof may be limited due to acceleration
          in connection with a foreclosure or other involuntary prepayment; or subsequent
          changes in applicable law may limit or prohibit enforceability thereof
          under
          applicable law.  With respect to any Mortgage Loan that contains a
          provision permitting imposition of a penalty upon a prepayment prior to
          maturity: (i) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g., a
          rate or fee reduction) in exchange for accepting such prepayment penalty;
          (ii)
          the Mortgage Loan’s originator had a written policy of offering the Mortgagor,
          or requiring third-party brokers to offer the Mortgagor, the option of
          obtaining
          a Mortgage Loan that did not require payment of such a prepayment penalty
          and
          the Mortgagor was offered such a product by the Mortgage Loan’s originator;
          (iii) the prepayment penalty was adequately disclosed to the Mortgagor
          in the
          loan documents pursuant to applicable state and federal law; and (iv) 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 Mortgagor’s default, notwithstanding that the terms of
          the Mortgage Loan or state or federal law might permit the imposition of
          such
          prepayment penalty;

         

        (ff)  The
          Mortgaged Property is lawfully occupied under applicable law, and 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;

         

        (gg)  [Reserved];

         

        (hh)   There
          is no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property;

         

        (ii)  The
          Mortgagor has not notified the Company requesting relief under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, and
          the Company has no knowledge of any relief requested or allowed to the
          Mortgagor
          under the Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers
          Civil Relief Act or any similar state laws;

         

        (jj)  As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (kk)  No
          action
          has been taken or failed to be taken on or prior to the related Closing
          Date
          which has resulted or will result in an exclusion from, denial of, or defense
          to
          coverage under any insurance policy related to a Mortgage Loan (including,
          without limitation, any exclusions, denials or defenses which would limit
          or
          reduce the availability of the timely payment of the full amount of the
          loss
          otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud, or for any other
          reason under such coverage;

         

        (ll)  The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

         

        (mm)  With
          respect to each Mortgage Loan secured in whole or in part by the interest
          of the
          Mortgagor as a lessee under a ground lease of a Mortgaged Property (a “Ground
          Lease”) the real property securing such Mortgage Loan is located in a
          jurisdiction in which the use of leasehold estates for residential properties
          is
          a widely-accepted practice and:

         

        (a)  The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

         

        (b)  The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c)  The
          mortgagor is not in default under any of the terms thereof and there are
          no
          circumstances which, with the passage of time or the giving of notice or
          both,
          would constitute an event of default thereunder;

         

        (d)  The
          lessor under the Ground Lease is not in default under any of the terms
          or
          provisions thereof on the part of the lessor to be observed or
          performed;

         

        (e)  The
          term
          of the Ground Lease exceeds the maturity date of the related Mortgage Loan
          by at
          least five years;

         

        (f)  The
          Ground Lease or a memorandum thereof has been recorded and by its terms
          permits
          the leasehold estate to be mortgaged.  The Ground Lease grants any
          leasehold mortgagee standard protection necessary to protect the security
          of a
          leasehold mortgagee;

         

        (g)  The
          Ground Lease does not contain any default provisions that could give rise
          to
          forfeiture or termination of the Ground Lease except for the non-payment
          of the
          Ground Lease rents;

         

        (h)  The
          execution, delivery and performance of the Mortgage do not require the
          consent
          (other than those consents which have been obtained and are in full force
          and
          effect) under, and will not contravene any provision of or cause a default
          under, the Ground Lease; and

         

        (i)  The
          Ground Lease provides that the leasehold can be transferred, mortgaged
          and
          sublet an unlimited number of times either without restriction or on payment
          of
          a reasonable fee and delivery of reasonable documentation to the
          lessor;

         

        (nn)  With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (oo)  With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (pp)  Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (qq)  Except
          as
          provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          this Agreement.  With respect to each Mortgage Loan, the Company is in
          possession of a complete Mortgage File and Servicing File except for such
          documents as have been delivered to the Purchaser or its designee;

         

        (rr)  All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that is e inaccurate
          or
          misleading in any material respect;

         

        (ss)   There
          does not exist on the related Mortgaged Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation;

         

        (tt)  No
          Mortgage Loan had a Loan-to-Value Ratio or Combined Loan-to-Value Ratio
          at the
          time of origination of more than 100% or such other percentage set forth
          in the
          related Confirmation;

         

        (uu)  No
          Mortgage Loan is (a) subject to, covered by or in violation of the Home
          Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
          cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
          law, including any predatory or abusive lending laws (or a similarly classified
          loan using different terminology under a law imposing heightened regulatory
          scrutiny or additional legal liability for a residential mortgage loan
          having
          high interest rates, points and/or fees), (c) a High Cost Loan or Covered
          Loan,
          as applicable (as such terms are defined in the current Standard & Poor’s
          LEVELS® Glossary, Appendix E) or (d) in violation of any state law or ordinance
          comparable to HOEPA.  No Mortgage Loan (including purchase money loans
          or refinance transactions) has an “annual percentage rate” or “total points and
          fees” payable by the Mortgager (as each such term is defined under HOEPA) that
          equal or exceed the applicable thresholds defined under HOEPA (Section
          32 of
          Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii);

         

        (vv)  No
          Mortgagor was required to purchase any credit life, disability, accident,
          unemployment, property or health insurance product or debt cancellation
          agreement as a condition of obtaining the extension of credit.  No
          Mortgagor obtained a prepaid single premium credit life, disability,
          unemployment, property, mortgage, accident or health insurance policy in
          connection with the origination of the Mortgage Loan; No proceeds from
          any
          Mortgage Loan were used to purchase or finance single-premium insurance
          policies
          or debt cancellation agreements as part of the origination of or as a condition
          to closing, such Mortgage Loan;

         

        (ww)  Any
          principal advances made to the Mortgagor prior to the related Closing 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. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Company to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
          in either case, by a title insurance policy, an endorsement to the policy
          insuring the mortgagee’s consolidated interest or by other title evidence
          acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount
          does
          not exceed the original principal amount of the Mortgage Loan;

         

        (xx)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (yy)  [Reserved];

         

        (zz)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        (aaa)  With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (bbb)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume the characteristics of site-built housing and must otherwise conform
          to
          the requirements of Fannie Mae and Freddie Mac, including without limitation
          the
          requirement that such manufactured housing will be the principal residence
          of
          the Mortgagor upon origination of the Mortgage Loan;

         

        (ccc)  With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information (e.g., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company
          (three of the credit repositories), in accordance with the Fair Credit
          Reporting
          Act and its implementing regulations, on a monthly basis and the Company
          will
          furnish for each Mortgage Loan, in accordance with the Fair Credit Reporting
          Act
          and its implementing regulations, accurate and complete information (e.g.,
          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;

         

        (ddd)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money Laundering Laws”); the Company has
          established an anti-money laundering compliance program as required by
          the
          Anti-Money Laundering Laws, has conducted the requisite due diligence in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the property in question, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws.  No Mortgage Loan is subject to nullification
          pursuant to Executive Order 13224 (the “Executive Order”) or the regulations
          promulgated by the Office of Foreign Assets Control of the United States
          Department of the Treasury (the “OFAC Regulations”) or in violation of the
          Executive Order or the OFAC Regulations, and no Mortgagor is subject to
          the
          provisions of such Executive Order or the OFAC Regulations nor listed as
          a
“blocked person” for purposes of the OFAC Regulations;

         

        (eee)  With
          respect to each Mortgage Loan which is a Second Lien Mortgage Loan (i)
          if the
          related first lien provides for negative amortization, the LTV was calculated
          at
          the maximum principal balance of such first lien that could result upon
          application of such negative amortization feature, and (ii) either no consent
          for the Mortgage Loan is required by the holder of the first lien or such
          consent has been obtained and is contained in the Mortgage File;

         

        (fff)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to the applicable Mortgagor without regard for said
          Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
          said Mortgagor which has no apparent benefit to said Mortgagor, were employed
          by
          the originator of the Mortgage Loan in connection with the origination
          of the
          Mortgage Loan. Each Mortgage Loan is in compliance with the anti-predatory
          lending eligibility for purchase requirements of  Fannie Mae’s Selling
          Guide;

         

        (ggg)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
          Act, as amended (the “Georgia Act”) or New York Banking Law 6-1.  No
          Mortgage Loan secured by owner occupied real property or an owner occupied
          manufactured home located in the State of Georgia was originated (or modified)
          on or after October 1, 2002 through and including March 6, 2003;

         

        (hhh)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans,” as defined in Section 6-L of the New York State Banking
          Law;

         

        (iii)  No
          Mortgagor was 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 Mortgagor’s credit history,
          income, assets and liabilities.  Any Mortgagor who sought financing
          through Mortgage Loan originator’s higher-priced subprime lending channel was
          directed towards or offered the Mortgage Loan originator’s standard mortgage
          line if the Mortgagor was able to qualify for one of the standard
          products.  If, at the time of loan application, the Mortgagor may have
          qualified for a lower cost credit product then offered by any mortgage
          lending
          affiliate of the Mortgage Loan’s originator, the Mortgage Loan’s originator
          referred the Mortgagor’s application to such affiliate for underwriting
          consideration;

         

        (jjj)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such extension of
          credit.  The methodology employed objective criteria that related such
          facts as, without limitation, the Mortgagor’s credit history, income, assets or
          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 Mortgagor had the ability to make timely payments on
          the
          Mortgage Loan;

         

        (kkk)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Mortgage Loan have been disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (lll)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          Mortgagor in accordance with applicable state and federal law and
          regulation.  No Mortgagor was charged “points and fees” (whether or
          not financed) in an amount that exceed the greater of (1) 5% of the principal
          amount of such Mortgage Loan (such 5% limitation is calculated in accordance
          with Fannie Mae’s requirements set forth in the Fannie Mae Selling Guide) or (2)
          $1,000;

         

        (mmm)  [Reserved];

         

        (nnn)  As
          of the
          Closing Date, each Loan is eligible for sale in the secondary mortgage
          market or
          for securitization without unreasonable credit enhancement.

         

        (ooo)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 14, 2003 (Act 1340 or 2003);

         

        (ppp)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 25, 2003 (Ky. Rev. Stat. Section
          360.100).

         

        (qqq)  [Reserved];

         

        (rrr)  No
          Mortgage Loan originated in the City of Oakland is subject to the City
          of
          Oakland, California Ordinance 12361, (the “Ordinance”) as a home
          loan;

         

        (sss)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity Protection Act;

         

        (ttt)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (uuu)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

        (vvv)  No
          Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
          Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
          Act is considered under the NJ Act as, either, a (1) purchase money Home
          Loan,
          (2) purchase money Covered Loan, or (3) a rate/term refinance Home
          Loan;

         

        (www)  No
          Mortgage Loan originated in the city of Los Angeles, California on or after
          the
          effective date of the Los Angeles, California anti-predatory lending ordinance
          is a “high-cost refinance home loan” under such ordinance;

         

        (xxx)  No
          Mortgage Loan that is secured by property located within the State of Maine
          meets the definition of a (i) “high-rate, high-fee” mortgage loan under Article
          VIII, Title 9-A of the Maine Consumer Credit Code  No Mortgage Loan or
          (ii) “High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494,
          effective as of September 13, 2003;

         

        (yyy)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction;

         

        (zzz)  With
          respect to any Mortgage Loan for which a mortgage loan application was
          submitted
          by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by
          Mortgaged
          Property in the State of Illinois which has a Mortgage Interest Rate in
          excess
          of 8.0% per annum has lender-imposed fees (or other charges) in excess
          of 3.0%
          of the original principal balance of the Mortgage Loan;

         

        (aaaa)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (bbbb)  No
          Mortgage Loan is a Convertible Mortgage Loan;

         

        (cccc)  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term "borrower" is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          the
          Massachusetts General Laws Chapter 183, Section 28C) unless (a) the related
          Mortgage Interest Rate (that would be effective once the introductory rate
          expires, with respect to Adjustable Rate Mortgage Loans) did or would not
          exceed
          by more than 2.50% the yield on United States Treasury securities having
          comparable periods of maturity to the maturity of the related Mortgage
          Loan as
          of the fifteenth day of the month immediately preceding the month in which
          the
          application for the extension of credit was received by the related lender
          or
          (b) the Mortgage Loan is an “open-end home loan” (as such term is used in the
          Massachusetts General Laws Chapter 183, Section 28C or the regulations
          promulgated in connection therewith) and the related Mortgage Note provides
          that
          the related Mortgage Interest Rate may not exceed at any time the Prime
          rate
          index as published in the Wall Street Journal plus a margin of one
          percent;

         

        (dddd)  No
          Mortgagor was charged “points and fees” in an amount greater than (a) $1,000 or
          (b) 5% of the principal amount of the related Mortgage Loan, whichever
          is
          greater. For purposes 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 that, in total, do not exceed 0.25 percent of the loan amount;
          and

         

        (eeee)  With
          respect to each Mortgage Loan, the related residence or dwelling is not
          a
          manufactured housing unit.

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          ASSIGNMENT
            AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT AND RECOGNITION AGREEMENT, dated May 30, 2007, (“Agreement”)
            among UBS Real Estate Securities Inc. (“Assignor”), Mortgage Asset
            Securitization Transactions, Inc. (“Assignee”) and EquiFirst Corporation
            (the “Company”):

           

          For
            and
            in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
            consideration the receipt and sufficiency of which hereby are acknowledged,
            and
            of the mutual covenants herein contained, the parties hereto hereby agree
            as
            follows:

           

          Assignment
            and Conveyance

          

          The
            Assignor hereby conveys, sells, grants, transfers and assigns to the
            Assignee
            (x) all of the right, title and interest of the Assignor, as purchaser,
            in, to
            and under (a) those certain Mortgage Loans listed as being originated
            by the
            Company on the schedule (the “Mortgage Loan Schedule”) attached hereto as
            Exhibit A (the “Mortgage Loans”) and (b) except as described below, that
            certain Master Seller’s Purchase, Warranties and Interim Servicing Agreement
            dated as of May 1, 2006, as amended (the “Purchase Agreement”), between
            the Assignor, as initial purchaser (the “Purchaser”), and the Company, as
            seller, solely insofar as the Purchase Agreement relates to the Mortgage
            Loans
            and (y) other than as provided below with respect to the enforcement
            of
            representations and warranties, none of the obligations of the Assignor
            under
            the Purchase Agreement.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and any obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the mortgage loans set forth on the Mortgage Loan Schedule
            and are
            not the subject of this Agreement.  The Assignor also maintains its
            rights to enforce any obligations of the Company pursuant to the Purchase
            Agreement.

           

          

          Recognition
            of the Company

          

          From
            and
            after the date hereof, the Company shall and does hereby recognize that
            the
            Assignee will transfer the Mortgage Loans and assign its rights under
            the
            Purchase Agreement (solely to the extent set forth herein) and this Agreement
            to
            MASTR Asset-Backed Securities Trust 2007-HE1 (the “Trust”) created pursuant to a
            Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Pooling
            Agreement”), among the Assignee, Wells Fargo Bank, N.A. as master servicer and
            trust administrator (including its successors in interest and any successor
            servicers under the Pooling Agreement, the “Master Servicer” or “Trust
            Administrator”), Wells Fargo Bank, N.A. and Barclays Capital Real Estate Inc.
            d/b/a HomEq Servicing as servicers and U.S. Bank National Association,
            as
            trustee (including its successors in interest and any successor trustees
            under
            the Pooling Agreement, the “Trustee”).  The Company hereby
            acknowledges and agrees that from and after the date hereof (i) the Trust
            will be the owner of the Mortgage Loans, (ii) the Company shall look solely
            to the Trust for performance of any obligations of the Assignor insofar
            as they
            relate to the enforcement of the representations, warranties and covenants
            with
            respect to the Mortgage Loans, (iii) the Trust  (including the
            Trustee and the Servicer acting on the Trust’s behalf) shall have all the rights
            and remedies available to the Assignor, insofar as they relate to the
            Mortgage
            Loans, under the Purchase Agreement, including, without limitation, the
            enforcement of the document delivery requirements and remedies with respect
            to
            breaches of representations and warranties set forth in the Purchase
            Agreement,
            and shall be entitled to enforce all of the obligations of the Company
            thereunder insofar as they relate to the Mortgage Loans, and (iv) all
            references to the Purchaser (insofar as they relate to the rights, title
            and
            interest and, with respect to obligations of the Purchaser, only insofar
            as they
            relate to the enforcement of the representations, warranties and covenants
            of
            the Company) or the Custodian under the Purchase Agreement insofar as
            they
            relate to the Mortgage Loans, shall be deemed to refer to the Trust (including
            the Trustee and the Servicer acting on the Trust’s behalf).  Neither
            the Company nor the Assignor shall amend or agree to amend, modify, waiver,
            or
            otherwise alter any of the terms or provisions of the Purchase Agreement
            which
            amendment, modification, waiver or other alteration would in any way
            affect the
            Mortgage Loans or the Company’s performance under the Purchase Agreement with
            respect to the Mortgage Loans without the prior written consent of the
            Trustee.

           

          Representations
            and Warranties of the Company

          

          1.  The
            Company warrants and represents to the Assignor, the Assignee and the
            Trust as
            of the date hereof that:

           

          (a)  The
            Company is duly organized, validly existing and in good standing under
            the laws
            of the jurisdiction of its incorporation;

           

          (b)  The
            Company has full corporate power and authority to execute, deliver and
            perform
            its obligations under this Agreement and has full corporate power and
            authority
            to perform its obligations under the Purchase Agreement. The execution
            by the
            Company of this Agreement is in the ordinary course of the Company’s business
            and will not conflict with, or result in a breach of, any of the terms,
            conditions or provisions of the Company’s charter or bylaws or any legal
            restriction, or any material agreement or instrument to which the Company
            is now
            a party or by which it is bound, or result in the violation of any law,
            rule,
            regulation, order, judgment or decree to which the Company or its property
            is
            subject. The execution, delivery and performance by the Company of this
            Agreement have been duly authorized by all necessary corporate action
            on part of
            the Company. This Agreement has been duly executed and delivered by the
            Company,
            and, upon the due authorization, execution and delivery by the Assignor
            and the
            Assignee, will constitute the valid and legally binding obligation of
            the
            Company, enforceable against the Company in accordance with its terms
            except as
            enforceability may be limited by bankruptcy, reorganization, insolvency,
            moratorium or other similar laws now or hereafter in effect relating
            to
            creditors’ rights generally, and by general principles of equity regardless of
            whether enforceability is considered in a proceeding in equity or at
            law;

           

          (c)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            the Company in connection with the execution, delivery or performance
            by the
            Company of this Agreement; and

           

          (d)  There
            is
            no action, suit, proceeding or investigation pending or, to the best
            of the
            Company’s knowledge, threatened against the Company, before any court,
            administrative agency or other tribunal, which would draw into question
            the
            validity of this Agreement or the Purchase Agreement, or which, either
            in any
            one instance or in the aggregate, would result in any material adverse
            change in
            the ability of the Company to perform its obligations under this Agreement
            or
            the Purchase Agreement, and the Company is solvent.

           

          2.  Pursuant
            to Section 8 of the Purchase Agreement, the Company hereby represents
            and
            warrants, for the benefit of the Assignor, the Assignee and the Trust,
            that the
            representations and warranties set forth in Section 3.01 of the Purchase
            Agreement (set forth on Schedule 1 hereto) are true and correct as of
            the date
            of this Agreement (the “Closing Date”) as if such representations and warranties
            were made on such Closing Date, and that the representations and warranties
            set
            forth in Section 3.02 of the Purchase Agreement (set forth on Sechedule
            1
            hereto) are true and correct as of the related Servicing Transfer Date
            (as
            defined in the Purchase Agreement).

           

          3.  The
            Assignor hereby makes the following representations and warranties as
            of the
            date hereof:

           

          (a)  Each
            Mortgage Loan 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 and abusive lending laws;

           

          (b)  None
            of
            the Mortgage Loans are High Cost as defined by any applicable predatory
            and
            abusive lending laws;

           

          (c)  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 5.7 Revised, Appendix E);

           

          (d)  No
            Mortgage Loan originated on or after October 1, 2002 through March 6,
            2003 is
            governed by the Georgia Fair Lending Act; and

           

          (e)  To
            the
            best of the Assignor’s knowledge, with respect to the representations and
            warranties set forth in Section 3.02 of the Purchase Agreement, nothing
            has
            occurred in the period of time from the Servicing Transfer Date (as defined
            in
            the Purchase Agreement) to the date hereof which would cause such representation
            and warranties to be untrue in any material respect as of the date
            hereof.

           

          Remedies
            for Breach of Representations and Warranties

          

          The
            Company hereby acknowledges and agrees that the remedies available to
            the
            Assignor, the Assignee and the Trust (including the Trustee and the Servicer
            acting on the Trust’s behalf) in connection with any breach of the
            representations and warranties made by the Company set forth in Section
            2 hereof
            shall be as set forth in Subsection 3.01 of the Purchase Agreement as
            if they
            were set forth herein (including without limitation the repurchase and
            indemnity
            obligations set forth therein).  In addition, the Company hereby
            acknowledges and agrees that any breach of the representations set forth
            in
            Section 3.02 (h), (n), (ee), (pp), (uu), (vv), (ggg), (hhh), (iii), (jjj)
            or
            (ooo) of the Purchase Agreement shall be deemed to materially and adversely
            affect the value of the related mortgage loans or the interests of the
            Trust in
            the related mortgage loans.

           

          The
            Assignor hereby acknowledges and agrees that the remedies available to
            the
            Assignee and the Trust (including the Trustee and the Master Servicer
            acting on
            the Trust’s behalf) in connection with any breach of the representations and
            warranties made by the Assignor set forth in Section 3 hereof shall be
            as set
            forth in Section 2.03 of the Pooling Agreement as if they were set forth
            herein.

           

           

          Miscellaneous

          

          4.  This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

           

          5.  No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced, with the prior written consent
            of the
            Trustee.

           

          6.  This
            Agreement shall inure to the benefit of (i) the successors and assigns
            of the
            parties hereto and (ii) the Trust (including the Trustee and the Servicer
            acting
            on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
            be merged or consolidated shall, without the requirement for any further
            writing, be deemed Assignor, Assignee or Company, respectively,
            hereunder.

           

          7.  Each
            of
            this Agreement and the Purchase Agreement shall survive the conveyance
            of the
            Mortgage Loans and the assignment of the Purchase Agreement (to the extent
            assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
            and
            nothing contained herein shall supersede or amend the terms of the Purchase
            Agreement.

           

          8.  This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument.

           

          9.  In
            the
            event that any provision of this Agreement conflicts with any provision
            of the
            Purchase Agreement with respect to the Mortgage Loans, the terms of this
            Agreement shall control.

           

          10.  Capitalized
            terms used in this Agreement (including the exhibits hereto)  but not
            defined in this Agreement shall have the meanings given to such terms
            in the
            Purchase Agreement.

           

           

          [SIGNATURE
            PAGE FOLLOWS]

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be executed
            by their
            duly authorized officers as of the date first above written.

           

          

          
            	 	 	 	 	 	 	 	
                    UBS
                      REAL ESTATE SECURITIES INC.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    MORTGAGE
                      ASSET SECURITIZATION TRANSACTIONS, INC.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    EQUIFIRST
                      CORPORATION

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

           

          EXHIBIT
            A

          

          Mortgage
            Loan Schedule

          

          AVAILABLE
            UPON
            REQUEST

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           SCHEDULE
            1

           

          Limitations
            on Representations and Warranties

          

          Capitalized
            terms used herein but not defined in this Schedule 1 shall have the meanings
            given to such terms in the Purchase Agreement:

           

          
            	
                  	
                    Section
                      3.01

                  	
                    Representations
                      and Warranties of the Company.

                  

          

           

          The
            Company represents, warrants and covenants to the Purchaser that as of
            each
            Closing Date and as of each Servicing Transfer Date or as of such date
            specifically provided herein:

           

          (a)  The
            Company is a corporation duly organized and validly existing under the
            laws of
            North Carolina.  The Company has all licenses necessary to carry out
            its business as now being conducted, and is licensed and qualified to
            transact
            business in and is in good standing under the laws of each state in which
            any
            Mortgaged Property is located or is otherwise exempt under applicable
            law from
            such licensing or qualification or is otherwise not required under applicable
            law to effect such licensing or qualification and no demand for such
            licensing
            or qualification has been made upon the Company by any such state, and
            in any
            event the Company is in compliance with the laws of any such state to
            the extent
            necessary to ensure the enforceability of each Mortgage Loan and the
            interim
            servicing of the Mortgage Loans in accordance with the terms of this
            Agreement.  No licenses or approvals obtained by the Company have been
            suspended or revoked by any court, administrative agency, arbitrator
            or
            governmental body and no proceedings are pending which might result in
            such
            suspension or revocation;

           

          (b)  The
            Company has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement and the related Confirmation and to conduct its business
            as
            presently conducted; the Company has duly authorized the execution, delivery
            and
            performance of this Agreement and any agreements contemplated hereby,
            has duly
            executed and delivered this Agreement and the related Confirmation, and
            any
            agreements contemplated hereby, and this Agreement and the related Confirmation
            and each Assignment of Mortgage to the Purchaser and any agreements contemplated
            hereby, constitute the legal, valid and binding obligations of the Company,
            enforceable against it in accordance with their respective terms, except
            as such
            enforceability may be limited by bankruptcy, insolvency, moratorium,
            reorganization and similar laws, and by equitable principles affecting
            the
            enforceability of the rights of creditors; and all requisite corporate
            action
            has been taken by the Company to make this Agreement, the related Confirmation
            and all agreements contemplated hereby valid and binding upon the Company
            in
            accordance with their terms;

           

          (c)  Neither
            the execution and delivery of this Agreement, the related Confirmation,
            the sale
            of the Mortgage Loans to the Purchaser, the consummation of the transactions
            contemplated hereby, nor the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Confirmation will conflict
            with any
            of the terms, conditions or provisions of the Company’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions of any legal restriction or any agreement or
            instrument
            to which the Company is now a party or by which it is bound, or constitute
            a
            default or result in an acceleration under any of the foregoing, or result
            in
            the material violation of any law, rule, regulation, order, judgment
            or decree
            to which the Company or its property is subject;

           

          (d)  There
            is
            no litigation, suit, proceeding or investigation pending or threatened,
            or any
            order or decree outstanding, which is reasonably likely to have a material
            adverse effect on the sale of the Mortgage Loans, the execution, delivery,
            performance or enforceability of this Agreement or the related Confirmation,
            or
            which is reasonably likely to have a material adverse effect on the financial
            condition of the Company;

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            of
            or compliance by the Company with this Agreement and the related Confirmation,
            except for consents, approvals, authorizations and orders which have
            been
            obtained;

           

          (f)  The
            consummation of the transactions contemplated by this Agreement and the
            related
            Confirmation are in the ordinary course of business of the Company, and
            the
            transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
            by
            the Company pursuant to this Agreement and the related Confirmation are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction;

           

          (g)  The
            origination, servicing and collection practices with respect to each
            Mortgage
            Note and Mortgage have been legal and in accordance with applicable laws
            and
            regulations, and in all material respects in accordance with Accepted
            Servicing
            Practices.  The Company further represents and warrants that: with
            respect to escrow deposits and payments that the Company is entitled
            to collect,
            all such payments are in the possession of, or under the control of,
            the Company
            or its delegate, and there exist no deficiencies in connection therewith
            for
            which customary arrangements for repayment thereof have not been made;
            all
            escrow payments have been collected and are being maintained in full
            compliance
            with applicable state and federal law and the provisions of the related
            Mortgage
            Note and Mortgage; as to any Mortgage Loan that is the subject of an
            escrow,
            escrow of funds is not prohibited by applicable law and has been established
            in
            an amount sufficient to pay for every escrowed item that remains unpaid
            and has
            been assessed but is not yet due and payable; no escrow deposits or other
            charges or payments due under the Mortgage Note have been capitalized
            under any
            Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
            have been made in strict compliance with state and federal law and the
            terms of
            the related Mortgage Note; and any interest required to be paid pursuant
            to
            state and local law has been properly paid and credited;

           

          (h)  The
            Company has not used selection procedures that identified the Mortgage
            Loans as
            being less desirable or valuable than other comparable mortgage loans
            in the
            Company’s portfolio at the related Closing Date;

           

          (i)  The
            Company will treat the transfer of the Mortgage Loans to the Purchaser
            as a sale
            for reporting and accounting purposes and, to the extent appropriate,
            for
            federal income tax purposes.  The Company shall maintain a complete
            set of books and records for each Mortgage Loan which shall be clearly
            marked to
            reflect the ownership of such Mortgage Loan by the Purchaser;

           

          (j)  The
            Company is an approved seller/servicer of residential mortgage loans
            for HUD,
            with such facilities, procedures and personnel necessary for the sound
            servicing
            of such mortgage loans.  The Company is duly qualified, licensed,
            registered and otherwise authorized under all applicable federal, state
            and
            local laws and regulations and is in good standing to sell mortgage loans
            to and
            service mortgage loans;

           

          (k)  The
            Company does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            and the
            related Confirmation applicable to it.  The Company is solvent and the
            sale of the Mortgage Loans will not cause the Company to become
            insolvent.  The sale of the Mortgage Loans is not undertaken with the
            intent to hinder, delay or defraud any of the Company’s creditors;

           

          (l)  No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, the Company pursuant to this Agreement, the related Confirmation
            or
            in connection with the transactions contemplated hereby, contains or
            will
            contain any statement that is or will be inaccurate or misleading in
            any
            material respect;

           

          (m)  The
            consideration received by the Company upon the sale of the Mortgage Loans
            constitutes fair consideration and reasonably equivalent value for such
            Mortgage
            Loans;

           

          (n)  The
            Company has delivered to the Initial Purchaser financial statements as
            to its
            last two complete fiscal years.  All such financial statements fairly
            present the pertinent results of operations and changes in financial
            position
            for each of such periods and the financial position at the end of each
            such
            period of the Company and its subsidiaries and have been prepared in
            accordance
            with GAAP consistently applied throughout the periods involved, except
            as set
            forth in the notes thereto.  There has been no change in the business,
            operations, financial condition, properties or assets of the Company
            since the
            date of the Company’s financial statements that would have a material adverse
            effect on its ability to perform its obligations under this Agreement
            or the
            related Confirmation;

           

          (o)  The
            Company has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans; and

           

          (p)  The
            Company 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 MERS Mortgage Loans for as long as such Mortgage Loans are registered
            with MERS.

           

          
            	
                  	
                    Section
                      3.02

                  	
                    Representations
                      and Warranties as to Individual Mortgage
                      Loans.

                  

          

           

          The
            Company hereby represents and warrants to the Purchaser, as to each Mortgage
            Loan, as of the related Closing Date and as of the related Servicing
            Transfer
            Date as follows:

           

          (a)  The
            information set forth in the related Mortgage Loan Schedule, including
            any
            diskette or other related data tapes sent to the Initial Purchaser, is
            complete,
            true and correct in all material respects;

           

          (b)  The
            Mortgage creates a (A) first lien and first priority security interest
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien
            and second
            priority security interest with respect to each Mortgage Loan which is
            indicated
            by the Company to be a Second Lien (as reflected on the Mortgage Loan
            Schedule),
            in either case, in the related Mortgaged Property securing the related
            Mortgage
            Note;

           

          (c)  As
            of the
            related Closing Date, the Mortgage Loan is not delinquent in payment
            more than
            30 days and has not been dishonored; there are no material defaults under
            the
            terms of the Mortgage Loan; the Company has not advanced funds, or induced,
            solicited or knowingly received any advance of funds from a party other
            than the
            owner of the Mortgaged Property subject to the Mortgage, directly or
            indirectly,
            for the payment of any amount required by the Mortgage Loan; no payment
            with
            respect to each Mortgage Loan has been contractually delinquent during
            the
            preceding twelve-month period;

           

          (d)  To
            the
            best of the Company’s knowledge, all taxes, governmental assessments, insurance
            premiums, water, sewer and municipal charges, leasehold payments or ground
            rents
            which previously became due and owing have been paid, or escrow funds
            have been
            established in an amount sufficient to pay for every such escrowed item
            which
            remains unpaid and which has been assessed but is not yet due and
            payable;

           

          (e)  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments which have been
            recorded
            to the extent any such recordation is required by law.  No instrument
            of waiver, alteration or modification has been executed, and no Mortgagor
            has
            been released, in whole or in part, from the terms thereof except in
            connection
            with an assumption agreement and which assumption agreement is part of
            the
            Mortgage File and the terms of which are reflected in the related Mortgage
            Loan
            Schedule; the substance of any such waiver, alteration or modification
            has been
            approved by the issuer of any related title insurance policy, to the
            extent
            required by the related policy.

           

          (f)  The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; and the Mortgagor was not a debtor in
            any state
            or federal bankruptcy or insolvency proceeding at the time the Mortgage
            Loan was
            originated;

           

          (g)  All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by a Qualified Insurer, against loss by fire, windstorm,
            hurricane,
            hail damage or other perils normally under extended coverage endorsement,
            in an
            amount representing coverage not less than the lesser of (i) the lesser
            of (a)
            the maximum insurable value of the improvements securing such Mortgage
            Loans and
            (b) the full replacement cost of the improvements securing such Mortgage
            Loan,
            and (ii) the greater of (a) either (1) the outstanding principal balance
            of the
            Mortgage Loan with respect to each Mortgage Loan which is indicated by
            the
            Company to be a First Lien (as reflected on the Mortgage Loan Schedule)
            or (2)
            with respect to each Second Lien Mortgage Loan, the sum of the outstanding
            principal balance of the first lien on such Mortgage Loan and the outstanding
            principal balance of such Second Lien Mortgage Loan, and (b) an amount
            such that
            the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
            the
            mortgagee from becoming a co-insurer, but in no event greater than the
            maximum
            amount permitted under applicable law. All such standard hazard policies
            are in
            full force and effect and on the date of origination contained a standard
            mortgagee clause naming the Company and its successors in interest and
            assigns
            as loss payee and such clause is still in effect and all premiums due
            thereon
            have been paid.  If required by the Flood Disaster Protection Act of
            1973, as amended, the Mortgage Loan is covered by a flood insurance policy
            meeting the requirements of the current guidelines of the Federal Insurance
            Administration, in an amount not less than the amount required by the
            Flood
            Disaster Protection Act of 1973, as amended.  Such policy was issued
            by a Qualified Insurer.  The Mortgage obligates the Mortgagor
            thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
            and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
            to maintain such insurance at the Mortgagor’s cost and expense and to seek
            reimbursement therefor from the Mortgagor;

           

          (h)  Each
            Mortgage Loan and, if any, the related prepayment penalty complied in
            all
            material respects with any and all requirements of any federal, state
            or local
            law including, without limitation, usury, truth in lending, real estate
            settlement procedures, consumer credit protection, equal credit opportunity,
            fair housing, disclosure, or predatory, fair and abusive lending laws
            applicable
            to the origination and servicing of loans of a type similar to the Mortgage
            Loans and the consummation of the transactions contemplated hereby will
            not
            involve the violation of any such laws;

           

          (i)  The
            Mortgage has not been satisfied, canceled or subordinated (other than
            the
            subordination of any Second Lien Mortgage Loan to the related First Lien),
            in
            whole or in part, or rescinded, and the Mortgaged Property has not been
            released
            from the lien of the Mortgage, in whole or in part nor has any instrument
            been
            executed that would effect any such release, cancellation, subordination
            or
            rescission. The Company has not waived the performance by the Mortgagor
            of any
            action, if the Mortgagor’s failure to perform such action would cause the
            Mortgage Loan to be in default, nor has the Company waived any default
            resulting
            from any action or inaction by the Mortgagor;

           

          (j)  The
            related Mortgage is a valid, subsisting, enforceable and perfected (A)
            first
            lien and first priority security interest with respect to each Mortgage
            Loan
            which is indicated by the Company to be a First Lien (as reflected on
            the
            Mortgage Loan Schedule), or (B) second lien and second priority security
            interest with respect to each Mortgage Loan which is indicated by the
            Company to
            be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
            in
            either case, on the Mortgaged Property including all buildings on the
            Mortgaged
            Property and all installations and mechanical, electrical, plumbing,
            heating and
            air conditioning systems affixed to such buildings, and all additions,
            alterations and replacements made at any time with respect to the foregoing
            securing the Mortgage Note’s original principal balance.  The Mortgage
            and the Mortgage Note do not contain any evidence of any security interest
            or
            other interest or right thereto.  Such lien is free and clear of all
            adverse claims, liens and encumbrances having priority over the first
            lien of
            the Mortgage subject only to (1) the lien of non-delinquent current real
            property taxes and assessments not yet due and payable, (2) covenants,
            conditions and restrictions, rights of way, easements and other matters
            of the
            public record as of the date of recording which are acceptable to mortgage
            lending institutions generally and either (A) which are referred to or
            otherwise
            considered in the appraisal made for the originator of the Mortgage Loan,
            or (B)
            which do not adversely affect the appraised value of the Mortgaged Property
            as
            set forth in such appraisal, (3) 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 the Mortgage or the use, enjoyment,
            value or
            marketability of the related Mortgaged Property and (4) with respect
            to each
            Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
            Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the
            Mortgaged
            Property.  Any security agreement, chattel mortgage or equivalent
            document related to and delivered in connection with the Mortgage Loan
            establishes and creates a valid, subsisting, enforceable and perfected
            (A) first
            lien and first priority security interest with respect to each Mortgage
            Loan
            which is indicated by the Company to be a First Lien (as reflected on
            the
            Mortgage Loan Schedule), or (B) second lien and second priority security
            interest with respect to each Mortgage Loan which is indicated by the
            Company to
            be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
            in
            either case, on the property described therein, and the Company has the
            full
            right to sell and assign the same to the Purchaser;

           

          (k)  The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to bankruptcy, insolvency,
            moratorium, reorganization and other laws of general application affecting
            the
            rights of creditors and by general equitable principles and the Company
            has
            taken all action necessary to transfer such rights of enforceability
            to the
            Purchaser.  All parties to the Mortgage Note and the Mortgage had the
            legal capacity to enter into the Mortgage Loan and to execute and deliver
            the
            Mortgage Note and the Mortgage.  The Mortgage Note and the Mortgage
            have been duly and properly executed by such parties. No fraud, error,
            omission,
            misrepresentation, negligence or similar occurrence with respect to a
            Mortgage
            Loan has taken place on the part of the Company or the Mortgagor, or,
            to the
            best of the Company’s knowledge, any other party involved in the origination or
            servicing of the Mortgage Loan.  The proceeds of the Mortgage Loan
            have been fully disbursed and 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 the Mortgage Loan and the recording of the Mortgage were paid
            or are
            in the process of being paid, and the Mortgagor is not entitled to any
            refund of
            any amounts paid or due under the Mortgage Note or Mortgage;

           

          (l)  The
            Company is the sole owner of record and holder of the Mortgage Loan and
            the
            indebtedness evidenced by the Mortgage Note, and upon recordation the
            Purchaser
            or its designee will be the owner of record of the Mortgage and the indebtedness
            evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
            to the
            Purchaser, the Company will retain the Servicing File in trust for the
            Purchaser
            only for the purpose of interim servicing and supervising the interim
            servicing
            of the Mortgage Loan. Immediately prior to the transfer and assignment
            to the
            Purchaser on the related Closing Date, the Mortgage Loan, including the
            Mortgage
            Note and the Mortgage, were not subject to an assignment or pledge, and
            the
            Company had good and marketable title to and was the sole owner thereof
            and had
            full right to transfer and sell the Mortgage Loan to the Purchaser free
            and
            clear of any encumbrance, equity, lien, pledge, charge, claim or security
            interest and has the full right and authority subject to no interest
            or
            participation of, or agreement with, any other party, to sell and assign
            the
            Mortgage Loan pursuant to this Agreement and following the sale of the
            Mortgage
            Loan, the Purchaser will own such Mortgage Loan free and clear of any
            encumbrance, equity, participation interest, lien, pledge, charge, claim
            or
            security interest.  The Company intends to relinquish all rights to
            possess, control and monitor the Mortgage Loan, except for the purposes
            of
            interim servicing the Mortgage Loan as set forth in this
            Agreement.  Each Mortgagor is a natural person;

           

          (m)  Each
            Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
            title insurer acceptable to prudent lenders in the secondary market with
            respect
            to title insurance and qualified to do business in the jurisdiction where
            the
            Mortgaged Property is located, insuring (subject to the exceptions contained
            in
            (j)(1), (2) and (3) above and, with respect to each Mortgage Loan which
            is
            indicated by the Company to be a Second Lien Mortgage Loan (as reflected
            on the
            Mortgage Loan Schedule) clause (4)) the Company, its successors and assigns,
            as
            to the first (or, where applicable, second) priority lien of the
            Mortgage  in the original principal amount of the Mortgage Loan and,
            with respect to each Adjustable Rate Mortgage Loan, against any loss
            by reason
            of the invalidity or unenforceability of the lien resulting from the
            provisions
            of the Mortgage providing for adjustment in the Mortgage Interest Rate
            and
            Monthly Payment.  Additionally, such policy affirmatively insures
            ingress and egress to and from the Mortgaged Property.  Where required
            by applicable state law or regulation, the Mortgagor has been given the
            opportunity to choose the carrier of the required mortgage title
            insurance.  The Company, its successors and assigns, are the sole
            insureds of such lender’s title insurance policy, such title insurance policy
            has been duly and validly endorsed to the Purchaser or the assignment
            to the
            Purchaser of the Company’s interest therein does not require the consent of or
            notification to the insurer and such lender’s title insurance policy is in full
            force and effect and will be in full force and effect upon the consummation
            of
            the transactions contemplated by this Agreement and the related
            Confirmation.  No claims have been made under such lender’s title
            insurance policy, and no prior holder of the related Mortgage, including
            the
            Company, has done, by act or omission, anything which would impair the
            coverage
            of such lender’s title insurance policy;

           

          (n)  There
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and no event which, 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 permitting acceleration;
            and
            neither the Company nor any prior mortgagee has waived any default, breach,
            violation or event permitting acceleration.  With respect to each
            Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
            Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien
            is in full
            force and effect, (ii) there is no default, breach, violation or event
            of
            acceleration existing under such First Lien mortgage or the related mortgage
            note, (iii) either no consent for the Mortgage Loan is required by the
            holder of
            the First Lien or such consent has been obtained and is contained in
            the
            Mortgage File, (iv) to the best of Company’s knowledge, no event which, 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
            thereunder, and either (A) the First Lien mortgage contains a provision
            which
            allows or (B) applicable law requires, the mortgagee under the Second
            Lien
            Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
            to
            cure any default by payment in full or otherwise under the First Lien
            mortgage,
            and (v) such Second Lien Mortgage Loan is secured by a one- to four-family
            residence that is the principal residence of the Mortgagor;

           

          (o)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material (and no rights are outstanding that under law could give
            rise to
            such liens) affecting the related Mortgaged Property which are or may
            be liens
            prior to or equal to the lien of the related Mortgage;

           

          (p)  To
            the
            best of the Company’s knowledge, all improvements subject to the Mortgage which
            were considered in determining the Appraised Value of the Mortgaged Property
            lie
            wholly within the boundaries and building restriction lines of the Mortgaged
            Property (and wholly within the project with respect to a condominium
            unit) and
            no improvements on adjoining properties encroach upon the Mortgaged Property
            except those which are insured against by the title insurance policy
            referred to
            in clause (m) above and all improvements on the property comply with
            all
            applicable zoning and subdivision laws and ordinances;

           

          (q)  The
            Mortgage Loan was originated by or for the Company.  The Mortgage Loan
            complies with all the terms, conditions and requirements of the Company’s
            Underwriting Standards in effect at the time of origination of such Mortgage
            Loan and the Company has prudently originated and underwritten each Mortgage
            Loan.  The Mortgage Notes and Mortgages (exclusive of any riders) are
            on forms generally acceptable to Fannie Mae or Freddie Mac.  The
            Mortgage Loan bears interest at the Mortgage Interest Rate set forth
            in the
            related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
            Note are
            due and payable on the Due Date set forth on the related Mortgage Loan
            Schedule.  The Mortgage contains the usual and enforceable provisions
            of the originator at the time of origination for the acceleration of
            the payment
            of the unpaid principal amount of the Mortgage Loan if the related Mortgaged
            Property is sold without the prior consent of the mortgagee
            thereunder;

           

          (r)  To
            the
            best of the Company’s knowledge, the Mortgaged Property is not subject to any
            material damage by waste, fire, earthquake, windstorm, flood or other
            casualty,
            and is in good repair.  At origination of the Mortgage Loan there was,
            and there currently is, no proceeding pending for the total or partial
            condemnation of the Mortgaged Property. To the best of the Company’s knowledge,
            there have not been any condemnation proceedings with respect to the
            Mortgaged
            Property and there are no such proceedings scheduled to commence at a
            future
            date;

           

          (s)  The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby.  There is no homestead or other exemption available to the
            Mortgagor which would interfere with the right to sell the Mortgaged
            Property at
            a trustee’s sale or the right to foreclose the Mortgage;

           

          (t)  If
            the
            Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified
            if required under applicable law to act as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses
            are or will become payable by the Purchaser to the trustee under the
            deed of
            trust, except in connection with a trustee’s sale or attempted sale after
            default by the Mortgagor;

           

          (u)  The
            Mortgage File contains an appraisal of the related Mortgaged
            Property  which, (a) with respect to First Lien Mortgage Loans, was on
            appraisal form 1004 and (b) was signed prior to the final approval of
            the
            mortgage loan application by a Qualified Appraiser, 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, and the appraisal and appraiser both satisfy prudent
            lenders in the secondary market and requirements of Title XI of FIRREA
            and the
            regulations promulgated thereunder, all as in effect on the date the
            Mortgage
            Loan was originated.  The appraisal is in a form generally acceptable
            to Fannie Mae or Freddie Mac;

           

          (v)  All
            parties which have had any interest in the Mortgage, whether as mortgagee,
            assignee, pledgee or otherwise, are (or, during the period in which they
            held
            and disposed of such interest, were) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such
            state;

           

          (w)  The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to in (j)
            above and
            such collateral does not serve as security for any other
            obligation;

           

          (x)  The
            Mortgagor has received all disclosure materials required by applicable
            law with
            respect to the making of such mortgage loans;

           

          (y)  The
            Mortgage Loan does not contain “graduated payment” features and does not have a
            shared appreciation or other contingent interest feature;  no Mortgage
            Loan contains any buydown provisions;

           

          (z)  The
            Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and
            the
            Company has no knowledge of any circumstances or condition with respect
            to the
            Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
            standing that could reasonably be expected to cause investors to regard
            the
            Mortgage Loan as an unacceptable investment, cause the Mortgage Loan
            to become
            delinquent, or materially adversely affect the value or marketability
            of the
            Mortgage Loan;

           

          (aa)  Principal
            payments on the Mortgage Loan commenced no more than sixty (60) days
            after the
            funds were disbursed in connection with the Mortgage Loan.  The
            Mortgage Loans have an original term to maturity of not more than 30
            years, with
            interest payable in arrears on the Due Date indicated on the related
            Mortgage
            Loan Schedule.  Each Mortgage Note (other than with respect to a
            Balloon Mortgage Loan) requires a monthly payment which is sufficient
            to fully
            amortize the original principal balance over the original term thereof
            (other
            than during the interest-only period with respect to a Mortgage Loan
            identified
            on the related Mortgage Loan Schedule as an interest-only Mortgage Loan)
            and to
            pay interest at the related Mortgage Interest Rate.  With respect to
            each Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only
            Mortgage Loan, the interest-only period is five (5) years and following
            the
            expiration of such interest-only period, the remaining Monthly Payments
            shall be
            sufficient to fully amortize the original principal balance over the
            remaining
            term of the Mortgage Loan.  With respect to each Balloon Mortgage
            Loan, the Mortgage Note requires a monthly payment which is sufficient
            to fully
            amortize the original principal balance over the original term thereof
            and to
            pay interest at the related Mortgage Interest Rate and requires a final
            Monthly
            Payment substantially greater than the preceding monthly payment which
            is
            sufficient to repay the remained unpaid principal balance of the Balloon
            Mortgage Loan as the Due Date of such monthly payment.  No Mortgage
            Loan contains terms or provisions which would result in negative
            amortization.  No Mortgage Loan provides for the capitalization or
            forbearance of interest;

           

          (bb)  No
            Mortgage Loan is subject to a lender-paid mortgage insurance
            policy;

           

          (cc)  As
            to any
            Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
            is
            in recordable form and is acceptable for recording under the laws of
            the
            jurisdiction in which the Mortgaged Property is located;

           

          (dd)  The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel of real property with a
            detached
            single family residence erected thereon, or a townhouse, or a two-to
            four-family
            dwelling, or an individual condominium unit in a condominium project,
            or an
            individual unit in a planned unit development or a de minimis planned
            unit
            development, provided, however, that no residence or dwelling is a single
            parcel
            of real property with a cooperative housing corporation erected thereon,
            or a
            mobile home.  As of the date of origination, no portion of the
            Mortgaged Property was used for commercial purposes, and since the date
            or
            origination no portion of the Mortgaged Property has been used for commercial
            purposes, provided, that Mortgaged Properties which contain a home office
            shall
            not be considered as being used for commercial purposes as long as the
            Mortgaged
            Property has not been altered for such commercial purposes and is not
            storing
            any chemicals or raw materials other than those commonly used for homeowner
            repair, maintenance and/or household purposes.  If a Mortgaged
            Property is used for mixed-use purposes, then (i) such Mortgaged Property
            is a
            one-family dwelling that the Mortgagor occupies as a principal residence,
            (ii)such Mortgaged Property represents a legal, permissible use of the
            property
            under the local zoning requirements, (iii) such Mortgaged Property is
            primarily
            residential in nature, (iv) the market value of such Mortgaged Property
            must be
            primarily a function of its residential characteristics, rather than
            of the
            business use or any special business-use modifications that were made,
            (v) the
            Mortgagor is both the owner and the operator of the business, (vi) such
            Mortgaged Property has not been altered for business use and (vii) such
            Mortgaged Property does not display any signage indicating the business
            nature
            of such Mortgaged Property;

           

          (ee)  Except
            as
            set forth on the related Mortgage Loan Schedule, none of the Mortgage
            Loans are
            subject to a Prepayment Penalty.   For any Mortgage Loan
            originated prior to October 1, 2002 that is subject to a Prepayment Penalty,
            such prepayment penalty does not extend beyond five years after the date
            of
            origination.  For any Mortgage Loan originated on or following October
            1, 2002 that is subject to a Prepayment Penalty, such prepayment penalty
            does
            not extend beyond three years after the date of origination. Any such
            prepayment
            penalty is permissible and enforceable in accordance with its terms upon
            the
            Mortgagor’s full and voluntary principal prepayment under applicable law. With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a penalty upon a prepayment prior to maturity: (i) the Mortgage Loan provides
            some benefit to the Mortgagor (e.g., a rate or fee reduction) in exchange
            for
            accepting such a prepayment penalty; (iii) the prepayment penalty was
            adequately
            disclosed to the Mortgagor in the loan documents pursuant to applicable
            state
            and federal law; and (iv) 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 Mortgagor’s default,
            notwithstanding that the terms of the Mortgage Loan or state or federal
            law
            might permit the imposition of such a prepayment penalty;

           

          (ff)  To
            the
            best of the Company’s knowledge, the Mortgaged Property is lawfully occupied
            under applicable law, and 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;

           

          (gg)  If
            the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development), such condominium or planned
            unit
            development project meets the eligibility requirements of the Seller’s
            Underwriting Guidelines.  There is no litigation pending with respect
            to the related condominium unit, the development or the homeowner’s
            association;

           

          (hh)   To
            the best of the Company’s knowledge, there is no pending action or proceeding
            directly involving the Mortgaged Property in which compliance with any
            environmental law, rule or regulation is an issue; to the best of the
            Company’s
            knowledge, there is no violation of any environmental law, rule or regulation
            with respect to the Mortgaged Property; and to the best of the Company’s
            knowledge, nothing further remains to be done to satisfy in full all
            requirements of each such law, rule or regulation constituting a prerequisite
            to
            use and enjoyment of said property;

           

          (ii)  The
            Mortgagor has not notified the Company requesting relief under the Soldiers’ and
            Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, and
            the Company has no knowledge of any relief requested or allowed to the
            Mortgagor
            under the Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers
            Civil Relief Act or any similar state laws;

           

          (jj)  As
            of the
            related Closing Date, no Mortgage Loan was in construction or rehabilitation
            status or has facilitated the trade-in or exchange of a Mortgaged
            Property;

           

          (kk)  No
            action
            has been taken or failed to be taken on or prior to the related Closing
            Date
            which has resulted or will result in an exclusion from, denial of, or
            defense to
            coverage under any insurance policy related to a Mortgage Loan (including,
            without limitation, any exclusions, denials or defenses which would limit
            or
            reduce the availability of the timely payment of the full amount of the
            loss
            otherwise due thereunder to the insured) whether arising out of actions,
            representations, errors, omissions, negligence, or fraud, or for any
            other
            reason under such coverage;

           

          (ll)  The
            Mortgage Loan was originated by a savings and loan association, a savings
            bank,
            a commercial bank, a credit union, an insurance company, or similar institution
            which is supervised and examined by a federal or state authority, or
            by a
            mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
            211 of
            the National Housing Act;

           

          (mm)  No
            Mortgaged Property is subject to a ground lease;

           

          (nn)  With
            respect to any broker fees collected and paid on any of the Mortgage
            Loans, all
            broker fees have been properly assessed to the Mortgagor and no claims
            will
            arise as to broker fees that are double charged and for which the Mortgagor
            would be entitled to reimbursement;

           

          (oo)  With
            respect to any Mortgage Loan as to which an affidavit has been delivered
            to the
            Purchaser certifying that the original Mortgage Note has been lost or
            destroyed
            and not been replaced, if such Mortgage Loan is subsequently in default,
            the
            enforcement of such Mortgage Loan will not be materially adversely affected
            by
            the absence of the original Mortgage Note;

           

          (pp)  Each
            Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
            of
            the Code and Treasury Regulations Section 1.860G-2(a)(1);

           

          (qq)  Except
            as
            provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
            of
            Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
            and
            required to be delivered on the related Closing Date have been delivered
            to the
            Purchaser or its designee all in compliance with the specific requirements
            of
            this Agreement.  With respect to each Mortgage Loan, the Company is in
            possession of a complete Mortgage File and Servicing File except for
            such
            documents as have been delivered to the Purchaser or its designee;

           

          (rr)  To
            the
            best of the Company’s knowledge, all information supplied by, on behalf of, or
            concerning the Mortgagor is true, accurate and complete and does not
            contain any
            statement that is or will be inaccurate or misleading in any material
            respect;

           

          (ss)   To
            the best of the Company’s knowledge, there does not exist on the related
            Mortgaged Property any hazardous substances, hazardous wastes or solid
            wastes,
            as such terms are defined in the Comprehensive Environmental Response
            Compensation and Liability Act, the Resource Conservation and Recovery
            Act of
            1976, or other federal, state or local environmental legislation;

           

          (tt)  No
            Mortgage Loan had a Loan-to-Value Ratio at the time of origination of
            more than
            100% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
            of
            origination of more than 100%;

           

          (uu)  No
            Mortgage Loan is (a) subject to, covered by or in violation of the Home
            Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
            cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
            law, including any predatory or abusive lending laws (or a similarly
            classified
            loan using different terminology under a law imposing heightened regulatory
            scrutiny or additional legal liability for a residential mortgage loan
            having
            high interest rates, points and/or fees), (c) a High Cost Loan or Covered
            Loan,
            as applicable (as such terms are defined in the current version of Standard
            & Poor’s LEVELS® Glossary, Appendix E) or (d) in violation of any state law
            or ordinance comparable to HOEPA;

           

          (vv)  No
            Mortgagor was required to purchase any credit life, disability, accident,
            unemployment, property or health insurance product or debt cancellation
            agreement as a condition of obtaining the extension of credit.  No
            Mortgagor obtained a prepaid single premium credit life, disability,
            unemployment, property, mortgage, accident or health insurance policy
            in
            connection with the origination of the Mortgage Loan; No proceeds from
            any
            Mortgage Loan were used to purchase or finance single-premium insurance
            policies
            or debt cancellation agreements as part of the origination of or as a
            condition
            to closing, such Mortgage Loan;

           

          (ww)  Any
            principal advances made to the Mortgagor prior to the related Closing
            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. The lien of the Mortgage securing the consolidated
            principal amount is expressly insured as having (A) first lien priority
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien
            priority
            with respect to each Mortgage Loan which is indicated by the Company
            to be a
            Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
            in either case, by a title insurance policy, an endorsement to the policy
            insuring the mortgagee’s consolidated interest or by other title evidence
            acceptable to Fannie Mae and Freddie Mac. The consolidated principal
            amount does
            not exceed the original principal amount of the Mortgage Loan;

           

          (xx)  Interest
            on each Mortgage Loan is calculated on the basis of a 360-day year consisting
            of
            twelve 30-day months;

           

          (yy)  Unless
            otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
            Loan is a
            Balloon Mortgage Loan;

           

          (zz)  With
            respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
            such MIN
            is accurately provided on the related Mortgage Loan Schedule. The related
            assignment of Mortgage to MERS has been duly and properly recorded;

           

          (aaa)  With
            respect to each MERS Mortgage Loan, the Company has not received any
            notice of
            liens or legal actions with respect to such Mortgage Loan and no such
            notices
            have been electronically posted by MERS;

           

          (bbb)  Any
            Mortgaged Property that is considered manufactured housing is legally
            classified
            as real property, is permanently affixed to a foundation, is the principal
            residence of the Mortgagor, meets the characteristics of site built housing
            and
            is deemed to be "modular housing" as such term is defined by the Mortgage
            Bankers Association;

           

          (ccc)  [Reserved];

           

          (ddd)  The
            Company has complied with all applicable anti-money laundering laws and
            regulations, including without limitation the USA Patriot Act of 2001
            (collectively, the “Anti-Money Laundering Laws”); the Company has
            established an anti-money laundering compliance program as required by
            the
            Anti-Money Laundering Laws, has conducted the requisite due diligence
            in
            connection with the origination of each Mortgage Loan for purposes of
            the
            Anti-Money Laundering Laws, including with respect to the legitimacy
            of the
            applicable Mortgagor and the origin of the assets used by the said Mortgagor
            to
            purchase the property in question, and maintains, and will maintain,
            sufficient
            information to identify the applicable Mortgagor for purposes of the
            Anti-Money
            Laundering Laws.  No Mortgage Loan is subject to nullification
            pursuant to Executive Order 13224 (the “Executive Order”) or the regulations
            promulgated by the Office of Foreign Assets Control of the United States
            Department of the Treasury (the “OFAC Regulations”) or in violation of the
            Executive Order or the OFAC Regulations, and no Mortgagor is subject
            to the
            provisions of such Executive Order or the OFAC Regulations nor listed
            as a
“blocked person” for purposes of the OFAC Regulations;

           

          (eee)  With
            respect to each Mortgage Loan which is a Second Lien Mortgage Loan if
            the
            related first lien provides for negative amortization, the LTV was calculated
            at
            the maximum principal balance of such first lien that could result upon
            application of such negative amortization feature;

           

          (fff)  No
            predatory or deceptive lending practices, including but not limited to,
            the
            extension of credit to the applicable Mortgagor without regard for said
            Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
            said Mortgagor which has no apparent benefit to said Mortgagor, were
            employed by
            the originator of the Mortgage Loan in connection with the origination
            of the
            Mortgage Loan;

           

          (ggg)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
            Act, as amended (the “Georgia Act”) or New York Banking Law 6-1.  No
            Mortgage Loan secured by owner occupied real property or an owner occupied
            manufactured home located in the State of Georgia was originated (or
            modified)
            on or after October 1, 2002 through and including March 6, 2003;

           

          (hhh)  No
            Mortgagor was 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 Mortgagor’s credit history,
            income, assets and liabilities. Any Mortgagor who sought financing through
            the
            Mortgage Loan originator’s higher priced subprime lending channel was directed
            towards or offered the Mortgage Loan’s originator standard mortgage line if the
            Borrower was able to qualify for one of the standard products.  If, at
            the time of loan application, the Mortgagor may have qualified for a
            lower cost
            credit product then the Mortgagor was offered such lower cost credit
            product by
            the Mortgage Loan’s originator;

           

          (iii)  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            did not rely on the extent of the Mortgagor’s equity in the collateral as the
            principal determining factor in approving such extension of
            credit.  The methodology employed objective criteria that related to
            such facts as, without limitation, the Mortgagor’s credit history, income,
            assets or 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 Mortgagor had the ability to make timely
            payments
            on the Mortgage Loan;

           

          (jjj)  All
            points, fees and charges (including finance charges) and whether or not
            financed, assessed, collected or to be collected in connection with the
            origination and servicing of each Mortgage Loan have been disclosed in
            writing
            to the Mortgagor in accordance with applicable state and federal law
            and
            regulation;

           

          (kkk)  All
            points and fees related to each Mortgage Loan were disclosed in writing
            to the
            Mortgagor in accordance with applicable state and federal law and
            regulation;

           

          (lll)  [Reserved];

           

          (mmm)  [Reserved];

           

          (nnn)  No
            Mortgage Loan is a "High-Cost Home Loan" under the New Jersey Home Ownership
            Security Act of 2002 (the "NJ Act"); and each Mortgage Loan subject to
            the NJ
            Act is considered under the NJ Act as, either, a (1) purchase money Home
            Loan,
            (2) purchase money Covered Loan (with respect to Mortgage Loans which
            were
            originated between November 26, 2003 and July 7, 2004),  (3) a rate/term
            refinance Home Loan, or (4) a cash-out refinance Home Loan for which
            the related
            Mortgage File contains a statement signed by the Mortgagor stating that
            the
            proceeds of the loan will not be used for the purpose of home
            improvement;

           

          (ooo)  No
            Mortgagor agreed to submit to arbitration to resolve any dispute arising
            out of
            or relating in any way to the Mortgage Loan transaction;

           

          (ppp)  The
            Mortgagor has not made or caused to be made any payment in the nature
            of an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
            has not been fully disclosed to the Mortgagor;

           

          (qqq)  No
            Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
            of
            Massachusetts was made to pay off or refinance an existing loan or other
            debt of
            the related borrower (as the term "borrower" is defined in the regulations
            promulgated by the Massachusetts Secretary of State in connection with
            the
            Massachusetts General Laws Chapter 183, Section 28C (the “Mass AF Law”) unless
            (a) the related Mortgage Interest Rate (that would be effective once
            the
            introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
            did
            or would not exceed by more than 2.50% the yield on United States Treasury
            securities having comparable periods of maturity to the maturity of the
            related
            Mortgage Loan as of the fifteenth day of the month immediately preceding
            the
            month in which the application for the extension of credit was received
            by the
            related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
            is used in the Mass AF Law or the regulations promulgated in connection
            therewith) and the related Mortgage Note provides that the related Mortgage
            Interest Rate may not exceed at any time the Prime rate index as published
            in
            the Wall Street Journal plus a margin of one percent, or if (i) the
            refinancing transaction was in the “borrower’s interest” as determined in
            accordance with the Mass AF Law and (ii) the related Servicing File contains
            evidence of the Company’s determination of “borrower’s interest” in accordance
            with the Mass AF Law; and

           

          (rrr)  No
            Mortgage Loan is a Convertible Mortgage Loan.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ASSIGNMENT
            AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT AND RECOGNITION AGREEMENT, dated May 30, 2007, (“Agreement”)
            among UBS Real Estate Securities Inc. (“Assignor”), Mortgage Asset
            Securitization Transactions, Inc. (“Assignee”) and LIME Financial
            Services, Ltd. (the “Company”):

           

          For
            and
            in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
            consideration the receipt and sufficiency of which hereby are acknowledged,
            and
            of the mutual covenants herein contained, the parties hereto hereby agree
            as
            follows:

           

           

          I.  Assignment
            and Conveyance

           

          The
            Assignor hereby conveys, sells, grants, transfers and assigns to the
            Assignee
            (x) all of the right, title and interest of the Assignor, as purchaser,
            in, to
            and under (a) those certain Mortgage Loans listed as being originated
            by the
            Company on the schedule (the “Mortgage Loan Schedule”) attached hereto as
            Exhibit A (the “Mortgage Loans”) and (b) except as described below, that
            certain Master Seller’s Purchase, Warranties and Interim Servicing Agreement
            dated as of August 1, 2006, as amended (the “Purchase Agreement”),
            between the Assignor, as purchaser (the “Purchaser”), and the Company, as
            seller, solely insofar as the Purchase Agreement relates to the Mortgage
            Loans
            and (y) other than as provided below with respect to the enforcement
            of
            representations and warranties, none of the obligations of the Assignor
            under
            the Purchase Agreement.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and any obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the mortgage loans set forth on the Mortgage Loan Schedule
            and are
            not the subject of this Agreement.  The Assignor also maintains its
            rights to enforce any obligations of the Company pursuant to the Purchase
            Agreement.

           

           

          II.  Recognition
            of the Company

           

          From
            and
            after the date hereof, the Company shall and does hereby recognize that
            the
            Assignee will transfer the Mortgage Loans and assign its rights under
            the
            Purchase Agreement (solely to the extent set forth herein) and this Agreement
            to
            MASTR Asset-Backed Securities Trust 2007-HE1 (the “Trust”) created pursuant to a
            Pooling and Servicing Agreement, dated as of May 1, 2007 (the “Pooling
            Agreement”), among the Assignee, Wells Fargo Bank, N.A. as master servicer and
            trust administrator (including its successors in interest and any successor
            servicers under the Pooling Agreement, the “Master Servicer” or “Trust
            Administrator”), Wells Fargo Bank, N.A. and Barclays Capital Real Estate Inc.
            d/b/a HomEq Servicing as servicers (the “Servicers”) and U.S. Bank National
            Association, as trustee (including its successors in interest and any
            successor
            trustees under the Pooling Agreement, the “Trustee”).  The Company
            hereby acknowledges and agrees that from and after the date hereof (i)
            the Trust
            will be the owner of the Mortgage Loans, (ii) the
            Trust  (including the Trustee, the Trust Administrator, the Master
            Servicer and the Servicer acting on the Trust’s behalf) shall have all the
            rights and remedies available to the Assignor, insofar as they relate
            to the
            Mortgage Loans, under the Purchase Agreement, including, without limitation,
            the
            enforcement of the document delivery requirements and remedies with respect
            to
            breaches of representations and warranties set forth in the Purchase
            Agreement,
            and shall be entitled to enforce all of the obligations of the Company
            thereunder insofar as they relate to the Mortgage Loans, and (iii) all
            references to the Purchaser (insofar as they relate to the rights, title
            and
            interest and, with respect to obligations of the Purchaser, only insofar
            as they
            relate to the enforcement of the representations, warranties and covenants
            of
            the Company) or the Custodian under the Purchase Agreement insofar as
            they
            relate to the Mortgage Loans, shall be deemed to refer to the Trust (including
            the Trustee, the Trust Administrator, the Master Servicer and the Servicer
            acting on the Trust’s behalf).  Neither the Company nor the Assignor
            shall amend or agree to amend, modify, waiver, or otherwise alter any
            of the
            terms or provisions of the Purchase Agreement which amendment, modification,
            waiver or other alteration would in any way affect the Mortgage Loans
            or the
            Company’s performance under the Purchase Agreement with respect to the Mortgage
            Loans without the prior written consent of the Trustee.

           

           

          III.  Representations
            and Warranties of the Company

           

          1.           The
            Company warrants and represents to the Assignor, the Assignee and the
            Trust as
            of the date hereof that:

           

          (a)  Attached
            hereto as Exhibit B is a true and accurate copy of the representations
            and warranties set forth in Sections 3.01 and 3.02 of the Purchase Agreement,
            which Purchase Agreement is in full force and effect as of the date hereof
            and
            the provisions of which have not been waived, amended or modified in
            any
            respect, nor has any notice of termination been given thereunder;

           

          (b)  The
            Company is duly organized, validly existing and in good standing under
            the laws
            of the jurisdiction of its incorporation;

           

          (c)  The
            Company has full power and authority to execute, deliver and perform
            its
            obligations under this Agreement and has full power and authority to
            perform its
            obligations under the Purchase Agreement. The execution by the Company
            of this
            Agreement is in the ordinary course of the Company’s business and will not
            conflict with, or result in a breach of, any of the terms, conditions
            or
            provisions of the Company’s charter or bylaws or any legal restriction, or any
            material agreement or instrument to which the Company is now a party
            or by which
            it is bound, or result in the violation of any law, rule, regulation,
            order,
            judgment or decree to which the Company or its property is subject. The
            execution, delivery and performance by the Company of this Agreement
            have been
            duly authorized by all necessary corporate action on part of the Company.
            This
            Agreement has been duly executed and delivered by the Company, and, upon
            the due
            authorization, execution and delivery by the Assignor and the Assignee,
            will
            constitute the valid and legally binding obligation of the Company, enforceable
            against the Company in accordance with its terms except as enforceability
            may be
            limited by bankruptcy, reorganization, insolvency, moratorium or other
            similar
            laws now or hereafter in effect relating to creditors’ rights generally, and by
            general principles of equity regardless of whether enforceability is
            considered
            in a proceeding in equity or at law;

           

          (d)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            the Company in connection with the execution, delivery or performance
            by the
            Company of this Agreement; and

           

          (e)  There
            is
            no action, suit, proceeding or investigation pending or threatened against
            the
            Company, before any court, administrative agency or other tribunal, which
            would
            draw into question the validity of this Agreement or the Purchase Agreement,
            or
            which, either in any one instance or in the aggregate, would result in
            any
            material adverse change in the ability of the Company to perform its
            obligations
            under this Agreement or the Purchase Agreement, and the Company is
            solvent.

           

          2.           Pursuant
            to Section 8.01(b)(iii) of the Purchase Agreement, the Company hereby
            represents
            and warrants, for the benefit of the Assignor, the Assignee and the Trust,
            that
            the representations and warranties set forth in Sections 3.01 and 3.02
            of the
            Purchase Agreement (set forth on Schedule 1 hereto), are true and correct
            as of
            the date hereof, as if such representations and warranties were made
            on such
            date.

           

          3.           The
            Assignor hereby makes the following representations and warranties as
            of the
            date hereof:

           

          (a)  Each
            Mortgage Loan 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 and abusive lending laws;

           

          (b)  None
            of
            the Mortgage Loans are High Cost as defined by any applicable predatory
            and
            abusive lending laws;

           

          (c)  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 5.7 Revised, Appendix E); and

           

          (d)  No
            Mortgage Loan originated on or after October 1, 2002 through March 6,
            2003 is
            governed by the Georgia Fair Lending Act.

           

           

          IV.  Remedies
            for Breach of Representations and Warranties

           

          The
            Company hereby acknowledges and agrees that the remedies available to
            the
            Assignor, the Assignee and the Trust (including the Trustee and the Master
            Servicer acting on the Trust’s behalf) in connection with any breach of the
            representations and warranties made by the Company set forth in Section
            3 hereof
            shall be as set forth in Subsection 3.03 of the Purchase Agreement as
            if they
            were set forth herein (including without limitation the repurchase and
            indemnity
            obligations set forth therein).  It is understood by the parties
            hereto that a breach of the representations and warranties made in Sections
            Sections 3.02 (h), (n), (ee), (pp), (uu), (vv), (ccc), (ggg), (hhh),
            (iii),
            (jjj), (ooo), (rrr) or (sss) of the Purchase Agreement shall be deemed
            to
            materially and adversely affect the value of the related mortgage loan
            or the
            interests of the Trust in the related mortgage loans.

           

          The
            Assignor hereby acknowledges and agrees that the remedies available to
            the
            Assignee and the Trust (including the Trustee and the Master Servicer
            acting on
            the Trust’s behalf) in connection with any breach of the representations and
            warranties made by the Assignor set forth in Section 3 hereof shall be
            as set
            forth in Section 2.03 of the Pooling and Servicing Agreement as if they
            were set
            forth herein (including without limitation the repurchase obligations
            set forth
            therein).

           

          Notwithstanding
            the foregoing, the Assignor may, at its option, satisfy any obligation
            of the
            Company with respect to any breach of representation and warranty made
            by the
            Company regarding the Mortgage Loans.

           

           

          V.  Miscellaneous

           

          This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

           

          No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced, with the prior written consent
            of the
            Trustee and the Trust Administrator.

           

          This
            Agreement shall inure to the benefit of (i) the successors and assigns
            of the
            parties hereto and (ii) the Trust (including the Trustee, the Trust
            Administrator and the Master Servicer acting on the Trust’s behalf). Any entity
            into which Assignor, Assignee or Company may be merged or consolidated
            shall,
            without the requirement for any further writing, be deemed Assignor,
            Assignee or
            Company, respectively, hereunder.

           

          Each
            of
            this Agreement and the Purchase Agreement shall survive the conveyance
            of the
            Mortgage Loans and the assignment of the Purchase Agreement (to the extent
            assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
            and
            nothing contained herein shall supersede or amend the terms of the Purchase
            Agreement.

           

          This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument.

           

          In
            the
            event that any provision of this Agreement conflicts with any provision
            of the
            Purchase Agreement with respect to the Mortgage Loans, the terms of this
            Agreement shall control.

           

          Capitalized
            terms used in this Agreement (including the exhibits hereto)  but not
            defined in this Agreement shall have the meanings given to such terms
            in the
            Purchase Agreement.

           

           

          [SIGNATURE
            PAGE FOLLOWS]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be executed
            by their
            duly authorized officers as of the date first above written.

           

          
            	 	 	 	 	 	 	 	
                    UBS
                      REAL ESTATE SECURITIES INC.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    MORTGAGE
                      ASSET SECURITIZATION TRANSACTIONS, INC.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            	 	 	 	 	 	 	 	
                    LIME
                      FINANCIAL SERVICES, LTD.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

           

          EXHIBIT
            A

          

          Mortgage
            Loan Schedule

          

          

          Available
            Upon Request

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            1

          

          Capitalized
            terms used herein but not defined in this Schedule 1 shall have the meanings
            given to such terms in the Purchase Agreement:

           

          
            	
                  	
                    Section
                      3.01

                  	
                    Representations
                      and Warranties of the Company.

                  

          

           

          The
            Company represents, warrants and covenants to the Purchaser that as of
            each
            Closing Date and as of each Servicing Transfer Date or as of such date
            specifically provided herein:

           

          (a)  The
            Company is a corporation duly organized and validly existing under the
            laws of
            Oregon.  The Company has all licenses necessary to carry out its
            business as now being conducted, and is licensed and qualified to transact
            business in and is in good standing under the laws of each state in which
            any
            Mortgaged Property is located or is otherwise exempt under applicable
            law from
            such licensing or qualification or is otherwise not required under applicable
            law to effect such licensing or qualification and no demand for such
            licensing
            or qualification has been made upon the Company by any such state, and
            in any
            event the Company is in compliance with the laws of any such state to
            the extent
            necessary to ensure the enforceability of each Mortgage Loan and the
            interim
            servicing of the Mortgage Loans in accordance with the terms of this
            Agreement.  No licenses or approvals obtained by the Company have been
            suspended or revoked by any court, administrative agency, arbitrator
            or
            governmental body and no proceedings are pending which might result in
            such
            suspension or revocation;

           

          (b)  The
            Company has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement and the related Confirmation and to conduct its business
            as
            presently conducted; the Company has duly authorized the execution, delivery
            and
            performance of this Agreement and any agreements contemplated hereby,
            has duly
            executed and delivered this Agreement and the related Confirmation, and
            any
            agreements contemplated hereby, and this Agreement and the related Confirmation
            and each Assignment of Mortgage to the Purchaser and any agreements contemplated
            hereby, constitute the legal, valid and binding obligations of the Company,
            enforceable against it in accordance with their respective terms, except
            as such
            enforceability may be limited by bankruptcy, insolvency, moratorium,
            reorganization and similar laws, and by equitable principles affecting
            the
            enforceability of the rights of creditors; and all requisite corporate
            action
            has been taken by the Company to make this Agreement, the related Confirmation
            and all agreements contemplated hereby valid and binding upon the Company
            in
            accordance with their terms;

           

          (c)  Neither
            the execution and delivery of this Agreement, the related Confirmation,
            the sale
            of the Mortgage Loans to the Purchaser, the consummation of the transactions
            contemplated hereby, nor the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Confirmation will conflict
            with any
            of the terms, conditions or provisions of the Company’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions of any legal restriction or any agreement or
            instrument
            to which the Company is now a party or by which it is bound, or constitute
            a
            default or result in an acceleration under any of the foregoing, or result
            in
            the material violation of any law, rule, regulation, order, judgment
            or decree
            to which the Company or its property is subject;

           

          (d)  There
            is
            no litigation, suit, proceeding or investigation pending or threatened,
            or any
            order or decree outstanding, which is reasonably likely to have a material
            adverse effect on the sale of the Mortgage Loans, the execution, delivery,
            performance or enforceability of this Agreement or the related Confirmation,
            or
            which is reasonably likely to have a material adverse effect on the financial
            condition of the Company;

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            of
            or compliance by the Company with this Agreement and the related Confirmation,
            except for consents, approvals, authorizations and orders which have
            been
            obtained;

           

          (f)  The
            consummation of the transactions contemplated by this Agreement and the
            related
            Confirmation are in the ordinary course of business of the Company, and
            the
            transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
            by
            the Company pursuant to this Agreement and the related Confirmation are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction;

           

          (g)  The
            origination, servicing and collection practices with respect to each
            Mortgage
            Note and Mortgage have been legal and in accordance with applicable laws
            and
            regulations, and in all material respects in accordance with Accepted
            Servicing
            Practices.  The Company further represents and warrants that: with
            respect to escrow deposits and payments that the Company is entitled
            to collect,
            all such payments are in the possession of, or under the control of,
            the Company
            or its delegate, and there exist no deficiencies in connection therewith
            for
            which customary arrangements for repayment thereof have not been made;
            all
            escrow payments have been collected and are being maintained in full
            compliance
            with applicable state and federal law and the provisions of the related
            Mortgage
            Note and Mortgage; as to any Mortgage Loan that is the subject of an
            escrow,
            escrow of funds is not prohibited by applicable law and has been established
            in
            an amount sufficient to pay for every escrowed item that remains unpaid
            and has
            been assessed but is not yet due and payable; no escrow deposits or other
            charges or payments due under the Mortgage Note have been capitalized
            under any
            Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
            have been made in strict compliance with state and federal law and the
            terms of
            the related Mortgage Note; and any interest required to be paid pursuant
            to
            state and local law has been properly paid and credited;

           

          (h)  The
            Company has not used selection procedures that identified the Mortgage
            Loans as
            being less desirable or valuable than other comparable mortgage loans
            in the
            Company’s portfolio at the related Closing Date;

           

          (i)  The
            Company will treat the transfer of the Mortgage Loans to the Purchaser
            as a sale
            for reporting and accounting purposes and, to the extent appropriate,
            for
            federal income tax purposes.  The Company shall maintain a complete
            set of books and records for each Mortgage Loan which shall be clearly
            marked to
            reflect the ownership of such Mortgage Loan by the Purchaser;

           

          (j)  The
            Company is an approved seller/servicer of residential mortgage loans
            for HUD,
            with such facilities, procedures and personnel necessary for the sound
            servicing
            of such mortgage loans.  The Company is duly qualified, licensed,
            registered and otherwise authorized under all applicable federal, state
            and
            local laws and regulations;

           

          (k)  The
            Company does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            and the
            related Confirmation applicable to it.  The Company is solvent and the
            sale of the Mortgage Loans will not cause the Company to become
            insolvent.  The sale of the Mortgage Loans is not undertaken with the
            intent to hinder, delay or defraud any of the Company’s creditors;

           

          (l)  No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, the Company pursuant to this Agreement, the related Confirmation
            or
            in connection with the transactions contemplated hereby, contains or
            will
            contain any statement that is or will be inaccurate or misleading in
            any
            material respect.  The Company has prudently originated and
            underwritten each Mortgage Loan;

           

          (m)  The
            consideration received by the Company upon the sale of the Mortgage Loans
            constitutes fair consideration and reasonably equivalent value for such
            Mortgage
            Loans;

           

          (n)  The
            Company has delivered to the Initial Purchaser financial statements as
            to its
            last two complete fiscal years.  All such financial statements fairly
            present the pertinent results of operations and changes in financial
            position
            for each of such periods and the financial position at the end of each
            such
            period of the Company and its subsidiaries and have been prepared in
            accordance
            with GAAP consistently applied throughout the periods involved, except
            as set
            forth in the notes thereto.  There has been no change in the business,
            operations, financial condition, properties or assets of the Company
            since the
            date of the Company’s financial statements that would have a material adverse
            effect on its ability to perform its obligations under this Agreement
            or the
            related Confirmation;

           

          (o)  The
            Company has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans; and

           

          (p)  The
            Company 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 MERS Mortgage Loans for as long as such Mortgage Loans are registered
            with MERS.

           

          
            	
                  	
                    Section
                      3.02

                  	
                    Representations
                      and Warranties as to Individual Mortgage
                      Loans.

                  

          

           

          The
            Company hereby represents and warrants to the Purchaser, as to each Mortgage
            Loan, as of the related Closing Date and as of the related Servicing
            Transfer
            Date as follows:

           

          (a)  The
            information set forth in the related Mortgage Loan Schedule, including
            any
            diskette or other related data tapes sent to the Initial Purchaser, is
            complete,
            true and correct in all material respects;

           

          (b)  The
            Mortgage creates a (A) first lien and first priority security interest
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien
            and second
            priority security interest with respect to each Mortgage Loan which is
            indicated
            by the Company to be a Second Lien (as reflected on the Mortgage Loan
            Schedule),
            in either case, in the related Mortgaged Property securing the related
            Mortgage
            Note;

           

          (c)  All
            payments due on or prior to the related Closing Date for such Mortgage
            Loan have
            been made as of the related Closing Date, the Mortgage Loan is not delinquent
            in
            payment more than 30 days and has not been dishonored; there are no material
            defaults under the terms of the Mortgage Loan; the Company has not advanced
            funds, or induced, solicited or knowingly received any advance of funds
            from a
            party other than the owner of the Mortgaged Property subject to the Mortgage,
            directly or indirectly, for the payment of any amount required by the
            Mortgage
            Loan; no payment with respect to each Mortgage Loan has been delinquent
            during
            the preceding twelve-month period;

           

          (d)  All
            taxes, governmental assessments, insurance premiums, water, sewer and
            municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid, or escrow funds have been established in an amount
            sufficient to pay for every such escrowed item which remains unpaid and
            which
            has been assessed but is not yet due and payable;

           

          (e)  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments which have been
            recorded
            to the extent any such recordation is required by law.  No instrument
            of waiver, alteration or modification has been executed, and no Mortgagor
            has
            been released, in whole or in part, from the terms thereof except in
            connection
            with an assumption agreement and which assumption agreement is part of
            the
            Mortgage File and the terms of which are reflected in the related Mortgage
            Loan
            Schedule; the substance of any such waiver, alteration or modification
            has been
            approved by the issuer has been approved by the issuer of any related
            title
            insurance policy, to the extent required by the related policy.

           

          (f)  The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; and the Mortgagor was not a debtor in
            any state
            or federal bankruptcy or insolvency proceeding at the time the Mortgage
            Loan was
            originated;

           

          (g)  All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by a Qualified Insurer, against loss by fire, windstorm,
            hurricane
            hail and other perils normally associated with extended coverage, in
            an amount
            representing coverage not less than the lesser of (i) the maximum insurable
            value of the improvements securing such Mortgage Loans, and (ii) the
            greater of
            (a) either (1) the outstanding principal balance of the Mortgage Loan
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule) or (2) with respect
            to each
            Second Lien Mortgage Loan, the sum of the outstanding principal balance
            of the
            first lien on such Mortgage Loan and the outstanding principal balance
            of such
            Second Lien Mortgage Loan, and (b) an amount such that the proceeds thereof
            shall be sufficient to prevent the Mortgagor and/or the mortgagee from
            becoming
            a co-insurer, but in no event greater than the maximum amount permitted
            under
            applicable law. All such standard hazard policies are in full force and
            effect
            and on the date of origination contained a standard mortgagee clause
            naming the
            Company and its successors in interest and assigns as loss payee and
            such clause
            is still in effect and all premiums due thereon have been paid.  If
            required by the Flood Disaster Protection Act of 1973, as amended, the
            Mortgage
            Loan is covered by a flood insurance policy meeting the requirements
            of the
            current guidelines of the Federal Insurance Administration, which policy
            conforms generally to standards of prudent lenders in the secondary mortgage
            market in an amount not less than the amount required by the Flood Disaster
            Protection Act of 1973, as amended.  Such policy was issued by a
            Qualified Insurer.  The Mortgage obligates the Mortgagor thereunder to
            maintain all such insurance at the Mortgagor’s cost and expense, and upon the
            Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
            such insurance at the Mortgagor’s cost and expense and to seek reimbursement
            therefor from the Mortgagor;

           

          (h)  Each
            Mortgage Loan and, if any, the related prepayment penalty complied in
            all
            material respects with any and all requirements of any federal, state
            or local
            law including, without limitation, usury, truth in lending, real estate
            settlement procedures, consumer credit protection, equal credit opportunity,
            fair housing, disclosure, or predatory, fair and abusive lending laws
            applicable
            to the origination and servicing of loans of a type similar to the Mortgage
            Loans and the consummation of the transactions contemplated hereby will
            not
            involve the violation of any such laws;

           

          (i)  The
            Mortgage has not been satisfied, canceled or subordinated (other than
            the
            subordination of any Second Lien Mortgage Loan to the related First Lien),
            in
            whole or in part, or rescinded, and the Mortgaged Property has not been
            released
            from the lien of the Mortgage, in whole or in part nor has any instrument
            been
            executed that would effect any such release, cancellation, subordination
            or
            rescission. The Company has not waived the performance by the Mortgagor
            of any
            action, if the Mortgagor’s failure to perform such action would cause the
            Mortgage Loan to be in default, nor has the Company waived any default
            resulting
            from any action or inaction by the Mortgagor;

           

          (j)  The
            related Mortgage is a valid, subsisting, enforceable and perfected (A)
            first
            lien and first priority security interest with respect to each Mortgage
            Loan
            which is indicated by the Company to be a First Lien (as reflected on
            the
            Mortgage Loan Schedule), or (B) second lien and second priority security
            interest with respect to each Mortgage Loan which is indicated by the
            Company to
            be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
            in
            either case, on the Mortgaged Property including all buildings on the
            Mortgaged
            Property and all installations and mechanical, electrical, plumbing,
            heating and
            air conditioning systems affixed to such buildings, and all additions,
            alterations and replacements made at any time with respect to the foregoing
            securing the Mortgage Note’s original principal balance.  The Mortgage
            and the Mortgage Note do not contain any evidence of any security interest
            or
            other interest or right thereto.  Such lien is free and clear of all
            adverse claims, liens and encumbrances having priority over the first
            lien of
            the Mortgage subject only to (1) the lien of non-delinquent current real
            property taxes and assessments not yet due and payable, (2) covenants,
            conditions and restrictions, rights of way, easements and other matters
            of the
            public record as of the date of recording which are acceptable to mortgage
            lending institutions generally and either (A) which are referred to or
            otherwise
            considered in the appraisal made for the originator of the Mortgage Loan,
            or (B)
            which do not adversely affect the appraised value of the Mortgaged Property
            as
            set forth in such appraisal, (3) 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 the Mortgage or the use, enjoyment,
            value or
            marketability of the related Mortgaged Property and (4) with respect
            to each
            Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
            Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the
            Mortgaged
            Property.  Any security agreement, chattel mortgage or equivalent
            document related to and delivered in connection with the Mortgage Loan
            establishes and creates a valid, subsisting, enforceable and perfected
            (A) first
            lien and first priority security interest with respect to each Mortgage
            Loan
            which is indicated by the Company to be a First Lien (as reflected on
            the
            Mortgage Loan Schedule), or (B) second lien and second priority security
            interest with respect to each Mortgage Loan which is indicated by the
            Company to
            be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
            in
            either case, on the property described therein, and the Company has the
            full
            right to sell and assign the same to the Purchaser;

           

          (k)  The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to bankruptcy, insolvency,
            moratorium, reorganization and other laws of general application affecting
            the
            rights of creditors and by general equitable principles and the Company
            has
            taken all action necessary to transfer such rights of enforceability
            to the
            Purchaser.  All parties to the Mortgage Note and the Mortgage had the
            legal capacity to enter into the Mortgage Loan and to execute and deliver
            the
            Mortgage Note and the Mortgage.  The Mortgage Note and the Mortgage
            have been duly and properly executed by such parties. No fraud, error,
            omission,
            misrepresentation, negligence or similar occurrence with respect to a
            Mortgage
            Loan has taken place on the part of the Company or the Mortgagor, or,
            on the
            part of any other party involved in the origination or servicing of the
            Mortgage
            Loan.  The proceeds of the Mortgage Loan have been fully disbursed and
            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 the
            Mortgage Loan and the recording of the Mortgage were paid or are in the
            process
            of being paid, and the Mortgagor is not entitled to any refund of any
            amounts
            paid or due under the Mortgage Note or Mortgage;

           

          (l)  The
            Company is the sole owner of record and holder of the Mortgage Loan and
            the
            indebtedness evidenced by the Mortgage Note, and upon recordation the
            Purchaser
            or its designee will be the owner of record of the Mortgage and the indebtedness
            evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
            to the
            Purchaser, the Company will retain the Servicing File in trust for the
            Purchaser
            only for the purpose of interim servicing and supervising the interim
            servicing
            of the Mortgage Loan. Immediately prior to the transfer and assignment
            to the
            Purchaser on the related Closing Date, the Mortgage Loan, including the
            Mortgage
            Note and the Mortgage, were not subject to an assignment or pledge, and
            the
            Company had good and marketable title to and was the sole owner thereof
            and had
            full right to transfer and sell the Mortgage Loan to the Purchaser free
            and
            clear of any encumbrance, equity, lien, pledge, charge, claim or security
            interest and has the full right and authority subject to no interest
            or
            participation of, or agreement with, any other party, to sell and assign
            the
            Mortgage Loan pursuant to this Agreement and following the sale of the
            Mortgage
            Loan, the Purchaser will own such Mortgage Loan free and clear of any
            encumbrance, equity, participation interest, lien, pledge, charge, claim
            or
            security interest.  The Company intends to relinquish all rights to
            possess, control and monitor the Mortgage Loan, except for the purposes
            of
            interim servicing the Mortgage Loan as set forth in this
            Agreement.  The Mortgagor is a natural person;

           

          (m)  Each
            Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
            title insurer that is a Qualified Insurer and qualified to do business
            in the
            jurisdiction where the Mortgaged Property is located, insuring (subject
            to the
            exceptions contained in (j)(1), (2) and (3) above and, with respect to
            each
            Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
            Loan (as reflected on the Mortgage Loan Schedule) clause (4)) the Company,
            its
            successors and assigns, as to the first (or, where applicable, second)
            priority
            lien of the Mortgage  in the original principal amount of the Mortgage
            Loan and, with respect to each Adjustable Rate Mortgage Loan, against
            any loss
            by reason of the invalidity or unenforceability of the lien resulting
            from the
            provisions of the Mortgage providing for adjustment in the Mortgage Interest
            Rate and Monthly Payment.  Additionally, such policy affirmatively
            insures ingress and egress to and from the Mortgaged Property.  Where
            required by applicable state law or regulation, the Mortgagor has been
            given the
            opportunity to choose the carrier of the required mortgage title
            insurance.  The Company, its successors and assigns, are the sole
            insureds of such lender’s title insurance policy, such title insurance policy
            has been duly and validly endorsed to the Purchaser or the assignment
            to the
            Purchaser of the Company’s interest therein does not require the consent of or
            notification to the insurer and such lender’s title insurance policy is in full
            force and effect and will be in full force and effect upon the consummation
            of
            the transactions contemplated by this Agreement and the related
            Confirmation.  No claims have been made under such lender’s title
            insurance policy, and no prior holder of the related Mortgage, including
            the
            Company, has done, by act or omission, anything which would impair the
            coverage
            of such lender’s title insurance policy;

           

          (n)  There
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and no event which, 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 permitting acceleration;
            and
            neither the Company nor any prior mortgagee has waived any default, breach,
            violation or event permitting acceleration.  With respect to each
            Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
            Loan (as reflected on the Mortgage Loan Schedule) (i) the First Lien
            is in full
            force and effect, (ii) there is no default, breach, violation or event
            of
            acceleration existing under such First Lien mortgage or the related mortgage
            note, (iii) either no consent for the Mortgage Loan is required by the
            holder of
            the First Lien or such consent has been obtained and is contained in
            the
            Mortgage File, (iv) to the best of Company’s knowledge, no event which, 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
            thereunder, and either (A) the First Lien mortgage contains a provision
            which
            allows or (B) applicable law requires, the mortgagee under the Second
            Lien
            Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
            to
            cure any default by payment in full or otherwise under the First Lien
            mortgage,
            and (v) such Second Lien Mortgage Loan is secured by a one- to four-family
            residence that is the principal residence of the Mortgagor;

           

          (o)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material (and no rights are outstanding that under law could give
            rise to
            such liens) affecting the related Mortgaged Property which are or may
            be liens
            prior to or equal to the lien of the related Mortgage;

           

          (p)  All
            improvements subject to the Mortgage which were considered in determining
            the
            Appraised Value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (m) above
            and all
            improvements on the property comply with all applicable zoning and subdivision
            laws and ordinances;

           

          (q)  The
            Mortgage Loan was originated by or for the Company.  The Mortgage Loan
            complies with all the terms, conditions and requirements of the Company’s
            Underwriting Standards which allows for exceptions specifically disclosed
            in the
            Mortgage File in effect at the time of origination of such Mortgage
            Loan.  The Mortgage Notes and Mortgages (exclusive of any riders) are
            on forms generally acceptable to Fannie Mae or Freddie Mac.  The
            Mortgage Loan bears interest at the Mortgage Interest Rate set forth
            in the
            related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
            Note are
            due and payable on the first day of each month.  The Mortgage contains
            the usual and enforceable provisions of the originator at the time of
            origination for the acceleration of the payment of the unpaid principal
            amount
            of the Mortgage Loan if the related Mortgaged Property is sold without
            the prior
            consent of the mortgagee thereunder;

           

          (r)  The
            Mortgaged Property is not subject to any material damage by waste, fire,
            earthquake, windstorm, flood or other casualty, and is in good
            repair.  At origination of the Mortgage Loan there was, and there
            currently is, no proceeding pending for the total or partial condemnation
            of the
            Mortgaged Property. There have not been any condemnation proceedings
            with
            respect to the Mortgaged Property and there are no such proceedings scheduled
            to
            commence at a future date;

           

          (s)  The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby.  There is no homestead or other exemption available to the
            Mortgagor which would interfere with the right to sell the Mortgaged
            Property at
            a trustee’s sale or the right to foreclose the Mortgage;

           

          (t)  If
            the
            Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified
            if required under applicable law to act as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses
            are or will become payable by the Purchaser to the trustee under the deed of
            trust, except in connection with a trustee’s sale or attempted sale after
            default by the Mortgagor;

           

          (u)  The
            Mortgage File contains an appraisal of the related Mortgaged
            Property  which, (a) with respect to First Lien Mortgage Loans, was on
            appraisal form 1004 or form 2055 with an interior inspection, or (b)
            with
            respect to Second Lien Mortgage Loans, was on appraisal form 704, 2065
            or 2055
            with an interior or exterior only inspection, and (c) with respect to
            (a) or (b)
            above, was signed prior to the final approval of the mortgage loan application
            by a Qualified Appraiser, 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, and the appraisal and appraiser both satisfy the requirements of
            FIRREA
            and the regulations promulgated thereunder, all as in effect on the date
            the
            Mortgage Loan was originated;

           

          (v)  All
            parties which have had any interest in the Mortgage, whether as mortgagee,
            assignee, pledgee or otherwise, are (or, during the period in which they
            held
            and disposed of such interest, were) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such
            state;

           

          (w)  The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to in (j)
            above and
            such collateral does not serve as security for any other
            obligation;

           

          (x)  The
            Mortgagor has received all disclosure materials required by applicable
            law with
            respect to the making of such mortgage loans;

           

          (y)  The
            Mortgage Loan does not contain “graduated payment” features and does not have a
            shared appreciation or other contingent interest feature;  no Mortgage
            Loan contains any buydown provisions;

           

          (z)  The
            Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and
            the
            Company has no knowledge of any circumstances or condition with respect
            to the
            Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
            standing that could reasonably be expected to cause investors to regard
            the
            Mortgage Loan as an unacceptable investment, cause the Mortgage Loan
            to become
            delinquent, or materially adversely affect the value or marketability
            of the
            Mortgage Loan;

           

          (aa)  Except
            for an interest-only Mortgage Loan, principal payments on the Mortgage
            Loan
            commenced no more than sixty (60) days after the funds were disbursed
            in
            connection with the Mortgage Loan.  The Mortgage Loans have an
            original term to maturity of not more than 30 years, with interest payable
            in
            arrears on the first day of each month.  Each Mortgage Note requires a
            monthly payment which is sufficient to fully amortize the original principal
            balance over the original term thereof (other than during the interest-only
            period with respect to a Mortgage Loan identified on the related Mortgage
            Loan
            Schedule as an interest-only Mortgage Loan) and to pay interest at the
            related
            Mortgage Interest Rate.  With respect to each Mortgage Loan identified
            on the Mortgage Loan Schedule as an interest-only Mortgage Loan, the
            interest-only period does not exceed ten (10) years (or such lesser period
            specified on the Mortgage Loan Schedule) and following the expiration
            of such
            interest-only period, the remaining Monthly Payments shall be sufficient
            to
            fully amortize the original principal balance over the remaining term
            of the
            Mortgage Loan.  No Mortgage Loan contains terms or provisions which
            would result in negative amortization.  No Mortgage Loan provides for
            the capitalization or forbearance of interest;

           

          (bb)  No
            Mortgage Loan is subject to a lender-paid mortgage insurance
            policy;

           

          (cc)  As
            to any
            Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
            is
            in recordable form and is acceptable for recording under the laws of
            the
            jurisdiction in which the Mortgaged Property is located;

           

          (dd)  The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel of real property with a
            detached
            single family residence erected thereon, or a townhouse, or a two-to
            four-family
            dwelling, or an individual condominium unit in a condominium project,
            or an
            individual unit in a planned unit development or a de minimis planned
            unit
            development, provided, however, that no residence or dwelling is a single
            parcel
            of real property with a cooperative housing corporation erected thereon,
            or a
            mobile home.  As of the date of origination, no portion of the
            Mortgaged Property was used for commercial purposes, and since the date
            or
            origination no portion of the Mortgaged Property has been used for commercial
            purposes;

           

          (ee)  Except
            as
            set forth on the related Mortgage Loan Schedule, none of the Mortgage
            Loans are
            subject to a Prepayment Penalty.   For any Mortgage Loan
            originated prior to October 1, 2002 that is subject to a Prepayment Penalty,
            such prepayment penalty does not extend beyond five years after the date
            of
            origination.  For any Mortgage Loan originated on or following October
            1, 2002 that is subject to a Prepayment Penalty, such prepayment penalty
            does
            not extend beyond three years after the date of origination. Any such
            prepayment
            penalty is permissible and enforceable in accordance with its terms upon
            the
            Mortgagor’s full and voluntary principal prepayment under applicable law. With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a penalty upon a prepayment prior to maturity: (i) the Mortgage Loan
            provides
            some benefit to the Mortgagor (e.g., a rate or fee reduction) in exchange
            for
            accepting such a prepayment penalty; (ii) the Company had available a
            product
            that did not contain a Prepayment Penalty; and (iii) the prepayment penalty
            was
            adequately disclosed to the Mortgagor in the loan documents pursuant
            to
            applicable state and federal law;

           

          (ff)  The
            Mortgaged Property is lawfully occupied under applicable law, and 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;

           

          (gg)  If
            the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development), such condominium or planned
            unit
            development project is warrantable and meets the requirements set forth
            in the
            Company’s Underwriting Guidelines;

           

          (hh)  There
            is
            no pending action or proceeding directly involving the Mortgaged Property
            in
            which compliance with any environmental law, rule or regulation is an
            issue;
            there is no violation of any environmental law, rule or regulation with
            respect
            to the Mortgaged Property; and nothing further remains to be done to
            satisfy in
            full all requirements of each such law, rule or regulation constituting
            a
            prerequisite to use and enjoyment of said property;

           

          (ii)  The
            Mortgagor has not notified the Company requesting relief under the Soldiers’ and
            Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, and
            the Company has no knowledge of any relief requested or allowed to the
            Mortgagor
            under the Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers
            Civil Relief Act or any similar state laws;

           

          (jj)  As
            of the
            related Closing Date, no Mortgage Loan was in construction or rehabilitation
            status or has facilitated the trade-in or exchange of a Mortgaged
            Property;

           

          (kk)  No
            action
            has been taken or failed to be taken on or prior to the related Closing
            Date
            which has resulted or will result in an exclusion from, denial of, or
            defense to
            coverage under any insurance policy related to a Mortgage Loan (including,
            without limitation, any exclusions, denials or defenses which would limit
            or
            reduce the availability of the timely payment of the full amount of the
            loss
            otherwise due thereunder to the insured) whether arising out of actions,
            representations, errors, omissions, negligence, or fraud, or for any
            other
            reason under such coverage;

           

          (ll)  The
            Mortgage Loan was originated by a savings and loan association, a savings
            bank,
            a commercial bank, a credit union, an insurance company, or similar institution
            which is supervised and examined by a federal or state authority, or
            by a
            mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
            211 of
            the National Housing Act;

           

          (mm)  With
            respect to each Mortgage Loan that is secured in whole or in part by
            the
            interest of the Mortgagor as a lessee under a ground lease of the related
            Mortgaged Property (a “Ground Lease”) and not by a fee interest in such
            Mortgaged Property:

           

          
            	
                  	
                    (a)

                  	
                    The
                      Mortgagor is the owner of a valid and subsisting interest as
                      tenant under
                      the Ground Lease;

                  

          

           

          
            	
                  	
                    (b)

                  	
                    The
                      Ground Lease is in full force and effect, unmodified and not
                      supplemented
                      by any writing or otherwise;

                  

          

           

          
            	
                  	
                    (c)

                  	
                    The
                      Mortgagor is not in default under any of the terms thereof
                      and there are
                      no circumstances which, with the passage of time or the giving
                      of notice
                      or both, would constitute an event of default
                      thereunder;

                  

          

           

          
            	
                  	
                    (d)

                  	
                    The
                      lessor under the Ground Lease is not in default under any of
                      the terms or
                      provisions thereof on the part of the lessor to be observed
                      or
                      performed;

                  

          

           

          
            	
                  	
                    (e)

                  	
                    The
                      term of the Ground Lease exceeds the maturity date of the related
                      Mortgage
                      Loan by at least five years;

                  

          

           

          
            	
                  	
                    (f)

                  	
                    The
                      Ground Lease or a memorandum thereof has been recorded and
                      by its terms
                      permits the leasehold estate to be mortgaged.  The Ground Lease
                      grants any leasehold mortgagee standard protection necessary
                      to protect
                      the security of a leasehold
                      mortgagee;

                  

          

           

          
            	
                  	
                    (g)

                  	
                    The
                      Ground Lease does not contain any default provisions that could
                      give rise
                      to forfeiture or termination of the Ground Lease except for
                      the
                      non-payment of the Ground Lease
                      rents;

                  

          

           

          
            	
                  	
                    (h)

                  	
                    The
                      execution, delivery and performance of the Mortgage do not
                      require the
                      consent (other than those consents which have been obtained
                      and are in
                      full force and effect) under, and will not contravene any provision
                      of or
                      cause a default under, the Ground Lease;
                      and

                  

          

           

          
            	
                  	
                    (i)

                  	
                    The
                      Ground Lease provides that the leasehold can be transferred,
                      mortgaged and
                      sublet an unlimited number of times either without restriction
                      or on
                      payment of a reasonable fee and delivery of reasonable documentation
                      to
                      the lessor;

                  

          

           

          (nn)  With
            respect to any broker fees collected and paid on any of the Mortgage
            Loans, all
            broker fees have been properly assessed to the Mortgagor and no claims
            will
            arise as to broker fees that are double charged and for which the Mortgagor
            would be entitled to reimbursement;

           

          (oo)  With
            respect to any Mortgage Loan as to which an affidavit has been delivered
            to the
            Purchaser certifying that the original Mortgage Note has been lost or
            destroyed
            and not been replaced, if such Mortgage Loan is subsequently in default,
            the
            enforcement of such Mortgage Loan will not be materially adversely affected
            by
            the absence of the original Mortgage Note;

           

          (pp)  Each
            Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
            of
            the Code and Treasury Regulations Section 1.860G-2(a)(1);

           

          (qq)  Except
            as
            provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
            of
            Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
            and
            required to be delivered on the related Closing Date have been delivered
            to the
            Purchaser or its designee all in compliance with the specific requirements
            of
            this Agreement.  With respect to each Mortgage Loan, the Company is in
            possession of a complete Mortgage File and Servicing File except for
            such
            documents as have been delivered to the Purchaser or its designee;

           

          (rr)  All
            information supplied by, on behalf of, or concerning the Mortgagor is
            true,
            accurate and complete and does not contain any statement that is or will
            be
            inaccurate or misleading in any material respect;

           

          (ss)  There
            does not exist on the related Mortgaged Property any hazardous substances,
            hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
            Environmental Response Compensation and Liability Act, the Resource Conservation
            and Recovery Act of 1976, or other federal, state or local environmental
            legislation;

           

          (tt)  No
            Mortgage Loan had a Loan-to-Value Ratio at the time of origination of
            more than
            100% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
            of
            origination of more than 100%;

           

          (uu)  No
            Mortgage Loan is (a) subject to, covered by or in violation of the Home
            Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
            cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
            law, including any predatory or abusive lending laws (or a similarly
            classified
            loan using different terminology under a law imposing heightened regulatory
            scrutiny or additional legal liability for a residential mortgage loan
            having
            high interest rates, points and/or fees), (c) a High Cost Loan or Covered
            Loan,
            as applicable (as such terms are defined in the current version of Standard
            & Poor’s LEVELS® Glossary, Appendix E) or (d) in violation of any state law
            or ordinance comparable to HOEPA. No Mortgage Loan (including purchase
            money
            loans or refinance transactions) has an “annual percentage rate” or total Points
            and Fees payable by the Mortgagor (as each such term is defined under
            HOEPA)
            that equal or exceed the applicable thresholds defined under HOEPA (Section
            32
            of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii));

           

          (vv)  No
            Mortgagor was required to purchase any credit life, disability, accident,
            unemployment, property or health insurance product or debt cancellation
            agreement as a condition of obtaining the extension of credit.  No
            Mortgagor obtained a prepaid single premium credit life, disability,
            unemployment, property, mortgage, accident or health insurance policy
            in
            connection with the origination of the Mortgage Loan; No proceeds from
            any
            Mortgage Loan were used to purchase or finance single-premium insurance
            policies
            or debt cancellation agreements as part of the origination of or as a
            condition
            to closing, such Mortgage Loan;

           

          (ww)  Any
            principal advances made to the Mortgagor prior to the related Closing
            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. The lien of the Mortgage securing the consolidated
            principal amount is expressly insured as having (A) first lien priority
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien
            priority
            with respect to each Mortgage Loan which is indicated by the Company
            to be a
            Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
            in either case, by a title insurance policy or an endorsement to the
            policy
            insuring the mortgagee’s consolidated interest. The consolidated principal
            amount does not exceed the original principal amount of the Mortgage
            Loan;

           

          (xx)  Interest
            on each Mortgage Loan is calculated on the basis of a 360-day year consisting
            of
            twelve 30-day months;

           

          (yy)  Except
            as
            disclosed on the Mortgage Loan Schedule, no Mortgage Loan is a Balloon
            Mortgage
            Loan.  With respect to each Balloon Mortgage Loan, the Mortgage Note
            requires a monthly payment which is sufficient to fully amortize the
            original
            principal balance over a term which extends beyond the maturity date
            thereof and
            to pay interest at the related Mortgage Interest Rate and requires a
            final
            monthly payment substantially greater than the preceding monthly payment
            which
            is sufficient to repay the remaining unpaid principal balance of the
            Balloon
            Mortgage Loan as the due date of such monthly payment;

           

          (zz)  With
            respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
            such MIN
            is accurately provided on the related Mortgage Loan Schedule. The related
            assignment of Mortgage to MERS has been duly and properly recorded;

           

          (aaa)  With
            respect to each MERS Mortgage Loan, the Company has not received any
            notice of
            liens or legal actions with respect to such Mortgage Loan and no such
            notices
            have been electronically posted by MERS;

           

          (bbb)  With
            respect to each Mortgage Loan, the related Mortgaged Property is not
            considered
            a manufactured housing unit;

           

          (ccc)  With
            respect to each Mortgage Loan, the Company has fully and accurately furnished
            complete information (e.g., favorable and unfavorable) on the related
            borrower
            credit files to Equifax and Trans Union Credit Information Company (two
            of the
            credit repositories), in accordance with the Fair Credit Reporting Act
            and its
            implementing regulations, on a monthly basis and the Company will fully
            furnish,
            in accordance with the Fair Credit Reporting Act and its implementing
            regulations, accurate and complete information (e.g., favorable and unfavorable)
            on its borrower credit files to Equifax and Trans Union Credit Information
            Company (two of the credit repositories), on a monthly basis;

           

          (ddd)  The
            Company has complied with all applicable anti-money laundering laws and
            regulations, including without limitation the USA Patriot Act of 2001
            (collectively, the “Anti-Money Laundering Laws”); the Company has
            established an anti-money laundering compliance program as required by
            the
            Anti-Money Laundering Laws, has conducted the requisite due diligence
            in
            connection with the origination of each Mortgage Loan for purposes of
            the
            Anti-Money Laundering Laws, including with respect to the legitimacy
            of the
            applicable Mortgagor and the origin of the assets used by the said Mortgagor
            to
            purchase the property in question, and maintains, and will maintain,
            sufficient
            information to identify the applicable Mortgagor for purposes of the
            Anti-Money
            Laundering Laws.  No Mortgage Loan is subject to nullification
            pursuant to Executive Order 13224 (the “Executive Order”) or the regulations
            promulgated by the Office of Foreign Assets Control of the United States
            Department of the Treasury (the “OFAC Regulations”) or in violation of the
            Executive Order or the OFAC Regulations, and no Mortgagor is subject
            to the
            provisions of such Executive Order or the OFAC Regulations nor listed
            as a
“blocked person” for purposes of the OFAC Regulations;

           

          (eee)  With
            respect to each Mortgage Loan which is a Second Lien Mortgage Loan the
            related
            first lien does not contain any term that could result in negative
            amortization;

           

          (fff)  No
            predatory or deceptive lending practices, including but not limited to,
            the
            extension of credit to the applicable Mortgagor without regard for said
            Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
            said Mortgagor which has no apparent benefit to said Mortgagor, were
            employed by
            the originator of the Mortgage Loan in connection with the origination
            of the
            Mortgage Loan. ;

           

          (ggg)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
            Act, as amended (the “Georgia Act”) or New York Banking Law 6-1.  No
            Mortgage Loan secured by owner occupied real property or an owner occupied
            manufactured home located in the State of Georgia was originated (or
            modified)
            on or after October 1, 2002 through and including March 6, 2003;

           

          (hhh)  No
            Mortgagor was 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 Mortgagor’s credit history,
            income, assets and liabilities. Any Mortgagor who sought financing through
            the
            Mortgage Loan originator’s higher priced sup prime lending channel was directed
            towards or offered the Mortgage Loan’s originator standard mortgage line if the
            Borrower was able to qualify for one of the standard products.  If, at
            the time of loan application, the Mortgagor may have qualified for a
            lower cost
            credit product then offered by any mortgage lending affiliate of the
            Mortgage
            Loan’s originator, the Mortgage Loan’s originator referred the Mortgagor’s
            application to such affiliate for underwriting consideration;

           

          (iii)  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            did not rely solely on the extent of the Mortgagor’s equity in the collateral as
            the principal determining factor in approving such extension of
            credit.  The methodology employed objective criteria such as the
            Mortgagor’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 Mortgagor had the ability
            to
            make timely payments on the Mortgage Loan;

           

          (jjj)  All
            points, fees and charges (including finance charges) and whether or not
            financed, assessed, collected or to be collected in connection with the
            origination and servicing of each Mortgage Loan have been disclosed in
            writing
            to the Mortgagor in accordance with applicable state and federal law
            and
            regulation;

           

          (kkk)  [Reserved];

           

          (lll)         
            [Reserved];

           

          (mmm)  Each
            Mortgage Loan is eligible for sale in the secondary mortgage market or
            for
            securitization;

           

          (nnn)  No
            Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
            Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
            Act is considered under the NJ Act as, either, a (1) purchase money Home
            Loan,
            (2) purchase money Covered Loan (with respect to Mortgage Loans which
            were
            originated between November 26, 2003 and July 7, 2004), or (3) a rate/term
            refinance Home Loan;

           

          (ooo)  No
            Mortgagor agreed to submit to arbitration to resolve any dispute arising
            out of
            or relating in any way to the Mortgage Loan transaction;

           

          (ppp)  The
            Mortgagor has not made or caused to be made any payment in the nature
            of an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
            has not been fully disclosed to the Mortgagor;

           

          (qqq)  No
            Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
            of
            Massachusetts was made to pay off or refinance an existing loan or other
            debt of
            the related borrower (as the term "borrower" is defined in the regulations
            promulgated by the Massachusetts Secretary of State in connection with
            the
            Massachusetts General Laws Chapter 183, Section 28C) unless (a) the related
            Mortgage Interest Rate (that would be effective once the introductory
            rate
            expires, with respect to Adjustable Rate Mortgage Loans) did or would
            not exceed
            by more than 2.50% the yield on United States Treasury securities having
            comparable periods of maturity to the maturity of the related Mortgage
            Loan as
            of the fifteenth day of the month immediately preceding the month in
            which the
            application for the extension of credit was received by the related lender
            or
            (b) the Mortgage Loan is an “open-end home loan” (as such term is used in the
            Massachusetts General Laws Chapter 183, Section 28C or the regulations
            promulgated in connection therewith) and the related Mortgage Note provides
            that
            the related Mortgage Interest Rate may not exceed at any time the Prime
            rate
            index as published in the Wall Street Journal plus a margin of one
            percent;

           

          (rrr)  All
            Points and Fees related to each Loan were disclosed in writing to the
            Mortgagor
            in accordance with applicable state and federal law and regulation. Except
            as
            otherwise disclosed in the Mortgage Loan Schedule, no Mortgagor was charged
            Points and Fees (whether or not financed) in an amount that exceeds the
            greater
            of (1) 5% of the principal amount of such Mortgage Loan (such 5% limitation
            is
            calculated in accordance with Fannie Mae’s requirements as set forth in the
            Fannie Mae Selling Guide) or (2) $1,000; and

           

          (sss)  With
            respect to each Mortgage Loan, the related residential dwelling is not
            a
            manufactured housing unit.

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

      

       

      To:          Wells
        Fargo Bank, N.A.

      Attn:
        Inventory Control

      1015
        10th
        Avenue SE

      Minneapolis,
        MN 55414

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of May 1, 2007, among Mortgage
                  Asset
                  Securitization Transactions, Inc., Wells Fargo Bank, N.A. as Master
                  Servicer, Custodian and Trust Administrator, Wells Fargo Bank,
                  N.A. as
                  Servicer, Barclays Capital Real Estate Inc. d/b/a HomEq
                  Servicing and U.S. Bank National Association,
                  Mortgage Pass-Through Certificates, Series
                  2007-HE1

              

      

       

      In
        connection with the administration of the Mortgage Loans held by you as
        Custodian pursuant to the above-captioned Pooling and Servicing Agreement,
        we
        request the release, and hereby acknowledge receipt of the [Custodian’s]
        [Trustee’s] Mortgage File or the Mortgage Loan described below, for the reason
        indicated.

       

      In
        addition, all amounts have been received in connection with such payment,
        repurchase or liquidation and have been credited to the related Collection
        Account.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name. Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	 	
                1.

                 

              	
                Mortgage
                  Paid in Full ____

                 

              
	 	
                2.

                 

              	
                Foreclosure
                  ____

                 

              
	 	
                3.

                 

              	
                Substitution
                  ____

                 

              
	 	
                4.

                 

              	
                Other
                  Liquidation (Repurchases, etc.) ____

                 

              
	 	
                5.

                 

              	
                Nonliquidation
                  Reason: ______________________________________

                 

              

      

      Address
        to which Custodian should deliver

      the
        [Custodian's] [Trustee’s] Mortgage File:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                By:

              	 
	 	 	
                (authorized
                  signer)

              
	 	
                Issuer:

              	 
	 	
                Address:

              	 
	 	
                Date:

              	 

      

      [Custodian]
        [Trustee]

      [U.S.
        Bank National Association]

      [Wells
        Fargo Bank, N.A.]

       

      
        	 	Please
                acknowledge the execution of the above request by your signature
                and date
                below: 
	 	
                 

                ________________________

              	
                 

                _____________

              
	 	
                Signature

              	
                Date

              
	 	 	 
	 	Documents
                returned to [Custodian][Trustee]: 
	 	
                 

                 

                ________________________

              	
                 

                 

                _____________

              
	 	
                [Custodian][Trustee]

              	
                Date

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Client Manager-MABS 2007-HE1

      

      
        	
                 

              	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
                  Certificates, Class ___, representing a ___% Class ___ Percentage
                  Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ________________ (the “Transferor”) to
        ________________ (the “Transferee”) of the captioned Mortgage Pass-Through
        certificates (the “Certificates”), the Transferor hereby certifies as
        follows:

       

      Neither
        the Transferor 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,
        (e)
        has taken any other action, that (in the case of each of subclauses (a) through
        (e) above) would constitute a distribution of the Certificates under the
        Securities Act of 1933, as amended (the “1933 Act”), or would render the
        disposition of any Certificate a violation of Section 5 of the 1933 Act or
        any
        state securities law or would require registration or qualification pursuant
        thereto. The Transferor will not act, nor has it authorized or will it authorize
        any person to act, in any manner set forth in the foregoing sentence with
        respect to any Certificate. The Transferor will not sell or otherwise transfer
        any of the Certificates, except in compliance with the provisions of that
        certain Pooling and Servicing Agreement, dated as of  May 1, 2007,
        among Mortgage Asset Securitization Transactions, Inc. as Depositor, Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer, Wells Fargo
        Bank,
        N.A. as Servicer, Wells Fargo Bank, N.A. as Master Servicer, Trust Administrator
        and Custodian and U.S. Bank National Association as Trustee  (the
“Pooling and Servicing Agreement”), pursuant to which Pooling and Servicing
        Agreement the Certificates were issued.

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Capitalized
        terms used but not defined herein shall have the meanings assigned thereto
        in
        the Pooling and Servicing Agreement.

       

      
        	 	
                Very truly
                  yours,

                 

                [Transferor]

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      FORM
        OF
        TRANSFEREE REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Corporate Trust Services-MABS 2007-HE1

      

      UBS
        AG,
        Stamford Branch

      677
        Washington Boulevard

      Stamford,
        CT  06901

      Attention:
        Collateral Management

      

      
        	
                 

              	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
                  Certificates, Series 2007-HE1, Class ___, representing a ___% Class
                  ___
                  Percentage Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the purchase from ______________________ (the “Transferor”) on
        the date hereof of the captioned trust certificates (the “Certificates”),
        _______________ (the “Transferee”) hereby certifies as follows:

       

      1.           The
        Transferee is a “qualified institutional buyer” as that term is defined in Rule
        144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
        completed either of the forms of certification to that effect attached hereto
        as
        Annex 1 or Annex 2. The Transferee is aware that the sale to it is being
        made in
        reliance on Rule 144A. The Transferee is acquiring the Certificates for its
        own
        account or for the account of a qualified institutional buyer, and understands
        that such Certificate 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.

       

      2.           The
        Transferee has been furnished with all information regarding (a) the
        Certificates and distributions thereon, (b) the nature, performance and
        servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
        referred to below, and (d) any credit enhancement mechanism associated with
        the
        Certificates, that it has requested.

       

      3.           With
        respect to a transfer of the Class CE Certificates, the Transferee agrees
        to
        provide to the Trust Administrator, the Swap Provider and the Interest Rate
        Cap
        Provider the appropriate tax certification form (i.e., IRS Form W-9 or IRS
        Form
        W-8BEN, W-8IMY or W-8ECI, as applicable (or any successor form thereto)),
        and
        agrees to update such forms (i) upon expiration of any such form, (ii) as
        required under then applicable U.S. Treasury regulations and (iii) promptly
        upon
        learning that any IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI,
        as
        applicable (or any successor form thereto), has become obsolete or
        incorrect.  In addition, if the transfer contemplated hereby causes
        the Supplemental Interest Trust or the Cap Account to be beneficially owned
        by
        two or more persons for federal income tax purposes, or continue to be so
        treated, (a) each Transferee shall comply with the foregoing conditions,
        (b) the
        proposed majority Holder of the Class CE Certificates (or each Holder, if
        there
        is or would be no majority Holder) (A) shall provide, or cause to be provided,
        on behalf of the Supplemental Interest Trust and the Cap Account, if applicable,
        the appropriate tax certification form that would be required from the
        Supplemental Interest Trust or the Cap Account, as applicable, to eliminate
        any
        withholding or deduction for taxes from amounts payable by the Swap Provider
        or
        the Interest Rate Cap Provider, pursuant to the Interest Rate Swap Agreement
        or
        the Interest Rate Cap Agreement, to the Trust Administrator, the Swap Provider
        and the Interest Rate Cap Provider on behalf of the Supplemental Interest
        Trust
        or the Cap Account (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY or W-8ECI,
        as
        applicable (or any successor form thereto) as a condition to such transfer,
        together with any applicable attachments) and (B) each Transferee agrees
        to
        update such form (x) upon expiration of any such form, (y) as required under
        then applicable U.S. Treasury regulations and (z) promptly upon learning
        that
        such form has become obsolete or incorrect.

      

      The
        Transferee hereby authorizes the Trust Administrator to provide any such
        tax
        certification form to the Swap Provider and the Interest Rate Cap Provider,
        upon
        its request, solely to the extent the Swap Provider or the Interest Rate
        Cap
        Provider has not received such IRS Form directly from the Holder of the Class
        CE
        Certificates.  Each Holder of a Class CE Certificate by its purchase
        of such Certificate is deemed to consent to any such IRS Form being so
        forwarded.  Upon the request of the Swap Provider or the Interest Rate
        Cap Provider, the Trust Administrator shall be required to forward any tax
        certification received by it to the Swap Provider or the Interest Rate Cap
        Provider at the last known address provided to it, and, subject to Section
        8.01
        of the Pooling and Servicing Agreement, shall not be liable for the receipt
        of
        such tax certification by the Swap Provider or the Interest Rate Cap Provider,
        nor any action taken or not taken by the Swap Provider or the Interest Rate
        Cap
        Provider with respect to such tax certification.  Any purported sales
        or transfers of the Class CE Certificate to a Transferee which does not comply
        with the requirements of the preceding paragraph shall be deemed null and
        void
        under the Pooling and Servicing Agreement.  The Trust Administrator
        shall have no duty to take any action to correct any misstatement or omission
        in
        any tax certification provided to it by the Holder of the Class CE Certificates
        and forwarded to the Swap Provider or the Interest Rate Cap
        Provider.

      

      All
        capitalized terms used but not otherwise defined herein have the respective
        meanings assigned thereto in the Pooling and Servicing Agreement, dated as
        of
        May 1, 2007, among Mortgage Asset Securitization Transactions, Inc. as
        Depositor, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer,
        Wells Fargo Bank, N.A. as Servicer, Wells Fargo Bank, N.A. as Master Servicer,
        Trust Administrator and Custodian and U.S. Bank National Association as Trustee,
        pursuant to which the Certificates were issued.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                [TRANSFEREE]

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      ANNEX
        1 TO EXHIBIT F-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

      [FOR
        TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
        to the Mortgage Pass-Through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.  As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the entity purchasing
        the
        Certificates (the “Transferee”).

       

      2.  In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because (i) the Transferee 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 Transferee's most recent
        fiscal year (such amount being calculated in accordance with Rule 144A) and
        (ii)
        the Transferee satisfies the criteria in the category marked below.

       

      ___
        CORPORATION, ETC. The Transferee is a corporation (other than a bank, savings
        and loan association or similar institution), Massachusetts or similar business
        trust, partnership, or any organization described in Section 501(c)(3) of
        the
        Internal Revenue Code of 1986.

       

      ___
        BANK.
        The Transferee (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 Transferee (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

       

      ___
        BROKER-DEALER. The Transferee is a dealer registered pursuant to Section
        15 of
        the Securities Exchange Act of 1934.

       

      ___
        INSURANCE COMPANY. The Transferee 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 Transferee 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 Transferee is an employee benefit plan within the meaning of Title
        I
        of the Employee Retirement Income Security Act of 1974.

       

      ___
        INVESTMENT ADVISOR. The Transferee is an investment advisor registered under
        the
        Investment Advisers Act of 1940.

       

      3.  The
        term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that
        are affiliated with the Transferee, (ii) securities that are part of an unsold
        allotment to or subscription by the Transferee, if the Transferee 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.

       

      4.  For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Transferee, the Transferee used the cost
        of such
        securities to the Transferee and did not include any of the securities referred
        to in the preceding paragraph. Further, in determining such aggregate amount,
        the Transferee may have included securities owned by subsidiaries of the
        Transferee, but only if such subsidiaries are consolidated with the Transferee
        in its financial statements prepared in accordance with generally accepted
        accounting principles and if the investments of such subsidiaries are managed
        under the Transferee's direction. However, such securities were not included
        if
        the Transferee is a majority-owned, consolidated subsidiary of another
        enterprise and the Transferee is not itself a reporting company under the
        Securities Exchange Act of 1934.

       

      5.  The
        Transferee acknowledges that it is familiar with Rule 144A and understands
        that
        the Transferor 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 Transferee may be in reliance on Rule 144A.

       

      
        	
                ___

              	
                ___

              	
                Will
                  the Transferee be purchasing the Certificates

              
	
                Yes

              	
                No

              	
                only
                  for the Transferee's own account?

              
	 	 	 

      

       

      6.  If
        the answer to the foregoing question is “no”, the Transferee agrees that, in
        connection with any purchase of securities sold to the Transferee for the
        account of a third party (including any separate account) in reliance on
        Rule
        144A, the Transferee 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 Transferee agrees that the Transferee will not purchase
        securities for a third party unless the Transferee 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
        Transferee 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 Transferee's purchase of the Certificates will constitute a
        reaffirmation of this certification as of the date of such purchase. In
        addition, if the Transferee is a bank or savings and loan as provided above,
        the
        Transferee agrees that it will furnish to such parties updated annual financial
        statements promptly after they become available.

       

      Dated:
        ___________

       

      
        	 	 	 
	 	Print
                Name of
                Transferee	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

      

        

      

      
        1           Transferee
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Transferee is a dealer, and, in that case, Transferee
          must own
          and/or invest on a discretionary basis at least $10,000,000 in
          securities.  $25,000,000 as demonstrated in its latest annual
          financial statements, A COPY OF WHICH IS ATTACHED HERETO.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT F-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
        to the Mortgage Pass-Through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.  As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
        because the Transferee is part of a Family of Investment Companies (as defined
        below), is such an officer of the investment adviser (the
“Adviser”).

       

      2.  In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as defined in Rule 144A because (i) the Transferee is an
        investment company registered under the Investment Company Act of 1940, and
        (ii)
        as marked below, the Transferee alone, or the Transferee'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 Transferee's most recent
        fiscal year. For purposes of determining the amount of securities owned by
        the
        Transferee or the Transferee's Family of Investment Companies, the cost of
        such
        securities was used.

       

      
        	 	
                ____

              	
                The
                  Transferee owned $___________________ in securities (other than
                  the
                  excluded securities referred to below) as of the end of the Transferee's
                  most recent fiscal year (such amount being calculated in accordance
                  with
                  Rule 144A).

              
	 	 	 
	 	
                ____

              	
                The
                  Transferee 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 Transferee'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 Transferee or are part of the Transferee'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.

       

      5.  The
        Transferee is familiar with Rule 144A and understands that the parties to
        which
        this certification is being made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Transferee will be
        in
        reliance on Rule 144A. In addition, the Transferee will only purchase for
        the
        Transferee's own account.

       

      6.  The
        undersigned will notify the parties to which this certification is made of
        any
        changes in the information and conclusions herein. Until such notice, the
        Transferee's purchase of the Certificates will constitute a reaffirmation
        of
        this certification by the undersigned as of the date of such
        purchase.

       

      Dated:
        __________

      
        	 	 	 
	 	Print
                Name of Transferee or
                Advisor	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name

              	 	 
	 	
                Title

              	 	 
	 	 	 	 
	 	
                IF
                  AN ADVISER: 

              	 
	 	 	 	 
	 	 	 	 
	 	
                Print
                  Name of Buyer 

              	 

      

       

       

      FORM
        OF TRANSFEREE REPRESENTATION LETTER

       

      The
        undersigned hereby certifies on behalf of the purchaser named below (the
        “Purchaser”) as follows:

       

      1.  I
        am an executive officer of the Purchaser.

       

      2.  The
        Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
        144A”) under the Securities Act of 1933, as amended.

       

      3.  As
        of the date specified below (which is not earlier than the last day of the
        Purchaser's most recent fiscal year), the amount of “securities”, computed for
        purposes of Rule 144A, owned and invested on a discretionary basis by the
        Purchaser was in excess of $100,000,000.

       

      
        	 	
                Name of
                  Purchaser

                
                  __________________________

                

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

       

       

      Date
        of
        this certificate: ______________

       

      Date
        of
        information provided in paragraph 3: ______________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-2

       

      FORM
        OF
        TRANSFER AFFIDAVIT AND AGREEMENT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      1.  The
        undersigned is an officer of the proposed Transferee of an Ownership Interest
        in
        a Class [R] [R-X] Certificate (the “Certificate”) issued pursuant to the Pooling
        and Servicing Agreement, (the “Agreement”), relating to the above-referenced
        Certificates, dated as of May 1, 2007 (the “Agreement”), among Mortgage
        Asset Securitization Transactions, Inc., as depositor (the “Depositor”),
        Barclays Capital Real Estate Inc. d/b/a HomEq Servicing (“HomEq Servicing”), as
        servicer, Wells Fargo Bank, N.A., as servicer (together with HomEq Servicing,
        the “Servicers”), Wells Fargo Bank, N.A., master servicer (“the Master
        Servicer”), trust administrator (the “Trust Administrator”) and custodian
        (the “Custodian”) and U.S. Bank National Association, as trustee (the
“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 for the benefit of the Depositor and
        the
        Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee.  The Transferee is acquiring its
        Ownership Interest in the Certificate for its own account.  The
        Transferee has no knowledge that any such affidavit is false.

       

      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
        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 Trust Administrator a certificate substantially in the form set forth
        as
        Exhibit L 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 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
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become
        due.  The Transferee does not have the intention to impede the
        assessment or collection of any tax legally required to be paid with respect
        to
        the Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is [_____________].

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” 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.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

        The
        present value of the anticipated tax liabilities associated with holding
        the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	
                 

              	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	
                 

              	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	
                 

              	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) 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) of the Code if the Transferee 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 (ii) 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
        Transferee.

       

        The
        transfer of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	
                 

              	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	
                 

              	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	
                 

              	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	
                 

              	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate 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 Transferee) that it has determined in good
                  faith.

              

      

       

        None
        of the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of __________,
        20__.

       

      
        	 	[OWNER]	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	
                [Vice]
                  President

              	 
	 	 	 	 

      

       

       

      ATTEST:

       

      
        	
                By:

              	 	 
	
                Name:

              	 	 
	
                Title:

              	
                [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 a [Vice] President 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:

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      FORM
        OF TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1.           I
        am a ____________________ of ____________________________ (the “Owner”), a
        corporation duly organized and existing under the laws of ______________,
        on
        behalf of whom I make this affidavit.

       

      2.           The
        Owner is not transferring the Residual Certificates (the “Residual
        Certificates”) to impede the assessment or collection of any tax.

       

      3.           The
        Owner has no actual knowledge that the Person that is the proposed transferee
        (the “Purchaser”) of the Residual Certificates: (i) has insufficient assets to
        pay any taxes owed by such proposed transferee as holder of the Residual
        Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
        for so long as the Residual Certificates remain outstanding; and (iii) is
        not a
        Permitted Transferee.

       

      4.           The
        Owner understands that the Purchaser has delivered to the Trust Administrator
        a
        transfer affidavit and agreement in the form attached to the Pooling and
        Servicing Agreement as Exhibit F-2.  The Owner does not know or
        believe that any representation contained therein is false.

       

      5.           At
        the time of transfer, the Owner has 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 Owner
        has
        determined that the Purchaser has historically paid its debts as they became
        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 Owner
        understands that the transfer of a Residual Certificate may not be respected
        for
        United States income tax purposes (and the Owner may continue to be liable
        for
        United States income taxes associated therewith) unless the Owner has conducted
        such an investigation.

       

      6.           Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of ___________,
        20__.

       

      
        	 	
                [OWNER]

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	
                [Vice]
                  President

              	 
	 	 	 	 

      

       

       

      
        	
                ATTEST:

                 

              	 
	 	 	 
	
                By:

              	 	 
	
                Name:

              	 	 
	
                Title:

              	
                [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 a [Vice] President 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:

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

       

      _____________,
        [2007]

       

      Mortgage
        Asset Securitization Transactions, Inc.

      1285
        Avenue of the Americas

      New
        York,
        New York 10019

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Client Manager – MABS 2007-HE1

      

      U.S.
        Bank
        National Association

      60
        Livingston Avenue

      EP-MN-WS3D

      St.
        Paul,
        MN 55107

      Attn:
        Structured Finance/ MASTR 2007-HE1

      

       

      
        	
                 

              	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
                  Certificates, Class

              

      

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of MASTR Asset
        Backed Securities Trust 2007-HE1, Mortgage Pass-Through Certificates, Series
        2007-HE1, Class [CE] [P] [R](the “Certificates”), issued pursuant to a Pooling
        and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of May
        1, 2007, among Mortgage Asset Securitization Transactions, Inc. as depositor
        (the “Depositor”), Wells Fargo Bank, N.A. as master servicer, trust
        administrator and custodian (the “Master Servicer”, the “Trust Administrator”
and the “Custodian”), Wells Fargo Bank, N.A. as a servicer, Barclays Capital
        Real Estate Inc. d/b/a HomEq Servicing as a servicer (together with Wells
        Fargo
        Bank, N.A., the “Servicers”) and U.S. Bank National Association as trustee (the
“Trustee”). Capitalized terms used herein and not otherwise defined shall have
        the meanings assigned thereto in the Pooling and Servicing Agreement. The
        Transferee hereby certifies, represents and warrants to, and covenants with
        the
        Depositor, the Trust Administrator, the Trustee and the Master Servicer
        that:

       

      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 Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (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. ss. 2510.3-101, 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 at 29 C.F.R. ss. 2510.3-101.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Very
                  truly yours,

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

       

      

      [Reserved]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Loan
        #:
        ____________

      BORROWER:
        _____________

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        ____________________ of ______________________, a _______________ corporation
        am
        authorized to make this Affidavit on behalf of _____________________ (the
        “Seller”). In connection with the administration of the Mortgage Loans held by
        ____________________, a _________________ corporation as Seller on behalf
        of
        Mortgage Asset Securitization Transactions, Inc. (the “Purchaser”),
        _____________________ (the “Deponent”), being duly sworn, deposes and says
        that:

       

      1.           The
        Seller's address
        is:                          _____________________

      _____________________

      _____________________

       

      
        	
                 

              	
                2.

              	
                The
                  Seller previously delivered to the Purchaser a signed Initial
                  Certification with respect to such Mortgage and/or Assignment of
                  Mortgage;

              

      

       

      
        	
                 

              	
                3.

              	
                Such
                  Mortgage Note and/or Assignment of Mortgage was assigned or sold
                  to the
                  Purchaser by ________________________, a ____________
                  corporation

              	
                pursuant
                  to the terms and provisions of a Mortgage Loan Purchase Agreement
                  dated as
                  of __________ __, _____;

              

      

       

      
        	
                 

              	
                4.

              	
                Such
                  Mortgage Note and/or Assignment of Mortgage is not outstanding
                  pursuant to
                  a request for release of Documents;

              

      

       

      
        	
                 

              	
                5.

              	
                Aforesaid
                  Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
                  lost;

              

      

       

      
        	
                 

              	
                6.

              	
                Deponent
                  has made or caused to be made a diligent search for the Original
                  and has
                  been unable to find or recover
                  same;

              

      

       

      
        	
                 

              	
                7.

              	
                The
                  Seller was the Seller of the Original at the time of the loss;
                  and

              

      

       

      
        	
                 

              	
                8.

              	
                Deponent
                  agrees that, if said Original should ever come into Seller's possession,
                  custody or power, Seller will immediately and without consideration
                  surrender the Original to the
                  Purchaser.

              

      

       

      
        	
                 

              	
                9.

              	
                Attached
                  hereto is a true and correct copy of (i) the Note, endorsed in
                  blank by
                  the Mortgagee and (ii) the Mortgage or Deed of Trust (strike one)
                  which
                  secures the Note, which Mortgage or Deed of Trust is recorded in
                  the
                  county where the property is
                  located.

              

      

      10.           Deponent
        hereby agrees that the Seller (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney's fees, resulting from the unavailability of
        any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that has already purchased a mortgage loan evidenced by the Lost Note or
        any
        interest in such mortgage loan, (iii) any claim of any borrower with respect
        to
        the existence of terms of a mortgage loan evidenced by the Lost Note on the
        related property to the fact that the mortgage loan is not evidenced by an
        original note and (iv) the issuance of a new instrument in lieu thereof (items
        (i) through (iv) above hereinafter referred to as the “Losses”) and (b) if
        required by any Rating Agency in connection with placing such Lost Note into
        a
        Pass-Through Transfer, shall obtain a surety from an insurer acceptable to
        the
        applicable Rating Agency to cover any Losses with respect to such Lost
        Note.

       

      11.           This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns.  _____________________, a ______________ corporation
        represents and warrants that is has the authority to perform its obligations
        under this Affidavit of Lost Note.

       

      Executed
        this ____ day, of ___________ ______.

       

      
        	 	SELLER	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

       

      On
        this
        _____ day of ________, _____, before me appeared _________________ to me
        personally known, who being duly sworn did say that he is the
        _____________________ of ____________________ a ______________ corporation
        and
        that said Affidavit of Lost Note was signed and sealed on behalf of such
        corporation and said acknowledged this instrument to be the free act and
        deed of
        said corporation.

       

       

      
        	 	
                Signature:

              
	 	 
	 	[Seal]

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        J-1

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER

      WITH
        FORM
        10-K

       

      Certification

       

      I,
        [identify the certifying individual], certify that:

       

      1.           I
        have reviewed this annual report on Form 10-K, and all reports on Form 10-D
        required to be filed in respect of the period covered by this report on Form
        10-K of [identify issuing entity] (i.e., the name of the specific deal to
        which
        this certification relates rather than just the name of the Depositor)] (the
        “Exchange Act periodic reports”);

       

      2.           Based
        on my knowledge, the Exchange Act periodic  reports, taken as a whole,
        do not contain any untrue statement of a material fact or omit to state a
        material fact necessary to make the statements made, in light of the
        circumstances under which such statements were made, not misleading with
        respect
        to the period covered by this report;

       

      3.           Based
        on my knowledge, all of the distribution, servicing and other information
        required to be provided under Form 10-D for the period covered by this report
        is
        included in the Exchange Act periodic reports;

       

      4.           I
        am responsible for reviewing the activities performed by the servicer and
        based
        on my knowledge and the compliance review conducted in preparing the servicer
        compliance statement required in this report under Item 1123 of Regulation
        AB,
        and except as disclosed in the Exchange Act periodic reports, the servicer
        has
        fulfilled its obligations under the servicing agreement; and

       

      5.           All
        of the reports on assessment of compliance with servicing criteria for
        asset-backed securities and their related attestation reports on assessment
        of
        compliance with servicing criteria for asset-backed securities required to
        be
        included in this report in accordance with Item 1122 of Regulation AB and
        Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to
        this
        report, except as otherwise disclosed in this report.  Any material
        instances of noncompliance described in such reports have been disclosed
        in this
        report on Form 10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: [_________________].

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                WELLS
                  FARGO BANK, N.A.

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	
                Date:

              	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        J-2

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED TO MASTER SERVICER BY THE SERVICERS

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Client Manager – MABS 2007-HE1

      

      

      
        	
                 

              	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of May 1, 2007, among Mortgage
                  Asset
                  Securitization Transactions, Inc. as Depositor, Wells Fargo Bank,
                  N.A. as
                  Master Servicer, Custodian and Trust Administrator, Wells Fargo
                  Bank, N.A.
                  as Servicer, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing
                  as
                  Servicer and U.S. Bank National Association as
                  Trustee(the “Agreement”)

              

      

       

      [Wells
        Fargo Bank, N.A.] [Barclays Capital Real Estate Inc. d/b/a HomEq Servicing],
        as
        Servicer hereby certifies to the Master Servicer that:

       

      (A)  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”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the Depositor pursuant to the Agreement (collectively, the “Company
        Servicing Information”);

       

      (B)  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;

       

      (C)  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;

       

      (D)  I
        am
        responsible for reviewing the activities performed by the Company 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
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (E)  The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the Depositor.  Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        Depositor. Any material instance of noncompliance with the Servicing Criteria
        has been disclosed in such reports.

       

       

       

      
        	 	
                Date:  _________________________

                 

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        INTEREST RATE CAP AGREEMENT

       

      ASSIGNMENT
        AGREEMENT

       

      UBS
        AG
        has entered into the transaction (the “Old Transaction”) having Reference Number
        37668805, as reflected in the confirmation attached hereto as Attachment
        1, with
        UBS Real Estate Securities, Inc. (“UBS Real Estate”).

       

      For
        valuable consideration, receipt of which is hereby acknowledged, UBS Real
        Estate
        hereby assigns, transfers and sets over effective 30 May 2007, unto Mortgage
        Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
        rights, title and interest in and to the Old Transaction and UBS Real Estate
        hereby gives MASTR and its assigns full power and authority for its or their
        own
        uses and benefit, but at its or their own cost, to demand, collect, receive
        and
        give acquittance for the same or any part of thereof, and to prosecute or
        withdraw any suits or proceedings therefor. UBS AG hereby consents to the
        assignment of the Old Transaction to MASTR as herein provided.

       

      Upon
        the
        effectiveness of such assignment, for valuable consideration, receipt of
        which
        is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
        30 May 2007, unto Wells Fargo Bank, N.A., not individually, but solely as
        trust
        administrator with respect to the MASTR Asset Backed Securities Trust 2007-HE1,
        Mortgage Pass-Through Certificates, Series 2007-HE1 (the “Trust”), without
        recourse, all of its rights, title and interest in and to the Old Transaction
        (as so assigned, transferred, and referenced by UBS AG as a new transaction
        having Reference Number 37669307, the terms of which shall be as specified
        in
        the confirmation, attached hereto as Attachment 1, the “New Transaction”) and
        MASTR hereby gives the Trust and its assigns full power and authority for
        its or
        their own uses and benefit, but at its or their own cost, to demand, collect,
        receive and give acquittance for the same or any part of thereof, and to
        prosecute or withdraw any suits or proceedings therefor. UBS AG hereby consents
        to the assignment of the New Transaction to the Trust as herein provided,
        with
        the understanding that the provisions labeled “Additional Provisions” in the
        confirmation relating to the New Transaction shall become effective upon
        the
        assignment to the Trust.

       

      Each
        party hereby represents and warrants to the other that the execution, delivery
        and performance of this Assignment Agreement by it are within its powers,
        and
        have been duly authorized by all necessary corporate or other action and
        that
        this Assignment Agreement constitutes its legal, valid and binding
        obligation.

       

      This
        Assignment Agreement shall be governed by and construed and interpreted in
        accordance with the laws of the State of New York without regard the conflict
        of
        law provisions thereof (other than New York General Obligations Law Sections
        5-1401 and 5-1402).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
        as of
        the date first written above.

       

      
        	
                UBS
                  AG

                 

              	
                UBS
                  REAL ESTATE SECURITIES, INC

              
	
                By:
                  __________________________________

                 

              	 
	
                Name:  
                  Christopher Dingle

                Title:     Associate
                  Director

                 

              	
                 

                By:
                  __________________________________

                 

              
	 	 
	
                By:
                  __________________________________

                 

              	 
	
                Name:    Jonathan
                  McTernan

                Title:      Associate
                  Director

                 

              	 
	 	
                Name:

                 

                 

              
	 	
                By:
                  __________________________________

                Name:

                 

              
	
                MORTAGE
                  ASSET SECURITIZATION

                TRANSACTIONS
                  INC.

                 

              	
                Wells
                  Fargo Bank, N.A., not individually, but solely as trust administrator
                  with
                  respect to the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                  Pass-Through Certificates, Series 2007-HE1

                 

              
	 	 
	
                By:_________________________________

                Name:

                Title:

                 

              	
                By:_________________________________

                Name:

                Title:

                 

              
	
                By:_________________________________

                Name:

                Title:

                 

              	 
	 	 
	 	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Date:

              	
                23
                  May 2007

              
	 	 
	
                To:

              	
                Wells
                  Fargo Bank, N.A., not individually, but solely as trust administrator
                  with
                  respect to the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
                  Pass-Through Certificates, Series 2007-HE1
                  (“Counterparty”)

              
	 	 
	
                Attn:

              	
                MABS
                  2007-HE1

              
	 	 
	
                Fax
                  No:

              	
                0014107152380

              
	 	 
	
                From:

              	
                UBS
                  AG, LONDON BRANCH (“UBS AG”)

              
	 	 
	
                Subject:

              	
                Interest
                  Rate Cap Transaction

                UBS
                  AG Ref: 37669307 (the
“Transaction”)

              

      

      

      Dear
        Sirs,

       

      The
        purpose of this communication is to confirm the terms and conditions of the
        Transaction entered into between us on the Trade Date specified below. This
        Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
        or Agreement specified below.

       

      The
        definitions and provisions contained in the 2006 ISDA Definitions, as published
        by the International Swaps and Derivatives Association, Inc., are incorporated
        into this Confirmation. In the event of any inconsistency between those
        definitions and provisions and this Confirmation, this Confirmation will
        govern.

       

      This
        Confirmation supplements, forms part of, and is subject to, the ISDA Master
        Agreement dated as of 30 May 2007 as amended and supplemented from time to
        time
        (the “Agreement”), between Counterparty and UBS AG. All provisions contained in
        the Agreement govern this Confirmation except as expressly modified
        below.

       

      The
        terms
        of the particular Rate Swap Transaction to which this Confirmation relates
        are
        as follows:

       

      
        	
                General
                  Terms

              	 
	
                Trade
                  Date:

              	
                30
                  May 2007 (time of execution available upon request)

              
	 	 
	
                Effective
                  Date:

              	
                25
                  April 2011

              
	 	 
	
                Termination
                  Date:

              	
                25
                  May 2016, subject to adjustment in accordance with the Modified
                  Following
                  Business Day Convention.

              
	 	 
	
                Notional
                  Amount:

              	
                Initially
                  USD 740,880.00 amortising as per the Amortising Schedule
                  below

              

      

      

      
        	
                Period
                  Start Date

              	
                Period
                  End Date

              	
                Calculation
                  Amount

              
	
                25
                  Effective Date

              	
                25
                  May 2011

              	
                USD
                  740,880.00

              
	
                25  May
                  2011

              	
                25
                  June 2011

              	
                USD
                  596,624.00

              
	
                25
                  June 2011

              	
                25
                  July 2011

              	
                USD
                  595,448.00

              
	
                25
                  July 2011

              	
                25
                  August 2011

              	
                USD
                  594,272.00

              
	
                25
                  August 2011

              	
                25
                  September 2011

              	
                USD
                  591,920.00

              
	
                25
                  September 2011

              	
                25
                  October 2011

              	
                USD
                  589,568.00

              
	
                25
                  October 2011

              	
                25
                  November 2011

              	
                USD
                  586,432.00

              
	
                25
                  November 2011

              	
                25
                  December 2011

              	
                USD
                  463,344.00

              
	
                25
                  December 2011

              	
                25
                  January 2012

              	
                USD
                  462,952.00

              
	
                25
                  January 2012

              	
                25
                  February 2012

              	
                USD
                  462,560.00

              
	
                25
                  February 2012

              	
                25
                  March 2012

              	
                USD
                  461,384.00

              
	
                25
                  March 2012

              	
                25
                  April 2012

              	
                USD
                  460,600.00

              
	
                25
                  April 2012

              	
                25
                  May 2012

              	
                USD
                  459,032.00

              
	
                25
                  May 2012

              	
                25
                  June 2012

              	
                USD
                  330,064.00

              
	
                25
                  June 2012

              	
                25
                  July 2012

              	
                USD
                  331,161.60

              
	
                25
                  July 2012

              	
                25
                  August 2012

              	
                USD
                  331,671.20

              
	
                25
                  August 2012

              	
                25
                  September 2012

              	
                USD
                  331,984.80

              
	
                25
                  September 2012

              	
                25
                  October 2012

              	
                USD
                  332,220.00

              
	
                25
                  October 2012

              	
                25
                  November 2012

              	
                USD
                  332,298.40

              
	
                25
                  November 2012

              	
                25
                  December 2012

              	
                USD
                  222,773.60

              
	
                25
                  December 2012

              	
                25
                  January 2013

              	
                USD
                  193,530.40

              
	
                25
                  January 2013

              	
                25
                  February 2013

              	
                USD
                  195,020.00

              
	
                25
                  February 2013

              	
                25
                  March 2013

              	
                USD
                  196,392.00

              
	
                25
                  March 2013

              	
                25
                  April 2013

              	
                USD
                  197,646.40

              
	
                25
                  April 2013

              	
                25
                  May 2013

              	
                USD
                  198,587.20

              
	
                25
                  May 2013

              	
                25
                  June 2013

              	
                USD
                  221,911.20

              
	
                25
                  June 2013

              	
                25
                  July 2013

              	
                USD
                  218,265.60

              
	
                25
                  July 2013

              	
                25
                  August 2013

              	
                USD
                  215,913.60

              
	
                25
                  August 2013

              	
                25
                  September 2013

              	
                USD
                  213,679.20

              
	
                25
                  September 2013

              	
                25
                  October 2013

              	
                USD
                  211,444.80

              
	
                25
                  October 2013

              	
                25
                  November 2013

              	
                USD
                  209,210.40

              
	
                25
                  November 2013

              	
                25
                  December 2013

              	
                USD
                  139,081.60

              
	
                25
                  December 2013

              	
                25
                  January 2014

              	
                USD
                  137,200.00

              
	
                25
                  January 2014

              	
                25
                  February 2014

              	
                USD
                  135,357.60

              
	
                25
                  February 2014

              	
                25
                  March 2014

              	
                USD
                  133,515.20

              
	
                25
                  March 2014

              	
                25
                  April 2014

              	
                USD
                  131,672.80

              
	
                25
                  April 2014

              	
                25
                  May 2014

              	
                USD
                  129,908.80

              
	
                25
                  May 2014

              	
                25
                  June 2014

              	
                USD
                  75,930.40

              
	
                25
                  June 2014

              	
                25
                  July 2014

              	
                USD
                  74,440.80

              
	
                25
                  July 2014

              	
                25
                  August 2014

              	
                USD
                  72,951.20

              
	
                25
                  August 2014

              	
                25
                  September 2014

              	
                USD
                  71,500.80

              
	
                25
                  September 2014

              	
                25
                  October 2014

              	
                USD
                  70,089.60

              
	
                25
                  October 2014

              	
                25
                  November 2014

              	
                USD
                  68,717.60

              
	
                25
                  November 2014

              	
                25
                  December 2014

              	
                USD
                  67,306.40

              
	
                25
                  December 2014

              	
                25
                  January 2015

              	
                USD
                  65,973.60

              
	
                25
                  January 2015

              	
                25
                  February 2015

              	
                USD
                  64,640.80

              
	
                25
                  February 2015

              	
                25
                  March 2015

              	
                USD
                  63,347.20

              
	
                25
                  March 2015

              	
                25
                  April 2015

              	
                USD
                  62,053.60

              
	
                25
                  April 2015

              	
                25
                  May 2015

              	
                USD
                  60,799.20

              
	
                25
                  May 2015

              	
                25
                  June 2015

              	
                USD
                  59,544.80

              
	
                25
                  June 2015

              	
                25
                  July 2015

              	
                USD
                  58,329.60

              
	
                25
                  July 2015

              	
                25
                  August 2015

              	
                USD
                  57,153.60

              
	
                25
                  August 2015

              	
                25
                  September 2015

              	
                USD
                  55,977.60

              
	
                25
                  September 2015

              	
                25
                  October 2015

              	
                USD
                  54,840.80

              
	
                25
                  October 2015

              	
                25
                  November 2015

              	
                USD
                  53,743.20

              
	
                25
                  November 2015

              	
                25
                  December 2015

              	
                USD
                  52,606.40

              
	
                25
                  December 2015

              	
                25
                  January 2016

              	
                USD
                  51,548.00

              
	
                25
                  January 2016

              	
                25
                  February 2016

              	
                USD
                  50,528.80

              
	
                25
                  February 2016

              	
                25
                  March 2016

              	
                USD
                  49,509.60

              
	
                25
                  March 2016

              	
                25
                  April 2016

              	
                USD
                  48,451.20

              
	
                25
                  April 2016

              	
                Termination
                  Date

              	
                USD
                  47,471.20

              

      

      

      
        	
                Seller
                  of the Cap:

              	
                UBS
                  AG

              
	 	 
	
                Buyer
                  of the Cap:

              	
                Counterparty

              
	 	 
	
                Calculation
                  Agent:

              	
                UBS
                  AG, unless otherwise stated in the Schedule to the Master
                  Agreement

              
	 	 
	
                Business
                  Days:

              	
                New
                  York

              
	 	 
	
                Broker:

              	
                None

              
	 	 
	
                Floating
                  Amounts

              	 
	 	 
	
                Floating
                  Rate Payer:

              	
                UBS
                  AG

              
	 	 
	
                Cap
                  Rate:

              	
                As
                  per the Rate schedule shown below

                To
                  be determined in accordance with the following formula:

              
	 	 
	
                Floating
                  Amount:

              	
                The
                  greater of (1) the product of (a) 250 multiplied by (b) the Notional
                  Amount multiplied by (c) the Floating Rate Day Count Fraction multiplied
                  by (d) the Floating Rate Option minus the Cap Rate; and (2)
                  0

              
	 	 

      

      

      
        	
                Period
                  from (and including)

              	
                Period
                  to (but excluding)

              	
                Cap
                  Rate

              
	
                Effective
                  Date

              	
                25
                  May 2012

              	
                5.5
                  percent per annum

              
	
                25
                  May 2012

              	
                Termination
                  Date

              	
                6.25
                  percent per annum

              

      

      

      

      
        	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                1
                  month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Floating
                  Rate Payer Period End Dates:

              	
                25
                  January, 25 February, 25 March, 25 April, 25 May, 25 June, 25 July,
                  25
                  August, 25 September, 25 October, 25 November and 25 December in
                  each
                  year, from and including 25 May 2011, up to and including the Termination
                  Date, subject to adjustment in accordance with the Business Day
                  Convention
                  specified immediately below

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be one Business Day prior to each Floating Rate Payer Period End
                  Date

              
	 	 
	
                Reset
                  Dates:

              	
                First
                  day of each Calculation Period

              
	 	 
	
                Business
                  Day Convention:

              	
                Modified
                  Following

              

      

      

      Relationship
        Between Parties

       

      Each
        party will be deemed to represent to the other party on the date on which
        it
        enters into this Transaction that (in the absence of a written agreement
        between
        the parties which expressly imposes affirmative obligations to the contrary
        for
        this Transaction):-

       

      (a)
        Non-Reliance. Each party is acting for its own account, and has made its
        own
        independent decisions to enter into this Transaction and this Transaction
        is
        appropriate or proper for it based upon its own judgement and upon advice
        from
        such advisers as it has deemed necessary. Each party is not relying on any
        communication (written or oral) of the other party as investment advice or
        as a
        recommendation to enter into this Transaction; it being understood that
        information and explanation relating to the terms and conditions of this
        Transaction shall not be considered investment advice or a recommendation
        to
        enter into this Transaction. No communication (written or oral) received
        from
        the other party shall be deemed to be an assurance or guarantee as to the
        expected results of this Transaction.

       

      (b)
        Assessment and Understanding. Each party is capable of assessing the merits
        of
        and understands (on its own behalf or through independent professional advice),
        and accepts, the terms, conditions and risks of this Transaction. Each party
        is
        also capable of assuming, and assumes, the risks of this
        Transaction.

       

      (c)
        Status of the Parties. Neither party is acting as a fiduciary for or as an
        adviser to the other in respect of this Transaction.

       

      References
        in this clause to “a party” shall, in the case of UBS AG, London Branch and
        where the context so allows, include references to any affiliate of UBS AG,
        London Branch.

       

      
        	
                Account
                  Details:

              	 
	
                Currency:

              	
                USD

              
	
                Favour:

              	
                UBS
                  AG, Stamford Branch

              
	
                Swift
                  Address:

              	
                UBSWUS33XXX

              
	
                Further
                  Credit To:

              	
                UBS
                  AG, London Branch

              
	
                Swift
                  Address:

              	
                UBSWGB2LXXX

              
	
                Account
                  No:

              	
                101-WA-140007-000

              
	 	 
	
                Offices

              
	
                (a)
                  The office of UBS AG for the Swap Transaction is LONDON and

                (b)
                  The office of the Counterparty for the Swap Transaction is NEW
                  YORK,
                  NY.

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Contact
                  Names at

                UBS
                  AG

              	 	 
	
                Payment
                  Inquiries

              	
                Settlements

              	
                Email:
                  DL-USOTCRATES-

                SETTS@ubs.com

              
	
                Pre
                  Value Payments:

              	
                Pre
                  Value Payment Investigations:

              	
                203-719-1110

              
	
                Post
                  Value Payments:

              	
                Post
                  Value Payment Investigations:

              	
                203-719-1110

              
	
                Confirmation
                  Queries:

              	
                Confirmation
                  Control:

              	
                203-719-3733

              
	
                Swift:

              	
                UBSWGB2L

              	 
	
                Fax:

              	
                (44)
                  20 7567 2685 or 2990

              	 
	
                Address:

              	
                100
                  Liverpool Street, London, EC2M 2RH

                UBS
                  AG

              	 

      

      

      Address
        for notices or communications to Party B:

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045-1951

      Attn:
        Client Manager - MABS 2007-HE1

      

      (p)
        410-884-2000

      (f)
        410-715-2380

      

      Payments
        to Counterparty:

      

      Wells
        Fargo Bank, NA

      San
        Francisco, CA

      ABA
        #:
        121-000-248

      Acct
        #:
        3970771416

      Acct
        Name: SAS Clearing

      For
        Further Credit: Account # 53155602, MABS 2007-HE1 Cap Account

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      [This
        page intentionally left blank]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Please
        confirm that the foregoing correctly sets forth the terms and conditions
        of our
        agreement by executing a copy of this Confirmation and returning it to us
        or by
        sending to us a letter or facsimile substantially similar to this letter,
        which
        letter or facsimile sets forth the material terms of the Transaction to which
        this Confirmation relates and indicates your agreement to those terms or
        by
        sending to us a return letter or facsimile in the form attached.

       

      Yours
        Faithfully

      For
        and
        on behalf of

       

      UBS
        AG
        LONDON BRANCH

       

      
        	 	 
	
                By:

              	
                By:

              
	 	 
	 	 
	
                Name:  Christopher
                  Dingle

              	
                Name:
                  Jonathan McTernan

              
	
                Title:  Director

              	
                Title:
                  Director

              

      

      

      Wells
        Fargo Bank, N.A., not individually, but solely as trust administrator to
        the
        MASTR Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
        Certificates, Series 2007-HE1:

       

      By:

      Name:

      Title:

       

      UBS
        AG
        London Branch, 1 Finsbury Avenue, London EC2M 2PP

      UBS
        AG is
        a member of the London Stock Exchange and is authorised and regulated in
        the UK
        by the Financial Services Authority

      Representatives
        of UBS Limited introduce trades to UBS AG via UBS Limited

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
         

         

        (Multicurrency—Cross
          Border) (Cap)

        ISDA®

        International
          Swaps and Derivatives Association, Inc.

        

        MASTER
          AGREEMENT

        dated
          as
          of  May 30, 2007

        

        
          	
                            UBS
                    AG

                   

                           (“Party
                    A”)

                	
                  and

                	
                  Wells
                    Fargo Bank, N.A.,  not individually, but solely as trust
                    administrator with respect to the MASTR Asset Backed Securities
                    Trust
                    2007-HE1, Mortgage Pass Through Certificates, Series
                    2007-HE1

                                                  (“Party
                    B”)

                

        

         

        have
          entered and/or anticipate entering into one or more transactions (each
          a
          "Transaction") that are or will be
          governed by this Master Agreement, which includes the schedule (the "Schedule"),
          and the documents and
          other
          confirming evidence (each a "Confirmation") exchanged between the parties
          confirming those Transactions.

        

        Accordingly,
          the parties agree as follows: --

        

        1.  Interpretation

        

        (a)  Definitions.  The
          terms defined in Section 14 and in the Schedule will have the meanings
          therein
specified
          for the purpose of this Master Agreement.

        

        (b)  Inconsistency.  In
          the event of any inconsistency between the provisions of the Schedule and
          the
other
          provisions of this Master Agreement, the Schedule will prevail.  In
          the event of any inconsistency between
          the provisions of any Confirmation and this Master Agreement (including
          the
          Schedule), such Confirmation
          will prevail for the purpose of the relevant Transaction.

        

        (c)  Single
          Agreement.  All Transactions are entered into
          in reliance on the fact that this Master Agreement
          and all Confirmations form a single agreement between the parties (collectively
          referred to as this
          "Agreement"), and the parties would not otherwise enter into any
          Transactions.

        

        2.  Obligations

        

        (a)  General
          Conditions.

        

        (i)        Each
          party will make each payment or delivery specified in each Confirmation
          to be
          made by it,
          subject to the other provisions of this Agreement.

        

        (ii)  Payments
          under this Agreement will be made on the due date for value on that date
          in the
          place of
          the
          account specified in the relevant Confirmation or otherwise pursuant to
          this
          Agreement, in freely
          transferable funds and in the manner customary for payments in the required
          currency.  Where settlement is by delivery (that is, other than by
          payment), such delivery will be made for receipt on the
          due
          date in the manner customary for the relevant obligation unless otherwise
          specified in the relevant
          Confirmation or elsewhere in this Agreement.

        

        (iii)  Each
          obligation of each party under Section 2(a)(i) is subject to (1) the condition
          precedent that
          no
          Event of Default or Potential Event of Default with respect to the other
          party
          has occurred and
          is
          continuing, (2) the condition precedent that no Early Termination Date
          in
          respect of the relevant
          Transaction has occurred or been effectively designated and (3) each other
          applicable condition
          precedent specified in this Agreement.

                                                               

        Copyright
          © 1992 by International Swap Dealers Association, Inc.

         

        (b)  Change
          of Account.  Either party may change its account for
          receiving a payment or delivery by giving notice to the other party at
          least
          five Local Business Days prior to the scheduled date for the payment or
          delivery
          to which such change applies unless such other party gives timely notice
          of a
          reasonable objection to such change.

         

        (c)  Netting.  If
          on any date amounts would otherwise be payable:

         

        (i)  in
          the
          same currency; and

         

        (ii)  in
          respect of the same Transaction.

         

        by
          each
          party to the other, then, on such date, each party’s obligation to make payment
          of any such amount will be automatically satisfied and discharged and,
          if the
          aggregate amount that would otherwise have been payable by one party exceeds
          the
          aggregate amount that would otherwise have been payable by the other party,
          replaced by an obligation upon the party by whom the larger aggregate amount
          would have been payable to pay to the other party the excess of the larger
          aggregate amount over the smaller aggregate amount.

         

        The
          parties may elect in respect of two or more Transactions that a net amount
          will
          be determined in respect of all amounts payable on the same date in the
          same
          currency in respect of such Transactions, regardless of whether such amounts
          are
          payable in respect of the same Transaction. The election may be made in
          the
          Schedule or a Confirmation by specifying that subparagraph (ii) above will
          not
          apply to the Transactions identified as being subject to the election,
          together
          with the starting date (in which case subparagraph (ii) above will not,
          or will
          cease to, apply to such Transactions from such date). This election may
          be made
          separately for different groups of Transactions and will apply separately
          to
          each pairing of Offices through which the parties make and receive payments
          or
          deliveries.

         

        (d)  Deduction
          or Withholding for Tax.

         

        (i)  Gross-Up.  All
          payments under this Agreement will be made without any deduction or withholding
          for or on account of any Tax unless such deduction or withholding is required
          by
          any applicable law, as modified by the practice of any relevant governmental
          revenue authority, then in effect. If a party is so required to deduct
          or
          withhold, then that party (“X”) will:

         

        (1)  promptly
          notify the other party (“Y”) of such requirement;

         

        (2)  pay
          to
          the relevant authorities the full amount required to be deducted or withheld
          (including the full amount required to be deducted or withheld from any
          additional amount paid by X to Y under this Section 2(c)) promptly upon
          the
          earlier of determining that such deduction or withholding is required or
          receiving, notice that such amount has been assessed against Y:

         

        (3)  promptly
          forward to Y an official receipt (or a certified copy), or other documentation
          reasonably acceptable to Y evidencing such payment to such authorities;
          and

         

        (4)  if
          such
          Tax is an Idemnifiable Tax, pay to Y in addition to the payment to which
          Y is
          otherwise entitled under this Agreement, such additional amount as is necessary
          to ensure that the net amount actually received by Y (free and clear of
          Idemnifiable Taxes, whether assessed against X or Y) will equal the full
          amount
          Y would have received had no such deduction or withholding been required.
          However, X will not be required to pay any additional amount to Y to the
          extent
          that it would not be required to be paid but for:

         

        (A)  the
          failure by Y to comply with or perform any agreement contained in Section
          4(a)(i), 4(a)(iii) or 4(d); or

         

        (B)  the
          failure of a representation made by Y pursuant to Section 3(f) to be accurate
          and true unless the failure would not have occurred but for (I) any actions
          taken by a taxing authority, or brought in a court of competent jurisdiction,
          on
          or after the date on which a Transaction is entered into (regardless of
          whether
          such action is taken or brought with respect to a party to this Agreement)
          or
          (II) a Change in Tax Law.

         

        (ii)  Liability.  If:

         

        (1)  X
          is
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, to make any deduction or withholding in
          respect
          of which X would not be required to pay an additional amount to Y under
          Section
          2(d)(i)(4);

         

        (2)  X
          does
          not so deduct or withhold; and

         

        (3)  a
          liability resulting from such Tax is assessed directly against X,

         

        then,
          except to the extent Y has satisfied or then satisfies the liability resulting
          from such Tax, Y will promptly pay to X the amount of such liability (including
          any related liability for interest, but including any related liability
          far
          penalties only if Y has failed to comply with or perform any agreement
          contained
          in Section 4(a)(i), 4(a)(iii) or 4(d)).

         

        (e)  Default
          Interest; Other Amounts. Prior to the occurrence or effective
          designation of an Early Termination Date in respect of the relevant Transaction,
          a party that defaults in the performance of any payment obligation will,
          to the
          extent permitted by law and subject to Section 6(c), be required to pay
          interest
          (before as well as after judgment) on the overdue amount to the other party
          on
          demand in the same currency as such overdue amount, for the period from
          (and
          including) the original due date for payment to (but excluding) the date
          of
          actual payment, at the Default Rate. Such interest will be calculated on
          the
          basis of daily compounding and the actual number of days elapsed. If, prior
          to
          the occurrence or effective designation of an Early Termination Date in
          respect
          of the relevant Transaction, a party defaults in the performance of any
          obligation required to be settled by delivery, it will compensate the other
          party on demand if and to the extent provided for in the relevant Confirmation
          or elsewhere in this Agreement.

         

        2.  Representations

         

        Each
          party represents to the other party (which representations will be deemed
          to be
          repeated by each party on each date on which a Transaction is entered into
          and,
          in the case of the representations in Section 3(f), at all times until
          the
          termination of this Agreement) that:--¬

         

        (a)  Basic
          Representations.

         

        (i)  Status.  It
          is duly organized and validly existing under the laws of the jurisdiction
          of its
          organization or incorporation and, if relevant under such laws, in good
          standing:

         

        (ii)  Powers.  It
          has the power to execute this Agreement and any other documentation relating
          to
          this Agreement to which it is a party, to deliver this Agreement and any
          other
          documentation relating to this Agreement that it is required by this Agreement
          to deliver and to perform its obligations under this Agreement and any
          obligations it has under any Credit Support Document to which it is a party
          and.
          has taken all necessary action to authorize such execution, delivery and
          performance;

         

        (iii)  No
          Violation or Conflict.  Such execution, delivery and
          performance do not violate or conflict with any law applicable to it, any
          provision of its constitutional documents, any order or judgment of any
          court or
          other agency of government applicable to it or any of its assets or any
          contractual restriction binding can or affecting it or any of its
          assets;

         

        (iv)  Consents.  All
          governmental and other consents that are required to have been obtained
          by it
          with respect to this Agreement or any Credit Support Document to which
          it is a
          party have been obtained and are in full force and effect and all conditions
          of
          any such consents have been complied with, and

         

        (v)  Obligations
          Binding.  Its obligations under this Agreement and any
          Credit Support Document to which it is a party constitute its legal, valid
          and
          binding obligations, enforceable in accordance with their respective terms
          (subject to applicable bankruptcy, reorganization, insolvency, moratorium
          or
          similar laws affecting creditors’ rights generally and subject, as to
          enforceability, to equitable principles of general application (regardless
          of
          whether enforcement is sought in a proceeding in equity or at
          law)).

         

        (b)  Absence
          of Certain Events. No Event of Default or Potential Event of
          Default or, to its knowledge, Termination Event with respect to it has
          occurred
          and is continuing and no such event or circumstance would occur as a result
          of
          its entering into or performing its obligations under this Agreement or
          any
          Credit Support Document to which it is a party.

         

        (c)  Absence
          of Litigation. There is not pending or, to its knowledge,
          threatened against it or any of its Affiliates any action, suit or proceeding
          at
          law or in equity or before any court, tribunal, governmental body, agency
          or
          official or any arbitrator that is likely to affect the legality, validity
          or
          enforceability against it of this Agreement or any Credit Support Document
          to
          which it is a party or its ability to perform its obligations under this
          Agreement or such Credit Support Document.

         

        (d)  Accuracy
          of Specified Information. All applicable information that is
          furnished in writing by or on behalf of it to the other party and is identified
          for the purpose of this Section 2(d) in the Schedule is, as of the date
          of the
          information, true, accurate and complete in every material respect.

         

        (e)  Payer
          Tax Representations. Each representation specified in the Schedule
          as being made by it for the purpose of this Section 2(e) is accurate and
          true.

         

        (f)  Payee
          Tax Representations. Each representation specified in the Schedule
          as being made by it for the purpose of this Section 2(f) is accurate and
          true.

         

        3.  Agreements

         

        Each
          party agrees with the other that, so long as either party has or may have
          any
          obligation under this Agreement or under any Credit Support Document to
          which it
          is a party:

         

        (a)  Furnish
          Specified Information. It will deliver to the other party or, in
          certain cases under subparagraph (iii) below, to such government or taxing
          authority as the other party reasonably directs:

         

        (i)  any
          forms, documents or certificates relating to taxation specified in the
          Schedule:
          or any Confirmation;

         

        (ii)  any
          other
          documents specified in the Schedule or any Confirmation; and

         

        (iii)  upon
          reasonable demand by such other party, any form or document, that may be
          required or reasonably requested in writing in order to allow such other
          party
          or its Credit Support Provider to make a payment under this Agreement or
          any
          applicable Credit Support Document without any deduction or withholding
          for or
          on account of any Tax or with such deduction or withholding at a reduced
          rate
          (so long as the completion, execution or submission of such form or document
          would not materially prejudice the legal or commercial position of the
          party in
          receipt of such demand), with any such form or document to be accurate
          and
          completed in a manner reasonably satisfactory to such other party and to
          be
          executed and to be delivered with any reasonably required
          certification,

         

        in
          each
          case by the date specified in the Schedule or such Confirmation or, if
          none is
          specified, as soon as reasonably practicable.

         

        (b)  Maintain
          Authorizations. It will use all reasonable efforts to maintain in
          full force and effect all consents of any governmental or other authority
          that
          are required to be obtained by it with respect to this Agreement or any
          Credit
          Support Document to which it is a party and will use all reasonable efforts
          to
          obtain any that may become necessary in the future.

         

        (c)  Comply
          with Laws.  It will comply in all material respects with
          all applicable laws and orders to which it may be subject if failure so
          to
          comply would materially impair its ability to perform its obligations under
          this
          Agreement or any Credit Support Document to which it is a party.

         

        (d)  Tax
          Agreement.  It will give notice of any failure of a
          representation made by it under Section 2(f) to be accurate and true promptly
          upon learning of such failure.

         

        (e)  Payment
          of Stamp Tax.  Subject to Section 11, it will pay any
          Stamp Tax levied or imposed upon respect of its execution or performance
          of this
          Agreement by a jurisdiction in which it is incorporated,  organized,
          managed and controlled, or considered to have its seat, or in which a branch
          or
          office through which it is acting for the purpose of this Agreement is
          located
          (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp
          Tax levied or imposed upon the other party or in respect of the other party’s
          execution or performance of this Agreement by any such Stamp Tax Jurisdiction
          which is not also a Stamp Tax Jurisdiction with respect to the other
          party.

         

        4.  Events
          of Default and Termination Events

         

        (a)  Events
          of Default. The occurrence at any time with respect to a party or,
          if applicable, any Credit Support Provider of such party or any Specified
          Entity
          of such party of any of the following events constitutes an event of default
          (an
“Event of Default”) with respect to such party:

         

        (i)  Failure
          to Pay or Deliver.  Failure by the party to make, when
          due, any payment under this agreement or delivery under Section 2(a)(i)
          or 2(e)
          required to be made by it if such failure is not d on or before the third
          Local
          Business Day after notice of such failure is given to the party;

         

        (ii)  Breach
          of Agreement.  Failure by the party to comply with or
          perform any agreement or obligation (other than an obligation to make any
          payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
          or to
          give notice of a Termination Event or any agreement or obligation under
          Section
          4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
          in
          accordance with this Agreement if such failure is not remedied on or before
          the
          thirtieth day after notice of such failure is given to the party;

         

        (iii)  Credit
          Support Default.

         

        (1)  Failure
          by the party or any Credit Support Provider of such party to comply with
          or
          perform any agreement or obligation to be complied with or performed by
          it in
          accordance with any Credit Support Document if such failure is continuing
          after
          any applicable grace period has elapsed;

         

        (2)  the
          expiration or termination of such Credit Support Document or the failing
          or
          ceasing of such Credit Support Document to be in full force and effect
          for the
          purpose of this Agreement (in either case other than in accordance with
          its
          terms) prior to the satisfaction of all obligations of such party under
          each
          Transaction to which such Credit Support Document relates without the written
          consent of the other party; or

         

        (3)  the
          party
          or such Credit Support Provider disaffirms, disclaims, repudiates or rejects,
          in
          whole or in part, or challenges the validity of, such Credit Support
          Document;

         

        (iv)  Misrepresentation.  A
          representation (other than a representation under Section 3(e) or (f))
          made or
          repeated or deemed to have been made or repeated by the party or any Credit
          Support Provider of such party in this Agreement or any Credit Support
          Document
          proves to have been incorrect or misleading in any material respect when.
          made
          or repeated or deemed to have been made or repeated;

         

        (v)  Default
          under Specified Transaction. The party, any Credit Support
          Provider of such party or any applicable Specified Entity of such party
          (1)
          defaults under a Specified Transaction. and, after giving effect to any
          applicable notice requirement or grace period, there occurs a liquidation
          of, an
          acceleration of obligations under, or an early termination of, that Specified
          Transaction, (2) defaults, after giving effect to any applicable notice
          requirement or grace period, in making any payment or delivery due on the
          last
          payment, delivery or exchange date of, or any payment on early termination
          of a
          Specified Transaction (or such default continues for at least three Local
          Business Days if there is no applicable notice requirement or grace period)
          or
          (3) disaffirms, disclaims, repudiates or rejects, in whole or in part,
          a
          Specified Transaction (or such action is taken by any person or entity
          appointed
          or empowered to operate it or act on its behalf);

         

        (vi)  Cross
          Default. If “Cross Default” is specified in the Schedule as
          applying to the party, the occurrence or existence of (1) a default, event
          of
          default or outer similar condition or event (however described) in respect
          of
          such party, any Credit Support Provider of such party or any applicable
          Specified Entity of such party under one or more agreements or instruments
          relating to Specified Indebtedness of any of them (individually or collectively)
          in an aggregate amount of not less than the applicable Threshold Amount
          (as
          specified in the Schedule) which has resulted in such Specified Indebtedness
          becoming, or becoming capable at such time of being declared, due and payable
          under such agreements or instruments, before it would otherwise have been
          due
          and payable or (2) a default such Credit Support Provider or such Specified
          Entity (individually or collectively) making one or more payments on the
          due
          date thereof in an aggregate amount of not less than the applicable Threshold
          Amount under such agreements or instruments (after giving effect to any
          applicable notice requirement or grace period);

         

        (vii)  Bankruptcy.  The
          party, any Credit Support Provider of such party or any applicable Specified
          Entity of such party:

         

        (1)  is
          dissolved (other than pursuant to a consolidation, amalgamation or merger);
          (2)
          becomes insolvent or is unable to pay its debts or fails or admits in writing
          its inability generally to pay its debts as they become due; (3) makes
          a general
          assignment, arrangement or composition with or for the benefit of its creditors;
          (d) institutes or has instituted against it a proceeding; seeking a judgment
          of
          insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
          law or other similar law affecting creditors’ rights, or a petition is presented
          for its winding-up or liquidation, and, in the case of any such proceeding
          or
          petition instituted or presented against it, such proceeding or petition
          (A)
          results in a judgment of insolvency or bankruptcy or the entry of an order
          for
          relief or the making of an order for its winding-up or liquidation or (B)
          is not
          dismissed, discharged, stayed or restrained in each case within 30 days
          of the
          institution or presentation thereof; (5) has a resolution passed for its
          winding-up, official management or liquidation (other than pursuant to
          a
          consolidation, amalgamation or merger); (6) seeks or becomes subject to
          the
          appointment of an administrator, provisional liquidator, conservator, receiver,
          trustee, custodian or other similar official for it or for all or substantially
          all its assets; (7) has a secured party take possession of all or substantially
          all its assets or has a distress, execution, attachment, sequestration
          or other
          legal process levied, enforced or sued on or against all or substantially
          all
          its assets and such secured party maintains possession, or any such process
          is
          not dismissed, discharged, stayed or restrained, in each case within 30
          days
          thereafter; (8) causes or is subject to any event with respect to it which,
          under the applicable laws of any jurisdiction, has an analogous effect
          to any of
          the events specified in clauses (1) to (7) (inclusive); or (9) takes any
          action
          in furtherance of, or indicating its consent to, approval of, or acquiescence
          in, any of the foregoing acts; or

         

        (viii)  Merger
          Without Assumption. The party or any Credit Support Provider of
          such party consolidates or amalgamates with, or merges with or into, or
          transfers all or substantially all its assets to, another entity and, at
          the
          time of such consolidation, amalgamation, merger or transfer:

         

        (1)  the
          resulting, surviving or transferee entity fails to assume all the obligations
          of
          such party or such Credit Support Provider under this Agreement or any
          Credit
          Support Document to which it or its predecessor was a party by operation
          of law
          or pursuant to an agreement reasonably satisfactory to the other party
          to this
          Agreement; or

         

        (2)  the
          benefits of any Credit Support Document fail to extend (without the consent
          of
          the other party) to the performance by such resulting, surviving or transferee
          entity of its obligations under this Agreement.

         

        (b)  Termination
          Events. The occurrence at any time with respect to a party or, if
          applicable, any Credit Support Provider of such party or any Specified
          Entity of
          such party of any event specified below constitutes an Illegality if the
          event
          is specified in (i) below, a Tax Event if the event is specified in (ii)
          below
          or a Tax Event Upon Merger if the event is specified in (iii) below, and,
          if
          specified to be applicable, a Credit Event Upon Merger if the event is
          specified
          pursuant to (iv) below or an Additional Termination Event if the event
          is
          specified pursuant to (v) below:

         

        (i)  Illegality.
          Due to the adoption of, or any change in, any applicable
          law after
          the date on which a Transaction is entered into, or due to the promulgation
          of,
          or any change in, the interpretation by any court, tribunal or regulatory
          authority with competent jurisdiction of any applicable law after such
          date, it
          becomes unlawful (other than as a result of a breach by the party of Section
          4(b)) for such party (which will be the Affected Party):

         

        (1)  to
          perform any absolute or contingent obligation to make a payment or delivery
          or
          to receive a payment or delivery in respect of such Transaction or to comply
          with any other material provision of this Agreement relating to such
          Transaction; or

         

        (2)  to
          perform, or for any Credit Support Provider of such party to perform, any
          contingent or other obligation which the party (or such Credit Support
          Provider)
          has uinder any Credit Support Document relating to such
          Transaction;

         

        (ii)  Tax
          Event.  Due to (x) any action taken by a taxing
          authority, or brought in a court of competent jurisdiction, on or after
          the date
          on which a Transaction is entered into (regardless of whether such action
          is
          taken or brought with respect to a party to this Agreement) or (y) a Change
          in
          Tax Law, the party (which will be the Affected Party) will, or there is
          a
          substantial likelihood that it will, on the next succeeding Scheduled Payment
          Date (1) be required to pay to the other party an additional amount in
          respect
          of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
          interest
          under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which
          an
          amount is required to be deducted or withheld for or on account of a Tax
          (except
          in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional
          amount is required to be paid in respect of such Tax under Section 2(d)(i)(4)
          (other than by reason of Section 2(d)(i)(4)(A) or (B));

         

        (iii)  Tax
          Event Upon Merger. The party (the “Burdened Party”) on the next
          succeeding Scheduled Payment Date will either (1) be required to pay an
          additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
          (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
          (2)
          receive a payment from which an amount has been deducted or withheld for
          or on
          account of any Indemnifiable Tax in respect of which the other party is
          not
          required to pay an additional amount (other than by reason of Section
          2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating
          or
          amalgamating with, or merging with or into, or transferring all or substantially
          all its assets to, another entity (which will be the Affected Party) where
          such
          action does not constitute an event described in Section
          5(a)(viii);

         

        (iv)  Credit
          Event Upon Merger.  If “Credit Event Upon Merger” is
          specified in the Schedule as applying to the party, such party (“X”), any Credit
          Support Provider of X or any applicable Specified Entity of X consolidates
          or
          amalgamates with, or merges with or into, or transfers all or substantially
          all
          its assets to, another entity and such action does not constitute an event
          described in Section 5(a)(viii) but the creditworthiness of the resulting,
          surviving or transferee entity is materially weaker than that of X, such
          Credit
          Support Provider or such Specified Entity, as the case may be, immediately
          prior
          to such action (and, in such event, X or its successor or transferee, as
          appropriate, will be the Affected Party); or

         

        (v)  Additional
          Termination Event. If any “Additional Termination Event” is
          specified in the Schedule or any Confirmation as applying, the occurrence
          of
          such event (and, in such event, the Affected Party or Affected Parties
          shall be
          as specified for such Additional Termination Event in the Schedule or such
          Confirmation).

         

        (c)  Event
          of Default and Illegality.  If an event or circumstance
          which would otherwise constitute or give rise to an Event of Default also
          constitutes an Illegality, it will be treated as an Illegality and will
          not
          constitute an Event of Default.

         

        5.  Early
          Termination

         

        (a)  Right
          to Terminate Following Event of Default.  If at any time
          an Event of Default with respect to a party (the “Defaulting Party”) has
          occurred and is then continuing, the other party (the “Non-defaulting Party’)
          may, by not more than 20 days notice to the Defaulting Party specifying
          the
          relevant Event of Default, designate a day not earlier than the day such
          notice
          is effective as an Early Termination Date in respect of all outstanding
          Transactions. If, however, “Automatic Early Termination” is specified in the
          Schedule as applying to a party, then an Early Termination Date in respect
          of
          all outstanding Transactions will occur immediately upon the occurrence
          with
          respect to such party of an Event of Default specified in Section 5(a)(vii)(1),
          (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time
          immediately preceding the institution of the relevant proceeding or the
          presentation of the relevant petition upon the occurrence with respect
          to such
          party of an Event of Default specified in Section 5(a)(vii)(4) or, to the
          extent
          analogous thereto, (8).

         

        (b)  Right
          to Terminate Following Termination Event.

         

        (i)  Notice.
          If a Termination Event occurs, an Affected Party will, promptly upon becoming
          aware of it, notify the other party, specifying the nature of that Termination
          Event and each Affected Transaction and will also give such other information
          about that Termination Event as the other party may reasonably
          require.

         

        (ii)  Transfer
          to Avoid Termination Event. If either are Illegality under Section
          5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party,
          or if a
          Tax Event Upon Merger occurs and the Burdened Party is the Affected Party,
          the
          Affected Party will, as a condition to its right to designate an Early
          Termination Date under Section 6(b)(iv), use all reasonable efforts (which
          will
          not require such party to incur a loss, excluding immaterial, incidental
          expenses) to transfer within 20 days after it gives notice under Section
          6(b)(i)
          all its rights and obligations under this Agreement in respect of the Affected
          Transactions to another of its Offices or Affiliates so that such Termination
          Event ceases to exist.

         

        If
          the
          Affected party is not able to make such a transfer it will give notice
          to the
          other party to that effect within such 20 day period, whereupon the other
          party
          may effect such a transfer within 30 days after the notice is given under
          Section 6(b)(i).

         

        Any
          such
          transfer by a party wider this Section 6(b)(ii) will be subject to and
          conditional upon the prior written consent of the other party, which consent
          will not be withheld if such other party’s policies in effect at such time would
          permit it to enter into transactions with the transferee on the terms
          proposed.

         

        (iii)  Two
          Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
          Tax Event occurs and there are two Affected Parties, each party will use
          all
          reasonable efforts to reach agreement within 30 days after notice thereof
          is
          given under Section 6(b)(i) on action to avoid that Termination
          Event.

         

        (iv)  Right
          to Terminate. If:

         

        (1)  a
          transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii),
          as the
          case may be, has not been effected with respect to all Affected Transactions
          within 30 days after an Affected Party gives notice render Section 6(b)(i);
          or

         

        (2)  an
          Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional
          Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened
          Party is not the Affected Party,

         

        either
          party in the case of an Illegality, the Burdened Party in the ease of a
          Tax
          Event Upon Merger, any Affected Party in the case of a Tax Event or an
          Additional Termination Event if there is more than one Affected Party,
          or the
          party which is not the Affected Party in the case of a Credit Event Upon
          Merger
          or an Additional Termination Event if there is only one Affected Party
          may, by
          not more than 20 days notice to the other party and provided that the relevant
          Termination Event is then continuing, designate a day not earlier than
          the day
          such notice is effective as an Early Termination Date in respect of all
          Affected
          Transactions.

         

        (c)  Effect
          of Designation.

         

        (i)  If
          notice
          designating an Early Termination Date is given under Section 6(a) or (b),
          the
          Early Termination Date will occur on the date so designated, whether or
          not the
          relevant Event of Default or Termination Event is then continuing.

         

        (ii)  Upon
          the
          occurrence: or effective designation of an Early Termination Date, no further
          payments or deliveries under Section 2(a)(c) or 2(e) in respect of the
          Terminated Transactions will be required to be made, but without prejudice
          to
          the other provisions of this Agreement. The amount, if any, payable in
          respect
          of an Early Termination Date shall be determined pursuant to Section
          6(e).

         

        (d)  Calculations.

         

        (i)  Statement.
          On or as soon as reasonably practicable following the occurrence of an
          Early
          Termination Date, each party will make the calculations on its part, if
          any,
          contemplated by Section 6(e) and will provide to the other party a statement
          (1)
          showing, in reasonable detail, such calculations (including all relevant
          quotations and specifying any amount payable under Section 6(e)) and (2)
          giving
          details of the relevant account to which any amount payable to it is to
          be paid.
          In the absence of written confirmation from the source of a quotation obtained
          in determining a Market Quotation, the records of the party obtaining such
          quotation will be conclusive evidence of the existence and accuracy of
          such
          quotation.

         

        (ii)  Payment
          Date. An amount calculated as being due in respect of any Early
          Termination Date under Section 6(e) will be payable on the day that notice
          of
          the amount payable is effective (in the case of an Early Termination Date
          which
          is designated or occurs as a result of an Event of Default) and on the
          day which
          is two Local Business Days after the day on which notice of the amount
          payable
          is effective (in the case of an Early Termination Date which is designated
          as a
          result of a Termination Event). Such amount will be paid together with
          (to the
          extent permitted under applicable law) interest thereon (before as well
          as after
          judgment) in the Termination Currency, from (and including) the relevant
          Early
          Termination Date to (but excluding) the date such amount is paid, at the
          Applicable Rate. Such interest will be calculated on the basis of daily
          compounding and the actual number of days elapsed.

         

        (e)  Payments
          on Early Termination. If an Early Termination Date occurs, the
          following provisions shall apply based on the parties’ election in the Schedule
          of a payment measure, either “Market Quotation” or “Loss”, and a payment method,
          either the “First Method” or the “Second Method”. If the parties fail to
          designate a payment measure or payment method in the Schedule, it will
          be deemed
          that “Market Quotation” or the “Second Method”, as the case may be, shall apply.
          The amount, if any, payable in respect of an Early Termination Date and
          determined pursuant to this Section will be subject to any Set-off.

         

        (i)  Events
          of Default.  If the Early Termination Date results from
          an Event of Default:

         

        (1)  First
          Method and Market Quotation. If the First Method and Market Quotation
          apply, the Defaulting Party will pay to the Note-defaulting Party the excess,
          if
          a positive number, of (A) the sum of the Settlement Amount (determined
          by the
          Non-defaulting Party) in respect of the “Terminated Transactions and the
          Termination Currency Equivalent of the Unpaid Amounts owing to the
          Non-defaulting Party over (B) the Termination Currency Equivalent of the
          Unpaid
          Amounts owing to the Defaulting Party.

         

        (2)  First
          Method and Loan. If the First Method and Loss apply, the Defaulting Party
          will pay to the Non-defaulting Party, if a positive number, the Non-defaulting
          Party’s Loss in respect of this Agreement.

         

        (3)  Second
          Method and Market Quotation. If the Second Method and Market Quotation
          apply, an amount will be payable equal to (A) the sum of the Settlement
          Amount
          (determined by the Non-defaulting Party) in respect of the Terminated
          Transactions and the Termination Currency Equivalent of the Unpaid Amounts
          owing
          to the Non-defaulting Party less (B) the Termination Currency Equivalent
          of the
          Unpaid Amounts owing to the Defaulting Party. If that amount is a positive
          number, the Defaulting Party will pay. it to the Non-defaulting Party;
          if it is
          a negative number, the Non-defaulting Party will pay the absolute value
          of that
          amount to the Defaulting Party.

         

        (4)  Second
          Method and Loss.  If the Second Method and Loss apply, an amount
          will be payable equal to the Non-defaulting Party’s Loss in respect of this
          Agreement. If that amount is a positive number, the Defaulting Party will
          pay it
          to the Non-defaulting Party; if it is a negative number, the Non-defaulting
          Party will pay the absolute value of that amount to the Defaulting
          Party.

         

        (ii)  Termination
          Events.  If the Early Termination Date results from a
          Termination Event:

         

        (1)  One
          Affected Party. If there is one Affected Party, the amount payable will be
          determined in accordance with Section 6(e)(i)(3), if Market Quotation applies,
          or Section 6(e)(i)(4), if Loss applies, except that, in either case, references
          to the Defaulting Party and to the Non-defaulting Party will be deemed
          to be
          references to the Affected Party and the party which is not the Affected
          Party,
          respectively; and, if Loss applies and fewer than all the Transactions
          are being
          terminated, Loss shall be calculated in respect of all Terminated
          Transactions.

         

        (2)  Two
          Affected Parties.  If there are two Affected
          Parties:

         

        (A)  if
          Market
          Quotation applies, each party will determine a Settlement Amount in respect
          of
          the Terminated Transactions, and an amount will be payable equal to (I)
          the sum
          of (a) one-half of the difference between the Settlement Amount of the
          party
          with the higher Settlement Amount (“X”) and the Settlement Amount of the party
          with the lower Settlement Amount (“Y”) and (b) the Termination Currency
          Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency
          Equivalent of the Unpaid Amounts owing to Y; and

         

        (B)  if
          Loss
          applies, each party will determine its Loss in respect of this Agreement
          (or, if
          fewer than all the Transactions are being terminated, in respect of all
          Terminated Transactions) and an amount will be payable equal to one-half
          of the
          difference between the Loss of the party with the higher Loss (“X”) and the Loss
          of the party with the lower Loss (“Y”).

         

        If
          the
          amount payable is a positive number, Y will pay it to X; if it is a negative
          number, X will pay the absolute value of that amount to Y.

         

        (iii)  Adjustment
          for Bankruptcy. In circumstances where an Early Termination Date
          occurs because “Automatic Early Termination” applies in respect of a party, the
          amount determined under this Section 6(e) will be subject to such adjustments
          as
          are appropriate and permitted by law to reflect any payments or deliveries
          made
          by one party to the other under this Agreement (and retained by such other
          party) during the period from the relevant Early Termination Date to the
          date
          for payment determined under Section 6(d)(ii).

         

        (iv)  Pre-Estimate.
          The parties agree that if Market Quotation applies an amount recoverable
          under
          this Section 6(e,) is a reasonable pre-estimate of loss and not a penalty.
          Such
          amount is payable for the loss of bargain and the loss of protection against
          future risks and except as otherwise provided in this Agreement neither
          party
          will be entitled to recover any additional damages as a consequence of
          such
          losses.

         

        6.  Transfer

         

        Subject
          to Section 6(b)(ii), neither this Agreement nor any interest or obligation
          in or
          under this Agreement may be transferred (whether by way of security or
          otherwise) by either parry without the prior written consent of the other
          party,
          except that:

         

        (a)  a
          party
          may make such a transfer of this Agreement pursuant to a consolidation
          or
          amalgamation with, or merger with or into, or transfer of all or substantially
          all its assets to, another entity (but without prejudice to any other right
          or
          remedy under this Agreement); and

         

        (b)  a
          party
          may make such a transfer of all or any part of its interest in any amount
          payable to it from a Defaulting Party under Section 6(e).

         

        Any
          purported transfer that is not in compliance with this Section will be
          void.

         

        7.  Contractual
          Currency

         

        (a)  Payment
          in the Contractual Currency. Each payment under this Agreement
          will be made its the relevant currency specified in this Agreement for
          that
          payment (the “Contractual Currency”). To the extent permitted by applicable law,
          any obligation to make payments under this Agreement in the Contractual
          Currency
          will not be discharged or satisfied by any tender in any currency other
          than the
          Contractual Currency, except to the extent such tender results in the actual
          receipt by the party to which payment is owed, acting; in a reasonable
          manner
          and in good faith in converting the currency so tendered into the Contractual
          Currency, of the full amount in the Contractual Currency of all amounts
          payable
          in respect of this Agreement. If for any reason the amount in the Contractual
          Currency so received falls short of the amount in the Contractual Currency
          payable in respect of this Agreement, the party required to make the payment
          will, to the extent permitted by applicable law, immediately pay such additional
          amount in the Contractual Currency as may be necessary to compensate for
          the
          shortfall. If for any reason the amount in the Contractual Currency so
          received
          exceeds the amount in the Contractual Currency payable in respect of this
          Agreement, the party receiving the payment will refund promptly the amount
          of
          such excess.

         

        (b)  Judgments.  To
          the extent permitted by applicable law, if any judgment or order expressed
          in a
          currency other than the Contractual Currency is rendered (i) for the payment
          of
          any amount owing in respect of this Agreement, (ii) for the payment of
          any
          amount relating to any early termination in respect of this Agreement or
          (iii)
          in respect of a judgment or order of another court for the payment of any
          amount
          described in (i) or (ii) above, the party seeking recovery, after recovery
          in
          full of the aggregate amount to which such party is entitled pursuant to
          the
          judgment or order, will be entitled to receive immediately from the other
          party
          the amount of any shortfall of the Contractual Currency received by such
          party
          as a consequence of sums paid in such other currency and will refund promptly
          to
          the other party any excess of the Contractual Currency received by such
          party as
          a consequence of sums paid in such other currency if such shortfall or
          such
          excess arises or results from any variation between the rate of exchange
          at
          which the Contractual Currency is converted into the currency of the judgment
          or
          order for the purposes of such judgment or order and the rate of exchange
          at
          which such party is able, acting in a reasonable manner and in good faith
          in
          converting the currency received into the Contractual Currency, to purchase
          the
          Contractual Currency with the amount of the currency of the judgment or
          order
          actually received by such party. The term “rate of exchange” includes, without
          limitation, any premiums and costs of exchange payable in connection with
          the
          purchase of or conversion into the Contractual. Currency.

         

        (c)  Separate
          Indemnities. To the extent permitted by applicable law, these
          indemnities constitute separate and independent obligations from the other
          obligations in this Agreement, will be enforceable as separate and independent
          causes of action, will apply notwithstanding any indulgence granted by
          the party
          to which any payment is owed and will not be affected by judgment being
          obtained
          or claim or proof being made for any other sums payable in respect of this
          Agreement.

         

        (d)  Evidence
          of Loss.  For the purpose of this Section 8, it will be
          sufficient that it would have suffered a loss had an actual exchange or
          purchase
          been made.

         

        8.  Miscellaneous

         

        (a)  Entire
          Agreement. This Agreement constitutes the entire agreement and
          understanding of the parties with respect to its subject matter and supersedes
          all oral communication and prior writings with respect thereto.

         

        (b)  Amendments.  No
          amendment, modification or waiver in respect of this Agreement will be
          effective
          unless in writing (including a writing evidenced by a facsimile transmission)
          and executed by each of the parties or confirmed by an exchange of telexes
          or
          electronic messages on an electronic messaging system.

         

        (c)  Survival
          of Obligations. Without prejudice to Sections 2(a)(iii) and
          d(c)(ii), the obligations of the parties under this Agreement will survive
          the
          termination of any Transaction.

         

        (d)  Remedies
          Cumulative. Except as provided in this Agreement, the rights,
          powers, remedies and privileges provided in this Agreement are cumulative
          and
          not exclusive of any rights, powers, remedies and privileges provided by
          law.

         

        (e)  Counterparts
          and Confirmations.

         

        (i)  This
          agreement (and each amendment, modification and waiver in respect of it)
          may be
          executed and delivered in counterparts (including by facsimile transmission),
          each of which will be deemed an original.

         

        (ii)  The
          parties intend that they are legally bound by the terms of each Transaction
          from
          the moment they agree to those terms (whether orally or otherwise). A
          Confirmation shall he entered into as soon as practicable and may he executed
          and delivered in counterparts (including by facsimile transmission) or
          be
          created by an exchange of telexes or by an exchange of electronic messages
          on an
          electronic messaging system, which in each case will be sufficient for
          all
          purposes to evidence a binding supplement to this Agreement. The parties
          will
          specify therein or through another effective means that any such counterpart,
          telex or electronic message constitutes a Confirmation.

         

        (f)  No
          Waiver of Rights. A failure or delay in exercising any right,
          power or privilege in respect of this Agreement will not be presumed to
          operate
          as a waiver, and a single or partial exercise of any right, power or privilege
          will not be presumed to preclude any subsequent or further exercise, of
          that
          right, power or privilege or the exercise of any other right, power or
          privilege.

         

        (g)  Headings.
          The headings used in this Agreement are for convenience of
          reference only and are not to affect the construction of or to be taken
          into
          consideration in interpreting this Agreement.

         

        9.  Offices;
          Multibranch Parties

         

        (a)  If
          Section 10(a) is specified in the Schedule as applying, each party that
          enters
          into a Transaction through an Office other than its head or home office
          represents to the other party that, notwithstanding the place of booking
          office
          or jurisdiction of incorporation or organization of such party, the obligations
          of such party are the same as if it had entered into the Transaction through
          its
          head or home office. This representation wilt be deemed to be repeated
          by such
          party on each date on which a Transaction is entered into.

         

        (b)  Neither
          party may change the Office through which it makes and receives payments
          or
          deliveries for the purpose of a Transaction without the prior written consent
          of
          the other party.

         

        (c)  if
          a
          party is specified as a Multibranch Party in the Schedule, such Multibranch
          Party may make and receive payments or deliveries under any Transaction
          through
          any Office listed in the Schedule, and the Office through which it makes
          and
          receives payments or deliveries with respect to a Transaction will be specified
          in the relevant Confirmation.

         

        10.  Expenses

         

        A
          Defaulting Party will, on demand, indemnify and hold harmless the other
          party
          for and against all reasonable out-of-pocket expenses, including legal
          fees and
          Stamp Tax, incurred by such other party by reason of the enforcement and
          protection of its rights under this Agreement or any Credit Support Document
          to
          which the Defaulting Party is a party or by reason of the early termination
          of
          any Transaction, including, but not limited to, costs of
          collection.

         

        11.  Notices

         

        (a)  Effectiveness.  Any
          notice or other communication in respect of this Agreement may be given
          in any
          manner set forth below (except that a notice or other communication under
          Section 5 or 6 may not be given by facsimile transmission or electronic
          messaging system) to the address or number or in accordance with the electronic
          messaging system details provided (see the Schedule) and will be deemed
          effective as indicated:

         

        (i)  if
          in
          writing and delivered in person or by courier, on the date it is
          delivered;

         

        (ii)  if
          sent
          by telex, on the date the recipient’s answerback is received;

         

        (iii)  if
          sent
          by facsimile transmission, on the date that transmission is received by
          a
          responsible employee of the recipient in legible form (it being agreed
          that the
          burden of proving receipt will be on the sender and will not be met by
          a
          transmission report generated by the sender’s facsimile machine);

         

        (iv)  if
          sent
          by certified or registered mail (airmail, if overseas) or the equivalent
          (return
          receipt requested), on the date that mail is delivered or its delivery
          is
          attempted or

         

        (v)  if
          sent
          by electronic messaging system, on the date that electronic message is
          received,

         

        unless
          the date of that delivery (or attempted delivery) or that receipt, as
          applicable, is not a Local Business Day or that communication is delivered
          (or
          attempted) or received, as applicable, after the close of business on a
          Local
          Business Day, in which case that communication shall be deemed given and
          effective on the first following day that is a Local Business Day.

         

        (b)  Change
          of Addresses. Either party may by notice to the other change the
          address, telex or facsimile number or electronic messaging system details
          at
          which notices or other communications are to be given to it.

         

        12.  Governing
          Laws and Jurisdiction

         

        (a)  Governing
          Law. This Agreement will be governed by and construed in
          accordance with the law specified in the Schedule.

         

        (b)  Jurisdiction.
          With respect to any suit, action or proceedings relating to this Agreement
          (“Proceedings”), each party irrevocably:

         

        (i)  submits
          to the jurisdiction of the English courts, if this Agreement is expressed
          to be
          governed by English law, or to the non-exclusive jurisdiction of the courts
          of
          the State of New York and the United States District Court located in the
          Borough of Manhattan in New York City, if this Agreement is expressed to
          be
          governed by the laws of the State of New York; and

         

        (ii)  waives
          any objection which it may have at any time to the laying of venue of any
          Proceedings brought in any such court, waives any claim that such Proceedings
          have been brought in an inconvenient forum and further waives the right
          to
          object, with respect to such Proceedings, that such court does not have
          any
          jurisdiction over such party.

         

        Nothing
          in this Agreement precludes either party from bringing Proceedings in any
          other
          jurisdiction (outside, if this Agreement is expressed to be governed by
          English
          law, the Contracting States. as defined in Section 1(3) of the Civil
          Jurisdiction and Judgments Act 1982 or any modification, extension or
          re-enactment thereof for the time being in force) nor will the bringing
          of
          Proceedings in any one or more jurisdictions preclude the bringing of
          Proceedings in any other jurisdiction.

         

        (c)  Service
          of Process. Each party irrevocably appoints the process Agent (if
          any) specified opposite its name in the Schedule to receive, for it and
          on its
          behalf, service of process in any Proceedings. If for any reason any party’s
          Process Agent is unable to act as such, such party will promptly notify
          the
          other party and within 30 days appoint a substitute process agent acceptable
          to
          the other party. The parties irrevocably consent to service of process
          given in
          the manner provided for notices in Section 12. Nothing in this Agreement
          will
          affect the right of either party to serve process in any other manner permitted
          by law.

         

        (d)  Waiver
          of Immunities.  Each party irrevocably waives, to the
          fullest extent permitted by applicable law, with respect to itself and
          its
          revenues and assets (irrespective of their use or intended use), all immunity
          on
          the grounds of sovereignty or other similar grounds from (i) suit, (ii)
          jurisdiction of any court, (iii) relief of injunction, order for specific
          performance or for recovery of property, (iv) attachment of its assets
          (whether
          before or after judgment) and (v) execution or enforcement of any judgment
          to
          which it or its revenues or assets might otherwise be entitled in any
          Proceedings in the courts of any jurisdiction and irrevocably agrees, to
          the
          extent permitted by applicable law, that it will not claim any such immunity
          in
          any Proceedings.

         

        13.  Definitions

         

        As
          used
          in this Agreement:

         

        “Additional
          Termination Event” has the meaning specified in Section
          5(b).

         

        “Affected
          Party” has the meaning specified in Section 5(b).

         

        “Affected
          Transactions” means (a) with respect to any Termination Event
          consisting of an Illegality. Tax Event or Tax Event Upon Merger, all
          Transactions affected by the occurrence of such Termination Event and (b)
          with
          respect to any other Termination Event, all Transactions.

         

        “Affiliate”
          means, subject to the Schedule, in relation to any person, any entity
          controlled, directly or indirectly, by the person, any entity that controls,
          directly or indirectly, the person or any entity directly or indirectly
          under
          common control with the person. For this purpose, “control” of any entity or
          person means ownership of a majority of the voting power of the entity
          or
          person.

         

        “Applicable
          Rate” means:

         

        (a)  in
          respect of obligations payable or deliverable (or which would have been
          but for
          Section 2(a)(iii)) by a Defaulting Party, the Default Rate:

         

        (b)  in
          respect of an obligation to pay an amount under Section 6(e) of either
          party
          from and after the date (determined in accordance with Section 6(d)(ii))
          on
          which that amount is payable, the Default Rate;

         

        (c)  in
          respect of all other obligations payable or deliverable (or which would
          have
          been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
          Rate;
          and in all other cases, the Termination Rate; and

         

        (d)           in
          all other cases, the Termination Rate.

         

        “Burdened
          Party” has the meaning specified in Section 5(b).

         

        “Change
          in Tax Law” means the enactment, promulgation, execution or
          ratification of or any change in or amendment to, any law (or in the application
          or official interpretation of any law) that occurs on or after the date
          on which
          the relevant Transaction is entered into.

         

        “consent”
          includes a consent, approval, action, authorization, exemption, notice,
          filing,
          registration or exchange control consent.

         

        “Credit
          Event Upon Merger” has the meaning specified in Section
          5(b).

         

        “Credit
          Support Document” means any agreement or instrument that is
          specified as such in this Agreement.

         

        “Credit
          Support Provider” has the meaning specified in the
          Schedule.

         

        “Default
          Rate” means a rate per annum equal to the cost (without proof
          or
          evidence of any actual cost) to the relevant payee (as certified by it)
          if it
          were to fund or of funding the relevant amount plus 1% per annum.

         

        “Defaulting
          Party” has the meaning specified in Section 6(a).

         

        “Early
          Termination Date” means the date determined in accordance with
          Section 6(a) or 6(b)(iv)

         

        “Event
          of Default” has the meaning specified in Section 5(a) and, if
          applicable, in the Schedule.

         

        “Illegality”
          has the meaning specified in Section 5(b).

         

        “Indemnifiable
          Tax” means any Tax other than a ‘fax that would not be imposed in
          respect of a payment under this Agreement but for a present or former connection
          between the jurisdiction of the government or taxation authority imposing
          such
          Tax and the recipient of such payment or a person related to such recipient
          (including, without limitation, a connection arising from such recipient
          or
          related person being or having been a citizen or resident of such .jurisdiction,
          or being or haying been organized, present or engaged in a trade or business
          in
          such jurisdiction, or having or having had a permanent establishment or
          fixed
          place of business in such jurisdiction, but excluding a connection arising
          solely from such recipient or related person having executed, delivered,
          performed its obligations or received a payment under, or enforced, this
          Agreement or a Credit Support Document).

         

        “law”
          includes any treaty, law, rule or regulation (as modified, in the case
          of tax
          matters, by the practice of any relevant governmental revenue authority)
          and
“lawful” and “unlawful” will
          be construed accordingly.

         

        “Local
          Business Day” means, subject to the Schedule, a day on which
          commercial banks are open for business (including dealings in foreign exchange
          and foreign currency deposits) (a) in relation to any obligation under
          Section
          2(a)(i), in the place(s) specified in the relevant Confirmation or, if
          not so
          specified, as otherwise agreed by the parties in writing or determined
          pursuant
          to provisions contained, or incorporated by reference, in this Agreement,
          (b) in
          relation to any other payment, in the place where the relevant account
          is
          located and, if different, in the principal financial centre, if any, of
          the
          currency of such payment, (c) in relation to any notice or other communication,
          including notice contemplated under Section 5(a)(i), in the city specified
          in
          the address for notice provided by the recipient and, in the case of a
          notice
          contemplated by Section 2(b), in the place where the relevant new account
          is to
          be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations
          for performance with respect to such Specified Transaction.

         

        “Loss”
          means, with respect to this Agreement or one or more Terminated Transactions,
          as
          the case may be, and a party, the Termination Currency Equivalent of an
          amount
          that party reasonably determines in good faith to be its total losses and
          costs
          (or gain, in which case expressed as a negative number) in connection with
          this
          Agreement or that Terminated Transaction or group of Terminated Transactions,
          as
          the case may be, including any loss of bargain, cost of funding or, at
          the
          election of such party but without duplication, loss or cost incurred as
          a
          result of its terminating, liquidating, obtaining or reestablishing any
          hedge or
          related trading position (or any gain resulting from any of them). Loss
          includes
          losses and costs (or gains) in respect of any payment or delivery required
          to
          have been made (assuming satisfaction of each applicable condition precedent)
          on
          or before the relevant Early Termination date and not made, except, so
          as to
          avoid duplication, if Section 6(e)(i)(1) or (3) or 6(c)(ii)(2)(A) applies.
          Loss
          does not include a party’s legal fees and out-of-pocket expenses referred to
          under Section 11. A party will determine its Loss as of the relevant Early
          Termination Date, or, if that is not reasonably practicable, as of the
          earliest
          date thereafter as is reasonably practicable. A party may (but need not)
          determine its Loss by reference to quotations of relevant rates or prices
          from
          one or more leading dealers in the relevant markets.

         

        “Market
          Quotation” means, with respect to one or more Terminated
          Transactions and a party retaking the determination, an amount determined
          on the
          basis of quotations from Reference Market-makers. Each quotation will be
          for an
          amount, if any, that would be paid to such party (expressed as a negative
          number) or by such party (expressed as a positive number) in consideration
          of an
          agreement between such party (taking into account any existing Credit Support
          Document with respect to the obligations of such party) and the quoting
          Reference Market-maker to enter into a transaction (the “Replacement
          Transaction”) that would have the effect of preserving for such party the
          economic equivalent of any payment or delivery (whether the underlying
          obligation was absolute or contingent and assuming the satisfaction of
          each
          applicable condition precedent) by the parties under Section 2(a)(i) in
          respect
          of such Terminated Transaction or group of Terminated Transactions that
          would,
          but for the occurrence of the relevant Early Termination Date, have been
          required after that date. For this purpose, Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Terminated Transactions are to be excluded
          but, without limitation, any payment or delivery that would, but for the
          relevant Early Termination Date, have been required (assuming satisfaction
          of
          each applicable condition precedent) after that Early Termination Date
          is to be
          included. The Replacement Transaction would be subject to such documentation
          as
          such party and the Reference Market-maker may, in good faith agree. The
          party
          making the determination (or its agent) will request each Reference Market-maker
          to provide its quotation to the extent reasonably practicable as of the
          same day
          and time (without regard to different time zones) on or as soon as reasonably
          practicable after the relevant Early Termination Date. The day and time
          as of
          which those quotations are to be obtained will be selected in good faith
          by the
          party obliged to make a determination under Section 6(e), and, if each
          party is
          so obliged, after consultation with the other. If more than three quotations
          are
          provided, the Market Quotation will be the arithmetic mean of the quotations,
          without regard to the quotations having the highest and lowest values.
          If
          exactly three such quotations are provided, the Market Quotation will be
          the
          quotation remaining after disregarding the highest and lowest quotations.
          For
          this purpose, if more than one quotation has the same highest value or
          lowest
          value, then one of such quotations shall be disregarded. If fewer than
          three
          quotations are provided, it will be deemed that the Market Quotation in
          respect
          of such Terminated Transaction or group of Terminated Transactions cannot
          be
          determined.

         

        “Non-default
          Rate” means a rate per annum equal to the cost (without proof
          or
          evidence of any actual cost) to the Non-defaulting Party (as certified
          by it) if
          it were to fund the relevant amount.

         

        “Non-defaulting
          Party” has the meaning specified in Section 6(a).

         

        “Office”
          means a branch or office of a party, which may be such party’s head or home
          office.

         

        “Potential
          Event of Default” means any event which, with the giving of notice
          or the lapse of time or both, would constitute an Event of Default.

         

        “Reference
          Market-makers” means four leading dealers in the relevant market
          selected by the party determining a Market Quotation in good faith (a)
          from
          among dealers of the highest credit standing; which satisfy all the criteria
          that such party applies generally at the time in deciding whether to offer
          or to
          make an extension of credit and (b) to the extent practicable, from among
          such.
          dealers having an office in the same city.

         

        “Relevant
          Jurisdiction” means, with respect to a party, the jurisdictions
          (a) in which the party is incorporated, organized, managed and controlled
          or
          considered to have its seat, (b) where an Office through which the party
          is
          acting for purposes of this Agreement is located, (c) in which the party
          executes this Agreement and (d) in relation to any payment, from or through
          which such payment is made.

         

        “Scheduled
          Payment Date” means a date on which a payment or delivery is to be
          made under Section 2(a)(i) with respect to a transaction.

         

        “Set-off’
          means set-off, offset, combination of accounts, right of retention or
          withholding or similar right or requirement to which the payer of an amount
          under Section 6 is entitled or subject (whether arising under this Agreement,
          another contract, applicable law or otherwise) that is exercised by, or
          imposed
          on, such payer.

         

        “Settlement
          Amount” means, with respect to a party and any Early Termination
          Date, time sum of:

         

        (a)  the
          Termination Currency Equivalent of the Market Quotations (whether positive
          or
          negative) for each Terminated Transaction or group of Terminated Transactions
          for which a Market Quotation is determined; and

         

        (b)  such
          party’s Loss (whether positive or negative and without reference to any Unpaid
          amounts) for each Terminated Transaction or group of Terminated Transactions
          for
          which a Market Quotation cannot be determined or would not (in the reasonable
          belief of the party making the determination) produce a commercially reasonable
          result.

         

        “Specified
          Entity” has the meanings specified in the Schedule.

         

        “Specified
          Indebtedness” means, subject to the Schedule, any obligation
          (whether present or future, contingent or otherwise. as principal or surety
          or
          otherwise) in respect of borrowed money.

         

        “Specified
          Transaction” means, subject to the Schedule, (a) any transaction
          (including an agreement with respect thereto) now existing or hereafter
          entered
          into between one party to this Agreement (or any Credit Support Provider
          of such
          party or any applicable Specified Entity; of such party) and the other
          party to
          this Agreement (or any Credit Support Provider of such other party or any
          applicable Specified Entity of such other party) which is a rate swap
          transaction, basis swap, forward rate transaction, commodity swap, commodity
          option, equity or equity index swap, equity or equity index option, bond
          option,
          interest rate option, foreign exchange transaction, cap transaction, floor
          transaction, collar transaction, currency swap transaction, cross-currency
          rate
          swap transaction, currency option or any other similar transaction (including
          any option with respect to any of these transactions), (b) any combination
          of
          these transactions and (c) any other transaction identified as a Specified
          Transaction in this Agreement or the relevant confirmation.

         

        “Stamp
          Tax” means any stamp, registration, documentation or similar
          tax.

         

        “Tax”
          means any present or future tax, levy, impost, duty, charge, assessment
          or fee
          of any nature (including interest, penalties and additions thereto) that
          is
          imposed by any government or other taxing authority in respect of any payment
          under this Agreement other than a stamp, registration, documentation or
          similar
          tax.

         

        “Tax
          Event” has the meaning specified in Section 5(b).

         

        “Tax
          Event Upon Merger” has the meaning specified in Section
          5(b).

         

        “Terminated
          Transactions” means with respect to any Early Termination. Date
          (a) if resulting from a Termination Event, all Affected Transactions and
          (b) if
          resulting from an Event of Default, all Transactions (in either case) in
          effect
          immediately before the effectiveness of the notice designating that Early
          Termination Date (or, if “Automatic Early Termination” applies, immediately
          before that Early Termination Date).

         

        “Termination
          Currency” has the meaning specified in the Schedule.

         

        “Termination
          Currency Equivalent” means, in respect of any amount denominated
          in the Termination Currency, such Termination Currency amount and, in respect
          of
          any amount denominated in a currency other than the Termination Currency
          (the
“Other Currency”), the amount in the Termination Currency determined by the
          party making the relevant determination as being required to purchase such
          amount of such Other Currency as at the relevant Early Termination Date,
          or, if
          the relevant Market Quotation or Loss (as the case may be), is determined
          as of
          a later date, that later date, with the Termination Currency at the rate
          equal
          to the spot exchange rate of the foreign exchange agent (selected as provided
          below) for the purchase of such Other Currency with the Termination Currency
          at
          or about 11:00 a.m. (in the city in which such foreign exchange agent is
          located) on such date as would be customary for the determination of such
          a rate
          for the purchase of such Other Currency for value on the relevant Early
          Termination Date or that later date. The foreign exchange agent will, if
          only
          one party is obliged to make a determination under Section 6(e), be selected
          in
          good faith by that party and otherwise will be agreed by the
          parties.

         

        “Termination
          Event” means an Illegality, a Tax Event or a Tax Event Upon Merger
          or, if specified to be applicable, a Credit Event Upon Merger or an Additional
          Termination Event.

         

        “Termination
          Rate” means a rate per annum equal to the arithmetic mean of the
          cost (without proof or evidence of any actual cost) to each party (as certified
          by such party) if it were to fund or of funding such amounts.

         

        “Unpaid
          Amounts” owing to any party means, with respect to an Early
          Termination Date, the aggregate of (a) in respect of all Terminated
          Transactions, the amounts that became payable (or that would have become
          payable
          but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior
          to
          such Early Termination Date and which remain unpaid as at such Early Termination
          Date and (b) in respect of each Terminated Transaction, for each obligation
          under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii))
          required to be settled by delivery to such party on or prior to such Early
          Termination Date and which has not been so settled as at such Early Termination
          Date, an amount equal to the fair market

         

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        value
          of  that  which was  (or would have
          been)  required to be  delivered as  of the
          originally scheduled date for delivery, in each case together with (to
          the
          extent permitted under applicable law) interest, in the currency of such
          amounts, from (and including) the date such amounts or obligations were
          or would
          have been required to have been paid or performed to (but excluding) such
          Early
          Termination Date, at the Applicable Rate. Such amounts of interest will
          be
          calculated on the basis of daily compounding and the actual number of days
          elapsed.  The fair market value of any obligation referred to in
          clause (b) above shall be reasonably determined by the party obliged to
          make the
          determination under Section 6(e) or, if each party is so obliged, it shall
          be
          the average of the Termination Currency Equivalents of the fair market
          values
          reasonably determined by both parties.

        

        IN
          WITNESS WHEREOF the parties have executed this document on the respective
          dates
          specified below with effect from the date specified on the first page of
          this
          document.

         

         

        
          	
                  UBS
                    AG

                	 	
                  WELLS
                    FARGO BANK, N.A.,  not individually, but solely as trust
                    administrator with respect to the MASTR Asset Backed Securities
                    Trust  2007-HE1,  Mortgage Pass Through Certificates,
                    Series 2007-HE1

                   

                   

                
	 	 	 
	
                  By:________________________________ 

                	 	
                  By:_______________________________

                
	 	 	 
	
                  Name:

                	 	
                  Name:

                
	 	 	 
	
                  Title:

                	 	
                  Title:

                
	 	 	 
	
                  Date:

                	 	
                  Date:

                

        

        

         

        
          	
                  By:________________________________ 

                
	 
	
                  Name:

                
	 
	
                  Title:

                
	 
	
                  Date:

                

        

        

         

        

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Execution
          Copy

        (Multicurrency-Cross
          Border)

        UBS
          AG
          Ref: 37669307

         

        

         

        SCHEDULE

        to
          the

        Master
          Agreement

        dated
          as
          of May 30, 2007

         

        between

         

        UBS
          AG,

        a
          banking
          corporation organized under the laws of Switzerland (“Party A”)

        and

         

        Wells
          Fargo Bank, N.A., not individually, but solely as
          trust administrator with respect to the MASTR Asset Backed Securities Trust
          2007-HE1, Mortgage Pass-Through Certificates, Series 2007-HE1

         

        (“Party
          B”)

        

         

        Part
          1.

        Termination
          Provisions

         

        
          	
                   

                	
                  In
                    this Agreement:

                

        

         

        
          	
                  (a)

                	
                  “Specified
                    Entity” means in relation to Party A for the purpose
                    of:-

                

        

        

        
          	 	
                  Section
                    5(a)(v),

                	
                  Not
                    applicable.

                
	 	
                  Section
                    5(a)(vi),

                	
                  Not
                    applicable.

                
	 	
                  Section
                    5(a)(vii),

                	
                  Not
                    applicable.

                
	 	
                  Section
                    5(b)(iv),

                	
                  Not
                    applicable.

                

        

        

        and
          in
          relation to Party B for the purpose of:

         

        
          	 	
                  Section
                    5(a)(v),

                	
                  Not
                    applicable.

                
	 	
                  Section
                    5(a)(vi),

                	
                  Not
                    applicable.

                
	 	
                  Section
                    5(a)(vii),

                	
                  Not
                    applicable.

                
	 	
                  Section
                    5(b)(iv),

                	
                  Not
                    applicable.

                

        

         

        
          	
                  (b)

                	
                  “Specified
                    Transaction” will have the meaning specified in Section 14 of
                    this Agreement.

                

        

         

        
          	
                  (c)

                	
                  The
                    “Failure to Pay or Deliver” provisions of Section 5(a)(i)
                    of this Agreement will apply to Party A and will apply to Party
                    B.

                

        

         

        
          	
                  (d)

                	
                  The
                    “Breach of Agreement” provisions of Section 5(a)(ii) of
                    this Agreement will apply to Party A and will not apply to Party
                    B.
                    

                

        

         

        
          	
                  (e)

                	
                  The
                    “Credit Support Default” provisions of Section 5(a)(iii)
                    of this Agreement will apply to Party A and will not apply to
                    Party B
                    except that Section 5(a)(iii)(1) of this Agreement will apply
                    to Party B
                    with respect to Party B’s obligations under Paragraphs 3(b) and 6(d)(ii)
                    of the Credit Support Annex.

                

        

         

        
          	
                  (f)

                	
                  The
                    “Misrepresentation” provisions of Section 5(a)(iv) of
                    this Agreement will not apply to either Party A or Party B.
                    (g)

                	
                  The
                    “Default under Specified Transaction” provisions of
                    Section 5(a)(v) of this Agreement will apply to Party A and will
                    not apply
                    to Party B.

                

        

         

        
          	
                  (h)

                	
                  The
                    “Cross Default” provisions of Section 5(a)(vi) of this
                    Agreement, as modified below, will apply to Party A and will
                    not apply to
                    Party B.  Section 5(a)(vi) of this Agreement is hereby amended
                    by the addition of the following at the end
                    thereof:

                

        

         

        “provided,
          however, that notwithstanding the foregoing, an Event of Default shall
          not occur
          under either (1) or (2) above if, as demonstrated to the reasonable satisfaction
          of the other party, (a) the event or condition referred to in (1) or the
          failure
          to pay referred to in (2) is a failure to pay caused by an error or omission
          of
          an administrative or operational nature; (b) funds were available to such
          party
          to enable it to make the relevant payment when due; and (c) such relevant
          payment is made within three Local Business Days following receipt of written
          notice from an interested party of such failure to pay.”

         

        For
          purposes of this provision:

         

        “Specified
          Indebtedness” will have the meaning specified in Section 14 of
          this Agreement.

         

        “Threshold
          Amount” means with respect to Party A, an amount equal to three
          percent (3%) of the shareholders’ equity (howsoever described) of Party A as
          shown on the most recent annual audited financial statements of Party
          A.

         

        
          	
                  (i)

                	
                  The
                    “Credit Event Upon Merger” provisions of Section 5(b)(iv)
                    of this Agreement will not apply to either Party A or Party
                    B.

                

        

         

        
          	
                  (j)

                	
                  The
                    “Automatic Early Termination” provisions of Section 6(a)
                    of this Agreement will not apply to Party A and will not apply
                    to Party B;
                    provided that, if the Event of Default specified in Section 5(a)(vii)
                    (except for Section 5(a)(vii)(2)) is governed by a system of
                    law that does
                    not permit termination to take place after the occurrence of
                    the relevant
                    Event of Default with respect to a party, then the Automatic
                    Early
                    Termination provision of Section 6(a) will apply to such
                    party.

                

        

         

        
          	
                  (k)

                	
                  The
                    “Bankruptcy” provisions of Section 5(a)(vii) of this
                    Agreement will apply to both Party A and Party B; provided, however,
                    that
                    with respect to Party B the following modifications shall apply:
                    (i)
                    clause (2) shall not apply; (ii) clause (4) shall exclude proceedings
                    or
                    petitions instituted or presented by Party A or any of Party
                    A’s
                    Affiliates; (iii) the words “seeks or” shall be deleted from clause (6);
                    (iv) clausse (6) shall not apply in connection with any appointment
                    that
                    is contemplated by the Pooling and Servicing Agreement; (v) clauses
                    (7)
                    and (9) shall not apply; and (vi) clause (8) shall apply only
                    to the
                    extent that any of the events specified in clauses (1) through
                    (7) are
                    applicable.

                

        

        

        (l)           Payments
          on Early Termination.  For the purpose of Section 6(e) of
          this Agreement:

        (i)           Market
          Quotation will apply.

        (ii)           The
          Second Method will apply.

        

        
          	
                  (m)

                	
                  Calculations.  Notwithstanding
                    Section 6 of this Agreement, so long as Party A is (A) the Affected
                    Party
                    in respect of an Additional Termination Event, Illegality, Tax
                    Event or a
                    Tax Event Upon Merger or (B) the Defaulting Party in respect
                    of any Event
                    of Default, paragraphs (i) to (vi) below shall
                    apply:

                

        

        

        (i)           The
          definition of “Market Quotation” shall be deleted in its entirety and replaced
          with the following:

        

        “Market
          Quotation” means, with respect to one or more Terminated Transactions,
          a Firm Offer which is (1) made by a Reference Market-maker that is an Eligible
          Replacement, (2) for an amount that would be paid to Party B (expressed
          as a
          negative number) or by Party B (expressed as a positive number) in consideration
          of an agreement between Party B and such Reference Market-maker to enter
          into a
          transaction (the “Replacement Transaction”) that would have the
          effect of preserving for such party the economic equivalent of any payment
          or
          delivery (whether the underlying obligation was absolute or contingent
          and
          assuming the satisfaction of each applicable condition precedent) by the
          parties
          under Section 2(a)(i) in respect of such Terminated Transactions or group
          of
          Terminated Transactions that would, but for the occurrence of the relevant
          Early
          Termination Date, have been required after that Date, (3) made on the basis
          that
          Unpaid Amounts in respect of the Terminated Transaction or group of Transactions
          are to be excluded but, without limitation, any payment or delivery that
          would,
          but for the relevant Early Termination Date, have been required (assuming
          satisfaction of each applicable condition precedent) after that Early
          Termination Date is to be included and (4) made in respect of a Replacement
          Transaction with terms substantially the same as those of this Agreement
          (save
          for the exclusion of provisions relating to Transactions that are not Terminated
          Transactions).”

        

        (ii)           The
          definition of “Settlement Amount” shall be deleted in its entirety and replaced
          with the following:

        

        “Settlement
          Amount” means, with respect to any Early Termination Date, an amount
          (as determined by Party B) equal to the Termination Currency Equivalent
          of the
          amount (whether positive or negative) of any Market Quotation for the relevant
          Terminated Transaction or group of Terminated Transactions that is accepted
          by
          Party B so as to become legally binding; provided that:

        

        (1)           If,
          no Automatic Early Termination has occurred and, on the Early Termination
          Date,
          (x) no Market Quotation for the relevant Terminated Transaction or group
          of
          Terminated Transactions has been accepted by Party B so as to become legally
          binding and (y) one or more Market Quotations have been made and remain
          capable
          of becoming legally binding upon acceptance, the Settlement Amount shall
          equal
          the Termination Currency Equivalent of the amount (whether positive or
          negative)
          of the lowest of such Market Quotations; and

        

        (2)           If
          no Automatic Early Termination has occurred and,  on the Early
          Termination Date, (x) no Market Quotation for the relevant Terminated
          Transaction or group of Terminated Transactions is accepted by Party B
          so as to
          become legally binding and (y) no Market Quotations have been made and
          remain
          capable of becoming legally binding upon acceptance, the Settlement Amount
          shall
          equal Party B’s Loss (whether positive or negative and without reference to any
          Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated
          Transactions.

        

        (3)  If
          an
          Automatic Early Termination has occurred and, on the Early Termination
          Date, no
          Market Quotation for the relevant Terminated Transaction or group of Terminated
          Transactions is accepted by Party B so as to become legally binding, the
          Settlement Amount shall equal Party B’s Loss (whether positive or negative and
          without reference to any Unpaid Amounts) for the relevant Terminated Transaction
          or group of Terminated Transactions.

        

        
          	
                  (iii)       
                      

                	
                  For
                    the purpose of paragraph (4) of the definition of Market Quotation,
                    Party
                    B shall determine in its sole discretion, acting in a commercially
                    reasonable manner, whether a Firm Offer is made in respect of
                    a
                    Replacement Transaction with commercial terms substantially the
                    same as
                    those of this Agreement (save for the exclusion of provisions
                    relating to
                    Transactions that are not Terminated
                    Transactions).

                

        

         

        
          	
                  (iv)          

                	
                  At
                    any time on or before the Early Termination Date at which two
                    or more
                    Market Quotations remain capable of becoming legally binding
                    upon
                    acceptance, Party B shall be entitled to accept only the lowest
                    of such
                    Market Quotations.

                

        

         

        
          	
                   

                	
                  (v)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Early Termination
                    Date.

                

        

         

        
          	
                   

                	
                  (vi)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    of this
                    Agreement shall be deleted in its entirety and replaced with
                    the
                    following:

                

        

         

        “Second
          Method and Market Quotation. If Second Method and Market Quotation
          apply, (1) Party B shall pay to Party A an amount equal to the absolute
          value of
          the Settlement Amount in respect of the Terminated Transactions, (2) Party
          B
          shall pay to Party A the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party A and (3) Party A shall pay to Party B the Termination Currency
          Equivalent of the Unpaid Amounts owing to Party B, provided that, (i) the
          amounts payable under (2) and (3) shall be subject to netting in accordance
          with
          Section 2(c) of this Agreement and (ii) notwithstanding any other provision
          of
          this Agreement, any amount payable by Party A under (3) shall not be netted-off
          against any amount payable by Party B under (1).”

         

        (n)           “Termination
          Currency” means United States Dollars (“USD”).

         

        (o)           Additional
          Termination Event will apply to Party A and Party B as set forth
          below:

         

         

        
          	
                  (i)         
                       

                	
                  Each
                    of the following events shall be an Additional Termination Event
                    for which
                    Party B shall be the sole Affected Party and all Transactions
                    shall be
                    Affected Transactions:

                

        

         

        (A)  The
          Pooling and Servicing Agreement dated as of May 1, 2007 among Mortgage
          Asset
          Securitization Transactions, Inc. as depositor, Wells Fargo Bank, N.A.
          as master
          servicer,  trust administrator and custodian, Barclay’s Capital Real
          Estate Inc. d/b/a HomeEq Servicing and Wells Fargo Bank, N.A., as servicers
          and
          U.S. Bank National Association  as trustee (the “Pooling and Servicing
          Agreement”) is amended or modified without the prior written consent of Party A
          where such consent is required under the Pooling and Servicing Agreement
          (such
          consent not to be unreasonably withheld, conditioned or delayed), if such
          amendment or modification adversely affects, in any material respect, the
          interests of Party A as provided under Section 4.11(a) of the Pooling and
          Servicing Agreement; and

        

        (B)
           An Additional Termination Event shall occur upon the notice to
          Certificateholders of an Optional Termination becoming unrescindable in
          accordance with Article IX of the Pooling and Servicing Agreement.

        

        With
          respect to such Additional Termination Event under this Part
          1(o)(i)(B):

        

        (i)
          Party
          B shall be the sole Affected Party and the cap transaction with Reference
          Number
          37669307 shall be the sole Affected Transaction; provided, however, that
          notwithstanding anything to the contrary in Section 6(b)(iv) of this Agreement,
          only Party B may designate an Early Termination Date in respect of this
          Additional Termination Event.

        

         

        
          	
                   

                	
                   (ii)

                	
                  Each
                    of the following events shall be an Additional Termination Event
                    for which
                    Party A shall be the sole Affected Party and all Transactions
                    shall be
                    Affected Transactions:

                

        

        

        (A)         If
          it is not the case that a Moody’s Second Trigger Event has occurred and been
          continuing for 30 or more Local Business Days and Party A fails to comply
          with
          or perform any obligation to be complied with or performed under the CSA
          (including any obligation to Transfer Eligible Collateral
          thereunder).

        

        (B)         On
          any Local Business Day that is (1) at least 30 Local Business Days after
          the
          occurrence of  a Moody’s Second Trigger Event (which is continuing) or
          (2) at least 10 Local Business Days after the occurrence of  an
          S&P Second Trigger Event  (which is continuing),  and,
          in the case of (1) and (2), a Firm Offer that remains capable of being
          accepted
          is either (i) made by an Eligible Replacement that satisfies the Moody’s Ratings
          Requirement (Second Trigger) and the S&P Ratings Requirement (First
          Trigger) to accept transfer of Party A’s obligations hereunder or (ii) made by a
          guarantor that satisfies the Moody’s Ratings Requirement (Second Trigger) and
          the S&P Ratings Requirement (First Trigger) to provide an Eligible Guarantee
          in respect of Party A’s present and future payment and delivery obligations
          under this Agreement and the CSA and such a Firm Offer is not accepted
          by Party
          A within one (1) Local Business Day of being made.  During any period
          prior to the acceptance of such offer, Party A will continue to comply
          with its
          obligations under the CSA.

        

        (C) Upon
          the occurrence of a Swap Disclosure Event (as defined below in Part 5(bb)
          of
          this Schedule) and Party A has not, within the lesser of 15 calendar days
          and 10
          Local Business Days (after giving effect to any grace period applicable
          to the
          relevant filing) after such Swap Disclosure Event, complied with any of
          the
          provisions set forth in Part 5(bb) of this Schedule.

         

        

        For
          the
          purposes hereof:

        

        Cap
          Rating Agency” means each of S&P and Moody’s, to the extent that each such
          rating agency is then providing a rating for any of the MASTR Asset Backed
          Securities Trust 2007-HE1, Mortgage Pass Through Certificates, Series 2007-HE1
          (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

        

        “Eligible
          Guarantee” means an unconditional and irrevocable guarantee that is provided by
          a guarantor as principal debtor rather than surety and is directly enforceable
          by Party B, where  (A) either (x)  a law firm has given a
          legal opinion confirming that none of the guarantor’s payments to Party B under
          such guarantee will be subject to withholding for Tax or (y) such guarantee
          provides that, in the event that any of such guarantor’s payments to Party B are
          subject to withholding for Tax, such guarantor is required to pay such
          additional amount as is necessary to ensure that the net amount actually
          received by Party B (free and clear of any withholding tax) will equal
          the full
          amount Party B would have received had no such withholding been required
          and (B)
          the Rating Agency Condition with respect to S&P is satisfied.

        

        “Eligible
          Replacement” means an entity satisfying (or whose present and future payment and
          delivery obligations owing to Party B are guaranteed pursuant to an Eligible
          Guarantee provided by a guarantor satisfying) the Moody’s Ratings Requirement
          (Second Trigger) and the S&P Ratings Requirement (First
          Trigger).  Where the Eligible Replacement will enter into
          documentation substantively similar to this Agreement, Party A must provide
          written notice to each Cap Rating Agency of such transfer and such transfer
          must
          be in connection with the assignment and assumption of this Agreement without
          modification of its terms, other than party names, dates relevant to the
          effective date of such transfer, tax representations and any other
          representations regarding the status of the substitute
          counterparty.  In all other cases, the Rating Agency Condition must be
          satisfied with respect to S&P.

         

        “Firm
          Offer” means an offer which, when made, was capable of becoming legally binding
          upon acceptance by the offeree.

        

        “Long
          Term Rating” means the long-term unsecured and unsubordinated debt or
          counterparty rating assigned to a party by a Cap Rating Agency.

         

        “Moody’s”
          shall mean Moody’s Investors Service, Inc., or any successor
          thereto.

         

        “Moody’s
          First Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
          Requirement (First Trigger).

         

        “Moody’s
          Ratings Requirement (First Trigger)” means, with respect to a
          party: (x) such party’s Short Term Rating from Moody’s is at least “P-1”
and its Long Term Rating from Moody’s is at least “A2”; or (y) if such party
          does not have a Short Term Rating from Moody’s, its Long Term Rating
          from  Moody’s is at least “A1.

         

        “Moody’s
          Ratings Requirement (Second Trigger)” means, (x) with respect to a Relevant
          Entity, its Short Term Rating from Moody’s is at least “P-2” and its Long Term
          Rating from Moody’s is at least “A3” or (y)  if such Relevant Entity
          does not have a Short Term Rating, its Long Term Rating from Moody’s is at least
“A3”.

         

        “Moody’s
          Second Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
          Requirement (Second Trigger).

         

        “Relevant
          Entity” means Party A and any guarantor under an Eligible Guarantee in
          respect of all of Party A’s present and future obligations
          hereunder.

         

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

         

        “S&P
          First Trigger Event” means no Relevant Entity satisfies the S&P Ratings
          Requirement (First Trigger).

         

        “S&P
          Ratings Requirement (First Trigger)” means: (x) the Relevant Entity’s Short Term
          Rating from S&P is at least “A-1” or (y) if such Relevant Entity does not
          have a Short Term Rating from S&P, its Long Term Rating from S&P is at
          least “A+”.

         

        “S&P
          Ratings Requirement (Second Trigger)” means the Relevant Entity’s Long Term
          Rating is at least “BBB-”.

         

         “S&P
          Second Trigger Event” means that no Relevant Entity’s Long Term Rating satisfies
          the S&P Ratings Requirement (Second Trigger).

         

        “Second
          Trigger Collateralization Level” applies at any time a Moody’s Second Trigger
          Event has occurred and has been continuing for thirty (30) or more Local
          Business Days.  For the avoidance of doubt, the Second Trigger
          Collateralization Level shall cease to apply at any time a Relevant Entity
          satisfies the Moody’s Ratings Requirement (Second Trigger).

        

        “Short
          Term Rating” means the short-term unsecured and unsubordinated debt rating
          assigned to a party by a Cap Rating Agency.

         

        
          	
                  (p)  

                	
                  Second
                    Trigger Event Additional Obligations.    For
                    so
                    long as Party A does not satisfy the Moody’s Ratings Requirement (Second
                    Trigger), the S&P Ratings Requirement (Second Trigger), Party A shall
                    use commercially reasonable efforts to obtain a Firm Offer to,
                    as soon as
                    is reasonably practicable, either (1) transfer its obligations under
                    this Agreement to an Eligible Replacement that satisfies the
                    Moody’s
                    Ratings Requirement (Second Trigger) and the S&P Ratings Requirement
                    (First Trigger), or (2) to the extent consistent with its
                    then-current internal policies and practices, guaranty its present
                    and
                    future payment and delivery obligations under this Agreement
                    and the CSA
                    through an Eligible Guarantee from a guarantor that satisfies
                    the Moody’s
                    Ratings Requirement (Second Trigger) and the S&P Ratings Requirement
                    (First Trigger).For the purposes
                    hereof:

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Part
          2.

        Tax
          Representations

        

         

        
          	
                  (a)

                	
                  Payer
                    Tax Representations.  For the purpose of Section 3(e)
                    of this Agreement, Party A and Party B will each make the following
                    representation:  None.

                

        

         

        
          	
                   (b)

                	
                  Payee
                    Representations.

                

        

         

        
          	
                   

                	
                  (i)

                	
                  For
                    the purpose of Section 3(f) of this Agreement, Party A makes
                    the following
                    representations to Party
                    B:  None.

                

        

        

        
          	
                   

                	
                  (ii)

                	
                  For
                    the purpose of Section 3(f) of this Agreement, Party B makes
                    the following
                    representations to Party
                    A:  None

                

        

        

        Part
          3.

        Agreement
          to Deliver Documents.

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
          to
          deliver the following documents, as applicable:

         

        (a)           Tax
          forms, documents or certificates to be delivered are:

        
          	
                  
                     

                    Party
                      required to

                    deliver
                      document

                  

                	 	
                  
                     

                     

                    Form/Document/Certificate

                  

                	 	
                  
                     

                    Date
                      by which to be delivered

                     

                  

                
	
                  Party
                    A

                   

                   

                	 	
                   An
                    original completed and executed United States Internal Revenue
                    Service
                    Form W-8BEN (or any successor thereto), as appropriate,  with
                    respect to any payments received or to be received by Party A
                    that
                    eliminates U.S. federal withholding and backup withholding Tax
                    on payments
                    to Party A under this Agreement.

                	 	
                  (i)
                    Upon execution and delivery of this Agreement, with such form
                    to be
                    updated at the beginning of each succeeding three calendar year
                    period
                    beginning after execution of this Agreement, or as otherwise
                    required
                    under then applicable U.S. Treasury Regulations; (ii) promptly
                    upon
                    reasonable demand by Party B; and (iii) promptly upon learning
                    that any
                    information on any previously delivered form (or any successor
                    thereto)
                    has become obsolete or incorrect.

                
	 	 	 	 	 
	
                  Party
                    B

                	 	
                    (i)
                    Upon execution of this Agreement, an original completed and executed
                    United States Internal Revenue Service Form W-9 (or any successor
                    thereto)
                    with respect to any payments received or to be received by the
                    initial
                    beneficial owner of payments to Party B under this Agreement,
                    and (ii)
                    thereafter, the appropriate tax certification form (i.e., IRS
                    Form W-9 or
                    IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or
                    any successor
                    thereto) with respect to any payments received or to be received
                    by the
                    beneficial owner of payments to Party B under this Agreement
                    from time to
                    time.

                	 	
                  (i)
                    Prior to the First Floating Rate Payer Payment Date, (ii) promptly
                    upon
                    reasonable demand by Party A, (iii) promptly upon actual
                    knowledge that any such form previously provided by Party B has
                    become obsolete or incorrect and (iv) in the case of a tax
                    certification form other than a Form W-9, before December 31
                    of each third
                    succeeding calendar year.

                

        

         

        
          	
                  (b)

                	
                  Other
                    documents to be delivered are:-

                

        

        
        

        

        
          	
                  
                     

                    Party
                      required to deliver document

                  

                	 	
                  
                     

                    Form/Document/

                    Certificate

                  

                	 	
                  
                     

                    Date
                      by which

                    to
                      be Delivered

                  

                	 	
                  
                     

                    Covered
                      by

                    Section
                      3(d)

                  

                
	
                  Party
                    A

                	 	
                  Evidence
                    of authority of signatories to this Agreement

                	 	
                  Upon
                    execution of this Agreement

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Any
                    publicly available annual audited financial statements prepared
                    in
                    accordance with generally accepted accounting principles in the
                    country in
                    which Party A is organized

                	 	
                  As
                    such statements are made publicly available on Party A’s website
                    (http://www.ubs.com/1/e/investors/annualreporting.html) or on the
                    U.S. Securities Exchange Commission EDGAR information retrieval
                    system

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  Any
                    publicly available interim unaudited financial statements prepared
                    in
                    accordance with generally accepted accounting principles in the
                    country in
                    which Party A is organized

                	 	
                  As
                    such statements are made publicly available on Party A’s website
                    (http://www.ubs.com/1/e/investors/quarterly_reporting.html or
                    on the U.S.
                    Securities Exchange Commission EDGAR information retrieval
                    system

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    B

                	 	
                   A
                    duly executed copy of the Pooling and Servicing Agreement
                    (“PSA”)

                	 	
                  Promptly
                    upon being finalized

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    B

                	 	
                  (1)
                    Monthly statements to certificateholders pursuant to Section
                    4.02 of the
                    PSA and (2) Notice of any amendment to the PSA pursuant to Section
                    11.01
                    that would adversely affect in any material respect the interests
                    of Party
                    A.

                	 	
                  (1)
                    Available monthly via Party B’ website at:
                     http://www.ctslink.com

                  (2)
                    At the time specified for such notice to parties in the applicable
                    Section
                    of the PSA

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    A and Party B

                	 	
                  Legal
                    opinions reasonably satisfactory in form and substance to each
                    party

                	 	
                  Promptly
                    following execution of this Agreement

                	 	
                  No

                

        

         

        Part
          4.

         

        Miscellaneous.

         

        
          	
                  (a)

                	
                  Addresses
                    for Notices.  For the purpose of Section
                    12(a):-

                

        

         

        
          	 	
                  Address
                    for notices or communications to Party A (for all
                    purposes):-

                

        

        

        
          	
                  Address:

                	
                  UBS
                    AG, Stamford Branch

                
	 	
                  677
                    Washington Boulevard

                
	 	
                  Stamford,
                    CT  06901

                
	
                  Attention:

                	
                  Legal
                    Affairs

                
	
                  Facsimile
                    No.:

                	
                  (203)
                    719-0680

                

        

         

        Address
          for notices or communications to Party B (for all purposes):

        

        
          	
                  Address:

                	
                  Wells
                    Fargo Bank, N.A.

                
	 	
                  9062
                    Old Annapolis Road

                
	 	
                  Columbia,
                    MD  21045-1951

                
	 	 
	
                  Attention:

                	
                  Client
                    Manager:  2007-HE1

                
	
                  Telephone:

                	
                  410-884-2000

                
	
                  Facsimile:

                	
                  410-715-2380

                

        

         

        
          	
                  (b)

                	
                  Process
                    Agent.  For the purpose of Section
                    13(c):-

                

        

         

        Party
          A
          appoints as its Process Agent, Not Applicable

         

        Party
          B
          appoints as its Process Agent, Not applicable.

         

        
          	
                  (c)

                	
                  Offices.  The
                    provisions of Section 10(a) will apply to this
                    Agreement.

                

        

         

        
          	
                  (d)

                	
                  Multibranch
                    Party.  For the purpose of Section 10(c) of this
                    Agreement:-

                

        

         

        Party
          A
          is a Multibranch Party and may act through its branches in any of the following
          territories or countries:  Australia, England and Wales, Hong Kong,
          Singapore, Switzerland and United States of
          America.   

         

        Party
          B
          is not a Multibranch Party.

         

        
          	
                  (e)

                	
                  Calculation
                    Agent.  The Calculation Agent is Party A, unless
                    otherwise specified in a Confirmation in relation to the relevant
                    Transaction; provided, however, that if Party A is the Defaulting
                    Party,
                    Party B shall select a Reference Market Maker to act as Calculation
                    Agent,
                    the cost of which shall be borne by Party A.  All calculations
                    by the Calculation Agent shall be made in good faith and through
                    the
                    exercise of its commercially reasonable
                    judgment.

                

        

         

        
          	
                  (f)

                	
                  Credit
                    Support Document.  Details of any Credit Support
                    Document:-

                

        

         

        (i)           The
          ISDA Credit Support Annex entered into between Party A and Party B and
          dated as
          of the date hereof (the “CSA”) shall be a Credit Support Document with respect
          to Party A and Party B.

         

        (ii)           Any
          Eligible Guarantee provided by a guarantor in support of Party A’s obligations
          hereunder shall be a Credit Support Document with respect to Party
          A.

         

        
          	
                   (g)

                	
                  Credit
                    Support Provider.

                

        

         

        In
          relation to Party A: Any guarantor providing an Eligible Guarantee in support
          of
          Party A’s obligations hereunder.

         

        In
          relation to Party B: Not applicable.

         

        
          	
                  (h)

                	
                  Governing
                    Law.  This Agreement will be governed by and construed
                    in accordance with the laws of the State of New York without
                    reference to
                    choice of law doctrine (other than NY General Obligations law
                    Sections
                    5-1401 and 5-1402).

                

        

         

        
          	
                  (i)

                	
                  Jurisdiction.  Section
                    13(b) of this Agreement is hereby amended by: (i) deleting in
                    the second
                    line of subparagraph (i) thereof the word “non-” and (ii) deleting the
                    final paragraph thereof.

                

        

         

        
          	
                  (j)

                	
                  Netting
                    of Payments.  Subparagraph (ii) of Section 2(c) of this
                    Agreement will apply to the Transactions under this
                    Agreement.

                

        

         

        
          	
                  (k)

                	
                  “Affiliate”
                    will have the meaning specified in Section 14 of this Agreement;
                    provided
                    that with respect to Party B, Party B shall be deemed to not
                    have any
                    Affiliates for purposes of this Agreement, including for purposes
                    of
                    Section 6(b)(ii).

                

        

         

        Part
          5.

        Other
          Provisions.

         

        
          	
                  (a)

                	
                  WAIVER
                    OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND
                    ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING IN CONNECTION
                    WITH
                    THIS AGREEMENT OR ANY TRANSACTION THEREUNDER, AND ACKNOWLEDGES
                    THAT THIS
                    WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY’S ENTERING INTO THIS
                    AGREEMENT AND EACH TRANSACTION
                    HEREUNDER.

                

        

        

        
          	
                  (b)

                	
                  Definitions.  This
                    Agreement, each Confirmation, and each Transaction are subject
                    to the 2000
                    ISDA Definitions as published by the International Swaps and
                    Derivatives
                    Association, Inc. as amended, supplemented, updated, restated,
                    and
                    superseded from time to time (collectively the “Definitions”), and will be
                    governed in all respects by the Definitions.  The Definitions,
                    as so modified are incorporated by reference in, and made part
                    of, this
                    Agreement and each Confirmation as if set forth in full in this
                    Agreement
                    and such Confirmations.  Subject to Section 1(b) of this
                    Agreement, in the event of any inconsistency between the provisions
                    of
                    this Agreement and the Definitions, this Agreement will
                    prevail.  Also, subject to Section 1(b) of this Agreement, in
                    the event of any inconsistency between the provisions of any
                    Confirmation
                    and this Agreement, or the Definitions, such Confirmation will
                    prevail for
                    the purpose of the relevant Transaction.    The
                    provisions of the Definitions are hereby incorporated by reference
                    in and
                    shall be deemed a part of this Agreement, except that (i) references
                    in
                    the Definitions to a “Swap Transaction” shall be deemed references to a
                    “Transaction” for purposes of this Agreement, and (ii) references to a
                    “Transaction” in this Agreement shall be deemed references to a “Swap
                    Transaction” for purposes of the Definitions. Each term capitalized but
                    not defined in this Agreement or the Definitions shall have the
                    meaning
                    assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

        

        

        
          	
                  (c)

                	
                  Notices.  For
                    the purposes of subsections (iii) and (v) of Section 12(a), the
                    date of
                    receipt shall be presumed to be the date sent if sent on a Local
                    Business
                    Day or, if not sent on a Local Business Day, the date of receipt
                    shall be
                    presumed to be the first Local Business Day following the date
                    sent.

                

        

         

        (d)           Reserved.
          

        

        
          	
                  (e)

                	
                  No
                    Setoff.   Notwithstanding any provision of this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other
                    agreements.  The provisions for Set-off set forth in Section
                    6(e) of the Agreement shall not apply; provided, however, that
                    upon the
                    designation of any Early Termination Date, in addition to, and not in
                    limitation of any other right or remedy under applicable law,
                    Party A may,
                    by notice to Party B, require Party B to set off any sum or obligation
                    that Party A owed to Party B against any collateral currently
                    held by
                    Party B that Party A has posted to Party B, and Party B shall
                    effect such
                    set-off promptly, if and to the extent permitted to do so under
                    applicable
                    law.

                

        

         

        
          	
                   (f)

                	
                  Non-Petition.  Party
                    A hereby irrevocably and unconditionally agrees that it will
                    not institute
                    against, or join any other person in instituting against, Party
                    B, the
                    trust administrator, or the trust created pursuant to the Pooling
                    and
                    Servicing Agreement, any bankruptcy, reorganization, arrangement,
                    insolvency, or similar proceeding under the laws of the United
                    States, the
                    Cayman Islands or any other jurisdiction for the non-payment
                    of any amount
                    due hereunder or any other reason until the payment in full of
                    the Notes
                    and the expiration of a period of one year plus one day (or,
                    if longer,
                    the applicable preference period) following such
                    payment.  Pursuant to Section 9(c) of this Agreement, the
                    provisions of this Part 5(f) will survive the termination of
                    this
                    Agreement so long as any amounts due hereunder remain outstanding.
                    

                

        

         

        
          	
                  (g)

                	
                  Severability.  If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) for any reason,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    will not be
                    applicable if any provision of Section 2, 5, 6 or 13 of this
                    Agreement (or
                    any definition or provision in Section 14 of this Agreement to
                    the extent
                    it relates to, or is used in or in connection with, such section)
                    is held
                    to be invalid or unenforceable, provided, further, that the parties
                    agree
                    to first use reasonable efforts to amend the affected provisions
                    of
                    Section 2, 5, 6 or 13 of this Agreement (or any definition or
                    provision in
                    Section 14 of this Agreement to the extent it relates to, or
                    is used in or
                    in connection with, such section) so as to preserve the original
                    intention
                    of the parties. It shall in particular be understood that this
                    severability clause shall not affect the single agreement concept
                    of
                    Section 1(c) of this Agreement.

                

        

        

        
          	 	
                  The
                    parties shall endeavor to engage in good faith negotiations to
                    replace any
                    invalid or unenforceable term, provision, covenant or condition
                    with a
                    valid or enforceable term, provision, covenant or condition,
                    the economic
                    effect of which comes as close as possible to that of the invalid
                    or
                    unenforceable term, provision, covenant or
                    condition.

                

        

        
          	
                   

                	 

        

        
          	
                  (h)

                	
                  Recording
                    of Conversations.  Each Party: (i) consents to the
                    recording of all telephone conversations between trading, operations
                    and
                    marketing personnel of the parties and their Affiliates in connection
                    with
                    this Agreement or any potential Transaction; (ii) agrees to give
                    notice to
                    such personnel that their calls will be recorded; and (iii) agrees
                    that in
                    any Proceedings, it will not object to the introduction of such
                    recordings
                    in evidence on grounds that consent was not properly
                    given.

                

        

        

        
          	
                  (i)

                	
                  Amendment;
                    Consent. Section 9(b) of the Agreement is amended by adding
                    the
                    following at the end of such
                    Section:

                

        

        

        
          	
                   

                	
                  “No
                    amendment, modification or waiver in respect of this Agreement
                    will be
                    effective unless the Rating Agency Condition is
                    satisfied.”

                

        

        

        
          	
                   

                	
                  For
                    the purposes of this Agreement, “Rating Agency Condition” means, with
                    respect to any particular proposed act or omission to act hereunder,
                    and
                    each Swap Rating Agency specified in connection with such proposed
                    act or
                    omission, that the party acting or failing to act must consult
                    with each
                    of the specified Swap Rating Agencies and receive from each Swap
                    Rating
                    Agency a prior written confirmation that the proposed action
                    or inaction
                    would not cause a downgrade or withdrawal of the then-current
                    rating of
                    any Certificates or Notes.

                

        

        

        
          	
                  (j)

                	
                  Third
                    Party Beneficiary.  Party B hereby acknowledges and
                    agrees that Party A has been made a third-party beneficiary of
                    the
                    provisions under the Pooling and Servicing Agreement and shall be
                    entitled to rights and benefits (including the priority of payments)
                    according to the terms of the Pooling and Servicing
                    Agreement.

                

        

        

        
          	
                  (k)

                	
                  Limitation
                    of Liability.  It is expressly understood and agreed by the
                    parties hereto that insofar as this  Agreement is executed by
                    Wells Fargo Bank, N.A. (“Wells Fargo”) not in its individual capacity, but
                    solely as trust administrator under the Pooling and Servicing
                    Agreement in
                    the exercise of the powers and authority conferred upon and vested
                    in it
                    thereunder; (i) Wells Fargo  has been directed pursuant to the
                    Pooling and Servicing Agreement to enter into this Agreement
                    and to
                    perform its obligations hereunder; (ii) each of the representations,
                    undertakings and agreements herein made on behalf of Party B
                    is made and
                    intended not as a personal representation, undertaking or agreement
                    of
                    Wells Fargo but is made and intended for the purpose of binding
                    only the
                    Supplemental Interest Trust; and (iii) nothing herein shall be
                    construed
                    as imposing any liability on Wells Fargo, individually or personally,
                    to
                    perform any covenant either express or implied contained herein,
                    all such
                    liability being expressly waived by the parties hereto and by
                    any person
                    claiming by, through or under the parties hereto and under no
                    circumstances shall Wells Fargo in its individual
                    capacity be personally liable for any payment of any indebtedness
                    or
                    expenses or be personally liable for the breach or failure of
                    any
                    obligation,  representation, warranty or covenant made or
                    undertaken under this Agreement.

                

        

        

        
          	
                  (l)

                	
                  Representations.   Section
                    3 of this Agreement is hereby amended by adding at the end thereof
                    the
                    following subsection (g):

                

        

        

        “(g)
          Relationship Between Parties.

        

        (1)           Non
          Reliance – Evaluation and Understanding.

        

         (i)
          It is not relying upon any communications (whether written or oral) from
          the
          other party as investment advice or as a recommendation to enter into this
          Agreement, any Credit Support Document to which it is a party and each
          Transaction hereunder (other than the representations expressly set forth
          in
          this Agreement and in such Credit Support Document), it being understood
          that
          information and explanations related to the terms and conditions of a
          Transaction shall not be considered investment advice or a recommendation
          to
          enter into that Transaction; (ii) it has not received from the other party
          any
          assurance or guarantee as to the expected results of any Transaction;
          (iii)  it has consulted with its own legal, regulatory, tax, business,
          investment, financial, and accounting advisors to the extent it has deemed
          necessary, and it has made its own independent investment, hedging, and
          trading
          decisions based upon its own judgment and upon any advice from such advisors
          as
          it has deemed necessary and not upon any view expressed by the other party
          and
          (iv) it understands and accepts the terms, conditions and risks of that
          Transaction.

        

        
          	
                   

                	
                  (2)

                	
                  Purpose.  It
                    is entering into this Agreement, any Credit Support Document
                    to which it
                    is a party and each Transaction hereunder for the purposes of
                    managing its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of
                    business.

                

        

        

        
          	
                   

                	
                  (3)

                	
                  Status
                    of Parties.  The other party is not acting as agent, fiduciary
                    or advisor for it in respect of any Transaction entered into
                    hereunder.

                

        

         

        
          	
                   

                	
                  (4)
                    Eligible Contract Participant. It is an “eligible contract
                    participant” as that term is defined in Section 1a(12) of the U.S.
                    Commodity Exchange Act (7 U.S.C. 1a) as amended by the Commodities
                    Futures
                    Modernization Act of 2000.

                

        

         

        

        
          	
                  (m)

                	
                  Additional
                    Representations.

                

        

         

        (1)
          Party
          A Representation.  Party A is entering into this Agreement and each
          Transaction as principal (and not as agent or in any other capacity, fiduciary
          or otherwise).

         

        (2)
          Party
          B Representation.  Party B is entering into this Agreement as trust
          administrator pursuant to the Pooling and Servicing Agreement.

        

        
          	
                  (n)

                	
                  Non-Recourse
                    Obligations of Party B. Party A acknowledges and agrees that,
                    notwithstanding any other provision herein, the obligations of
                    Party B
                    under this Agreement and any confirmations hereto are limited
                    recourse
                    obligations of Party B, payable solely from the Trust Fund and the
                    proceeds thereof in accordance with the priority of payments
                    and other
                    terms of the Pooling and Servicing Agreement and that Party A
                    will not
                    have any recourse to any of the directors, officers, employees,
                    shareholders or affiliates of Party B with respect to any claims,
                    losses,
                    damages, liabilities, indemnities or other obligations in connection
                    with
                    any transactions contemplated hereby.  In the event that the
                    Trust Fund and the proceeds thereof should be insufficient to
                    satisfy all
                    claims outstanding, any claims against or obligations of Party
                    B under
                    this Agreement or any confirmation hereunder still outstanding
                    shall be
                    extinguished and thereafter not revive.  The provisions of this Part
                    5(n) shall survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Change
                    of Account. Section 2(b) of this Agreement is hereby amended by
                    adding the following after the word “delivery” in the first line of the
                    existing text: “to another account in the same legal and tax jurisdiction
                    as the original account”.

                

        

        

        
          	
                  (p)

                	
                   Right
                    to Terminate Following Termination Event. Section 6(b) of this
                    Agreement is hereby amended by inserting the following before
                    the period
                    at the end of the last sentence of the existing text: “; provided,
                    however, that any election by Party A to designate an Early Termination
                    Date arising in respect of a Change in Tax Law shall not be effective
                    if,
                    within 30 days following Party B’s receipt of notice from Party A of Party
                    A’s designation of an Early Termination Date in respect of any
                    event
                    described in Section 5(b)(ii) of this Agreement, Party B notifies
                    Party A
                    that it waives its right to receive additional amounts from Party
                    A under
                    Section 2(d)(i)(4) of this Agreement that would not otherwise be
                    payable but for such Change in Tax
                    Law”.

                

        

        

        (q)           Transfer.
          Section 7 of this Agreement is hereby amended to read in its entirety as
          follows:

        

        Except
          as
          stated under Section 6(b)(ii) of this Agreement, in this Section 7 of this
          Agreement and Part 5 of the Schedule, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under this
          Agreement without (1) the prior written consent of the other party and
          (2) the
          satisfaction of the Rating Agency Condition with respect to S&P, Fitch and
          DBRS. Notwithstanding the immediately foregoing sentence, Party A may transfer
          this Agreement to another of Party A’s offices or branches (“Transferee”) on
          five Local Business Days prior written notice to Party B and the Swap Rating
          Agencies (so long as the Certificates are outstanding); provided that, (i)
          a Termination Event or Event of Default does not occur under this Agreement
          as a
          result of such transfer; (ii) and both Party A and the Transferee are at
          the
          time of transfer “dealers in notional principal contracts” within the meaning of
          United States Treasury Regulation Section 1.1001-4 and (iii) the Rating
          Agency
          Condition is satisfied with respect to S&P.

        

        
          	
                  (r)

                	
                  Confirmations.
                    Each Confirmation supplements, forms part of, and will be read
                    and
                    construed as one with this
                    Agreement.

                

        

        

        
          	
                   (s)

                	
                  Agent
                    for Party B.  Party A acknowledges that Party B has
                    appointed the Trust Administrator as its agent under the Pooling
                    and
                    Servicing Agreement to carry out certain functions on behalf
                    of Party B,
                    and that the Trust Administrator shall be entitled to give notices
                    and to
                    perform and satisfy the obligations of Party B hereunder on behalf
                    of
                    Party B.

                

        

         

        
          	
                  (t)

                	
                  Interpretation.
                    References in this Agreement to the parties hereto, Party A and
                    Party B,
                    shall (for the avoidance of doubt) include, where appropriate,
                    any
                    permitted successors or assigns
                    thereof.

                

        

        

        
          	
                  (u)

                	
                  Gross
                    Up. The third line of Section 2(d)(i) of this Agreement
                    is hereby
                    amended by the insertion before the phrase “of any relevant governmental
                    revenue authority” of the words “, application or official interpretation”
                    and the insertion of the words “(either generally or with respect to a
                    party of the Agreement)” after such
                    phrase.

                

        

        

        
          	
                  (v)

                	
                  Scope
                    of Agreement.  Upon the effectiveness of this
                    Agreement, unless otherwise agreed to in writing by the parties
                    to this
                    Agreement with respect to specific Specified Transactions, all
                    Specified
                    Transactions then outstanding or any future Specified Transactions
                    between
                    Offices of the parties listed in Part 4(d) of this Schedule shall
                    be
                    subject to the terms hereof and each such Specified Transaction shall
                    be a “Transaction” for purposes of this
                    Agreement.

                

        

        

        
          	
                  (w)

                	
                   Deduction
                    or Withholding for Tax. Notwithstanding the definition of
                    “Indemnifiable Tax” in Section 14 of this Agreement, in relation to
                    payments by Party A, any Tax shall be an Indemnifiable Tax and,
                    in
                    relation to payments by Party B, no Tax shall be an Indemnifiable
                    Tax.

                

        

        

        
          	
                  (x)

                	
                  Failure
                    to Deliver Collateral. Notwithstanding Sections 5(a)(i) and
                    5(a)(iii) or anything in the CSA to the contrary, any failure
                    by Party A
                    to comply with or perform any obligation to be complied with
                    or performed
                    by Party A under the CSA shall not be an Event of Default unless
                    (A) the
                    Second Trigger Collateralization Level applies, and (B) such
                    failure is
                    not remedied on or before the third (3rd)
                    Local
                    Business Day after notice of such failure is given to Party
                    A.

                

        

        

        (y)           Tax
          Event andTax Event Upon Merger.

        

        Section
          5(b)(ii) will apply, provided that the words “(x) any action taken by a taxing
          authority, or brought in a court of competent jurisdiction, on or after
          the date
          on which a Transaction is entered into (regardless of whether such action
          is
          taken or brought with respect to a party to this Agreement) or (y)” shall be
          deleted.

        

        Section
          5(b)(iii) will apply, provided that Party A shall not be entitled to designate
          an Early Termination Date by reason of a Tax Event Upon Merger in respect
          of
          which it is the Affected Party.

        

        Section
          6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
          occurs and the Burdened Party is the Affected Party” shall be
          deleted.

        

        (z)           CapRating
          Agency Notifications.

        

        Notwithstanding
          any other provision of this Agreement, this Agreement shall not be amended,
          no
          Early Termination Date shall be effectively designated by Party B, and
          no
          transfer of any rights or obligations under this Agreement shall be made
          (other
          than a transfer of all of Party A’s rights and obligations with respect to this
          Agreement in accordance with Part 5(q) above) unless the Cap Rating Agencies
          have been given prior written notice of such amendment, designation or
          transfer.  

        

        
          	
                  (aa)

                	
                  Limitation
                    on Events of Default.  Notwithstanding the provisions
                    of Sections 5 and 6 of this Agreement, if at any time and so
                    long as Party
                    B has satisfied in full all its payment obligations under Section
                    2(a)(i)
                    of this Agreement and has at the time no future payment obligations,
                    whether absolute or contingent, under such Section, then unless
                    Party A is
                    required pursuant to appropriate proceedings to return to Party
                    B or
                    otherwise returns to Party B upon demand of Party B any portion
                    of any
                    such payment (a) the occurrence of an event described in Section
                    5(a) of
                    this Agreement with respect to Party B shall not constitute an
                    Event of
                    Default or Potential Event of Default with respect to Party B
                    as the
                    Defaulting Party and (b) Party A shall be entitled to designate
                    an Early
                    Termination Date pursuant to Section 6 only as a result of the
                    occurrence
                    of a Termination Event set forth in either Section 5(b)(i) or
                    5(b)(ii) of
                    this Agreement with respect to Party A as the Affected Party,
                    or Section
                    5(b)(iii) of this Agreement with respect to Party A as the Burdened
                    Party.  Party A acknowledges and agrees that Party B’s only
                    obligation under Section 2(a)(i) of this Agreement is to pay
                    the related
                    Fixed Amount on the related Fixed Amount Payer Payment
                    Date.

                

        

        

        (bb)          Compliance
          with Regulation AB.

        

        (i)           Party
          A agrees and acknowledges that Mortgage Asset Securitization Transactions,
          Inc.
          (the “Depositor”) is required under Regulation AB under the Securities Act of
          1933, as amended, and the Securities Exchange Act of 1934, as amended (the
          “Exchange Act”) (“Regulation AB”), to disclose certain financial information
          regarding Party A, depending on the aggregate “Significance Percentage” of all
          Transactions under this Agreement, together with any other transactions that
          fall within the meaning of “derivative contracts” for the purposes of Item 1115
          of Regulation AB between Party A and Party B, as calculated from time to
          time in
          accordance with the Calculation Methodology (as defined below).

        

        (ii)
          It
          shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
          Day after the date hereof, Depositor notifies Party A that the Significance
          Percentage has reached one of the thresholds for significance of derivative
          contracts set forth in Item 1115 of Regulation AB (based on a reasonable
          determination by Depositor, in good faith and using the Calculation Methodology,
          of such Significance Percentage).

        

        (iii)           Upon
          the occurrence of a Swap Disclosure Event, Party A, at its own expense,
          shall
          provide to Depositor the applicable Swap Financial Disclosure (as defined
          below).

        

        (iv)           In
          the alternative to subparagraph (iii) above, upon the occurrence of a Swap
          Disclosure Event or at any time after complying with subparagraph (iii)
          above,
          Party A may, at its option and at its own expense,  (a) secure another
          entity to replace Party A as party to this Agreement on terms substantially
          similar to this Agreement and subject to prior notification to the Swap
          Rating
          Agencies, which entity (or a guarantor therefor) meets or exceeds the S&P
          Ratings Requirement (First Trigger) and Moody’s Rating Requirement (Second
          Trigger), satisfies the Rating Agency Condition with respect to S&P and
          which entity is able to comply with the requirements of Item 1115 of Regulation
          AB or (b) obtain a guaranty of the Party A’s obligations under this Agreement
          from an affiliate of the Party A that is able to comply with the financial
          information disclosure requirements of Item 1115 of Regulation AB, such
          that
          disclosure provided in respect of the affiliate will satisfy any disclosure
          requirements applicable to the Swap Provider, and cause such affiliate
          to
          provide Swap Financial Disclosure.  If permitted by Regulation AB, any
          required Swap Financial Disclosure may be provided by reference to or
          incorporation by reference from reports filed pursuant to the Exchange
          Act.

        

        (v)           Party
          A agrees that, in the event that Party A provides Swap Financial Disclosure
          to
          Depositor in accordance with paragraph (iii) above or causes its affiliate
          to
          provide Swap Financial Disclosure to Depositor in accordance with paragraph
          (iv)(b) above, it will indemnify and hold harmless Depositor, its respective
          directors or officers and any person controlling Depositor, from and against
          any
          and all losses, claims, damages and liabilities (any “Damage”) caused by any
          untrue statement or alleged untrue statement of a material fact contained
          in
          such Swap Financial Disclosure or caused by any omission or alleged omission
          to
          state in such Swap Financial Disclosure a material fact required to be
          stated
          therein or necessary to make the statements therein, in light of the
          circumstances under which they were made, not misleading; provided, however
          that
          the foregoing shall not apply to any Damage caused by the negligence or
          any
          willful action of Depositor or any other party (other than Party A or any
          of its
          affiliates or any of their respective agents), including without limitation
          any
          failure to calculate the Significance Percentage according to the terms
          of this
          Agreement or to make any filing as and when required under Regulation
          AB.

        

        (vi)  Depositor
          shall be an express third party beneficiary of this Agreement as if it
          were a
          party hereto to the extent of Depositor’s rights explicitly specified
          herein.

        

        (vii)           In
          the event that Party A provides the information referred to above, such
          information shall be provided on the date that is the later of (i) five
          (5)
          Business Days after the Swap Disclosure Event or (ii) five (5) Business
          Days
          after the relevant Distribution Date for which the Trust Administrator
          will be
          required to file a Form 10-D.

        

        For
          the
          purposes hereof:

        

        “Calculation
          Methodology” means such method for determining maximum probable
          exposure of a derivative contract as mutually agreed to by Depositor and
          Party
          A.

        

        “Swap
          Financial Disclosure” means the financial information specified in
          Item 1115 of Regulation AB relating to the applicable Significance
          Percentage.

        

        

        [signatures
          follow]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          parties executing this Schedule have executed the Master Agreement and
          have
          agreed as to the contents of this Schedule.

        

         

        

        
          	
                  UBS
                    AG

                	 	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as trust
                    administrator with respect to the MASTR Asset Backed Securities
                    Trust
                    2007-HE1, Mortgage Pass-Through Certificates, Series
                    2007-HE1

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	 	 
	
                  Name:

                	 	 	 	 
	
                  Title:

                	 	 	 	 

        

         

        

         

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        Execution
          Copy

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of  May 30, 2007 between

        

        UBS
          AG (hereinafter referred to as “Party A” or
“Pledgor”)

        and

        

        Wells
          Fargo Bank, N.A,, not individually, but solely as trust administrator
          with respect to the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
          Pass-Through Certificates, Series 2007-HE1

         

        (“Party
          B”)

         (hereinafter
          referred to as “Party B” or “Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Interest Rate Cap Transaction documented in the Confirmation dated as
          of  May 30, 2007 between Party A and Party B, Reference Number
          37669307.

         

        Paragraph
          13.  Elections and Variables.

         

        
          	
                  (a)

                	
                  Security
                    Interest for “Obligations”.  The term
                    “Obligations” as used in this
                    Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	
                  (b)

                	
                  Credit
                    Support Obligations.

                

        

         

        
          	
                	
                  (i)

                	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	
                	
                  (A)

                	
                  “Delivery
                    Amount” has the meaning specified in Paragraph 3(a) as
                    amended (I) by deleting the words “upon a demand made by the Secured Party
                    on or promptly following a Valuation Date” and inserting in lieu thereof
                    the words “not later than the close of business on each Valuation Date”
                    and (II) by deleting in its entirety the sentence beginning “Unless
                    otherwise specified in Paragraph 13” and ending “(ii) the Value as of that
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party.”
                    and inserting in lieu thereof the
                    following:

                

        

         

        The
          “Delivery Amount” applicable to the
          Pledgor for any Valuation Date will equal the greatest of

         

        
          	
                   

                	
                  (1)

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                    Credit Support held by the Secured
                    Party,

                

        

         

        
          	
                   

                	
                  (2)

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	
                   

                	
                  (3)

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	
                	
                  (B)

                	
                  “Return
                    Amount” has the meaning specified
                    in Paragraph 3(b) as amended by deleting in its entirety the
                    sentence
                    beginning “Unless otherwise specified in Paragraph 13” and ending “(ii)
                    the Credit Support Amount.” and inserting in lieu thereof the
                    following:

                

        

         

        The
          “Return Amount” applicable to the Secured Party for
          any Valuation Date will equal the least of

         

        
          	
                   

                	
                  (1)

                	
                  the
                    amount by which (a) the S&P Value as of such Valuation Date of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation
                    Date,

                

        

         

        
          	
                   

                	
                  (2)

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	
                   

                	
                  (3)

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	
                	
                  (C)

                	
                  “Credit
                    Support Amount” shall not apply.  For purposes of
                    calculating any Delivery Amount or Return Amount for any Valuation
                    Date,
                    reference shall be made to the S&P Credit Support Amount, the Moody’s
                    First Trigger Credit Support Amount, or the Moody’s Second Trigger Credit
                    Support Amount, in each case  for such Valuation Date, as
                    provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	
                  (ii)

                	
                  Eligible
                    Collateral.

                

        

         

        On
          any
          date, the following items will qualify as “Eligible
          Collateral”:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          
            	
                     

                    Collateral

                  	
                    S&P
                      

                    Valuation

                    Percentage

                  	
                    Moody’s

                    First
                      Trigger 

                    Valuation
                      

                    Percentage

                  	
                    Moody’s

                    Second
                      Trigger 

                    Valuation
                      

                    Percentage

                  
	
                    (A)  Cash
                      in the form of USD

                  	
                    100%

                  	
                    100%

                  	
                    100%

                  
	
                    (B)  Fixed-rate
                      negotiable USD denominated debt obligations issued by the U.S.
                      Treasury
                      Department having a remaining maturity on such date of not
                      more than one
                      year

                  	
                    98.5%

                  	
                    100%

                  	
                    100%

                  
	
                    (C)  Fixed-rate
                      negotiable USD denominated debt obligations issued by the U.S.
                      Treasury
                      Department having a remaining maturity on such date of more
                      than one year
                      but not more than ten years

                  	
                    89.9%

                  	
                    100%

                  	
                    94%

                  
	
                    (D)  Fixed-rate
                      negotiable USD denominated debt obligations issued by the U.S.
                      Treasury
                      Department having a remaining maturity on such date of more
                      than ten
                      years

                  	
                    83.9%

                  	
                    100%

                  	
                    87%

                  

          

        

         

        
          	
                  (iii)

                	
                  Other
                    Eligible Support.

                

        

         

        The
          following items will qualify as “Other Eligible
          Support” for the party specified:

         

        Not
          applicable.

         

        
          	
                  (iv)

                	
                  Threshold.

                

        

         

        
          	
                	
                  (A)

                	
                  “Independent
                    Amount” means zero with respect to Party A and Party
                    B.

                

        

         

        
          	
                	
                  (B)

                	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (i) a
                    Collateral Event has occurred and has been continuing  (x) for
                    at least 30 days or (y) since this Annex was executed, or (ii)
                    a Moody’s
                    Second Trigger Event or an S&P Second Trigger Event has occurred and
                    is continuing; otherwise, infinity.

                

        

         

        “Threshold”
          means, with respect to Party B and any Valuation Date, infinity.

         

        
          	
                	
                  (C)

                	
                  “Minimum
                    Transfer Amount” means USD 100,000 with respect to Party A
                    and Party B; provided, however, that if the aggregate Certificate
                    Principal Balance and note principal balance of Certificates
                    and Notes
                    rated by S&P ceases to be more than USD 50,000,000, the
                    “Minimum Transfer Amount” shall be USD
                    50,000.

                

        

         

        
          	
                	
                  (D)

                	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 10,000.

                

        

         

        
          	
                  (c)

                	
                  Valuation
                    and Timing.

                

        

         

        
          	
                	
                  (i)

                	
                  “Valuation
                    Agent” means Party A; provided, however, that if an Event
                    of
                    Default shall have occurred with respect to which Party A is
                    the
                    Defaulting Party, Party B shall have the right to designate as
                    Valuation
                    Agent an independent party, reasonably acceptable to Party A,
                    the cost for
                    which shall be borne by Party A.  All calculations by the
                    Valuation Agent must be made in accordance with standard market
                    practice,
                    including, in the event of a dispute as to the Value of any Eligible
                    Credit Support or Posted Credit Support, by making reference
                    to quotations
                    received by the Valuation Agent from one or more Pricing
                    Sources.

                

        

         

        
          	
                	
                  (ii)

                	
                  “Valuation
                    Date” means each Local Business Dayon which any of the
                    S&P Credit Support Amount, the Moody’s First Trigger Credit Support
                    Amount or the Moody’s Second Trigger Credit Support Amount is greater than
                    zero.

                

        

         

        
          	
                	
                  (iii)

                	
                  “Valuation
                    Time” means the close of business in the city of the
                    Valuation Agent on the Local Business Day immediately preceding
                    the
                    Valuation Date or date of calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same
                    date.

                

        

         

        
          	
                	
                  (iv)

                	
                  “Notification
                    Time” means 11:00 a.m., New York time, on a Local Business
                    Day.

                

        

         

        
          	
                	
                  (v)

                	
                  External
                    Verification.Notwithstanding anything to the contrary in the
                    definitions of Valuation Agent or Valuation Date, at any time
                    at which
                    Party A (or, to the extent applicable, its Credit Support Provider)
                    does
                    not have a long-term unsubordinated and unsecured debt rating
                    of at least
                    “BBB+” from S&P, the Valuation Agent shall (A) calculate the Secured
                    Party’s Exposure and the S&P Value of Posted Credit Support on each
                    Valuation Date based on internal marks and (B) verify such calculations
                    with external marks monthly by obtaining on the last Local Business
                    Day of
                    each calendar month two external marks for each Transaction to
                    which this
                    Annex relates and for all Posted Credit Support; such verification
                    of the
                    Secured Party’s Exposure shall be based on the higher of the two external
                    marks.  Each external mark in respect of a Transaction shall be
                    obtained from an independent Reference Market-maker that would
                    be eligible
                    and willing to enter into such Transaction in the absence of
                    the current
                    derivative provider, provided that an external mark may not be
                    obtained
                    from the same Reference Market-maker more than four times in
                    any 12-month
                    period.  The Valuation Agent shall obtain these external marks
                    directly or through an independent third party, in either case
                    at no cost
                    to Party B.  The Valuation Agent shall calculate on each
                    Valuation Date (for purposes of this paragraph, the last Local
                    Business
                    Day in each calendar month referred to above shall be considered
                    a
                    Valuation Date) the Secured Party’s Exposure based on the greater of the
                    Valuation Agent’s internal marks and the external marks
                    received.  If the S&P Value on any such Valuation Date of
                    all Posted Credit Support then held by the Secured Party is less
                    than the
                    S&P Credit Support Amount on such Valuation Date (in each case
                    as
                    determined pursuant to this paragraph), Party A shall, within
                    three Local
                    Business Days of such Valuation Date, Transfer to the Secured
                    Party
                    Eligible Credit Support having an S&P Value as of the date of Transfer
                    at least equal to such deficiency.

                

        

         

        
          	
                	
                  (vi)

                	
                  Notice
                    to S&P.  At any time at which Party A (or, to the
                    extent applicable, its Credit Support Provider) does not have
                    a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall provide to S&P not later than the
                    Notification Time on the Local Business Day following each Valuation
                    Date
                    its calculations of the Secured Party’s Exposure and the S&P Value of
                    any Eligible Credit Support or Posted Credit Support for that
                    Valuation
                    Date.  The Valuation Agent shall also provide to S&P any
                    external marks received pursuant to the preceding
                    paragraph.

                

        

         

        
          	
                  (d)

                	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.  The following Termination Events will
                    be a “Specified Condition” for the party
                    specified (that party being the Affected Party if the Termination
                    Event
                    occurs with respect to that party):  With respect to Party A:
                    any Additional Termination Event with respect to which Party
                    A is the sole
                    Affected Party.  With respect to Party B:
                    None.

                

        

         

        
          	
                  (e)

                	
                  Substitution.

                

        

         

        
          	
                	
                  (i)

                	
                  “Substitution
                    Date” has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	
                	
                  (ii)

                	
                  Consent.  If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph
                    4(d):  Inapplicable.

                

        

         

        
          	
                  (f)

                	
                  Dispute
                    Resolution.

                

        

         

        
          	
                	
                  (i)

                	
                  “Resolution
                    Time” means 1:00 p.m. New York time on the Local Business
                    Day following the date on which the notice of the dispute is
                    given under
                    Paragraph 5.

                

        

         

        
          	
                	
                  (ii)

                	
                  Value.  Notwithstanding
                    anything to the contrary in Paragraph 12, for the purpose of
                    Paragraphs
                    5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger Value, and
                    Moody’s Second Trigger Value, on any date, of Eligible Collateral other
                    than Cash will be calculated as
                    follows:

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	
                	
                  (iii)

                	
                  Alternative.  The
                    provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	
                  (g)

                	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	
                	
                  (i)

                	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any
                    Custodian) will be entitled to hold Posted Collateral pursuant
                    to
                    Paragraph 6(b).

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Trust Administrator
          or
          (B) any entity other than the entity then serving as Trust Administrator
          if such
          other entity (or, to the extent applicable, its parent company or credit
          support
          provider) shall then have a short-term unsecured and unsubordinated debt
          rating
          from S&P of at least “A-1.”

         

        Initially,
          the Custodian for Party B is: The Trust
          Administrator

         

        
          	
                	
                  (ii)

                	
                  Use
                    of Posted Collateral. The
                    provisions of
                    Paragraph 6(c)(i) will not apply to Party B, but the provisions
                    of
                    Paragraph 6(c)(ii) will apply to Party
                    B.

                

        

         

        
          	
                  (h)

                	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	
                	
                  (i)

                	
                  Interest
                    Rate.  The “Interest
                    Rate” will be the interest rate per annum equal to the
                    overnight Federal Funds Rate (as reported in Federal Reserve
                    Publication
                    H.15-519) for each day Posted Collateral in the form of Cash
                    is held by
                    Party B’s Custodian according to Paragraph 13(l) of this
                    Annex.

                

        

         

        
          	
                	
                  (ii)

                	
                  Transfer
                    of Interest Amount. The Transfer of the Interest Amount will
                    be made on the second Local Business Day following the end of
                    each
                    calendar month and on any other Local Business Day on which Posted
                    Collateral in the form of Cash is Transferred to the Pledgor
                    pursuant to
                    Paragraph 3(b); provided, however, that the obligation of Party
                    B to
                    Transfer any Interest Amount to Party A shall be limited to the
                    extent
                    that Party B has earned and received such funds as interest in
                    respect of
                    Posted Collateral in the form of Cash and such funds are available
                    to
                    Party B.

                

        

         

        
          	
                	
                  (iii)

                	
                  Alternative
                    to Interest Amount. The provisions of Paragraph 6(d)(ii)
                    will apply.

                

        

         

        
          	
                  (i)

                	
                  Additional
                    Representation(s).  There are no additional
                    representations by either party.

                

        

         

        
          	
                  (j)

                	
                  Other
                    Eligible Support and Other Posted
                    Support.

                

        

         

        
          	
                	
                  (i)

                	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	
                	
                  (ii)

                	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	
                  (k)

                	
                  Demands
                    and Notices.All demands, specifications and notices under
                    this Annex will be made pursuant to the Notices Section of this
                    Agreement,
                    except that any demand, specification or notice shall be given
                    to or made
                    at the following addresses, or at such other address as the relevant
                    party
                    may from time to time designate by giving notice (in accordance
                    with the
                    terms of this paragraph) to the other
                    party:

                

        

         

        If
          to
          Party A:

         

        UBS
          AG,
          Stamford Branch / Collateral Management/ 677 Washington Boulevard, Stamford,
          CT  06901 / Attention: Margin Specialist / Telephone 203-719-6116 /
          DL-Coll-STM@otc.ubs.com

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian:  Same address as if to Party B pursuant to the
          Notices Section of this Agreement.

         

        
          	
                  (l)

                	
                  Address
                    for Transfers.  Each Transfer hereunder shall be
                    made to the address specified below or to an address specified
                    in writing
                    from time to time by the party to which such Transfer will be
                    made.

                

        

         

        Party
          A
          account details  – To be provided.

         

        Party
          B
          account details:  Wells Fargo Bank, N.A./San Francisco, CA/
          ABA#121-000-248 / Acct # 3970771416 / For credit to: Corporate Trust Clearing
          /
          FFC: 53155605- Interest Rate Cap Collateral Account

        

        
          	
                  (m)

                	
                  Other
                    Provisions.

                

        

         

        
          	
                	
                  (i)

                	
                  Collateral
                    Account.  Party B shall open and maintain a
                    segregated account, which shall be an Eligible Account, and hold,
                    record
                    and identify all Posted Collateral in such segregated
                    account.

                

        

         

        
          	
                	
                  (ii)

                	
                  Agreement
                    as to Single Secured Party and Single Pledgor. Party A and
                    Party B hereby agree that, notwithstanding anything to the contrary
                    in
                    this Annex, (a) the term “Secured Party” as used in this Annex means only
                    Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
                    (c) only Party A makes the pledge and grant in Paragraph 2, the
                    acknowledgement in the final sentence of Paragraph 8(a) and the
                    representations in Paragraph 9.

                

        

         

        
          	
                	
                  (iii)

                	
                  Calculation
                    of Value.  Paragraph 4(c) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P Value,
                    Moody’s First Trigger Value, Moody’s Second Trigger
                    Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
                    the words “a Value” and inserting in lieu thereof “an S&P Value,
                    Moody’s First Trigger Value, and Moody’s Second Trigger Value” and (B)
                    deleting the words “the Value” and inserting in lieu thereof “S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger
                    Value”.  Paragraph 5 (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger
                    Value”.  Paragraph 5(i) (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P Value,
                    Moody’s First Trigger Value, and Moody’s Second Trigger
                    Value”.  Paragraph 5(i)(C) is hereby amended by deleting the
                    word “the Value, if” and inserting in lieu thereof “any one or more of the
                    S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                    Value, as may be”.  Paragraph 5(ii) is hereby amended by (1)
                    deleting the first instance of the words “the Value” and inserting in lieu
                    thereof “any one or more of the S&P Value, Moody’s First Trigger
                    Value, or Moody’s Second Trigger Value” and (2) deleting the second
                    instance of the words “the Value” and inserting in lieu thereof “such
                    disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value”.  Each of Paragraph 8(b)(iv)(B) and Paragraph
                    11(a) is hereby amended by deleting the word “Value” and inserting in lieu
                    thereof “least of the S&P Value, Moody’s First Trigger Value, and
                    Moody’s Second Trigger Value”.

                

        

         

        
          	
                	
                  (iv)

                	
                  Form
                    of Annex. Party A and Party B hereby
                    agree that the text of Paragraphs 1 through 12, inclusive, of
                    this Annex
                    is intended to be the printed form of ISDA Credit Support Annex
                    (Bilateral
                    Form - ISDA Agreements Subject to New York Law Only version)
                    as published
                    and copyrighted in 1994 by the International Swaps and Derivatives
                    Association, Inc.

                

        

         

        
          	
                	
                  (v)

                	
                  Events
                    of Default.  Paragraph 7 will not apply to cause
                    any Event of Default to exist with respect to Party B except
                    that
                    Paragraph 7(i) will apply to Party B solely in respect of Party
                    B’s
                    obligations under Paragraph 3(b) of the Credit Support
                    Annex.  Notwithstanding anything to the contrary in Paragraph 7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Moody’s Second Trigger Event or an
                    S&P Second Trigger Event has occurred and been continuing for 30
                    or
                    more Local Business Days and (B) such failure is not remedied
                    on or before
                    the third Local Business Day after notice of such failure is
                    given to
                    Party A.

                

        

         

        
          	
                	
                  (vi)

                	
                  Expenses.  Notwithstanding
                    anything to the contrary in Paragraph 10, the Pledgor will be
                    responsible
                    for, and will reimburse the Secured Party for, all transfer and
                    other
                    taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	
                	
                  (vii)

                	
                  Withholding.  Paragraph
                    6(d)(ii) is hereby amended by inserting immediately after “the Interest
                    Amount” in the fourth line thereof  the words “less any
                    applicable withholding taxes.”

                

        

         

        
          	
                	
                  (viii)

                	
                  Notice
                    of Failure to Post Collateral.  Upon any failure
                    by Party A to post collateral as required under this Agreement,
                    Party B
                    shall, no later than the next Business Day after the date such
                    collateral
                    was required to be posted, give a written notice of such failure
                    to Party
                    A and to Depositor.  For the avoidance of doubt, notwithstanding
                    anything in this Agreement to the contrary, the failure of Party
                    B to
                    comply with the requirements of this paragraph shall not constitute
                    an
                    Event of Default or Termination
                    Event.

                

        

         

        
          	
                	
                  (ix)

                	
                  Limitation
                    of Liability.  It is expressly understood and
                    agreed by the parties hereto that insofar as this  Annex is
                    executed by Wells Fargo Bank, N.A. (“Wells Fargo”) not in its individual
                    capacity, but solely as Trust Administrator under the Pooling
                    and
                    Servicing Agreement in the exercise of the powers and authority
                    conferred
                    upon and vested in it thereunder; (i) Wells Fargo has been directed
                    pursuant to the Pooling and Servicing Agreement to enter into
                    this Annex
                    and to perform its obligations hereunder; (ii) each of the
                    representations, undertakings and agreements herein made on behalf
                    of
                    Party B is made and intended not as a personal representation,
                    undertaking
                    or agreement of Wells Fargo but is made and intended for the
                    purpose of
                    binding only the Trust; and (iii) nothing herein shall be construed
                    as
                    imposing any liability on Wells Fargo, individually or personally,
                    to
                    perform any covenant either express or implied contained herein,
                    all such
                    liability being expressly waived by the parties hereto and by
                    any person
                    claiming by, through or under the parties hereto and under no
                    circumstances shall Wells Fargo in its individual
                    capacity be personally liable for any payment of any indebtedness
                    or
                    expenses or be personally liable for the breach or failure of
                    any
                    obligation,  representation, warranty or covenant made or
                    undertaken under this Annex.

                

        

         

        
          	
                  (x)

                	
                  Additional
                    Definitions.  As used in this
                    Annex:

                

        

         

        “Approved
          Ratings Threshold” means each of the Moody’s Ratings
          Requirement (First Trigger) and S&P Ratings Requirement (First
          Trigger).

         

        “Collateral
          Event” means that no Relevant Entity has credit
          ratings at least equal to the Approved Ratings Threshold.

         

         “DV01”
          means, with respect to a Transaction and any date of determination, the
          sum of
          the estimated change in the Secured Party’s Transaction Exposure with respect to
          such Transaction that would result from a one basis point change in the
          relevant
          swap curve on such date, as determined by the Valuation Agent in good faith
          and
          in a commercially reasonable manner.  The Valuation Agent shall, upon
          request of Party B, provide to Party B a statement showing in reasonable
          detail
          such calculation.

         

        “Exposure”
          has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
          Schedule is deleted)” shall be inserted.

         

         “Local
          Business Day” means: any day on which (A) commercial banks are
          open for business (including dealings in foreign exchange and foreign currency
          deposits) in New York and the location of Party A, Party B and any Custodian,
          and (B) in relation to a Transfer of Eligible Collateral, any day on which
          the
          clearance system agreed between the parties for the delivery of Eligible
          Collateral is open for acceptance and execution of settlement instructions
          (or
          in the case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means a day on which commercial banks
          are open
          for business (including dealings in foreign exchange and foreign deposits)
          in
          New York and the location of Party A, Party B and any Custodian.

         

        “Moody’s
          First Trigger Event” means that no Relevant Entity
          has credit ratings from Moody’s at least equal to the Moody’s First Trigger
          Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	
                   

                	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, the sum, for each Transaction to which this
                    Annex
                    relates, of an amount equal to the
                    following:

                

        

         

        the
          greater of (a) zero and (b) the sum of (i) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (ii) the lesser
          of (x)
          the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such
          Transaction and such Valuation Date and (y) the product of (i) Moody’s First
          Trigger Notional Amount Multiplier (ii) 250, and (iii) the Notional Amount
          for
          such Transaction for the Calculation Period which includes such Valuation
          Date;

         

         or

         

        
          	
                   

                	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        
          	
                   

                	
                  (II)

                	
                  the
                    Threshold for Party A such Valuation
                    Date.

                

        

         

        “Moody’s
          First Trigger DV01 Multiplier” means 15.

         

        “Moody’s
          First Trigger Value” means, on any date and with respect to (i)
          any Eligible Collateral in the form of Cash, the amount thereof and (ii)
          any
          Eligible Collateral other than Cash, the bid price obtained by the Valuation
          Agent multiplied by the Moody’s First Trigger Valuation Percentage for such
          Eligible Collateral set forth in Paragraph 13(b)(ii).

         

        “Moody’s
          First Trigger Notional Amount Multiplier” means 2%.

         

        “Moody’s
          Second Trigger Event” means that no Relevant Entity
          has credit ratings from Moody’s at least equal to the Moody’s Second Trigger
          Ratings Threshold.

         

        “Moody’s
          Second Trigger Credit Support Amount” means, for any Valuation
          Date, the excess, if any, of

         

        
          	
                   

                	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Event has occurred and been continuing for at least 30 Local
                    Business
                    Days, the sum, for each Transaction to which this Annex relates,
                    of an
                    amount equal to the following:

                

        

         

        
          	
                	
                  (1)

                	
                  if
                    such Transaction is not a Transaction-Specific
                    Hedge,

                

        

         

        the
          greatest of (a) zero, (b) the amount of the next payment due to be paid
          by Party
          A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (y) the lesser
          of (i)
          the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
          Transaction and such Valuation Date and(ii) the product of (1) the Moody’s
          Second Trigger Notional Amount Multiplier (2) 250, and (3) the Notional
          Amount
          for such Transaction for the Calculation Period which includes such Valuation
          Date;

         

        or

         

        
          	
                	
                  (2)

                	
                  if
                    such Transaction is a Transaction-Specific
                    Hedge,

                

        

         

        the
          greatest of (a) zero, (b) the amount of the next payment due to be paid
          by Party
          A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (y) the lesser
          of (i)
          the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
          Multiplier and DV01 for such Transaction and such Valuation Date and (ii)
          the
          product of (1) the Moody’s Second Trigger Transaction-Specific Hedge Notional
          Amount Multiplier, (2) 250,  and (3) the Notional Amount for such
          Transaction for the Calculation Period which includes such Valuation
          Date;

         

        or

         

        
          	
                   

                	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        
          	
                   

                	
                  (II)

                	
                  the
                    Threshold for Party A for such Valuation
                    Date.

                

        

         

        “Moody’s
          Second Trigger DV01 Multiplier” means, 50

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01 Multiplier”
          means  65.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier” means 10%.

         

        “Moody’s
          Second Trigger Value” means, on any date and with respect to (i)
          any Eligible Collateral in the form of Cash, the amount thereof and (ii)
          any
          Eligible Collateral other than Cash, the bid price obtained by the Valuation
          Agent multiplied by the Moody’s Second Trigger Valuation Percentage for such
          Eligible Collateral set forth in Paragraph 13(b)(ii).

         

        “Moody’s
          Second Trigger Notional Amount Multiplier”
          means  8%.

         

         “Pricing
          Sources” means the sources of financial information commonly known
          as Bloomberg, Bridge Information Services, Data Resources Inc., Interactive
          Data
          Services, International Securities Market Association, Merrill Lynch Securities
          Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing,
          JJ
          Kenny, S&P and Telerate.

         

        “S&P  Credit
          Support Amount” means, for any Valuation Date, the excess, if any,
          of

         

        
          	
                   

                	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (i) an S&P First Trigger Event has
                    occurred and been continuing for at least 30 days, or (ii) a
                    S&P
                    Second Trigger Event has occurred and is continuing, an amount
                    equal to
                    the sum, for each Transaction to which this Annex relates, of
                    the sum of
                    (1) 100.0% of the Secured Party’s Transaction Exposure for such Valuation
                    Date and (2) the product of (i) the Volatility Buffer for such
                    Transaction
                    (ii) 250, and (iii) the Notional Amount of such Transaction for
                    the
                    Calculation Period of such Transaction which includes such Valuation
                    Date,
                    or

                

        

         

        
          	
                   

                	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        
          	
                   

                	
                  (II)

                	
                  the
                    Threshold for Party A for such Valuation
                    Date.

                

        

         

         “S&P
          First Trigger Event” means, on any date,
          no Relevant Entity has credit ratings from S&P which exceed the S&P
          Ratings Requirement (First Trigger).

         

        “S&P
          Value” means, on any date and with
          respect to (i) any Eligible Collateral in the form of Cash, the amount
          thereof
          and (ii) any Eligible Collateral other than Cash, the product of (A) the
          bid
          price obtained by the Valuation Agent for such Eligible Collateral and
          (B) the
          S&P Valuation Percentage for such Eligible Collateral set forth in paragraph
          13(b)(ii).

         

        “S&P
          Ratings Requirement (Second Trigger)” means the Relevant Entity’s
          Long Term Rating is at least “BBB-”.

         

         “S&P
          Second Trigger Event” means that no
          Relevant Entity’s Long Term Rating satisfies the S&P Ratings Requirement
          (Second Trigger).

         

        “Swap
          Provider Trigger Event” means: (A) an Event of Default with
          respect to which Party A is a Defaulting Party, (B) a Termination Event
          with
          respect to which Party A is the sole Affected Party or (C) an Additional
          Termination Event with respect to which Party A is the sole Affected
          Party.

         

        “Transaction
          Exposure” means, for any Transaction, Exposure determined as if
          such Transaction were the only Transaction between the Secured Party and
          the
          Pledgor.

         

        “Transaction-Specific
          Hedge” means any Transaction that is an interest rate cap,
          interest rate floor or interest rate swaption, or an interest rate swap
          if (x)
          the notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period otherwise
          is not a specific dollar amount that is fixed at the inception of the
          Transaction.

         

        “Valuation
          Percentage” shall mean, for purposes of determining the S&P
          Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value with respect
          to any Eligible Collateral or Posted Collateral, the applicable S&P
          Valuation Percentage, Moody’s First Trigger Valuation Percentage, or Moody’s
          Second Trigger Valuation Percentage for such Eligible Collateral or Posted
          Collateral, respectively, in each case as set forth in Paragraph
          13(b)(ii).

         

        “Value”
          shall mean, in respect of any date, the related S&P Value, the related
          Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer” means, for any Transaction, the related percentage set
          forth in the following table.

         

        
          	
                  The
                    higher of  the S&P credit rating of (i) Party A and (ii) the
                    Credit Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 30 years

                
	
                  At
                    least “A-2”

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00% 

                	
                  6.25% 

                
	
                  “BB+”
                    or lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        

        
          	
                  UBS
                    AG

                	 	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as trust
                    administrator with respect to the MASTR Asset Backed Securities
                    Trust
                    2007-HE1, Mortgage Pass Through Certificates, Series
                    2007-HE1

                
	 	 	 
	
                  By:______________________________

                	 	
                   By:______________________________

                
	
                  Name:

                	 	
                  Name:

                
	
                  Title:

                	 	
                  Title:

                
	
                   

                   

                   

                   

                  By:________________________________

                	 	 
	
                  Name:

                	 	 
	
                  Title:

                	 	 

        

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        L

       

      ANNUAL
        STATEMENT OF COMPLIANCE PURSUANT TO SECTION 3.20

       

      MASTR
        ASSET BACKED SECURITIES TRUST 2007-HE1,

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES

       

      I,
        _____________________, hereby certify that I am a duly appointed
        __________________________ of [_________________] (the “Servicer”), and further
        certify as follows:

       

      1.           This
        certification is being made pursuant to the terms of the Pooling and Servicing
        Agreement, dated as of May 1, 2007 (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc., as depositor, Wells Fargo Bank, N.A. as
        the
        master servicer, the trust administrator and custodian, Wells Fargo Bank,
        N.A.
        as servicer, Barclays Capital Real Estate Inc. d/b/a HomEq Servicing, as
        servicer and U.S. Bank National Association, as trustee.

       

      2.           The
        undersigned officer of the Servicer hereby certifies that (i) a review of
        the
        activities of the Servicer during the preceding calendar year and of performance
        under the Agreement has been made under such officers’ supervision and (ii) to
        the best of such officers’ knowledge, based on such review, the Servicer has
        fulfilled all of its obligations under the Agreement in all material respects
        throughout such year.

       

      Capitalized
        terms not otherwise defined herein have the meanings set forth in the
        Agreements.

       

      Dated:
        _____________, 2007

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        _____________.

      
        	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

       

       

      I,
        _________________________, a (an) __________________ of the Servicer, hereby
        certify that _________________ is a duly elected, qualified, and acting
        _______________________ of the Servicer and that the signature appearing
        above
        is his/her genuine signature.

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        ______________.

      
        	 	 	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        M

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

       

      

        ASSIGNMENT
          AGREEMENT

         

        UBS
          AG
          has entered into the transaction (the “Old Transaction”) having Reference Number
          37667092, as reflected in the confirmation attached hereto as Attachment
          1, with
          UBS Real Estate Securities, Inc. (“UBS Real Estate”).

         

        For
          valuable consideration, receipt of which is hereby acknowledged, UBS Real
          Estate
          hereby assigns, transfers and sets over effective 30 May 2007, unto Mortgage
          Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
          rights, title and interest in and to the Old Transaction and UBS Real Estate
          hereby gives MASTR and its assigns full power and authority for its or
          their own
          uses and benefit, but at its or their own cost, to demand, collect, receive
          and
          give acquittance for the same or any part of thereof, and to prosecute
          or
          withdraw any suits or proceedings therefor. UBS AG hereby consents to the
          assignment of the Old Transaction to MASTR as herein provided.

         

        Upon
          the
          effectiveness of such assignment, for valuable consideration, receipt of
          which
          is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
          30 May 2007, unto Wells Fargo Bank, N.A., not individually, but solely
          as
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
          Pass-Through Certificates, Series 2007-HE1 (the “Trust”), without recourse, all
          of its rights, title and interest in and to the Old Transaction (as so
          assigned,
          transferred, and referenced by UBS AG as a new transaction having Reference
          Number 37669312, the terms of which shall be as specified in the confirmation,
          attached hereto as Attachment 1, the “New Transaction”) and MASTR hereby gives
          the Trust and its assigns full power and authority for its or their own
          uses and
          benefit, but at its or their own cost, to demand, collect, receive and
          give
          acquittance for the same or any part of thereof, and to prosecute or withdraw
          any suits or proceedings therefor. UBS AG hereby consents to the assignment
          of
          the New Transaction to the Trust as herein provided, with the understanding
          that
          the provisions labeled “Additional Provisions” in the confirmation relating to
          the New Transaction shall become effective upon the assignment to the
          Trust.

         

        Each
          party hereby represents and warrants to the other that the execution, delivery
          and performance of this Assignment Agreement by it are within its powers,
          and
          have been duly authorized by all necessary corporate or other action and
          that
          this Assignment Agreement constitutes its legal, valid and binding
          obligation.

         

        This
          Assignment Agreement shall be governed by and construed and interpreted
          in
          accordance with the laws of the State of New York without regard the conflict
          of
          law provisions thereof (other than New York General Obligations Law Sections
          5-1401 and 5-1402).

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
          as of
          the date first written above.

         

        
          	
                  UBS
                    AG

                	
                  UBS
                    REAL ESTATE SECURITIES, INC

                
	 	 
	
                  By:

                	 
	
                  Name:
                    Christopher Dingle

                	 
	
                  Title:
                    Associate Director

                	 
	 	
                  By:
                    __________________________________

                
	 	 
	
                  By:

                	 
	
                  Name:
                    Jonathan McTernan

                	 
	
                  Title:  Associate
                    Director

                	 
	 	
                  Name:

                
	 	 
	 	
                  By:
                    __________________________________

                
	 	
                  Name:

                
	 	 
	 	 
	 	 
	 	 
	
                  MORTGAGE
                    ASSET SECURITIZATION

                  TRANSACTIONS
                    INC.

                	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as Supplemental
                    Interest
                    Trust Trustee on behalf of the Supplemental Interest Trust with
                    respect to
                    the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
                    Certificates, Series 2007-HE1

                
	 	 
	
                  By:
                    _________________________________

                  Name:

                  Title:

                	
                  By:
                    __________________________________

                  Name:

                  Title:

                
	 	 
	 	 
	
                  By:
                    _________________________________

                  Name:

                  Title:

                	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        [UBS
          LOGO]

         

        
          	
                  Date:

                	
                  23
                    May 2007

                
	 	 
	
                  To:

                	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as Supplemental
                    Interest
                    Trust Trustee on behalf of the Supplemental Interest Trust with
                    respect to
                    the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
                    Certificates (“Counterparty”)

                
	 	 
	
                  Attn:

                	
                  MABS
                    2007-HE1

                
	 	 
	
                  Fax
                    No:

                	
                  0014107152380

                
	 	 
	
                  From:

                	
                  UBS
                    AG, LONDON BRANCH (“UBS AG”)

                
	 	 
	
                  Subject:

                	
                  Rate
                    Swap Transaction

                  UBS
                    AG Ref: 37669312 (the
“Transaction”)

                

        

        

        Dear
          Sirs,

         

        The
          purpose of this communication is to confirm the terms and conditions of
          the
          Transaction entered into between us on the Trade Date specified below.
          This
          Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
          or Agreement specified below.

         

        The
          definitions and provisions contained in the 2006 ISDA Definitions, as published
          by the International Swaps and Derivatives Association, Inc., are incorporated
          into this Confirmation. In the event of any inconsistency between those
          definitions and provisions and this Confirmation, this Confirmation will
          govern.

         

        This
          Confirmation supplements, forms part of, and is subject to, the ISDA Master
          Agreement dated as of 30 May 2007 as amended and supplemented from time
          to time
          (the “Agreement”), between Counterparty and UBS AG. All provisions contained in
          the Agreement govern this Confirmation except as expressly modified
          below.

         

        The
          terms
          of the particular Rate Swap Transaction to which this Confirmation relates
          are
          as follows:

         

        
          	
                  General
                    Terms

                	 
	 	 
	
                  Trade
                    Date:

                	
                  30
                    May 2007 (time of execution available upon request)

                
	 	 
	
                  Effective
                    Date:

                	
                  30
                    May 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  25
                    May 2013, subject to adjustment in accordance with the Modified
                    Following
                    Business Day Convention.

                
	 	 
	
                  Calculation
                    Agent:

                	
                  UBS
                    AG, unless otherwise stated in the Schedule to the Master
                    Agreement

                
	 	 
	
                  Broker:

                	
                  None

                
	 	 
	
                  Fixed
                    Amounts

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                
	 	 
	
                  Fixed
                    Rate Payer Calculation Amount:

                	
                  As
                    described in the Amortising Schedule
                    below

                

        

        

        

        
          	
                  Period
                    from (and including)

                	
                  Period
                    to (but excluding)

                	
                  Calculation
                    Amount

                
	
                  Effective
                    Date

                	
                  25
                    June 2007

                	
                  USD
                    3,434,308.00

                
	
                  25
                    June 2007

                	
                  25
                    July 2007

                	
                  USD
                    3,381,700.00

                
	
                  25
                    July 2007

                	
                  25
                    August 2007

                	
                  USD
                    3,317,888.00

                
	
                  25
                    August 2007

                	
                  25
                    September 2007

                	
                  USD
                    3,243,004.00

                
	
                  25
                    September 2007

                	
                  25
                    October 2007

                	
                  USD
                    3,157,284.00

                
	
                  25
                    October 2007

                	
                  25
                    November 2007

                	
                  USD
                    3,061,076.00

                
	
                  25
                    November 2007

                	
                  25
                    December 2007

                	
                  USD
                    2,954,832.00

                
	
                  25
                    December 2007

                	
                  25
                    January 2008

                	
                  USD
                    2,839,144.00

                
	
                  25
                    January 2008

                	
                  25
                    February 2008

                	
                  USD
                    2,714,948.00

                
	
                  25
                    February 2008

                	
                  25
                    March 2008

                	
                  USD
                    2,590,492.00

                
	
                  25
                    March 2008

                	
                  25
                    April 2008

                	
                  USD
                    2,471,724.00

                
	
                  25
                    April 2008

                	
                  25
                    May 2008

                	
                  USD
                    2,358,480.00

                
	
                  25
                    May 2008

                	
                  25
                    June 2008

                	
                  USD
                    2,250,496.00

                
	
                  25
                    June 2008

                	
                  25
                    July 2008

                	
                  USD
                    2,147,528.00

                
	
                  25
                    July 2008

                	
                  25
                    August 2008

                	
                  USD
                    2,049,344.00

                
	
                  25
                    August 2008

                	
                  25
                    September 2008

                	
                  USD
                    1,955,712.00

                
	
                  25
                    September 2008

                	
                  25
                    October 2008

                	
                  USD
                    1,866,424.00

                
	
                  25
                    October 2008

                	
                  25
                    November 2008

                	
                  USD
                    1,781,272.00

                
	
                  25
                    November 2008

                	
                  25
                    December 2008

                	
                  USD
                    1,700,060.00

                
	
                  25
                    December 2008

                	
                  25
                    January 2009

                	
                  USD
                    1,584,276.00

                
	
                  25
                    January 2009

                	
                  25
                    February 2009

                	
                  USD
                    1,450,272.00

                
	
                  25
                    February 2009

                	
                  25
                    March 2009

                	
                  USD
                    1,329,004.00

                
	
                  25
                    March 2009

                	
                  25
                    April 2009

                	
                  USD
                    1,219,600.00

                
	
                  25
                    April 2009

                	
                  25
                    May 2009

                	
                  USD
                    1,120,780.00

                
	
                  25
                    May 2009

                	
                  25
                    June 2009

                	
                  USD
                    1,048,820.00

                
	
                  25
                    June 2009

                	
                  25
                    July 2009

                	
                  USD
                    995,056.00

                
	
                  25
                    July 2009

                	
                  25
                    August 2009

                	
                  USD
                    944,436.00

                
	
                  25
                    August 2009

                	
                  25
                    September 2009

                	
                  USD
                    896,536.00

                
	
                  25
                    September 2009

                	
                  25
                    October 2009

                	
                  USD
                    851,188.00

                
	
                  25
                    October 2009

                	
                  25
                    November 2009

                	
                  USD
                    808,204.00

                
	
                  25
                    November 2009

                	
                  25
                    December 2009

                	
                  USD
                    767,348.00

                
	
                  25
                    December 2009

                	
                  25
                    January 2010

                	
                  USD
                    725,564.00

                
	
                  25
                    January 2010

                	
                  25
                    February 2010

                	
                  USD
                    684,832.00

                
	
                  25
                    February 2010

                	
                  25
                    March 2010

                	
                  USD
                    646,664.00

                
	
                  25
                    March 2010

                	
                  25
                    April 2010

                	
                  USD
                    610,952.00

                
	
                  25
                    April 2010

                	
                  25
                    May 2010

                	
                  USD
                    577,560.00

                
	
                  25
                    May 2010

                	
                  25
                    June 2010

                	
                  USD
                    547,648.00

                
	
                  25
                    June 2010

                	
                  25
                    July 2010

                	
                  USD
                    520,108.00

                
	
                  25
                    July 2010

                	
                  25
                    August 2010

                	
                  USD
                    494,060.00

                
	
                  25
                    August 2010

                	
                  25
                    September 2010

                	
                  USD
                    469,404.00

                
	
                  25
                    September 2010

                	
                  25
                    October 2010

                	
                  USD
                    446,048.00

                
	
                  25
                    October 2010

                	
                  25
                    November 2010

                	
                  USD
                    423,928.00

                
	
                  25
                    November 2010

                	
                  25
                    December 2010

                	
                  USD
                    402,968.00

                
	
                  25
                    December 2010

                	
                  25
                    January 2011

                	
                  USD
                    383,108.00

                
	
                  25
                    January 2011

                	
                  25
                    February 2011

                	
                  USD
                    364,288.00

                
	
                  25
                    February 2011

                	
                  25
                    March 2011

                	
                  USD
                    346,448.00

                
	
                  25
                    March 2011

                	
                  25
                    April 2011

                	
                  USD
                    329,540.00

                
	
                  25
                    April 2011

                	
                  25
                    May 2011

                	
                  USD
                    313,508.00

                
	
                  25
                    May 2011

                	
                  25
                    June 2011

                	
                  USD
                    298,304.00

                
	
                  25
                    June 2011

                	
                  25
                    July 2011

                	
                  USD
                    283,888.00

                
	
                  25
                    July 2011

                	
                  25
                    August 2011

                	
                  USD
                    270,208.00

                
	
                  25
                    August 2011

                	
                  25
                    September 2011

                	
                  USD
                    257,236.00

                
	
                  25
                    September 2011

                	
                  25
                    October 2011

                	
                  USD
                    244,924.00

                
	
                  25
                    October 2011

                	
                  25
                    November 2011

                	
                  USD
                    233,240.00

                
	
                  25
                    November 2011

                	
                  25
                    December 2011

                	
                  USD
                    222,152.00

                
	
                  25
                    December 2011

                	
                  25
                    January 2012

                	
                  USD
                    211,624.00

                
	
                  25
                    January 2012

                	
                  25
                    February 2012

                	
                  USD
                    201,632.00

                
	
                  25
                    February 2012

                	
                  25
                    March 2012

                	
                  USD
                    192,136.00

                
	
                  25
                    March 2012

                	
                  25
                    April 2012

                	
                  USD
                    183,116.00

                
	
                  25
                    April 2012

                	
                  25
                    May 2012

                	
                  USD
                    174,548.00

                
	
                  25
                    May 2012

                	
                  25
                    June 2012

                	
                  USD
                    166,408.00

                
	
                  25
                    June 2012

                	
                  25
                    July 2012

                	
                  USD
                    158,672.00

                
	
                  25
                    July 2012

                	
                  25
                    August 2012

                	
                  USD
                    151,324.00

                
	
                  25
                    August 2012

                	
                  25
                    September 2012

                	
                  USD
                    144,336.00

                
	
                  25
                    September 2012

                	
                  25
                    October 2012

                	
                  USD
                    137,696.00

                
	
                  25
                    October 2012

                	
                  25
                    November 2012

                	
                  USD
                    131,380.00

                
	
                  25
                    November 2012

                	
                  25
                    December 2012

                	
                  USD
                    125,372.00

                
	
                  25
                    December 2012

                	
                  25
                    January 2013

                	
                  USD
                    119,660.00

                
	
                  25
                    January 2013

                	
                  25
                    February 2013

                	
                  USD
                    114,228.00

                
	
                  25
                    February 2013

                	
                  25
                    March 2013

                	
                  USD
                    109,056.00

                
	
                  25
                    March 2013

                	
                  25
                    April 2013

                	
                  USD
                    104,136.00

                
	
                  25
                    April 2013

                	
                  25
                    May 2013

                	
                  USD
                    99,452.00

                

        

        

        The
          dates
          in the above schedule will not be adjusted.

         

        
          	
                  Fixed
                    Rate:

                	
                  5.25
                    percent per annum

                
	 	 
	
                  Fixed
                    Amount:

                	
                  To
                    be determined in accordance with the following formula: (1) the
                    product of
                    (a) 250 multiplied by (b) the Fixed Rate multiplied by (c) the
                    Fixed Rate
                    Payer Calculation Amount multiplied by (d) the Fixed Rate Day
                    Count
                    Fraction

                
	 	 
	
                  Fixed
                    Rate Day Count Fraction:

                	
                  30/360

                
	 	 
	
                  Fixed
                    Rate Payer Period End Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December
                    in each
                    year, from and including 25 June 2007, up to and including 25
                    May 2013,
                    subject to adjustment in accordance with the Business Day Convention
                    specified immediately below, and there will be no adjustment
                    to the
                    Calculation Period.

                
	 	 
	
                  Fixed
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Fixed Rate Payer Payment Dates
                    shall be
                    one Business Day prior to each Floating Rate Payer Period End
                    Date

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Floating
                    Amounts

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  UBS
                    AG

                
	 	 
	
                  Floating
                    Rate Payer Calculation Amount:

                	
                  As
                    described in the Amortising Schedule
                    below

                

        

        

        

        
          	
                  Period
                    from (and including)

                	
                  Period
                    to (but excluding)

                	
                  Calculation
                    Amount

                
	
                  Effective
                    Date

                	
                  25
                    June 2007

                	
                  USD
                    3,434,308.00

                
	
                  25
                    June 2007

                	
                  25
                    July 2007

                	
                  USD
                    3,381,700.00

                
	
                  25
                    July 2007

                	
                  25
                    August 2007

                	
                  USD
                    3,317,888.00

                
	
                  25
                    August 2007

                	
                  25
                    September 2007

                	
                  USD
                    3,243,004.00

                
	
                  25
                    September 2007

                	
                  25
                    October 2007

                	
                  USD
                    3,157,284.00

                
	
                  25
                    October 2007

                	
                  25
                    November 2007

                	
                  USD
                    3,061,076.00

                
	
                  25
                    November 2007

                	
                  25
                    December 2007

                	
                  USD
                    2,954,832.00

                
	
                  25
                    December 2007

                	
                  25
                    January 2008

                	
                  USD
                    2,839,144.00

                
	
                  25
                    January 2008

                	
                  25
                    February 2008

                	
                  USD
                    2,714,948.00

                
	
                  25
                    February 2008

                	
                  25
                    March 2008

                	
                  USD
                    2,590,492.00

                
	
                  25
                    March 2008

                	
                  25
                    April 2008

                	
                  USD
                    2,471,724.00

                
	
                  25
                    April 2008

                	
                  25
                    May 2008

                	
                  USD
                    2,358,480.00

                
	
                  25
                    May 2008

                	
                  25
                    June 2008

                	
                  USD
                    2,250,496.00

                
	
                  25
                    June 2008

                	
                  25
                    July 2008

                	
                  USD
                    2,147,528.00

                
	
                  25
                    July 2008

                	
                  25
                    August 2008

                	
                  USD
                    2,049,344.00

                
	
                  25
                    August 2008

                	
                  25
                    September 2008

                	
                  USD
                    1,955,712.00

                
	
                  25
                    September 2008

                	
                  25
                    October 2008

                	
                  USD
                    1,866,424.00

                
	
                  25
                    October 2008

                	
                  25
                    November 2008

                	
                  USD
                    1,781,272.00

                
	
                  25
                    November 2008

                	
                  25
                    December 2008

                	
                  USD
                    1,700,060.00

                
	
                  25
                    December 2008

                	
                  25
                    January 2009

                	
                  USD
                    1,584,276.00

                
	
                  25
                    January 2009

                	
                  25
                    February 2009

                	
                  USD
                    1,450,272.00

                
	
                  25
                    February 2009

                	
                  25
                    March 2009

                	
                  USD
                    1,329,004.00

                
	
                  25
                    March 2009

                	
                  25
                    April 2009

                	
                  USD
                    1,219,600.00

                
	
                  25
                    April 2009

                	
                  25
                    May 2009

                	
                  USD
                    1,120,780.00

                
	
                  25
                    May 2009

                	
                  25
                    June 2009

                	
                  USD
                    1,048,820.00

                
	
                  25
                    June 2009

                	
                  25
                    July 2009

                	
                  USD
                    995,056.00

                
	
                  25
                    July 2009

                	
                  25
                    August 2009

                	
                  USD
                    944,436.00

                
	
                  25
                    August 2009

                	
                  25
                    September 2009

                	
                  USD
                    896,536.00

                
	
                  25
                    September 2009

                	
                  25
                    October 2009

                	
                  USD
                    851,188.00

                
	
                  25
                    October 2009

                	
                  25
                    November 2009

                	
                  USD
                    808,204.00

                
	
                  25
                    November 2009

                	
                  25
                    December 2009

                	
                  USD
                    767,348.00

                
	
                  25
                    December 2009

                	
                  25
                    January 2010

                	
                  USD
                    725,564.00

                
	
                  25
                    January 2010

                	
                  25
                    February 2010

                	
                  USD
                    684,832.00

                
	
                  25
                    February 2010

                	
                  25
                    March 2010

                	
                  USD
                    646,664.00

                
	
                  25
                    March 2010

                	
                  25
                    April 2010

                	
                  USD
                    610,952.00

                
	
                  25
                    April 2010

                	
                  25
                    May 2010

                	
                  USD
                    577,560.00

                
	
                  25
                    May 2010

                	
                  25
                    June 2010

                	
                  USD
                    547,648.00

                
	
                  25
                    June 2010

                	
                  25
                    July 2010

                	
                  USD
                    520,108.00

                
	
                  25
                    July 2010

                	
                  25
                    August 2010

                	
                  USD
                    494,060.00

                
	
                  25
                    August 2010

                	
                  25
                    September 2010

                	
                  USD
                    469,404.00

                
	
                  25
                    September 2010

                	
                  25
                    October 2010

                	
                  USD
                    446,048.00

                
	
                  25
                    October 2010

                	
                  25
                    November 2010

                	
                  USD
                    423,928.00

                
	
                  25
                    November 2010

                	
                  25
                    December 2010

                	
                  USD
                    402,968.00

                
	
                  25
                    December 2010

                	
                  25
                    January 2011

                	
                  USD
                    383,108.00

                
	
                  25
                    January 2011

                	
                  25
                    February 2011

                	
                  USD
                    364,288.00

                
	
                  25
                    February 2011

                	
                  25
                    March 2011

                	
                  USD
                    346,448.00

                
	
                  25
                    March 2011

                	
                  25
                    April 2011

                	
                  USD
                    329,540.00

                
	
                  25
                    April 2011

                	
                  25
                    May 2011

                	
                  USD
                    313,508.00

                
	
                  25
                    May 2011

                	
                  25
                    June 2011

                	
                  USD
                    298,304.00

                
	
                  25
                    June 2011

                	
                  25
                    July 2011

                	
                  USD
                    283,888.00

                
	
                  25
                    July 2011

                	
                  25
                    August 2011

                	
                  USD
                    270,208.00

                
	
                  25
                    August 2011

                	
                  25
                    September 2011

                	
                  USD
                    257,236.00

                
	
                  25
                    September 2011

                	
                  25
                    October 2011

                	
                  USD
                    244,924.00

                
	
                  25
                    October 2011

                	
                  25
                    November 2011

                	
                  USD
                    233,240.00

                
	
                  25
                    November 2011

                	
                  25
                    December 2011

                	
                  USD
                    222,152.00

                
	
                  25
                    December 2011

                	
                  25
                    January 2012

                	
                  USD
                    211,624.00

                
	
                  25
                    January 2012

                	
                  25
                    February 2012

                	
                  USD
                    201,632.00

                
	
                  25
                    February 2012

                	
                  25
                    March 2012

                	
                  USD
                    192,136.00

                
	
                  25
                    March 2012

                	
                  25
                    April 2012

                	
                  USD
                    183,116.00

                
	
                  25
                    April 2012

                	
                  25
                    May 2012

                	
                  USD
                    174,548.00

                
	
                  25
                    May 2012

                	
                  25
                    June 2012

                	
                  USD
                    166,408.00

                
	
                  25
                    June 2012

                	
                  25
                    July 2012

                	
                  USD
                    158,672.00

                
	
                  25
                    July 2012

                	
                  25
                    August 2012

                	
                  USD
                    151,324.00

                
	
                  25
                    August 2012

                	
                  25
                    September 2012

                	
                  USD
                    144,336.00

                
	
                  25
                    September 2012

                	
                  25
                    October 2012

                	
                  USD
                    137,696.00

                
	
                  25
                    October 2012

                	
                  25
                    November 2012

                	
                  USD
                    131,380.00

                
	
                  25
                    November 2012

                	
                  25
                    December 2012

                	
                  USD
                    125,372.00

                
	
                  25
                    December 2012

                	
                  25
                    January 2013

                	
                  USD
                    119,660.00

                
	
                  25
                    January 2013

                	
                  25
                    February 2013

                	
                  USD
                    114,228.00

                
	
                  25
                    February 2013

                	
                  25
                    March 2013

                	
                  USD
                    109,056.00

                
	
                  25
                    March 2013

                	
                  25
                    Apri1 2013

                	
                  USD
                    104,136.00

                
	
                  25
                    April 2013

                	
                  Termination
                    Date

                	
                  USD
                    99,452.00

                

        

        

        The
          dates
          in the above schedule with the exception of the Effective Date will be
          subject
          to adjustment in accordance with the Modified Following Business Day
          Convention.

         

        
          	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula: (1) the
                    product of
                    (a) 250 multiplied by (b) the Floating Rate Option multiplied
                    by (c) the
                    Floating Rate Payer Calculation Amount multiplied by (d) the
                    Floating Rate
                    Day Count Fraction

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 
	
                  Designated
                    Maturity:

                	
                  1
                    month

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December
                    in each
                    year, from and including 25 June 2007, up to and including the
                    Termination
                    Date, subject to adjustment in accordance with the Business Day
                    Convention
                    specified immediately below

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be one Business Day prior to each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                
	 	 
	
                  Reset
                    Dates:

                	
                  First
                    day of each Calculation Period

                
	 	 
	
                  Compounding:

                	
                  Inapplicable

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                

        

        

        Relationship
          Between Parties

         

        Each
          party will be deemed to represent to the other party on the date on which
          it
          enters into this Transaction that (in the absence of a written agreement
          between
          the parties which expressly imposes affirmative obligations to the contrary
          for
          this Transaction):-

         

        (a)
          Non-Reliance. Each party is acting for its own account, and has made its
          own
          independent decisions to enter into this Transaction and this Transaction
          is
          appropriate or proper for it based upon its own judgment and upon advice
          from
          such advisers as it has deemed necessary. Each party is not relying on
          any
          communication (written or oral) of the other party as investment advice
          or as a
          recommendation to enter into this Transaction; it being understood that
          information and explanation relating to the terms and conditions of this
          Transaction shall not be considered investment advice or a recommendation
          to
          enter into this Transaction. No communication (written or oral) received
          from
          the other party shall be deemed to be an assurance or guarantee as to the
          expected results of this Transaction.

         

        (b)
          Assessment and Understanding. Each party is capable of assessing the merits
          of
          and understands (on its own behalf or through independent professional
          advice),
          and accepts, the terms, conditions and risks of this Transaction. Each
          party is
          also capable of assuming, and assumes, the risks of this
          Transaction.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (c)
          Status of the Parties. Neither party is acting as a fiduciary for or as
          an
          adviser to the other in respect of this Transaction.

         

        References
          in this clause to “a party” shall, in the case of UBS AG, London Branch and
          where the context so allows, include references to any affiliate of UBS
          AG,
          London Branch.

         

        Account
          Details:

         

        
          	
                  Currency:

                	
                  USD

                
	
                  Favour:

                	
                  UBS
                    AG, Stamford Branch

                
	
                  Swift
                    Address:

                	
                  UBSWUS33XXX

                
	
                  Further
                    Credit To:

                	
                  UBS
                    AG, London Branch

                
	
                  Swift
                    Address:

                	
                  UBSWGB2LXXX

                
	
                  Account
                    No:

                	
                  101-WA-140007-000

                

        

        

        Offices

        (a)
          The
          office of UBS AG for the Swap Transaction is LONDON and

        (b)
          The
          office of the Counterparty for the Swap Transaction is NEW YORK,
          NY.

         

        
          	
                  Contact
                    Names at

                  UBS
                    AG

                	 	 
	
                  Payment
                    Inquiries

                	
                  Settlements

                	
                  Email:
                    DL-SOTCRATES-SETTS@ubs.com

                
	
                  Pre
                    Value Payments:

                	
                  Pre
                    Value Payment Investigations:

                	
                  203-719-1110

                
	
                  Post
                    Value Payments:

                	
                  Post
                    Value Payment Investigations:

                	
                  203-719-1110

                
	
                  Confirmation
                    Queries:

                	
                  Confirmation
                    Control:

                	
                  203-719-3733

                
	
                  Swift:

                	
                  UBSWGB2L

                	 
	
                  Fax:

                	
                  (44)
                    20 7567 2685 or 2990

                	 
	
                  Address:

                	
                  100
                    Liverpool Street, London, EC2M 2RH UBS AG

                	 

        

        

        Address
          for notices or communications to Party B:

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045-1951

        Attn:
          Client Manager - MABS 2007-HE1

         

        (p)
          410-884-2000

        (f)
          410-715-2380

         

        Payments
          to Counterparty:

         

        Wells
          Fargo Bank, NA

        San
          Francisco, CA

        ABA
          #:
          121-000-248

        Acct
          #:
          3970771416

        Acct
          Name: SAS Clearing

        For
          Further Credit: Account # 53155603, MABS 2007-HE1 Swap Account

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        [This
          page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Please
          confirm that the foregoing correctly sets forth the terms and conditions
          of our
          agreement by executing a copy of this Confirmation and returning it to
          us or by
          sending to us a letter or facsimile substantially similar to this letter,
          which
          letter or facsimile sets forth the material terms of the Transaction to
          which
          this Confirmation relates and indicates your agreement to those terms or
          by
          sending to us a return letter or facsimile in the form attached.

         

        Yours
          Faithfully

        For
          and
          on behalf of

         

        UBS
          AG
          LONDON BRANCH

         

        
          	
                  By:

                	
                  By:

                   

                   

                
	
                  Name:      Christopher
                    Dingle

                	
                  Name:      Jonathan
                    McTernan

                
	
                  Title:       
                    Director

                	
                  Title:       
                    Director

                

        

        

        Wells
          Fargo Bank, N.A., not individually, but solely as Supplemental Interest
          Trust
          Trustee on behalf of the Supplemental Interest Trust with respect to the
          MASTR
          Asset Backed Securities Trust 2007-HE 1, Mortgage Pass-Through Certificates,
          Series 2007-HE 1:

         

        By:

        Name:

        Title:

         

        UBS
          AG
          London Branch, 1 Finsbury Avenue, London EC2M 2PP

        UBS
          AG is
          a member of the London Stock Exchange and is authorised and regulated in
          the UK
          by the Financial Services Authority

        Representatives
          of UBS Limited introduce trades to UBS AG via UBS Limited

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          (Multicurrency—Cross
            Border) (Swap)

          ISDA®

          International
            Swaps and Derivatives Association, Inc.

          

          MASTER
            AGREEMENT

          dated
            as
            of  May 30, 2007

          

          
            	
                              UBS
                      AG

                     

                             (“Party
                      A”)

                  	
                    and

                  	
                    Wells
                      Fargo Bank, N.A.,  not individually, but solely as Supplemental
                      Interest Trust Trustee on behalf of the Supplemental Interest
                      Trust with
                      respect to the MASTR Asset Backed Securities Trust 2007-HE1,
                      Mortgage Pass
                      Through Certificates, Series 2007-HE1

                                                    (“Party
                      B”)

                  

          

          
 

          have
            entered and/or anticipate entering into one or more transactions (each
            a
            "Transaction") that are or will be
            governed by this Master Agreement, which includes the schedule (the "Schedule"),
            and the documents and
            other
            confirming evidence (each a "Confirmation") exchanged between the parties
            confirming those Transactions.

          

          Accordingly,
            the parties agree as follows: --

          

          1.  Interpretation

          (a)  Definitions.  The
            terms defined in Section 14 and in the Schedule will have the meanings
            therein
specified
            for the purpose of this Master Agreement.

          

          (b)  Inconsistency.  In
            the event of any inconsistency between the provisions of the Schedule
            and the
other
            provisions of this Master Agreement, the Schedule will prevail.  In
            the event of any inconsistency between
            the provisions of any Confirmation and this Master Agreement (including
            the
            Schedule), such Confirmation
            will prevail for the purpose of the relevant Transaction.

          

          (c)  Single
            Agreement.  All Transactions are entered into
            in reliance on the fact that this Master Agreement
            and all Confirmations form a single agreement between the parties (collectively
            referred to as this
            "Agreement"), and the parties would not otherwise enter into any
            Transactions.

          

          2.  Obligations

          

          (a)  General
            Conditions.

          

          (i)  Each
            party will make each payment or delivery specified in each Confirmation
            to be
            made by it,
            subject to the other provisions of this Agreement.

          

          (ii)  Payments
            under this Agreement will be made on the due date for value on that date
            in the
            place of
            the
            account specified in the relevant Confirmation or otherwise pursuant
            to this
            Agreement, in

          freely
            transferable funds and in the manner customary for payments in the required
            currency.  Where settlement is by delivery (that is, other than by
            payment), such delivery will be made for receipt on the
            due
            date in the manner customary for the relevant obligation unless otherwise
            specified in the relevant
            Confirmation or elsewhere in this Agreement.

          

          (iii)  Each
            obligation of each party under Section 2(a)(i) is subject to (1) the
            condition
            precedent that
            no
            Event of Default or Potential Event of Default with respect to the other
            party
            has occurred

          and
            is
            continuing, (2) the condition precedent that no Early Termination Date
            in
            respect of the relevant
            Transaction has occurred or been effectively designated and (3) each
            other
            applicable condition
            precedent specified in this Agreement.

           

          (a)  Change
            of Account.  Either party may change its account for
            receiving a payment or delivery by giving notice to the other party at
            least
            five Local Business Days prior to the scheduled date for the payment
            or delivery
            to which such change applies unless such other party gives timely notice
            of a
            reasonable objection to such change.

           

          (b)  Netting.  If
            on any date amounts would otherwise be payable:

           

          (i)  in
            the
            same currency; and

           

          (ii)  in
            respect of the same Transaction.

           

          by
            each
            party to the other, then, on such date, each party’s obligation to make payment
            of any such amount will be automatically satisfied and discharged and,
            if the
            aggregate amount that would otherwise have been payable by one party
            exceeds the
            aggregate amount that would otherwise have been payable by the other
            party,
            replaced by an obligation upon the party by whom the larger aggregate
            amount
            would have been payable to pay to the other party the excess of the larger
            aggregate amount over the smaller aggregate amount.

           

          The
            parties may elect in respect of two or more Transactions that a net amount
            will
            be determined in respect of all amounts payable on the same date in the
            same
            currency in respect of such Transactions, regardless of whether such
            amounts are
            payable in respect of the same Transaction. The election may be made
            in the
            Schedule or a Confirmation by specifying that subparagraph (ii) above
            will not
            apply to the Transactions identified as being subject to the election,
            together
            with the starting date (in which case subparagraph (ii) above will not,
            or will
            cease to, apply to such Transactions from such date). This election may
            be made
            separately for different groups of Transactions and will apply separately
            to
            each pairing of Offices through which the parties make and receive payments
            or
            deliveries.

           

          (c)  Deduction
            or Withholding for Tax.

           

          (i)  Gross-Up.  All
            payments under this Agreement will be made without any deduction or withholding
            for or on account of any Tax unless such deduction or withholding is
            required by
            any applicable law, as modified by the practice of any relevant governmental
            revenue authority, then in effect. If a party is so required to deduct
            or
            withhold, then that party (“X”) will:

           

          (1)  promptly
            notify the other party (“Y”) of such requirement;

           

          (2)  pay
            to
            the relevant authorities the full amount required to be deducted or withheld
            (including the full amount required to be deducted or withheld from any
            additional amount paid by X to Y under this Section 2(c)) promptly upon
            the
            earlier of determining that such deduction or withholding is required
            or
            receiving, notice that such amount has been assessed against Y:

           

          (3)  promptly
            forward to Y an official receipt (or a certified copy), or other documentation
            reasonably acceptable to Y evidencing such payment to such authorities;
            and

           

          (4)  if
            such
            Tax is an Idemnifiable Tax, pay to Y in addition to the payment to which
            Y is
            otherwise entitled under this Agreement, such additional amount as is
            necessary
            to ensure that the net amount actually received by Y (free and clear
            of
            Idemnifiable Taxes, whether assessed against X or Y) will equal the full
            amount
            Y would have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent
            that it would not be required to be paid but for:

           

          (A)  the
            failure by Y to comply with or perform any agreement contained in Section
            4(a)(i), 4(a)(iii) or 4(d); or

           

          (B)  the
            failure of a representation made by Y pursuant to Section 3(f) to be
            accurate
            and true unless the failure would not have occurred but for (I) any actions
            taken by a taxing authority, or brought in a court of competent jurisdiction,
            on
            or after the date on which a Transaction is entered into (regardless
            of whether
            such action is taken or brought with respect to a party to this Agreement)
            or
            (II) a Change in Tax Law.

           

          (ii)  Liability.  If:

           

          (1)  X
            is
            required by any applicable law, as modified by the practice of any relevant
            governmental revenue authority, to make any deduction or withholding
            in respect
            of which X would not be required to pay an additional amount to Y under
            Section
            2(d)(i)(4);

           

          (2)  X
            does
            not so deduct or withhold; and

           

          (3)  a
            liability resulting from such Tax is assessed directly against X,

           

          then,
            except to the extent Y has satisfied or then satisfies the liability
            resulting
            from such Tax, Y will promptly pay to X the amount of such liability
            (including
            any related liability for interest, but including any related liability
            far
            penalties only if Y has failed to comply with or perform any agreement
            contained
            in Section 4(a)(i), 4(a)(iii) or 4(d)).

           

          (d)  Default
            Interest; Other Amounts. Prior to the occurrence or effective
            designation of an Early Termination Date in respect of the relevant Transaction,
            a party that defaults in the performance of any payment obligation will,
            to the
            extent permitted by law and subject to Section 6(c), be required to pay
            interest
            (before as well as after judgment) on the overdue amount to the other
            party on
            demand in the same currency as such overdue amount, for the period from
            (and
            including) the original due date for payment to (but excluding) the date
            of
            actual payment, at the Default Rate. Such interest will be calculated
            on the
            basis of daily compounding and the actual number of days elapsed. If,
            prior to
            the occurrence or effective designation of an Early Termination Date
            in respect
            of the relevant Transaction, a party defaults in the performance of any
            obligation required to be settled by delivery, it will compensate the
            other
            party on demand if and to the extent provided for in the relevant Confirmation
            or elsewhere in this Agreement.

           

          3.  Representations

           

          Each
            party represents to the other party (which representations will be deemed
            to be
            repeated by each party on each date on which a Transaction is entered
            into and,
            in the case of the representations in Section 3(f), at all times until
            the
            termination of this Agreement) that:--¬

           

          (a)  Basic
            Representations.

           

          (i)  Status.  It
            is duly organized and validly existing under the laws of the jurisdiction
            of its
            organization or incorporation and, if relevant under such laws, in good
            standing:

           

          (ii)  Powers.  It
            has the power to execute this Agreement and any other documentation relating
            to
            this Agreement to which it is a party, to deliver this Agreement and
            any other
            documentation relating to this Agreement that it is required by this
            Agreement
            to deliver and to perform its obligations under this Agreement and any
            obligations it has under any Credit Support Document to which it is a
            party and.
            has taken all necessary action to authorize such execution, delivery
            and
            performance;

           

          (iii)  No
            Violation or Conflict.  Such execution, delivery and
            performance do not violate or conflict with any law applicable to it,
            any
            provision of its constitutional documents, any order or judgment of any
            court or
            other agency of government applicable to it or any of its assets or any
            contractual restriction binding can or affecting it or any of its
            assets;

           

          (iv)  Consents.  All
            governmental and other consents that are required to have been obtained
            by it
            with respect to this Agreement or any Credit Support Document to which
            it is a
            party have been obtained and are in full force and effect and all conditions
            of
            any such consents have been complied with, and

           

          (v)  Obligations
            Binding.  Its obligations under this Agreement and any
            Credit Support Document to which it is a party constitute its legal,
            valid and
            binding obligations, enforceable in accordance with their respective
            terms
            (subject to applicable bankruptcy, reorganization, insolvency, moratorium
            or
            similar laws affecting creditors’ rights generally and subject, as to
            enforceability, to equitable principles of general application (regardless
            of
            whether enforcement is sought in a proceeding in equity or at
            law)).

           

          (b)  Absence
            of Certain Events. No Event of Default or Potential Event of
            Default or, to its knowledge, Termination Event with respect to it has
            occurred
            and is continuing and no such event or circumstance would occur as a
            result of
            its entering into or performing its obligations under this Agreement
            or any
            Credit Support Document to which it is a party.

           

          (c)  Absence
            of Litigation. There is not pending or, to its knowledge,
            threatened against it or any of its Affiliates any action, suit or proceeding
            at
            law or in equity or before any court, tribunal, governmental body, agency
            or
            official or any arbitrator that is likely to affect the legality, validity
            or
            enforceability against it of this Agreement or any Credit Support Document
            to
            which it is a party or its ability to perform its obligations under this
            Agreement or such Credit Support Document.

           

          (d)  Accuracy
            of Specified Information. All applicable information that is
            furnished in writing by or on behalf of it to the other party and is
            identified
            for the purpose of this Section 2(d) in the Schedule is, as of the date
            of the
            information, true, accurate and complete in every material respect.

           

          (e)  Payer
            Tax Representations. Each representation specified in the Schedule
            as being made by it for the purpose of this Section 2(e) is accurate
            and
            true.

           

          (f)  Payee
            Tax Representations. Each representation specified in the Schedule
            as being made by it for the purpose of this Section 2(f) is accurate
            and
            true.

           

          4.  Agreements

           

          Each
            party agrees with the other that, so long as either party has or may
            have any
            obligation under this Agreement or under any Credit Support Document
            to which it
            is a party:

           

          (a)  Furnish
            Specified Information. It will deliver to the other party or, in
            certain cases under subparagraph (iii) below, to such government or taxing
            authority as the other party reasonably directs:

           

          (i)  any
            forms, documents or certificates relating to taxation specified in the
            Schedule:
            or any Confirmation;

           

          (ii)  any
            other
            documents specified in the Schedule or any Confirmation; and

           

          (iii)  upon
            reasonable demand by such other party, any form or document, that may
            be
            required or reasonably requested in writing in order to allow such other
            party
            or its Credit Support Provider to make a payment under this Agreement
            or any
            applicable Credit Support Document without any deduction or withholding
            for or
            on account of any Tax or with such deduction or withholding at a reduced
            rate
            (so long as the completion, execution or submission of such form or document
            would not materially prejudice the legal or commercial position of the
            party in
            receipt of such demand), with any such form or document to be accurate
            and
            completed in a manner reasonably satisfactory to such other party and
            to be
            executed and to be delivered with any reasonably required
            certification,

           

          in
            each
            case by the date specified in the Schedule or such Confirmation or, if
            none is
            specified, as soon as reasonably practicable.

           

          (b)  Maintain
            Authorizations. It will use all reasonable efforts to maintain in
            full force and effect all consents of any governmental or other authority
            that
            are required to be obtained by it with respect to this Agreement or any
            Credit
            Support Document to which it is a party and will use all reasonable efforts
            to
            obtain any that may become necessary in the future.

           

          (c)  Comply
            with Laws.  It will comply in all material respects with
            all applicable laws and orders to which it may be subject if failure
            so to
            comply would materially impair its ability to perform its obligations
            under this
            Agreement or any Credit Support Document to which it is a party.

           

          (d)  Tax
            Agreement.  It will give notice of any failure of a
            representation made by it under Section 2(f) to be accurate and true
            promptly
            upon learning of such failure.

           

          (e)  Payment
            of Stamp Tax.  Subject to Section 11, it will pay any
            Stamp Tax levied or imposed upon respect of its execution or performance
            of this
            Agreement by a jurisdiction in which it is incorporated,  organized,
            managed and controlled, or considered to have its seat, or in which a
            branch or
            office through which it is acting for the purpose of this Agreement is
            located
            (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp
            Tax levied or imposed upon the other party or in respect of the other
            party’s
            execution or performance of this Agreement by any such Stamp Tax Jurisdiction
            which is not also a Stamp Tax Jurisdiction with respect to the other
            party.

           

          5.  Events
            of Default and Termination Events

           

          (a)  Events
            of Default. The occurrence at any time with respect to a party or,
            if applicable, any Credit Support Provider of such party or any Specified
            Entity
            of such party of any of the following events constitutes an event of
            default (an
“Event of Default”) with respect to such party:

           

          (i)  Failure
            to Pay or Deliver.  Failure by the party to make, when
            due, any payment under this agreement or delivery under Section 2(a)(i)
            or 2(e)
            required to be made by it if such failure is not d on or before the third
            Local
            Business Day after notice of such failure is given to the party;

           

          (ii)  Breach
            of Agreement.  Failure by the party to comply with or
            perform any agreement or obligation (other than an obligation to make
            any
            payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
            or to
            give notice of a Termination Event or any agreement or obligation under
            Section
            4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
            in
            accordance with this Agreement if such failure is not remedied on or
            before the
            thirtieth day after notice of such failure is given to the party;

           

          (iii)  Credit
            Support Default.

           

          (1)  Failure
            by the party or any Credit Support Provider of such party to comply with
            or
            perform any agreement or obligation to be complied with or performed
            by it in
            accordance with any Credit Support Document if such failure is continuing
            after
            any applicable grace period has elapsed;

           

          (2)  the
            expiration or termination of such Credit Support Document or the failing
            or
            ceasing of such Credit Support Document to be in full force and effect
            for the
            purpose of this Agreement (in either case other than in accordance with
            its
            terms) prior to the satisfaction of all obligations of such party under
            each
            Transaction to which such Credit Support Document relates without the
            written
            consent of the other party; or

           

          (3)  the
            party
            or such Credit Support Provider disaffirms, disclaims, repudiates or
            rejects, in
            whole or in part, or challenges the validity of, such Credit Support
            Document;

           

          (iv)  Misrepresentation.  A
            representation (other than a representation under Section 3(e) or (f))
            made or
            repeated or deemed to have been made or repeated by the party or any
            Credit
            Support Provider of such party in this Agreement or any Credit Support
            Document
            proves to have been incorrect or misleading in any material respect when.
            made
            or repeated or deemed to have been made or repeated;

           

          (v)  Default
            under Specified Transaction. The party, any Credit Support
            Provider of such party or any applicable Specified Entity of such party
            (1)
            defaults under a Specified Transaction. and, after giving effect to any
            applicable notice requirement or grace period, there occurs a liquidation
            of, an
            acceleration of obligations under, or an early termination of, that Specified
            Transaction, (2) defaults, after giving effect to any applicable notice
            requirement or grace period, in making any payment or delivery due on the
            last
            payment, delivery or exchange date of, or any payment on early termination
            of a
            Specified Transaction (or such default continues for at least three Local
            Business Days if there is no applicable notice requirement or grace period)
            or
            (3) disaffirms, disclaims, repudiates or rejects, in whole or in part,
            a
            Specified Transaction (or such action is taken by any person or entity
            appointed
            or empowered to operate it or act on its behalf);

           

          (vi)  Cross
            Default. If “Cross Default” is specified in the Schedule as
            applying to the party, the occurrence or existence of (1) a default,
            event of
            default or outer similar condition or event (however described) in respect
            of
            such party, any Credit Support Provider of such party or any applicable
            Specified Entity of such party under one or more agreements or instruments
            relating to Specified Indebtedness of any of them (individually or collectively)
            in an aggregate amount of not less than the applicable Threshold Amount
            (as
            specified in the Schedule) which has resulted in such Specified Indebtedness
            becoming, or becoming capable at such time of being declared, due and
            payable
            under such agreements or instruments, before it would otherwise have
            been due
            and payable or (2) a default such Credit Support Provider or such Specified
            Entity (individually or collectively) making one or more payments on
            the due
            date thereof in an aggregate amount of not less than the applicable Threshold
            Amount under such agreements or instruments (after giving effect to any
            applicable notice requirement or grace period);

           

          (vii)  Bankruptcy.  The
            party, any Credit Support Provider of such party or any applicable Specified
            Entity of such party:

           

          (1)  is
            dissolved (other than pursuant to a consolidation, amalgamation or merger);
            (2)
            becomes insolvent or is unable to pay its debts or fails or admits in
            writing
            its inability generally to pay its debts as they become due; (3) makes
            a general
            assignment, arrangement or composition with or for the benefit of its
            creditors;
            (d) institutes or has instituted against it a proceeding; seeking a judgment
            of
            insolvency or bankruptcy or any other relief under any bankruptcy or
            insolvency
            law or other similar law affecting creditors’ rights, or a petition is presented
            for its winding-up or liquidation, and, in the case of any such proceeding
            or
            petition instituted or presented against it, such proceeding or petition
            (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for
            relief or the making of an order for its winding-up or liquidation or
            (B) is not
            dismissed, discharged, stayed or restrained in each case within 30 days
            of the
            institution or presentation thereof; (5) has a resolution passed for
            its
            winding-up, official management or liquidation (other than pursuant to
            a
            consolidation, amalgamation or merger); (6) seeks or becomes subject
            to the
            appointment of an administrator, provisional liquidator, conservator,
            receiver,
            trustee, custodian or other similar official for it or for all or substantially
            all its assets; (7) has a secured party take possession of all or substantially
            all its assets or has a distress, execution, attachment, sequestration
            or other
            legal process levied, enforced or sued on or against all or substantially
            all
            its assets and such secured party maintains possession, or any such process
            is
            not dismissed, discharged, stayed or restrained, in each case within
            30 days
            thereafter; (8) causes or is subject to any event with respect to it
            which,
            under the applicable laws of any jurisdiction, has an analogous effect
            to any of
            the events specified in clauses (1) to (7) (inclusive); or (9) takes
            any action
            in furtherance of, or indicating its consent to, approval of, or acquiescence
            in, any of the foregoing acts; or

           

          (viii)  Merger
            Without Assumption. The party or any Credit Support Provider of
            such party consolidates or amalgamates with, or merges with or into,
            or
            transfers all or substantially all its assets to, another entity and,
            at the
            time of such consolidation, amalgamation, merger or transfer:

           

          (1)  the
            resulting, surviving or transferee entity fails to assume all the obligations
            of
            such party or such Credit Support Provider under this Agreement or any
            Credit
            Support Document to which it or its predecessor was a party by operation
            of law
            or pursuant to an agreement reasonably satisfactory to the other party
            to this
            Agreement; or

           

          (2)  the
            benefits of any Credit Support Document fail to extend (without the consent
            of
            the other party) to the performance by such resulting, surviving or transferee
            entity of its obligations under this Agreement.

           

          (b)  Termination
            Events. The occurrence at any time with respect to a party or,
            if
            applicable, any Credit Support Provider of such party or any Specified
            Entity of
            such party of any event specified below constitutes an Illegality if
            the event
            is specified in (i) below, a Tax Event if the event is specified in (ii)
            below
            or a Tax Event Upon Merger if the event is specified in (iii) below,
            and, if
            specified to be applicable, a Credit Event Upon Merger if the event is
            specified
            pursuant to (iv) below or an Additional Termination Event if the event
            is
            specified pursuant to (v) below:

           

          (i)  Illegality.
            Due to the adoption of, or any change in, any applicable
            law after
            the date on which a Transaction is entered into, or due to the promulgation
            of,
            or any change in, the interpretation by any court, tribunal or regulatory
            authority with competent jurisdiction of any applicable law after such
            date, it
            becomes unlawful (other than as a result of a breach by the party of
            Section
            4(b)) for such party (which will be the Affected Party):

           

          (1)  to
            perform any absolute or contingent obligation to make a payment or delivery
            or
            to receive a payment or delivery in respect of such Transaction or to
            comply
            with any other material provision of this Agreement relating to such
            Transaction; or

           

          (2)  to
            perform, or for any Credit Support Provider of such party to perform,
            any
            contingent or other obligation which the party (or such Credit Support
            Provider)
            has uinder any Credit Support Document relating to such
            Transaction;

           

          (ii)  Tax
            Event.  Due to (x) any action taken by a taxing
            authority, or brought in a court of competent jurisdiction, on or after
            the date
            on which a Transaction is entered into (regardless of whether such action
            is
            taken or brought with respect to a party to this Agreement) or (y) a
            Change in
            Tax Law, the party (which will be the Affected Party) will, or there
            is a
            substantial likelihood that it will, on the next succeeding Scheduled
            Payment
            Date (1) be required to pay to the other party an additional amount in
            respect
            of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
            interest
            under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which
            an
            amount is required to be deducted or withheld for or on account of a
            Tax (except
            in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional
            amount is required to be paid in respect of such Tax under Section 2(d)(i)(4)
            (other than by reason of Section 2(d)(i)(4)(A) or (B));

           

          (iii)  Tax
            Event Upon Merger. The party (the “Burdened Party”) on the next
            succeeding Scheduled Payment Date will either (1) be required to pay
            an
            additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
            (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e))
            or (2)
            receive a payment from which an amount has been deducted or withheld
            for or on
            account of any Indemnifiable Tax in respect of which the other party
            is not
            required to pay an additional amount (other than by reason of Section
            2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating
            or
            amalgamating with, or merging with or into, or transferring all or substantially
            all its assets to, another entity (which will be the Affected Party)
            where such
            action does not constitute an event described in Section
            5(a)(viii);

           

          (iv)  Credit
            Event Upon Merger.  If “Credit Event Upon Merger” is
            specified in the Schedule as applying to the party, such party (“X”), any Credit
            Support Provider of X or any applicable Specified Entity of X consolidates
            or
            amalgamates with, or merges with or into, or transfers all or substantially
            all
            its assets to, another entity and such action does not constitute an
            event
            described in Section 5(a)(viii) but the creditworthiness of the resulting,
            surviving or transferee entity is materially weaker than that of X, such
            Credit
            Support Provider or such Specified Entity, as the case may be, immediately
            prior
            to such action (and, in such event, X or its successor or transferee,
            as
            appropriate, will be the Affected Party); or

           

          (v)  Additional
            Termination Event. If any “Additional Termination Event” is
            specified in the Schedule or any Confirmation as applying, the occurrence
            of
            such event (and, in such event, the Affected Party or Affected Parties
            shall be
            as specified for such Additional Termination Event in the Schedule or
            such
            Confirmation).

           

          (c)  Event
            of Default and Illegality.  If an event or circumstance
            which would otherwise constitute or give rise to an Event of Default
            also
            constitutes an Illegality, it will be treated as an Illegality and will
            not
            constitute an Event of Default.

           

          6.  Early
            Termination

           

          (a)  Right
            to Terminate Following Event of Default.  If at any time
            an Event of Default with respect to a party (the “Defaulting Party”) has
            occurred and is then continuing, the other party (the “Non-defaulting Party’)
            may, by not more than 20 days notice to the Defaulting Party specifying
            the
            relevant Event of Default, designate a day not earlier than the day such
            notice
            is effective as an Early Termination Date in respect of all outstanding
            Transactions. If, however, “Automatic Early Termination” is specified in the
            Schedule as applying to a party, then an Early Termination Date in respect
            of
            all outstanding Transactions will occur immediately upon the occurrence
            with
            respect to such party of an Event of Default specified in Section 5(a)(vii)(1),
            (3), (5), (6) or, to the extent analogous thereto, (8), and as of the
            time
            immediately preceding the institution of the relevant proceeding or the
            presentation of the relevant petition upon the occurrence with respect
            to such
            party of an Event of Default specified in Section 5(a)(vii)(4) or, to
            the extent
            analogous thereto, (8).

           

          (b)  Right
            to Terminate Following Termination Event.

           

          (i)  Notice.
            If a Termination Event occurs, an Affected Party will, promptly upon
            becoming
            aware of it, notify the other party, specifying the nature of that Termination
            Event and each Affected Transaction and will also give such other information
            about that Termination Event as the other party may reasonably
            require.

           

          (ii)  Transfer
            to Avoid Termination Event. If either are Illegality under Section
            5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party,
            or if a
            Tax Event Upon Merger occurs and the Burdened Party is the Affected Party,
            the
            Affected Party will, as a condition to its right to designate an Early
            Termination Date under Section 6(b)(iv), use all reasonable efforts (which
            will
            not require such party to incur a loss, excluding immaterial, incidental
            expenses) to transfer within 20 days after it gives notice under Section
            6(b)(i)
            all its rights and obligations under this Agreement in respect of the
            Affected
            Transactions to another of its Offices or Affiliates so that such Termination
            Event ceases to exist.

           

          If
            the
            Affected party is not able to make such a transfer it will give notice
            to the
            other party to that effect within such 20 day period, whereupon the other
            party
            may effect such a transfer within 30 days after the notice is given under
            Section 6(b)(i).

           

          Any
            such
            transfer by a party wider this Section 6(b)(ii) will be subject to and
            conditional upon the prior written consent of the other party, which
            consent
            will not be withheld if such other party’s policies in effect at such time would
            permit it to enter into transactions with the transferee on the terms
            proposed.

           

          (iii)  Two
            Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
            Tax Event occurs and there are two Affected Parties, each party will
            use all
            reasonable efforts to reach agreement within 30 days after notice thereof
            is
            given under Section 6(b)(i) on action to avoid that Termination
            Event.

           

          (iv)  Right
            to Terminate. If:

           

          (1)  a
            transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii),
            as the
            case may be, has not been effected with respect to all Affected Transactions
            within 30 days after an Affected Party gives notice render Section 6(b)(i);
            or

           

          (2)  an
            Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an
            Additional
            Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened
            Party is not the Affected Party,

           

          either
            party in the case of an Illegality, the Burdened Party in the ease of
            a Tax
            Event Upon Merger, any Affected Party in the case of a Tax Event or an
            Additional Termination Event if there is more than one Affected Party,
            or the
            party which is not the Affected Party in the case of a Credit Event Upon
            Merger
            or an Additional Termination Event if there is only one Affected Party
            may, by
            not more than 20 days notice to the other party and provided that the
            relevant
            Termination Event is then continuing, designate a day not earlier than
            the day
            such notice is effective as an Early Termination Date in respect of all
            Affected
            Transactions.

           

          (c)  Effect
            of Designation.

           

          (i)  If
            notice
            designating an Early Termination Date is given under Section 6(a) or
            (b), the
            Early Termination Date will occur on the date so designated, whether
            or not the
            relevant Event of Default or Termination Event is then continuing.

           

          (ii)  Upon
            the
            occurrence: or effective designation of an Early Termination Date, no
            further
            payments or deliveries under Section 2(a)(c) or 2(e) in respect of the
            Terminated Transactions will be required to be made, but without prejudice
            to
            the other provisions of this Agreement. The amount, if any, payable in
            respect
            of an Early Termination Date shall be determined pursuant to Section
            6(e).

           

          (d)  Calculations.

           

          (i)  Statement.
            On or as soon as reasonably practicable following the occurrence of an
            Early
            Termination Date, each party will make the calculations on its part,
            if any,
            contemplated by Section 6(e) and will provide to the other party a statement
            (1)
            showing, in reasonable detail, such calculations (including all relevant
            quotations and specifying any amount payable under Section 6(e)) and
            (2) giving
            details of the relevant account to which any amount payable to it is
            to be paid.
            In the absence of written confirmation from the source of a quotation
            obtained
            in determining a Market Quotation, the records of the party obtaining
            such
            quotation will be conclusive evidence of the existence and accuracy of
            such
            quotation.

           

          (ii)  Payment
            Date. An amount calculated as being due in respect of any Early
            Termination Date under Section 6(e) will be payable on the day that notice
            of
            the amount payable is effective (in the case of an Early Termination
            Date which
            is designated or occurs as a result of an Event of Default) and on the
            day which
            is two Local Business Days after the day on which notice of the amount
            payable
            is effective (in the case of an Early Termination Date which is designated
            as a
            result of a Termination Event). Such amount will be paid together with
            (to the
            extent permitted under applicable law) interest thereon (before as well
            as after
            judgment) in the Termination Currency, from (and including) the relevant
            Early
            Termination Date to (but excluding) the date such amount is paid, at
            the
            Applicable Rate. Such interest will be calculated on the basis of daily
            compounding and the actual number of days elapsed.

           

          (e)  Payments
            on Early Termination. If an Early Termination Date occurs, the
            following provisions shall apply based on the parties’ election in the Schedule
            of a payment measure, either “Market Quotation” or “Loss”, and a payment method,
            either the “First Method” or the “Second Method”. If the parties fail to
            designate a payment measure or payment method in the Schedule, it will
            be deemed
            that “Market Quotation” or the “Second Method”, as the case may be, shall apply.
            The amount, if any, payable in respect of an Early Termination Date and
            determined pursuant to this Section will be subject to any Set-off.

           

          (i)  Events
            of Default.  If the Early Termination Date results from
            an Event of Default:

           

          (1)  First
            Method and Market Quotation. If the First Method and Market Quotation
            apply, the Defaulting Party will pay to the Note-defaulting Party the
            excess, if
            a positive number, of (A) the sum of the Settlement Amount (determined
            by the
            Non-defaulting Party) in respect of the “Terminated Transactions and the
            Termination Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid
            Amounts owing to the Defaulting Party.

           

          (2)  First
            Method and Loan. If the First Method and Loss apply, the Defaulting Party
            will pay to the Non-defaulting Party, if a positive number, the Non-defaulting
            Party’s Loss in respect of this Agreement.

           

          (3)  Second
            Method and Market Quotation. If the Second Method and Market Quotation
            apply, an amount will be payable equal to (A) the sum of the Settlement
            Amount
            (determined by the Non-defaulting Party) in respect of the Terminated
            Transactions and the Termination Currency Equivalent of the Unpaid Amounts
            owing
            to the Non-defaulting Party less (B) the Termination Currency Equivalent
            of the
            Unpaid Amounts owing to the Defaulting Party. If that amount is a positive
            number, the Defaulting Party will pay. it to the Non-defaulting Party;
            if it is
            a negative number, the Non-defaulting Party will pay the absolute value
            of that
            amount to the Defaulting Party.

           

          (4)  Second
            Method and Loss.  If the Second Method and Loss apply, an amount
            will be payable equal to the Non-defaulting Party’s Loss in respect of this
            Agreement. If that amount is a positive number, the Defaulting Party
            will pay it
            to the Non-defaulting Party; if it is a negative number, the Non-defaulting
            Party will pay the absolute value of that amount to the Defaulting
            Party.

           

          (ii)  Termination
            Events.  If the Early Termination Date results from a
            Termination Event:

           

          (1)  One
            Affected Party. If there is one Affected Party, the amount payable will be
            determined in accordance with Section 6(e)(i)(3), if Market Quotation
            applies,
            or Section 6(e)(i)(4), if Loss applies, except that, in either case,
            references
            to the Defaulting Party and to the Non-defaulting Party will be deemed
            to be
            references to the Affected Party and the party which is not the Affected
            Party,
            respectively; and, if Loss applies and fewer than all the Transactions
            are being
            terminated, Loss shall be calculated in respect of all Terminated
            Transactions.

           

          (2)  Two
            Affected Parties.  If there are two Affected
            Parties:

           

          (A)  if
            Market
            Quotation applies, each party will determine a Settlement Amount in respect
            of
            the Terminated Transactions, and an amount will be payable equal to (I)
            the sum
            of (a) one-half of the difference between the Settlement Amount of the
            party
            with the higher Settlement Amount (“X”) and the Settlement Amount of the party
            with the lower Settlement Amount (“Y”) and (b) the Termination Currency
            Equivalent of the Unpaid Amounts owing to X less (II) the Termination
            Currency
            Equivalent of the Unpaid Amounts owing to Y; and

           

          (B)  if
            Loss
            applies, each party will determine its Loss in respect of this Agreement
            (or, if
            fewer than all the Transactions are being terminated, in respect of all
            Terminated Transactions) and an amount will be payable equal to one-half
            of the
            difference between the Loss of the party with the higher Loss (“X”) and the Loss
            of the party with the lower Loss (“Y”).

           

          If
            the
            amount payable is a positive number, Y will pay it to X; if it is a negative
            number, X will pay the absolute value of that amount to Y.

           

          (iii)  Adjustment
            for Bankruptcy. In circumstances where an Early Termination Date
            occurs because “Automatic Early Termination” applies in respect of a party, the
            amount determined under this Section 6(e) will be subject to such adjustments
            as
            are appropriate and permitted by law to reflect any payments or deliveries
            made
            by one party to the other under this Agreement (and retained by such
            other
            party) during the period from the relevant Early Termination Date to
            the date
            for payment determined under Section 6(d)(ii).

           

          (iv)  Pre-Estimate.
            The parties agree that if Market Quotation applies an amount recoverable
            under
            this Section 6(e,) is a reasonable pre-estimate of loss and not a penalty.
            Such
            amount is payable for the loss of bargain and the loss of protection
            against
            future risks and except as otherwise provided in this Agreement neither
            party
            will be entitled to recover any additional damages as a consequence of
            such
            losses.

           

          7.  Transfer

           

          Subject
            to Section 6(b)(ii), neither this Agreement nor any interest or obligation
            in or
            under this Agreement may be transferred (whether by way of security or
            otherwise) by either parry without the prior written consent of the other
            party,
            except that:

           

          (a)  a
            party
            may make such a transfer of this Agreement pursuant to a consolidation
            or
            amalgamation with, or merger with or into, or transfer of all or substantially
            all its assets to, another entity (but without prejudice to any other
            right or
            remedy under this Agreement); and

           

          (b)  a
            party
            may make such a transfer of all or any part of its interest in any amount
            payable to it from a Defaulting Party under Section 6(e).

           

          Any
            purported transfer that is not in compliance with this Section will be
            void.

           

          8.  Contractual
            Currency

           

          (a)  Payment
            in the Contractual Currency. Each payment under this Agreement
            will be made its the relevant currency specified in this Agreement for
            that
            payment (the “Contractual Currency”). To the extent permitted by applicable law,
            any obligation to make payments under this Agreement in the Contractual
            Currency
            will not be discharged or satisfied by any tender in any currency other
            than the
            Contractual Currency, except to the extent such tender results in the
            actual
            receipt by the party to which payment is owed, acting; in a reasonable
            manner
            and in good faith in converting the currency so tendered into the Contractual
            Currency, of the full amount in the Contractual Currency of all amounts
            payable
            in respect of this Agreement. If for any reason the amount in the Contractual
            Currency so received falls short of the amount in the Contractual Currency
            payable in respect of this Agreement, the party required to make the
            payment
            will, to the extent permitted by applicable law, immediately pay such
            additional
            amount in the Contractual Currency as may be necessary to compensate
            for the
            shortfall. If for any reason the amount in the Contractual Currency so
            received
            exceeds the amount in the Contractual Currency payable in respect of
            this
            Agreement, the party receiving the payment will refund promptly the amount
            of
            such excess.

           

          (b)  Judgments.  To
            the extent permitted by applicable law, if any judgment or order expressed
            in a
            currency other than the Contractual Currency is rendered (i) for the
            payment of
            any amount owing in respect of this Agreement, (ii) for the payment of
            any
            amount relating to any early termination in respect of this Agreement
            or (iii)
            in respect of a judgment or order of another court for the payment of
            any amount
            described in (i) or (ii) above, the party seeking recovery, after recovery
            in
            full of the aggregate amount to which such party is entitled pursuant
            to the
            judgment or order, will be entitled to receive immediately from the other
            party
            the amount of any shortfall of the Contractual Currency received by such
            party
            as a consequence of sums paid in such other currency and will refund
            promptly to
            the other party any excess of the Contractual Currency received by such
            party as
            a consequence of sums paid in such other currency if such shortfall or
            such
            excess arises or results from any variation between the rate of exchange
            at
            which the Contractual Currency is converted into the currency of the
            judgment or
            order for the purposes of such judgment or order and the rate of exchange
            at
            which such party is able, acting in a reasonable manner and in good faith
            in
            converting the currency received into the Contractual Currency, to purchase
            the
            Contractual Currency with the amount of the currency of the judgment
            or order
            actually received by such party. The term “rate of exchange” includes, without
            limitation, any premiums and costs of exchange payable in connection
            with the
            purchase of or conversion into the Contractual. Currency.

           

          (c)  Separate
            Indemnities. To the extent permitted by applicable law, these
            indemnities constitute separate and independent obligations from the
            other
            obligations in this Agreement, will be enforceable as separate and independent
            causes of action, will apply notwithstanding any indulgence granted by
            the party
            to which any payment is owed and will not be affected by judgment being
            obtained
            or claim or proof being made for any other sums payable in respect of
            this
            Agreement.

           

          (d)  Evidence
            of Loss.  For the purpose of this Section 8, it will be
            sufficient that it would have suffered a loss had an actual exchange
            or purchase
            been made.

           

          9.  Miscellaneous

           

          (a)  Entire
            Agreement. This Agreement constitutes the entire agreement and
            understanding of the parties with respect to its subject matter and supersedes
            all oral communication and prior writings with respect thereto.

           

          (b)  Amendments.  No
            amendment, modification or waiver in respect of this Agreement will be
            effective
            unless in writing (including a writing evidenced by a facsimile transmission)
            and executed by each of the parties or confirmed by an exchange of telexes
            or
            electronic messages on an electronic messaging system.

           

          (c)  Survival
            of Obligations. Without prejudice to Sections 2(a)(iii) and
            d(c)(ii), the obligations of the parties under this Agreement will survive
            the
            termination of any Transaction.

           

          (d)  Remedies
            Cumulative. Except as provided in this Agreement, the rights,
            powers, remedies and privileges provided in this Agreement are cumulative
            and
            not exclusive of any rights, powers, remedies and privileges provided
            by
            law.

           

          (e)  Counterparts
            and Confirmations.

           

          (i)  This
            agreement (and each amendment, modification and waiver in respect of
            it) may be
            executed and delivered in counterparts (including by facsimile transmission),
            each of which will be deemed an original.

           

          (ii)  The
            parties intend that they are legally bound by the terms of each Transaction
            from
            the moment they agree to those terms (whether orally or otherwise). A
            Confirmation shall he entered into as soon as practicable and may he
            executed
            and delivered in counterparts (including by facsimile transmission) or
            be
            created by an exchange of telexes or by an exchange of electronic messages
            on an
            electronic messaging system, which in each case will be sufficient for
            all
            purposes to evidence a binding supplement to this Agreement. The parties
            will
            specify therein or through another effective means that any such counterpart,
            telex or electronic message constitutes a Confirmation.

           

          (f)  No
            Waiver of Rights. A failure or delay in exercising any right,
            power or privilege in respect of this Agreement will not be presumed
            to operate
            as a waiver, and a single or partial exercise of any right, power or
            privilege
            will not be presumed to preclude any subsequent or further exercise,
            of that
            right, power or privilege or the exercise of any other right, power or
            privilege.

           

          (g)  Headings.
            The headings used in this Agreement are for convenience
            of
            reference only and are not to affect the construction of or to be taken
            into
            consideration in interpreting this Agreement.

           

          10.  Offices;
            Multibranch Parties

           

          (a)  If
            Section 10(a) is specified in the Schedule as applying, each party that
            enters
            into a Transaction through an Office other than its head or home office
            represents to the other party that, notwithstanding the place of booking
            office
            or jurisdiction of incorporation or organization of such party, the obligations
            of such party are the same as if it had entered into the Transaction
            through its
            head or home office. This representation wilt be deemed to be repeated
            by such
            party on each date on which a Transaction is entered into.

           

          (b)  Neither
            party may change the Office through which it makes and receives payments
            or
            deliveries for the purpose of a Transaction without the prior written
            consent of
            the other party.

           

          (c)  if
            a
            party is specified as a Multibranch Party in the Schedule, such Multibranch
            Party may make and receive payments or deliveries under any Transaction
            through
            any Office listed in the Schedule, and the Office through which it makes
            and
            receives payments or deliveries with respect to a Transaction will be
            specified
            in the relevant Confirmation.

           

          11.  Expenses

           

          A
            Defaulting Party will, on demand, indemnify and hold harmless the other party
            for and against all reasonable out-of-pocket expenses, including legal
            fees and
            Stamp Tax, incurred by such other party by reason of the enforcement
            and
            protection of its rights under this Agreement or any Credit Support Document
            to
            which the Defaulting Party is a party or by reason of the early termination
            of
            any Transaction, including, but not limited to, costs of
            collection.

           

          12.  Notices

           

          (a)  Effectiveness.  Any
            notice or other communication in respect of this Agreement may be given
            in any
            manner set forth below (except that a notice or other communication under
            Section 5 or 6 may not be given by facsimile transmission or electronic
            messaging system) to the address or number or in accordance with the
            electronic
            messaging system details provided (see the Schedule) and will be deemed
            effective as indicated:

           

          (i)  if
            in
            writing and delivered in person or by courier, on the date it is
            delivered;

           

          (ii)  if
            sent
            by telex, on the date the recipient’s answerback is received;

           

          (iii)  if
            sent
            by facsimile transmission, on the date that transmission is received
            by a
            responsible employee of the recipient in legible form (it being agreed
            that the
            burden of proving receipt will be on the sender and will not be met by
            a
            transmission report generated by the sender’s facsimile machine);

           

          (iv)  if
            sent
            by certified or registered mail (airmail, if overseas) or the equivalent
            (return
            receipt requested), on the date that mail is delivered or its delivery
            is
            attempted or

           

          (v)  if
            sent
            by electronic messaging system, on the date that electronic message is
            received,

           

          unless
            the date of that delivery (or attempted delivery) or that receipt, as
            applicable, is not a Local Business Day or that communication is delivered
            (or
            attempted) or received, as applicable, after the close of business on
            a Local
            Business Day, in which case that communication shall be deemed given
            and
            effective on the first following day that is a Local Business Day.

           

          (b)  Change
            of Addresses. Either party may by notice to the other change the
            address, telex or facsimile number or electronic messaging system details
            at
            which notices or other communications are to be given to it.

           

          13.  Governing
            Laws and Jurisdiction

           

          (a)  Governing
            Law. This Agreement will be governed by and construed in
            accordance with the law specified in the Schedule.

           

          (b)  Jurisdiction.
            With respect to any suit, action or proceedings relating to this Agreement
            (“Proceedings”), each party irrevocably:

           

          (i)  submits
            to the jurisdiction of the English courts, if this Agreement is expressed
            to be
            governed by English law, or to the non-exclusive jurisdiction of the
            courts of
            the State of New York and the United States District Court located in
            the
            Borough of Manhattan in New York City, if this Agreement is expressed
            to be
            governed by the laws of the State of New York; and

           

          (ii)  waives
            any objection which it may have at any time to the laying of venue of
            any
            Proceedings brought in any such court, waives any claim that such Proceedings
            have been brought in an inconvenient forum and further waives the right
            to
            object, with respect to such Proceedings, that such court does not have
            any
            jurisdiction over such party.

           

          Nothing
            in this Agreement precludes either party from bringing Proceedings in
            any other
            jurisdiction (outside, if this Agreement is expressed to be governed
            by English
            law, the Contracting States. as defined in Section 1(3) of the Civil
            Jurisdiction and Judgments Act 1982 or any modification, extension or
            re-enactment thereof for the time being in force) nor will the bringing
            of
            Proceedings in any one or more jurisdictions preclude the bringing of
            Proceedings in any other jurisdiction.

           

          (c)  Service
            of Process. Each party irrevocably appoints the process Agent (if
            any) specified opposite its name in the Schedule to receive, for it and
            on its
            behalf, service of process in any Proceedings. If for any reason any
            party’s
            Process Agent is unable to act as such, such party will promptly notify
            the
            other party and within 30 days appoint a substitute process agent acceptable
            to
            the other party. The parties irrevocably consent to service of process
            given in
            the manner provided for notices in Section 12. Nothing in this Agreement
            will
            affect the right of either party to serve process in any other manner
            permitted
            by law.

           

          (d)  Waiver
            of Immunities.  Each party irrevocably waives, to the
            fullest extent permitted by applicable law, with respect to itself and
            its
            revenues and assets (irrespective of their use or intended use), all
            immunity on
            the grounds of sovereignty or other similar grounds from (i) suit, (ii)
            jurisdiction of any court, (iii) relief of injunction, order for specific
            performance or for recovery of property, (iv) attachment of its assets
            (whether
            before or after judgment) and (v) execution or enforcement of any judgment
            to
            which it or its revenues or assets might otherwise be entitled in any
            Proceedings in the courts of any jurisdiction and irrevocably agrees,
            to the
            extent permitted by applicable law, that it will not claim any such immunity
            in
            any Proceedings.

           

          14.  Definitions

           

          As
            used
            in this Agreement:

           

          “Additional
            Termination Event” has the meaning specified in Section
            5(b).

           

          “Affected
            Party” has the meaning specified in Section 5(b).

           

          “Affected
            Transactions” means (a) with respect to any Termination Event
            consisting of an Illegality. Tax Event or Tax Event Upon Merger, all
            Transactions affected by the occurrence of such Termination Event and
            (b) with
            respect to any other Termination Event, all Transactions.

           

          “Affiliate”
            means, subject to the Schedule, in relation to any person, any entity
            controlled, directly or indirectly, by the person, any entity that controls,
            directly or indirectly, the person or any entity directly or indirectly
            under
            common control with the person. For this purpose, “control” of any entity or
            person means ownership of a majority of the voting power of the entity
            or
            person.

           

          “Applicable
            Rate” means:

           

          (a)  in
            respect of obligations payable or deliverable (or which would have been
            but for
            Section 2(a)(iii)) by a Defaulting Party, the Default Rate:

           

          (b)  in
            respect of an obligation to pay an amount under Section 6(e) of either
            party
            from and after the date (determined in accordance with Section 6(d)(ii))
            on
            which that amount is payable, the Default Rate;

           

          (c)  in
            respect of all other obligations payable or deliverable (or which would
            have
            been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
            Rate;
            and in all other cases, the Termination Rate; and

           

          (d)       in
            all other cases, the Termination Rate.

           

          “Burdened
            Party” has the meaning specified in Section 5(b).

           

          “Change
            in Tax Law” means the enactment, promulgation, execution or
            ratification of or any change in or amendment to, any law (or in the
            application
            or official interpretation of any law) that occurs on or after the date
            on which
            the relevant Transaction is entered into.

           

          “consent”
            includes a consent, approval, action, authorization, exemption, notice,
            filing,
            registration or exchange control consent.

           

          “Credit
            Event Upon Merger” has the meaning specified in Section
            5(b).

           

          “Credit
            Support Document” means any agreement or instrument that is
            specified as such in this Agreement.

           

          “Credit
            Support Provider” has the meaning specified in the
            Schedule.

           

          “Default
            Rate” means a rate per annum equal to the cost (without proof
            or
            evidence of any actual cost) to the relevant payee (as certified by it)
            if it
            were to fund or of funding the relevant amount plus 1% per annum.

           

          “Defaulting
            Party” has the meaning specified in Section 6(a).

           

          “Early
            Termination Date” means the date determined in accordance with
            Section 6(a) or 6(b)(iv)

           

          “Event
            of Default” has the meaning specified in Section 5(a) and, if
            applicable, in the Schedule.

           

          “Illegality”
            has the meaning specified in Section 5(b).

           

          “Indemnifiable
            Tax” means any Tax other than a ‘fax that would not be imposed in
            respect of a payment under this Agreement but for a present or former
            connection
            between the jurisdiction of the government or taxation authority imposing
            such
            Tax and the recipient of such payment or a person related to such recipient
            (including, without limitation, a connection arising from such recipient
            or
            related person being or having been a citizen or resident of such .jurisdiction,
            or being or haying been organized, present or engaged in a trade or business
            in
            such jurisdiction, or having or having had a permanent establishment
            or fixed
            place of business in such jurisdiction, but excluding a connection arising
            solely from such recipient or related person having executed, delivered,
            performed its obligations or received a payment under, or enforced, this
            Agreement or a Credit Support Document).

           

          “law”
            includes any treaty, law, rule or regulation (as modified, in the case
            of tax
            matters, by the practice of any relevant governmental revenue authority)
            and
“lawful” and “unlawful” will
            be construed accordingly.

           

          “Local
            Business Day” means, subject to the Schedule, a day on which
            commercial banks are open for business (including dealings in foreign
            exchange
            and foreign currency deposits) (a) in relation to any obligation under
            Section
            2(a)(i), in the place(s) specified in the relevant Confirmation or, if
            not so
            specified, as otherwise agreed by the parties in writing or determined
            pursuant
            to provisions contained, or incorporated by reference, in this Agreement,
            (b) in
            relation to any other payment, in the place where the relevant account
            is
            located and, if different, in the principal financial centre, if any,
            of the
            currency of such payment, (c) in relation to any notice or other communication,
            including notice contemplated under Section 5(a)(i), in the city specified
            in
            the address for notice provided by the recipient and, in the case of
            a notice
            contemplated by Section 2(b), in the place where the relevant new account
            is to
            be located and (d) in relation to Section 5(a)(v)(2), in the relevant
            locations
            for performance with respect to such Specified Transaction.

           

          “Loss”
            means, with respect to this Agreement or one or more Terminated Transactions,
            as
            the case may be, and a party, the Termination Currency Equivalent of
            an amount
            that party reasonably determines in good faith to be its total losses
            and costs
            (or gain, in which case expressed as a negative number) in connection
            with this
            Agreement or that Terminated Transaction or group of Terminated Transactions,
            as
            the case may be, including any loss of bargain, cost of funding or, at
            the
            election of such party but without duplication, loss or cost incurred
            as a
            result of its terminating, liquidating, obtaining or reestablishing any
            hedge or
            related trading position (or any gain resulting from any of them). Loss
            includes
            losses and costs (or gains) in respect of any payment or delivery required
            to
            have been made (assuming satisfaction of each applicable condition precedent)
            on
            or before the relevant Early Termination date and not made, except, so
            as to
            avoid duplication, if Section 6(e)(i)(1) or (3) or 6(c)(ii)(2)(A) applies.
            Loss
            does not include a party’s legal fees and out-of-pocket expenses referred to
            under Section 11. A party will determine its Loss as of the relevant
            Early
            Termination Date, or, if that is not reasonably practicable, as of the
            earliest
            date thereafter as is reasonably practicable. A party may (but need not)
            determine its Loss by reference to quotations of relevant rates or prices
            from
            one or more leading dealers in the relevant markets.

           

          “Market
            Quotation” means, with respect to one or more Terminated
            Transactions and a party retaking the determination, an amount determined
            on the
            basis of quotations from Reference Market-makers. Each quotation will
            be for an
            amount, if any, that would be paid to such party (expressed as a negative
            number) or by such party (expressed as a positive number) in consideration
            of an
            agreement between such party (taking into account any existing Credit
            Support
            Document with respect to the obligations of such party) and the quoting
            Reference Market-maker to enter into a transaction (the “Replacement
            Transaction”) that would have the effect of preserving for such party the
            economic equivalent of any payment or delivery (whether the underlying
            obligation was absolute or contingent and assuming the satisfaction of
            each
            applicable condition precedent) by the parties under Section 2(a)(i)
            in respect
            of such Terminated Transaction or group of Terminated Transactions that
            would,
            but for the occurrence of the relevant Early Termination Date, have been
            required after that date. For this purpose, Unpaid Amounts in respect
            of the
            Terminated Transaction or group of Terminated Transactions are to be
            excluded
            but, without limitation, any payment or delivery that would, but for
            the
            relevant Early Termination Date, have been required (assuming satisfaction
            of
            each applicable condition precedent) after that Early Termination Date
            is to be
            included. The Replacement Transaction would be subject to such documentation
            as
            such party and the Reference Market-maker may, in good faith agree. The
            party
            making the determination (or its agent) will request each Reference Market-maker
            to provide its quotation to the extent reasonably practicable as of the
            same day
            and time (without regard to different time zones) on or as soon as reasonably
            practicable after the relevant Early Termination Date. The day and time
            as of
            which those quotations are to be obtained will be selected in good faith
            by the
            party obliged to make a determination under Section 6(e), and, if each
            party is
            so obliged, after consultation with the other. If more than three quotations
            are
            provided, the Market Quotation will be the arithmetic mean of the quotations,
            without regard to the quotations having the highest and lowest values.
            If
            exactly three such quotations are provided, the Market Quotation will
            be the
            quotation remaining after disregarding the highest and lowest quotations.
            For
            this purpose, if more than one quotation has the same highest value or
            lowest
            value, then one of such quotations shall be disregarded. If fewer than
            three
            quotations are provided, it will be deemed that the Market Quotation
            in respect
            of such Terminated Transaction or group of Terminated Transactions cannot
            be
            determined.

           

          “Non-default
            Rate” means a rate per annum equal to the cost (without proof
            or
            evidence of any actual cost) to the Non-defaulting Party (as certified
            by it) if
            it were to fund the relevant amount.

           

          “Non-defaulting
            Party” has the meaning specified in Section 6(a).

           

          “Office”
            means a branch or office of a party, which may be such party’s head or home
            office.

           

          “Potential
            Event of Default” means any event which, with the giving of notice
            or the lapse of time or both, would constitute an Event of Default.

           

          “Reference
            Market-makers” means four leading dealers in the relevant market
            selected by the party determining a Market Quotation in good faith (a)
            from
            among dealers of the highest credit standing; which satisfy all the criteria
            that such party applies generally at the time in deciding whether to
            offer or to
            make an extension of credit and (b) to the extent practicable, from among
            such.
            dealers having an office in the same city.

           

          “Relevant
            Jurisdiction” means, with respect to a party, the jurisdictions
            (a) in which the party is incorporated, organized, managed and controlled
            or
            considered to have its seat, (b) where an Office through which the party
            is
            acting for purposes of this Agreement is located, (c) in which the party
            executes this Agreement and (d) in relation to any payment, from or through
            which such payment is made.

           

          “Scheduled
            Payment Date” means a date on which a payment or delivery is to be
            made under Section 2(a)(i) with respect to a transaction.

           

          “Set-off’
            means set-off, offset, combination of accounts, right of retention or
            withholding or similar right or requirement to which the payer of an
            amount
            under Section 6 is entitled or subject (whether arising under this Agreement,
            another contract, applicable law or otherwise) that is exercised by,
            or imposed
            on, such payer.

           

          “Settlement
            Amount” means, with respect to a party and any Early Termination
            Date, time sum of:

           

          (a)  the
            Termination Currency Equivalent of the Market Quotations (whether positive
            or
            negative) for each Terminated Transaction or group of Terminated Transactions
            for which a Market Quotation is determined; and

           

          (b)  such
            party’s Loss (whether positive or negative and without reference to any Unpaid
            amounts) for each Terminated Transaction or group of Terminated Transactions
            for
            which a Market Quotation cannot be determined or would not (in the reasonable
            belief of the party making the determination) produce a commercially
            reasonable
            result.

           

          “Specified
            Entity” has the meanings specified in the Schedule.

           

          “Specified
            Indebtedness” means, subject to the Schedule, any obligation
            (whether present or future, contingent or otherwise. as principal or
            surety or
            otherwise) in respect of borrowed money.

           

          “Specified
            Transaction” means, subject to the Schedule, (a) any transaction
            (including an agreement with respect thereto) now existing or hereafter
            entered
            into between one party to this Agreement (or any Credit Support Provider
            of such
            party or any applicable Specified Entity; of such party) and the other
            party to
            this Agreement (or any Credit Support Provider of such other party or
            any
            applicable Specified Entity of such other party) which is a rate swap
            transaction, basis swap, forward rate transaction, commodity swap, commodity
            option, equity or equity index swap, equity or equity index option, bond
            option,
            interest rate option, foreign exchange transaction, cap transaction,
            floor
            transaction, collar transaction, currency swap transaction, cross-currency
            rate
            swap transaction, currency option or any other similar transaction (including
            any option with respect to any of these transactions), (b) any combination
            of
            these transactions and (c) any other transaction identified as a Specified
            Transaction in this Agreement or the relevant confirmation.

           

          “Stamp
            Tax” means any stamp, registration, documentation or similar
            tax.

           

          “Tax”
            means any present or future tax, levy, impost, duty, charge, assessment
            or fee
            of any nature (including interest, penalties and additions thereto) that
            is
            imposed by any government or other taxing authority in respect of any
            payment
            under this Agreement other than a stamp, registration, documentation
            or similar
            tax.

           

          “Tax
            Event” has the meaning specified in Section 5(b).

           

          “Tax
            Event Upon Merger” has the meaning specified in Section
            5(b).

           

          “Terminated
            Transactions” means with respect to any Early Termination. Date
            (a) if resulting from a Termination Event, all Affected Transactions
            and (b) if
            resulting from an Event of Default, all Transactions (in either case)
            in effect
            immediately before the effectiveness of the notice designating that Early
            Termination Date (or, if “Automatic Early Termination” applies, immediately
            before that Early Termination Date).

           

          “Termination
            Currency” has the meaning specified in the Schedule.

           

          “Termination
            Currency Equivalent” means, in respect of any amount denominated
            in the Termination Currency, such Termination Currency amount and, in
            respect of
            any amount denominated in a currency other than the Termination Currency
            (the
“Other Currency”), the amount in the Termination Currency determined by the
            party making the relevant determination as being required to purchase
            such
            amount of such Other Currency as at the relevant Early Termination Date,
            or, if
            the relevant Market Quotation or Loss (as the case may be), is determined
            as of
            a later date, that later date, with the Termination Currency at the rate
            equal
            to the spot exchange rate of the foreign exchange agent (selected as
            provided
            below) for the purchase of such Other Currency with the Termination Currency
            at
            or about 11:00 a.m. (in the city in which such foreign exchange agent
            is
            located) on such date as would be customary for the determination of
            such a rate
            for the purchase of such Other Currency for value on the relevant Early
            Termination Date or that later date. The foreign exchange agent will,
            if only
            one party is obliged to make a determination under Section 6(e), be selected
            in
            good faith by that party and otherwise will be agreed by the
            parties.

           

          “Termination
            Event” means an Illegality, a Tax Event or a Tax Event Upon Merger
            or, if specified to be applicable, a Credit Event Upon Merger or an Additional
            Termination Event.

           

          “Termination
            Rate” means a rate per annum equal to the arithmetic mean of
            the
            cost (without proof or evidence of any actual cost) to each party (as
            certified
            by such party) if it were to fund or of funding such amounts.

           

          “Unpaid
            Amounts” owing to any party means, with respect to an Early
            Termination Date, the aggregate of (a) in respect of all Terminated
            Transactions, the amounts that became payable (or that would have become
            payable
            but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
            prior to
            such Early Termination Date and which remain unpaid as at such Early
            Termination
            Date and (b) in respect of each Terminated Transaction, for each obligation
            under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii))
            required to be settled by delivery to such party on or prior to such
            Early
            Termination Date and which has not been so settled as at such Early Termination
            Date, an amount equal to the fair market

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          value
            of  that  which was  (or would have
            been)  required to be  delivered as  of the
            originally scheduled date for delivery, in each case together with (to
            the
            extent permitted under applicable law) interest, in the currency of such
            amounts, from (and including) the date such amounts or obligations were
            or would
            have been required to have been paid or performed to (but excluding)
            such Early
            Termination Date, at the Applicable Rate. Such amounts of interest will
            be
            calculated on the basis of daily compounding and the actual number of
            days
            elapsed.  The fair market value of any obligation referred to in
            clause (b) above shall be reasonably determined by the party obliged
            to make the
            determination under Section 6(e) or, if each party is so obliged, it
            shall be
            the average of the Termination Currency Equivalents of the fair market
            values
            reasonably determined by both parties.

          

          IN
            WITNESS WHEREOF the parties have executed this document on the respective
            dates
            specified below with effect from the date specified on the first page
            of this
            document.

           

          

          

           

          
            	
                    UBS
                      AG

                  	 	
                    WELLS
                      FARGO BANK, N.A.,  not individually, but solely as Supplemental
                      Interest Trust Trustee on behalf of the Supplemental Interest
                      Trust with
                      respect to the MASTR Asset Backed Securities
                      Trust  2007-HE1,  Mortgage Pass Through Certificates,
                      Series 2007-HE1

                  
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	
                    By:

                  	 
	
                    Name:

                  	 	 	
                    Name:

                  	 
	
                    Title:

                  	 	 	
                    Title:

                  	 
	
                    Date:

                  	 	 	
                    Date:

                  	 
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	 	 
	
                    Name:

                  	 	 	 	 
	
                    Title:

                  	 	 	 	 
	
                    Date:

                  	 	 	 	 

          

          

          

          

          

          

          

          

          

          

          Copyright
©
1992
            by International Swap Dealers
            Association, Inc.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          Execution
            Copy

          (Multicurrency-Cross
            Border)

          UBS
            AG
            Ref: 37669312

           

          

           

          SCHEDULE

          to
            the

          Master
            Agreement

          dated
            as
            of May 30, 2007

           

          between

           

          UBS
            AG (“Party A”),

          a
            banking
            corporation organized under the laws of Switzerland

          and

           

          Wells
            Fargo Bank, N.A., not individually, but solely as
            Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
            Trust
            with respect to the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage
            Pass-Through Certificates, Series 2007-HE1 (“Party B”)

          

           

          Part
            1.

          Termination
            Provisions

           

          
            	
                     

                  	
                    In
                      this Agreement:

                  

          

           

          
            	
                    (a)

                  	
                    “Specified
                      Entity” means in relation to Party A for the purpose
                      of:-

                  

          

          

          
            	 	
                    Section
                      5(a)(v),

                  	
                    Not
                      applicable.

                  	 
	 	
                    Section
                      5(a)(vi),

                  	
                    Not
                      applicable.

                  	 
	 	
                    Section
                      5(a)(vii),

                  	
                    Not
                      applicable.

                  	 
	 	
                    Section
                      5(b)(iv),

                  	
                    Not
                      applicable.

                  	 

          

          

          and
            in
            relation to Party B for the purpose of:

           

          
            	 	
                    Section
                      5(a)(v),

                  	
                    Not
                      applicable.

                  	 
	 	
                    Section
                      5(a)(vi),

                  	
                    Not
                      applicable.

                  	 
	 	
                    Section
                      5(a)(vii),

                  	
                    Not
                      applicable.

                  	 
	 	
                    Section
                      5(b)(iv),

                  	
                    Not
                      applicable.

                  	 

          

           

          
            	
                    (b)

                  	
                    “Specified
                      Transaction” will have the meaning specified in Section 14 of
                      this Agreement.

                  

          

           

          
            	
                    (c)

                  	
                    The
                      “Failure to Pay or Deliver” provisions of Section 5(a)(i)
                      of this Agreement will apply to Party A and will apply to Party
                      B.

                  

          

           

          
            	
                    (d)

                  	
                    The
                      “Breach of Agreement” provisions of Section 5(a)(ii) of
                      this Agreement will apply to Party A and will not apply to
                      Party B.
                      

                  

          

           

          
            	
                    (e)

                  	
                    The
                      “Credit Support Default” provisions of Section 5(a)(iii)
                      of this Agreement will apply to Party A and will not apply
                      to Party B
                      except that Section 5(a)(iii)(1) of this Agreement will apply
                      to Party B
                      with respect to Party B’s obligations under Paragraphs 3(b) and 6(d)(ii)
                      of the Credit Support Annex.

                  

          

           

          
            	
                    (f)

                  	
                    The
                      “Misrepresentation” provisions of Section 5(a)(iv) of
                      this Agreement will not apply to either Party A or Party B.
                      (g)

                  	
                    The
                      “Default under Specified Transaction” provisions of
                      Section 5(a)(v) of this Agreement will apply to Party A and
                      will not apply
                      to Party B.

                  

          

           

          
            	
                    (h)

                  	
                    The
                      “Cross Default” provisions of Section 5(a)(vi) of this
                      Agreement, as modified below, will apply to Party A and will
                      not apply to
                      Party B.  Section 5(a)(vi) of this Agreement is hereby amended
                      by the addition of the following at the end
                      thereof:

                  

          

           

          
            	
                     

                  	
                    “provided,
                      however, that notwithstanding the foregoing, an Event of Default
                      shall not
                      occur under either (1) or (2) above if, as demonstrated to
                      the reasonable
                      satisfaction of the other party, (a) the event or condition
                      referred to in
                      (1) or the failure to pay referred to in (2) is a failure to
                      pay caused by
                      an error or omission of an administrative or operational nature;
                      (b) funds
                      were available to such party to enable it to make the relevant
                      payment
                      when due; and (c) such relevant payment is made within three
                      Local
                      Business Days following receipt of written notice from an interested
                      party
                      of such failure to pay.”

                  

          

           

          
            	
                     

                  	
                    For
                      purposes of this provision:

                  

          

           

          
            	
                     

                  	
                    “Specified
                      Indebtedness” will have the meaning specified in Section 14
                      of this Agreement.

                  

          

           

          
            	
                     

                  	
                    “Threshold
                      Amount” means with respect to Party A, an amount equal
                      to
                      three percent (3%) of the shareholders’ equity (howsoever described) of
                      Party A as shown on the most recent annual audited financial
                      statements of
                      Party A.

                  

          

           

          
            	
                    (i)

                  	
                    The
                      “Credit Event Upon Merger” provisions of Section 5(b)(iv)
                      of this Agreement will not apply to either Party A or Party
                      B.

                  

          

           

          
            	
                    (j)

                  	
                    The
                      “Automatic Early Termination” provisions of Section 6(a)
                      of this Agreement will not apply to Party A and will not apply
                      to Party B;
                      provided that, if the Event of Default specified in Section
                      5(a)(vii)
                      (except for Section 5(a)(vii)(2)) is governed by a system of
                      law that does
                      not permit termination to take place after the occurrence of
                      the relevant
                      Event of Default with respect to a party, then the Automatic
                      Early
                      Termination provision of Section 6(a) will apply to such
                      party.

                  

          

           

          
            	
                    (k)

                  	
                    The
                      “Bankruptcy” provisions of Section 5(a)(vii) of this
                      Agreement will apply to both Party A and Party B; provided,
                      however, that
                      with respect to Party B the following modifications shall apply:
                      (i)
                      clause (2) shall not apply; (ii) clause (4) shall exclude proceedings
                      or
                      petitions instituted or presented by Party A or any of Party
                      A’s
                      Affiliates; (iii) the words “seeks or” shall be deleted from clause (6);
                      (iv) clause (6) shall not apply in connection with any appointment
                      that is
                      contemplated by the Pooling and Servicing Agreement; (v) clauses
                      (7) and
                      (9) shall not apply; and (vi) clause (8) shall apply only to
                      the extent
                      that any of the events specified in clauses (1) through (7)
                      are
                      applicable.

                  

          

          

          (l)           Payments
            on Early Termination.  For the purpose of Section 6(e) of
            this Agreement:

          (i)           Market
            Quotation will apply.

          (ii)           The
            Second Method will apply.

          

          
            	
                    (m)

                  	
                    Calculations.  Notwithstanding
                      Section 6 of this Agreement, so long as Party A is (A) the
                      Affected Party
                      in respect of an Additional Termination Event, Illegality,
                      Tax Event or a
                      Tax Event Upon Merger or (B) the Defaulting Party in respect
                      of any Event
                      of Default, paragraphs (i) to (vi) below shall
                      apply:

                  

          

          

          (i)           The
            definition of “Market Quotation” shall be deleted in its entirety and replaced
            with the following:

          

          “Market
            Quotation” means, with respect to one or more Terminated Transactions,
            a Firm Offer which is (1) made by a Reference Market-maker that is an
            Eligible
            Replacement, (2) for an amount that would be paid to Party B (expressed
            as a
            negative number) or by Party B (expressed as a positive number) in consideration
            of an agreement between Party B and such Reference Market-maker to enter
            into a
            transaction (the “Replacement Transaction”) that would have the
            effect of preserving for such party the economic equivalent of any payment
            or
            delivery (whether the underlying obligation was absolute or contingent
            and
            assuming the satisfaction of each applicable condition precedent) by
            the parties
            under Section 2(a)(i) in respect of such Terminated Transactions or group
            of
            Terminated Transactions that would, but for the occurrence of the relevant
            Early
            Termination Date, have been required after that Date, (3) made on the
            basis that
            Unpaid Amounts in respect of the Terminated Transaction or group of Transactions
            are to be excluded but, without limitation, any payment or delivery that
            would,
            but for the relevant Early Termination Date, have been required (assuming
            satisfaction of each applicable condition precedent) after that Early
            Termination Date is to be included and (4) made in respect of a Replacement
            Transaction with terms substantially the same as those of this Agreement
            (save
            for the exclusion of provisions relating to Transactions that are not
            Terminated
            Transactions).”

          

          (ii)           The
            definition of “Settlement Amount” shall be deleted in its entirety and replaced
            with the following:

          

          “Settlement
            Amount” means, with respect to any Early Termination Date, an amount
            (as determined by Party B) equal to the Termination Currency Equivalent
            of the
            amount (whether positive or negative) of any Market Quotation for the
            relevant
            Terminated Transaction or group of Terminated Transactions that is accepted
            by
            Party B so as to become legally binding; provided that:

          

          (1)           If,
            no Automatic Early Termination has occurred and, on the Early Termination
            Date,
            (x) no Market Quotation for the relevant Terminated Transaction or group
            of
            Terminated Transactions has been accepted by Party B so as to become
            legally
            binding and (y) one or more Market Quotations have been made and remain
            capable
            of becoming legally binding upon acceptance, the Settlement Amount shall
            equal
            the Termination Currency Equivalent of the amount (whether positive or
            negative)
            of the lowest of such Market Quotations; and

          

          (2)           If
            no Automatic Early Termination has occurred and,  on the Early
            Termination Date, (x) no Market Quotation for the relevant Terminated
            Transaction or group of Terminated Transactions is accepted by Party
            B so as to
            become legally binding and (y) no Market Quotations have been made and
            remain
            capable of becoming legally binding upon acceptance, the Settlement Amount
            shall
            equal Party B’s Loss (whether positive or negative and without reference to any
            Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated
            Transactions.

          

          (3)  If
            an
            Automatic Early Termination has occurred and, on the Early Termination
            Date, no
            Market Quotation for the relevant Terminated Transaction or group of
            Terminated
            Transactions is accepted by Party B so as to become legally binding,
            the
            Settlement Amount shall equal Party B’s Loss (whether positive or negative and
            without reference to any Unpaid Amounts) for the relevant Terminated
            Transaction
            or group of Terminated Transactions.

          

          
            	
                    (iii)       
                        

                  	
                    For
                      the purpose of paragraph (4) of the definition of Market Quotation,
                      Party
                      B shall determine in its sole discretion, acting in a commercially
                      reasonable manner, whether a Firm Offer is made in respect
                      of a
                      Replacement Transaction with commercial terms substantially
                      the same as
                      those of this Agreement (save for the exclusion of provisions
                      relating to
                      Transactions that are not Terminated
                      Transactions).

                  

          

           

          
            	
                    (iv)          

                  	
                    At
                      any time on or before the Early Termination Date at which two
                      or more
                      Market Quotations remain capable of becoming legally binding
                      upon
                      acceptance, Party B shall be entitled to accept only the lowest
                      of such
                      Market Quotations.

                  

          

           

          
            	
                     

                  	
                    (v)

                  	
                    If
                      Party B requests Party A in writing to obtain Market Quotations,
                      Party A
                      shall use its reasonable efforts to do so before the Early
                      Termination
                      Date.

                  

          

           

          
            	
                     

                  	
                    (vi)

                  	
                    If
                      the Settlement Amount is a negative number, Section 6(e)(i)(3)
                      of this
                      Agreement shall be deleted in its entirety and replaced with
                      the
                      following:

                  

          

           

          “Second
            Method and Market Quotation. If Second Method and Market Quotation
            apply, (1) Party B shall pay to Party A an amount equal to the absolute
            value of
            the Settlement Amount in respect of the Terminated Transactions, (2)
            Party B
            shall pay to Party A the Termination Currency Equivalent of the Unpaid
            Amounts
            owing to Party A and (3) Party A shall pay to Party B the Termination
            Currency
            Equivalent of the Unpaid Amounts owing to Party B, provided that, (i)
            the
            amounts payable under (2) and (3) shall be subject to netting in accordance
            with
            Section 2(c) of this Agreement and (ii) notwithstanding any other provision
            of
            this Agreement, any amount payable by Party A under (3) shall not be
            netted-off
            against any amount payable by Party B under (1).”

           

          (n)           “Termination
            Currency” means United States Dollars (“USD”).

           

          (o)           Additional
            Termination Event will apply to Party A and Party B as set forth
            below:

           

           

          
            	
                    (i)         
                        

                  	
                    Each
                      of the following events shall be an Additional Termination
                      Event for which
                      Party B shall be the sole Affected Party and all Transactions
                      shall be
                      Affected Transactions:

                  

          

           

          (A)
            The
            trust created pursuant to the Pooling and Servicing Agreement (as defined
            below)
            is unable to pay, or fails or admits in writing its inability, to pay
            on any
            Distribution Date, any Monthly Interest Distributable Amount with respect
            to the
            Class A Certificates, to the extent required pursuant to the terms of
            the
            Pooling and Servicing Agreement to be paid to the Class A Certificates
            on such
            Distribution Date;

           

           (B)  The
            Pooling and Servicing Agreement dated as of May 1, 2007 among Mortgage
            Asset
            Securitization Transactions, Inc. as depositor, Wells Fargo Bank, N.A.
            as master
            servicer, trust administrator and custodian, Barclays Capital Real Estate
            Inc.
            d/b/a HomeEq Servicing and Wells Fargo Bank, N.A., as servicers and U.S.
            Bank
            National Association  as trustee (the “Pooling and Servicing
            Agreement”) is amended or modified without the prior written consent of Party A
            where such consent is required under the Pooling and Servicing Agreement
            (such
            consent not to be unreasonably withheld, conditioned or delayed), if
            such
            amendment or modification adversely affects, in any material respect,
            the
            interests of Party A; and

          

          (C)
             An Additional Termination Event shall occur upon the notice to
            Certificateholders of an Optional Termination becoming unrescindable
            in
            accordance with Article IX of the Pooling and Servicing Agreement (such
            notice,
            the “Optional Termination Notice”).

          

          With
            respect to such Additional Termination Event under this Part 1(o)(i)(C)
            :

          

          (i)
            Party
            B shall be the sole Affected Party and the swap transaction with Reference
            Number 37669312 (the “Swap Transaction”) shall be the sole Affected
            Transaction;

          

          (ii)
            notwithstanding anything to the contrary in Section 6(b)(iv) of the Agreement
            or

          Section
            6(c)(i) of the Agreement, the final Distribution Date specified in the
            Optional
            Termination Notice is hereby designated as the Early Termination Date
            for this
            Additional Termination Event in respect of the Swap Transaction;

          

          (iii)
            Section 2(a)(iii)(2) of the Agreement shall not be applicable to the
            Swap

          Transaction
            in connection with the Early Termination Date resulting from this Additional
            Termination Event; notwithstanding anything to the contrary in Section
            6(c)(ii)
            of the Agreement, payments and deliveries under Section 2(a)(i) of the
            Agreement
            or Section 2(e) of the Agreement in respect of the Terminated Transactions
            resulting from this Additional Termination Event will be required to
            be made
            through and including the Early Termination Date designated as a result
            of this
            Additional Termination Event; provided, for the avoidance of doubt, that
            any
            such payments or deliveries that are made on or prior to such Early Termination
            Date will not be treated as Unpaid Amounts in determining the amount
            payable in
            respect of such Early Termination Date;

          

          (iv)
            notwithstanding anything to the contrary in Section 6(d)(i) of the
            Agreement,

          

          (A)
            if,
            no later than 4:00 pm New York City time on the day that is four Business
            Days
            prior to the final Distribution Date specified in the Optional Termination
            Notice, the Trust Administrator requests the amount of the Estimated
            Swap
            Termination Payment, Party A shall provide to the Terminator and the
            Trust
            Administrator in writing (which may be done in electronic format) the
            amount of
            the Estimated Swap Termination Payment no later than 2:00 pm New York
            City time
            on the following Business Day and (B) if the Trust Administrator provides
            written notice to Party A no later than two Business Days prior to the
            final
            Distribution Date specified in the Optional Termination Notice that all
            requirements of the Optional Termination have been met, then Party A
            shall, no
            later than one Business Day prior to the final Distribution Date specified
            in
            the Optional Termination Notice, make the calculations contemplated by
            Section
            6(e) of the Agreement (as amended herein) and provide to the Trust Administrator
            in writing (which may be done in electronic format) the amount payable
            by either
            Party B or Party A in respect of the related Early Termination Date in
            connection with this Additional Termination Event; provided, however,
            that the
            amount payable by Party B, if any, in respect of the related Early Termination
            Date shall be the lesser of (x) the amount calculated to be due from
            Party B
            pursuant to Section 6(e) of the Agreement and (y) the Estimated Swap
            Termination
            Payment; and

          

          (v)
            notwithstanding anything to the contrary in Section 6(d)(ii) of the Agreement,
            any amount due from Party B to Party A in respect of this Additional
            Termination
            Event will be payable on the final Distribution Date specified in the
            Optional
            Termination Notice and any amount due from Party A to Party B in respect
            of this
            Additional Termination Event will be payable one Business Day prior to
            the final
            Distribution Date specified in the Optional Termination Notice.

          

          “Estimated
            Swap Termination Payment” shall mean, with respect to an Early Termination Date,
            an amount determined by Party A in good faith in a commercially reasonable
            manner as the maximum payment that could be owed by Party B with respect
            to such
            early termination pursuant to Section 6(e) of the Agreement taking into
            account
            then current market conditions.

          

          The
            Trust
            Administrator shall be an express third party beneficiary of this Agreement
            as
            if a party hereto to the extent of the Trust Administrator’s rights specified in
            Part 1(m)(i)(3) hereof.

           

          
            	
                     

                  	
                    (ii)

                  	
                    Each
                      of the following events shall be an Additional Termination
                      Event for which
                      Party A shall be the sole Affected Party and all Transactions
                      shall be
                      Affected Transactions:

                  

          

          

          (A)         If
            it is not the case that a Moody’s Second Trigger Event has occurred and been
            continuing for 30 or more Local Business Days and Party A fails to comply
            with
            or perform any obligation to be complied with or performed under the
            CSA
            (including any obligation to Transfer Eligible Collateral
            thereunder);

          

          (B)         On
            any Local Business Day that is (1) at least 30 Local Business Days after
            the
            occurrence of  a Moody’s Second Trigger Event (which is continuing) or
            (2) at least 10 Local Business Days after the occurrence of  an
            S&P Second Trigger Event  (which is continuing),  and,
            in the case of (1) and (2), a Firm Offer that remains capable of being
            accepted
            is either (i) made by an Eligible Replacement that satisfies the Moody’s Ratings
            Requirement (Second Trigger) and the S&P Ratings Requirement (First
            Trigger) to accept transfer of Party A’s obligations hereunder or (ii) made by a
            guarantor that satisfies the Moody’s Ratings Requirement (Second Trigger)and the
            S&P Ratings Requirement (First Trigger) to provide an Eligible Guarantee
            in
            respect of Party A’s present and future payment and delivery obligations under
            this Agreement and the CSA and such a Firm Offer is not accepted by Party
            A
            within one (1) Local Business Day of being made.  During any period
            prior to the acceptance of such offer, Party A will continue to comply
            with its
            obligations under the CSA; and

          

          (C) Upon
            the occurrence of a Swap Disclosure Event (as defined below in Part 5(bb)
            of
            this Schedule) and Party A has not, within the lesser of 15 calendar
            days and 10
            Local Business Days (after giving effect to any grace period applicable
            to the
            relevant filing) after such Swap Disclosure Event, complied with any
            of the
            provisions set forth in Part 5(bb) of this Schedule.

           

          For
            the
            purposes hereof:

          

          

          “Eligible
            Guarantee” means an unconditional and irrevocable guarantee that is provided by
            a guarantor as principal debtor rather than surety and is directly enforceable
            by Party B, where  (A) either (x)  a law firm has given a
            legal opinion confirming that none of the guarantor’s payments to Party B under
            such guarantee will be subject to withholding for Tax or (y) such guarantee
            provides that, in the event that any of such guarantor’s payments to Party B are
            subject to withholding for Tax, such guarantor is required to pay such
            additional amount as is necessary to ensure that the net amount actually
            received by Party B (free and clear of any withholding tax) will equal
            the full
            amount Party B would have received had no such withholding been required
            and (B)
            the Rating Agency Condition with respect to S&P is satisfied.

          

          “Eligible
            Replacement” means an entity satisfying (or whose present and future payment and
            delivery obligations owing to Party B are guaranteed pursuant to an Eligible
            Guarantee provided by a guarantor satisfying) the Moody’s Ratings Requirement
            (Second Trigger) and the S&P Ratings Requirement (First
            Trigger).  Where the Eligible Replacement will enter into
            documentation substantively similar to this Agreement, Party A must provide
            written notice to each Swap Rating Agency of such transfer and such transfer
            must be in connection with the assignment and assumption of this Agreement
            without modification of its terms, other than party names, dates relevant
            to the
            effective date of such transfer, tax representations and any other
            representations regarding the status of the substitute
            counterparty.  In all other cases, the Rating Agency Condition must be
            satisfied with respect to S&P.

           

          “Firm
            Offer” means an offer which, when made, was capable of becoming legally binding
            upon acceptance by the offeree.

           

          “Long
            Term Rating” means the long-term unsecured and unsubordinated debt or
            counterparty rating assigned to a party by a Swap Rating Agency.

           

          “Moody’s”
            shall mean Moody’s Investors Service, Inc., or any successor
            thereto.

           

          “Moody’s
            First Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
            Requirement (First Trigger).

           

          “Moody’s
            Ratings Requirement (First Trigger)” means, with respect to a
            party: (x) such party’s Short Term Rating from Moody’s is at least “P-1”
and its Long Term Rating from Moody’s is at least “A2”; or (y) if such party
            does not have a Short Term Rating from Moody’s, its Long Term Rating
            from  Moody’s is at least “A1.

           

          “Moody’s
            Ratings Requirement (Second Trigger)” means, (x) with respect to a Relevant
            Entity, its Short Term Rating from Moody’s is at least “P-2” and its Long Term
            Rating from Moody’s is at least “A3” or (y)  if such Relevant Entity
            does not have a Short Term Rating, its Long Term Rating from Moody’s is at least
“A3”.

           

          “Moody’s
            Second Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
            Requirement (Second Trigger).

           

          “Relevant
            Entity” means Party A and any guarantor under an Eligible Guarantee in respect
            of all of Party A’s present and future obligations hereunder.

           

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

           

          “S&P
            First Trigger Event” means no Relevant Entity satisfies the S&P Ratings
            Requirement (First Trigger).

           

          “S&P
            Ratings Requirement (First Trigger)” means: (x) the Relevant Entity’s Short Term
            Rating from S&P is at least “A-1” or (y) if such Relevant Entity does not
            have a Short Term Rating from S&P, its Long Term Rating from S&P is at
            least “A+”.

           

          “S&P
            Ratings Requirement (Second Trigger)” means the Relevant Entity’s Long Term
            Rating is at least “BBB-”.

           

           “S&P
            Second Trigger Event” means that no Relevant Entity’s Long Term Rating satisfies
            the S&P Ratings Requirement (Second Trigger).

           

          “Second
            Trigger Collateralization Level” applies at any time a Moody’s Second Trigger
            Event has occurred and has been continuing for thirty (30) or more Local
            Business Days.  For the avoidance of doubt, the Second Trigger
            Collateralization Level shall cease to apply at any time a Relevant Entity
            satisfies the Moody’s Ratings Requirement (Second Trigger).

           

          “Short
            Term Rating” means the short-term unsecured and unsubordinated debt rating
            assigned to a party by a Swap Rating Agency.

           

          “Swap
            Rating Agency” means each of S&P and Moody’s, to the extent that each such
            rating agency is then providing a rating for any of the MASTR Asset Backed
            Securities Trust 2007-HE1, Mortgage Pass Through Certificates, Series
            2007-HE1
            (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

          

          

          (p)           Second
            Trigger Event Additional Obligations.For so long as Party A does not
            satisfy the Moody’s Ratings Requirement (Second Trigger), the S&P Ratings
            Requirement (Second Trigger), Party A shall use commercially reasonable
            efforts
            to obtain a Firm Offer to, as soon as is reasonably practicable, either (1)
            transfer its obligations under this Agreement to an Eligible Replacement
            that
            satisfies the Moody’s Ratings Requirement (Second Trigger)and the S&P
            Ratings Requirement (First Trigger)  or (2) to the extent consistent with
            its then-current internal policies and practices, guaranty its present
            and
            future payment and delivery obligations under this Agreement and the
            CSA through
            an Eligible Guarantee from a guarantor that satisfies the Moody’s Ratings
            Requirement (Second Trigger) and the S&P Ratings Requirement (First
            Trigger).

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          Part
            2.

          Tax
            Representations

          

           

          
            	
                    (a)

                  	
                    Payer
                      Tax Representations.  For the purpose of Section 3(e)
                      of this Agreement, Party A and Party B will each make the following
                      representation:  None.

                  

          

           

          
            	
                     (b)

                  	
                    Payee
                      Representations.

                  

          

           

          
            	
                     

                  	
                    (i)

                  	
                    For
                      the purpose of Section 3(f) of this Agreement, Party A makes
                      the following
                      representations to Party
                      B:  None.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    For
                      the purpose of Section 3(f) of this Agreement, Party B makes
                      the following
                      representations to Party
                      A:  None

                  

          

          

          Part
            3.

          Agreement
            to Deliver Documents.

           

          For
            the
            purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
            to
            deliver the following documents, as applicable:

           

          (a)           Tax
            forms, documents or certificates to be delivered are:

          
            	
                    
                       

                      Party
                        required to

                      deliver
                        document

                    

                  	 	
                    
                       

                       

                      Form/Document/Certificate

                    

                  	 	
                    
                       

                      Date
                        by which to be delivered

                       

                    

                  
	
                    Party
                      A

                     

                     

                  	 	
                     An
                      original completed and executed United States Internal Revenue
                      Service
                      Form W-8BEN (or any successor thereto), as appropriate,  with
                      respect to any payments received or to be received by Party
                      A that
                      eliminates U.S. federal withholding and backup withholding
                      Tax on payments
                      to Party A under this Agreement.

                  	 	
                    (i)
                      Upon execution and delivery of this Agreement, with such form
                      to be
                      updated at the beginning of each succeeding three calendar
                      year period
                      beginning after execution of this Agreement, or as otherwise
                      required
                      under then applicable U.S. Treasury Regulations; (ii) promptly
                      upon
                      reasonable demand by Party B; and (iii) promptly upon learning
                      that any
                      information on any previously delivered form (or any successor
                      thereto)
                      has become obsolete or incorrect.

                  
	 	 	 	 	 
	
                    Party
                      B

                  	 	
                      (i)
                      Upon execution of this Agreement, an original completed and
                      executed
                      United States Internal Revenue Service Form W-9 (or any successor
                      thereto)
                      with respect to any payments received or to be received by
                      the initial
                      beneficial owner of payments to Party B under this Agreement,
                      and (ii)
                      thereafter, the appropriate tax certification form (i.e., IRS
                      Form W-9 or
                      IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or
                      any successor
                      thereto) with respect to any payments received or to be received
                      by the
                      beneficial owner of payments to Party B under this Agreement
                      from time to
                      time.

                  	 	
                    (i)
                      Prior to the First Floating Rate Payer Payment Date, (ii) promptly
                      upon
                      reasonable demand by Party A, (iii) promptly upon actual
                      knowledge that any such form previously provided by Party B has
                      become obsolete or incorrect and (iv) in the case of a tax
                      certification form other than a Form W-9, before December 31
                      of each third
                      succeeding calendar year.

                  

          

           

          
            	
                    (b)

                  	
                    Other
                      documents to be delivered are:-

                  

          

          
          

          

          
            	
                    
                       

                      Party
                        required to deliver document

                    

                  	 	
                    
                       

                      Form/Document/

                      Certificate

                    

                  	 	
                    
                       

                      Date
                        by which

                      to
                        be Delivered

                    

                  	 	
                    
                       

                      Covered
                        by

                      Section
                        3(d)

                    

                  
	
                    Party
                      A

                  	 	
                    Evidence
                      of authority of signatories to this Agreement

                  	 	
                    Upon
                      execution of this Agreement

                  	 	
                    Yes

                  
	 	 	 	 	 	 	 
	
                    Party
                      A

                  	 	
                    Any
                      publicly available annual audited financial statements prepared
                      in
                      accordance with generally accepted accounting principles in
                      the country in
                      which Party A is organized

                  	 	
                    As
                      such statements are made publicly available on Party A’s website
                      (http://www.ubs.com/1/e/investors/annualreporting.html) or on the
                      U.S. Securities Exchange Commission EDGAR information retrieval
                      system

                  	 	
                    Yes

                  
	 	 	 	 	 	 	 
	
                    Party
                      A

                  	 	
                    Any
                      publicly available interim unaudited financial statements prepared
                      in
                      accordance with generally accepted accounting principles in
                      the country in
                      which Party A is organized

                  	 	
                    As
                      such statements are made publicly available on Party A’s website
                      (http://www.ubs.com/1/e/investors/quarterly_reporting.html
                      or on the U.S.
                      Securities Exchange Commission EDGAR information retrieval
                      system

                  	 	
                    Yes

                  
	 	 	 	 	 	 	 
	
                    Party
                      B

                  	 	
                     A
                      duly executed copy of the Pooling and Servicing Agreement
                      (“PSA”)

                  	 	
                    Promptly
                      upon being finalized

                  	 	
                    No

                  
	 	 	 	 	 	 	 
	
                    Party
                      B

                  	 	
                    (1)
                      Monthly statements to certificateholders pursuant to Section
                      4.02 of the
                      PSA and (2) Notice of any amendment to the PSA pursuant to
                      Section 11.01
                      that would adversely affect in any material respect the interests
                      of Party
                      A.

                  	 	
                    (1)
                      Available monthly via Party B’s website at:
                       http://www.ctslink.com

                    (2)
                      At the time specified for such notice to parties in the applicable
                      Section
                      of the PSA

                  	 	
                    No

                  
	 	 	 	 	 	 	 
	
                    Party
                      A and Party B

                  	 	
                    Legal
                      opinions reasonably satisfactory in form and substance to each
                      party

                  	 	
                    Promptly
                      following execution of this Agreement

                  	 	
                    No

                  

          

           

          Part
            4.

          Miscellaneous.

           

          
            	
                    (a)

                  	
                    Addresses
                      for Notices.  For the purpose of Section
                      12(a):-

                  

          

           

          
            	 	
                    Address
                      for notices or communications to Party A (for all
                      purposes):-

                  

          

          

          
            	
                    Address:

                  	
                    UBS
                      AG, Stamford Branch

                  
	 	
                    677
                      Washington Boulevard

                  
	 	
                    Stamford,
                      CT  06901

                  
	
                    Attention:

                  	
                    Legal
                      Affairs

                  
	
                    Facsimile
                      No.:

                  	
                    (203)
                      719-0680

                  

          

           

          Address
            for notices or communications to Party B (for all purposes):

          

          
            	
                    Address:

                  	
                    Wells
                      Fargo Bank, N.A.

                  
	 	
                    9062
                      Old Annapolis Road

                  
	 	
                    Columbia,
                      MD  21045-1951

                  
	 	 
	
                    Attention:

                  	
                    Client
                      Manager – 2007-HE1

                  
	
                    Telephone:

                  	
                    410-884-2000

                  
	
                    Facsimile
                      :

                  	
                    410-715-2380

                  

          

           

          
            	
                     (b)

                  	
                    Process
                      Agent.  For the purpose of Section
                      13(c):-

                  

          

           

          Party
            A
            appoints as its Process Agent, Not Applicable

           

          Party
            B
            appoints as its Process Agent, Not applicable.

           

          
            	
                    (c)

                  	
                    Offices.  The
                      provisions of Section 10(a) will apply to this
                      Agreement.

                  

          

           

          
            	
                    (d)

                  	
                    Multibranch
                      Party.  For the purpose of Section 10(c) of this
                      Agreement:-

                  

          

           

          Party
            A
            is a Multibranch Party and may act through its branches in any of the
            following
            territories or countries:  Australia, England and Wales, Hong Kong,
            Singapore, Switzerland and United States of
            America.   

           

          Party
            B
            is not a Multibranch Party.

           

          
            	
                    (e)

                  	
                    Calculation
                      Agent.  The Calculation Agent is Party A, unless
                      otherwise specified in a Confirmation in relation to the relevant
                      Transaction; provided, however, that if Party A is the Defaulting
                      Party,
                      Party B shall select a Reference Market Maker to act as Calculation
                      Agent,
                      the cost of which shall be borne by Party A.  All calculations
                      by the Calculation Agent shall be made in good faith and through
                      the
                      exercise of its commercially reasonable
                      judgment.

                  

          

           

          
            	
                    (f)

                  	
                    Credit
                      Support Document.  Details of any Credit Support
                      Document:-

                  

          

           

          (i)           The
            ISDA Credit Support Annex entered into between Party A and Party B and
            dated as
            of the date hereof (the “CSA”) shall be a Credit Support Document with respect
            to Party A and Party B.

           

          (ii)           Any
            Eligible Guarantee provided by a guarantor in support of Party A’s obligations
            hereunder shall be a Credit Support Document with respect to Party
            A.

           

          
            	
                     (g)

                  	
                    Credit
                      Support Provider.

                  

          

           

          In
            relation to Party A: Any guarantor providing an Eligible Guarantee in
            support of
            Party A’s obligations hereunder.

           

          In
            relation to Party B: Not applicable.

           

          
            	
                    (h)

                  	
                    Governing
                      Law.  This Agreement will be governed by and construed
                      in accordance with the laws of the State of New York without
                      reference to
                      choice of law doctrine (other than NY General Obligations law
                      Sections
                      5-1401 and 5-1402).

                  

          

           

          
            	
                    (i)

                  	
                    Jurisdiction.  Section
                      13(b) of this Agreement is hereby amended by: (i) deleting
                      in the second
                      line of subparagraph (i) thereof the word “non-” and (ii) deleting the
                      final paragraph thereof.

                  

          

           

          
            	
                    (j)

                  	
                    Netting
                      of Payments.  Subparagraph (ii) of Section 2(c) of this
                      Agreement will apply to the Transactions under this
                      Agreement.

                  

          

           

          
            	
                    (k)

                  	
                    “Affiliate”
                      will have the meaning specified in Section 14 of this Agreement;
                      provided
                      that with respect to Party B, Party B shall be deemed to not
                      have any
                      Affiliates for purposes of this Agreement, including for purposes
                      of
                      Section 6(b)(ii).

                  

          

           

          Part
            5.

          Other
            Provisions.

           

          
            	
                    (a)

                  	
                    WAIVER
                      OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND
                      ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING IN CONNECTION
                      WITH
                      THIS AGREEMENT OR ANY TRANSACTION THEREUNDER, AND ACKNOWLEDGES
                      THAT THIS
                      WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY’S ENTERING INTO THIS
                      AGREEMENT AND EACH TRANSACTION
                      HEREUNDER.

                  

          

          

          
            	
                    (b)

                  	
                    Definitions.  This
                      Agreement, each Confirmation, and each Transaction are subject
                      to the 2000
                      ISDA Definitions as published by the International Swaps and
                      Derivatives
                      Association, Inc. as amended, supplemented, updated, restated,
                      and
                      superseded from time to time (collectively the “Definitions”), and will be
                      governed in all respects by the Definitions.  The Definitions,
                      as so modified are incorporated by reference in, and made part
                      of, this
                      Agreement and each Confirmation as if set forth in full in
                      this Agreement
                      and such Confirmations.  Subject to Section 1(b) of this
                      Agreement, in the event of any inconsistency between the provisions
                      of
                      this Agreement and the Definitions, this Agreement will
                      prevail.  Also, subject to Section 1(b) of this Agreement, in
                      the event of any inconsistency between the provisions of any
                      Confirmation
                      and this Agreement, or the Definitions, such Confirmation will
                      prevail for
                      the purpose of the relevant Transaction.   The provisions
                      of the Definitions are hereby incorporated by reference in
                      and shall be
                      deemed a part of this Agreement, except that (i) references
                      in the
                      Definitions to a “Swap Transaction” shall be deemed references to a
                      “Transaction” for purposes of this Agreement, and (ii) references to a
                      “Transaction” in this Agreement shall be deemed references to a “Swap
                      Transaction” for purposes of the Definitions. Each term capitalized but
                      not defined in this Agreement or the Definitions shall have
                      the meaning
                      assigned thereto in the Pooling and Servicing
                      Agreement.

                  

          

          

          

          
            	
                    (c)

                  	
                    Notices.  For
                      the purposes of subsections (iii) and (v) of Section 12(a),
                      the date of
                      receipt shall be presumed to be the date sent if sent on a
                      Local Business
                      Day or, if not sent on a Local Business Day, the date of receipt
                      shall be
                      presumed to be the first Local Business Day following the date
                      sent.

                  

          

           

          (d)           Reserved.
            

          

          
            	
                    (e)

                  	
                    No
                      Setoff.   Notwithstanding any provision of this
                      Agreement or any other existing or future agreement, each party
                      irrevocably waives any and all rights it may have to set off,
                      net, recoup
                      or otherwise withhold or suspend or condition payment or performance
                      of
                      any obligation between it and the other party hereunder against
                      any
                      obligation between it and the other party under any other
                      agreements.  The provisions for Set-off set forth in Section
                      6(e) of the Agreement shall not apply; provided, however, that
                      upon the
                      designation of any Early Termination Date, in addition to,
                      and not in
                      limitation of any other right or remedy under applicable law,
                      Party A may,
                      by notice to Party B, require Party B to set off any sum or
                      obligation
                      that Party A owed to Party B against any collateral currently
                      held by
                      Party B that Party A has posted to Party B, and Party B shall
                      effect such
                      set-off promptly, if and to the extent permitted to do so under
                      applicable
                      law.

                  

          

           

          
            	
                     (f)

                  	
                    Non-Petition.  Party
                      A hereby irrevocably and unconditionally agrees that it will
                      not institute
                      against, or join any other person in instituting against, Party
                      B, the
                      Supplemental Interest Trust Trustee, or the trust created pursuant
                      to the
                      Pooling and Servicing Agreement, any bankruptcy, reorganization,
                      arrangement, insolvency, or similar proceeding under the laws
                      of the
                      United States, the Cayman Islands or any other jurisdiction
                      for the
                      non-payment of any amount due hereunder or any other reason
                      until the
                      payment in full of the Notes and the expiration of a period
                      of one year
                      plus one day (or, if longer, the applicable preference period)
                      following
                      such payment.  Pursuant to Section 9(c) of this Agreement, the
                      provisions of this Part 5(f) will survive the termination of
                      this
                      Agreement so long as any amounts due hereunder remain outstanding.
                      

                  

          

           

          
            	
                    (g)

                  	
                    Severability.  If
                      any term, provision, covenant, or condition of this Agreement,
                      or the
                      application thereof to any party or circumstance, shall be
                      held to be
                      invalid or unenforceable (in whole or in part) for any reason,
                      the
                      remaining terms, provisions, covenants, and conditions hereof
                      shall
                      continue in full force and effect as if this Agreement had
                      been executed
                      with the invalid or unenforceable portion eliminated, so long
                      as this
                      Agreement as so modified continues to express, without material
                      change,
                      the original intentions of the parties as to the subject matter
                      of this
                      Agreement and the deletion of such portion of this Agreement
                      will not
                      substantially impair the respective benefits or expectations
                      of the
                      parties; provided, however, that this severability provision
                      will not be
                      applicable if any provision of Section 2, 5, 6 or 13 of this
                      Agreement (or
                      any definition or provision in Section 14 of this Agreement
                      to the extent
                      it relates to, or is used in or in connection with, such section)
                      is held
                      to be invalid or unenforceable, provided, further, that the
                      parties agree
                      to first use reasonable efforts to amend the affected provisions
                      of
                      Section 2, 5, 6 or 13 of this Agreement (or any definition
                      or provision in
                      Section 14 of this Agreement to the extent it relates to, or
                      is used in or
                      in connection with, such section) so as to preserve the original
                      intention
                      of the parties. It shall in particular be understood that this
                      severability clause shall not affect the single agreement concept
                      of
                      Section 1(c) of this Agreement.

                  

          

          

          
            	 	
                    The
                      parties shall endeavor to engage in good faith negotiations
                      to replace any
                      invalid or unenforceable term, provision, covenant or condition
                      with a
                      valid or enforceable term, provision, covenant or condition,
                      the economic
                      effect of which comes as close as possible to that of the invalid
                      or
                      unenforceable term, provision, covenant or
                      condition.

                  

          

          
            	
                     

                  	 

          

          
            	
                    (h)

                  	
                    Recording
                      of Conversations.  Each Party: (i) consents to the
                      recording of all telephone conversations between trading, operations
                      and
                      marketing personnel of the parties and their Affiliates in
                      connection with
                      this Agreement or any potential Transaction; (ii) agrees to
                      give notice to
                      such personnel that their calls will be recorded; and (iii)
                      agrees that in
                      any Proceedings, it will not object to the introduction of
                      such recordings
                      in evidence on grounds that consent was not properly
                      given.

                  

          

          

          
            	
                    (i)

                  	
                    Amendment;
                      Consent. Section 9(b) of the Agreement is amended by adding
                      the
                      following at the end of such
                      Section:

                  

          

          

          
            	
                     

                  	
                    “No
                      amendment, modification or waiver in respect of this Agreement
                      will be
                      effective unless the Rating Agency Condition is
                      satisfied.”

                  

          

          

          
            	
                     

                  	
                    For
                      the purposes of this Agreement, “Rating Agency Condition” means, with
                      respect to any particular proposed act or omission to act hereunder,
                      and
                      each Swap Rating Agency specified in connection with such proposed
                      act or
                      omission, that the party acting or failing to act must consult
                      with each
                      of the specified Swap Rating Agencies and receive from each
                      Swap Rating
                      Agency a prior written confirmation that the proposed action
                      or inaction
                      would not cause a downgrade or withdrawal of the then-current
                      rating of
                      any Certificates or Notes.

                  

          

          

          
            	
                    (j)

                  	
                    Third
                      Party Beneficiary.  Party B hereby acknowledges and
                      agrees that Party A has been made a third-party beneficiary
                      of the
                      provisions under the Pooling and Servicing Agreement and shall be
                      entitled to rights and benefits (including the priority of
                      payments)
                      according to the terms of the Pooling and Servicing
                      Agreement.

                  

          

          

          
            	
                    (k)

                  	
                    Limitation
                      of Liability.  It is expressly understood and agreed by the
                      parties hereto that insofar as this  Agreement is executed by
                      Wells Fargo Bank, N.A. (“Wells Fargo”) not in its individual capacity, but
                      solely as Supplemental Interest Trust Trustee on behalf of
                      the
                      Supplemental Interest Trust under the Pooling and Servicing
                      Agreement in
                      the exercise of the powers and authority conferred upon and
                      vested in it
                      thereunder; (i) Wells Fargo  has been directed pursuant to the
                      Pooling and Servicing Agreement to enter into this Agreement
                      and to
                      perform its obligations hereunder; (ii) each of the representations,
                      undertakings and agreements herein made on behalf of Party
                      B is made and
                      intended not as a personal representation, undertaking or agreement
                      of
                      Wells Fargo but is made and intended for the purpose of binding
                      only the
                      Supplemental Interest Trust; and (iii) nothing herein shall
                      be construed
                      as imposing any liability on Wells Fargo, individually or personally,
                      to
                      perform any covenant either express or implied contained herein,
                      all such
                      liability being expressly waived by the parties hereto and
                      by any person
                      claiming by, through or under the parties hereto and under
                      no
                      circumstances shall Wells Fargo in its individual
                      capacity be personally liable for any payment of any indebtedness
                      or
                      expenses or be personally liable for the breach or failure
                      of any
                      obligation,  representation, warranty or covenant made or
                      undertaken under this Agreement.

                  

            	 	 

          

          
            	
                    (l)

                  	
                    Representations.   Section
                      3 of this Agreement is hereby amended by adding at the end
                      thereof the
                      following subsection (g):

                  

          

          

          “(g)
            Relationship Between Parties.

          

          (1)           Non
            Reliance – Evaluation and Understanding.

          

           (i) It
            is not relying upon any communications (whether written or oral) from
            the other
            party as investment advice or as a recommendation to enter into this
            Agreement,
            any Credit Support Document to which it is a party and each Transaction
            hereunder (other than the representations expressly set forth in this
            Agreement
            and in such Credit Support Document), it being understood that information
            and
            explanations related to the terms and conditions of a Transaction shall
            not be
            considered investment advice or a recommendation to enter into that Transaction;
            (ii) it has not received from the other party any assurance or guarantee
            as to
            the expected results of any Transaction; (iii)  it has consulted with
            its own legal, regulatory, tax, business, investment, financial, and
            accounting
            advisors to the extent it has deemed necessary, and it has made its own
            independent investment, hedging, and trading decisions based upon its
            own
            judgment and upon any advice from such advisors as it has deemed necessary
            and
            not upon any view expressed by the other party and (iv) it understands
            and
            accepts the terms, conditions and risks of that Transaction.

          

          
            	
                     

                  	
                    (2)

                  	
                    Purpose.  It
                      is entering into this Agreement, any Credit Support Document
                      to which it
                      is a party and each Transaction hereunder for the purposes
                      of managing its
                      borrowings or investments, hedging its underlying assets or
                      liabilities or
                      in connection with a line of
                      business.

                  

          

          

          
            	
                     

                  	
                    (3)

                  	
                    Status
                      of Parties.  The other party is not acting as agent, fiduciary
                      or advisor for it in respect of any Transaction entered into
                      hereunder.

                  

          

           

          
            	
                                           
                      (4) 

                  	
                    Eligible
                      Contract Participant. It is an “eligible contract participant” as
                      that term is defined in Section 1a(12) of the U.S. Commodity
                      Exchange Act
                      (7 U.S.C. 1a) as amended by the Commodities Futures Modernization
                      Act of
                      2000.

                  

          

          

          
            	
                    (m)

                  	
                    Additional
                      Representations.

                  

          

           

          (1)
            Party
            A Representation.  Party A is entering into this Agreement and each
            Transaction as principal (and not as agent or in any other capacity,
            fiduciary
            or otherwise).

           

          (2)
            Party
            B Representation.  Party B is entering into this Agreement as
            Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
            Trust pursuant to the Pooling and Servicing Agreement.

          

          
            	
                    (n)

                  	
                    Non-Recourse
                      Obligations of Party B. Party A acknowledges and agrees that,
                      notwithstanding any other provision herein, the obligations
                      of Party B
                      under this Agreement and any confirmations hereto are limited
                      recourse
                      obligations of Party B, payable solely from the Supplemental
                      Interest
                      Trust and the proceeds thereof in accordance with the priority of
                      payments and other terms of the Pooling and Servicing Agreement
                      and that
                      Party A will not have any recourse to any of the directors,
                      officers,
                      employees, shareholders or affiliates of Party B with respect
                      to any
                      claims, losses, damages, liabilities, indemnities or other
                      obligations in
                      connection with any transactions contemplated hereby.  In the
                      event that the Supplemental Interest Trust and the proceeds
                      thereof should
                      be insufficient to satisfy all claims outstanding, any claims
                      against or
                      obligations of Party B under this Agreement or any confirmation
                      hereunder
                      still outstanding shall be extinguished and thereafter not
                      revive. Wells
                      Fargo Bank, N.A. shall not have liability for any failure or delay in
                      making a payment hereunder to Party A due to any failure or
                      delay in
                      receiving amounts in the account held by the Supplemental Interest
                      Trust
                      from the Trust created pursuant to the Pooling and Servicing
                      Agreement.
                      The provisions of this Part 5(n) shall survive the termination
                      of this
                      Agreement.

                  

          

          

          
            	
                    (o)

                  	
                    Change
                      of Account. Section 2(b) of this Agreement is hereby amended
                      by
                      adding the following after the word “delivery” in the first line of the
                      existing text: “to another account in the same legal and tax jurisdiction
                      as the original account”.

                  

          

          

          
            	
                    (p)

                  	
                     Right
                      to Terminate Following Termination Event. Section 6(b) of this
                      Agreement is hereby amended by inserting the following before
                      the period
                      at the end of the last sentence of the existing text: “; provided,
                      however, that any election by Party A to designate an Early
                      Termination
                      Date arising in respect of a Change in Tax Law shall not be
                      effective if,
                      within 30 days following Party B’s receipt of notice from Party A of Party
                      A’s designation of an Early Termination Date in respect of any
                      event
                      described in Section 5(b)(ii) of this Agreement, Party B notifies
                      Party A that it waives its right to receive additional amounts
                      from Party
                      A under Section 2(d)(i)(4) of this Agreement that would not
                      otherwise be
                      payable but for such Change in Tax
                      Law”.

                  

          

          

          (q)           Transfer.
            Section 7 of this Agreement is hereby amended to read in its entirety
            as
            follows:

          

          Except
            as
            stated under Section 6(b)(ii) of this Agreement, in this Section 7 of
            this
            Agreement and Part 5 of the Schedule, neither Party A nor Party B is
            permitted
            to assign, novate or transfer (whether by way of security or otherwise)
            as a
            whole or in part any of its rights, obligations or interests under this
            Agreement without (1) the prior written consent of the other party and
            (2) the
            satisfaction of the Rating Agency Condition with respect to S&P, Fitch and
            DBRS. Notwithstanding the immediately foregoing sentence, Party A may
            transfer
            this Agreement to another of Party A’s offices or branches (“Transferee”) on
            five Local Business Days prior written notice to Party B and the Swap
            Rating
            Agencies (so long as the Certificates are outstanding); provided that, (i)
            a Termination Event or Event of Default does not occur under this Agreement
            as a
            result of such transfer; (ii) and both Party A and the Transferee are
            at the
            time of transfer “dealers in notional principal contracts” within the meaning of
            United States Treasury Regulation Section 1.1001-4 and (iii) the Rating
            Agency
            Condition is satisfied with respect to S&P.

          

          
            	
                    (r)

                  	
                    Confirmations.
                      Each Confirmation supplements, forms part of, and will be read
                      and
                      construed as one with this
                      Agreement.

                  

          

          

          
            	
                     (s)

                  	
                    Agent
                      for Party B.  Party A acknowledges that Party B has
                      appointed the Supplemental Interest Trust Trustee as its agent
                      under the
                      Pooling and Servicing Agreement to carry out certain functions
                      on behalf
                      of Party B, and that the Supplemental Interest Trust Trustee
                      shall be
                      entitled to give notices and to perform and satisfy the obligations
                      of
                      Party B hereunder on behalf of Party
                      B.

                  

          

           

          
            	
                    (t)

                  	
                    Interpretation.
                      References in this Agreement to the parties hereto, Party A
                      and Party B,
                      shall (for the avoidance of doubt) include, where appropriate,
                      any
                      permitted successors or assigns
                      thereof.

                  

          

          

          
            	
                    (u)

                  	
                    Gross
                      Up. The third line of Section 2(d)(i) of this Agreement
                      is hereby
                      amended by the insertion before the phrase “of any relevant governmental
                      revenue authority” of the words “, application or official interpretation”
                      and the insertion of the words “(either generally or with respect to a
                      party of the Agreement)” after such
                      phrase.

                  

          

          

          
            	
                    (v)

                  	
                    Scope
                      of Agreement.  Upon the effectiveness
                      of this Agreement, unless otherwise agreed to in writing by
                      the parties to
                      this Agreement with respect to specific Specified Transactions,
                      all
                      Specified Transactions then outstanding or any future Specified
                      Transactions between Offices of the parties listed in Part
                      4(d) of this
                      Schedule shall be subject to the terms hereof and each such Specified
                      Transaction shall be a “Transaction” for purposes of this
                      Agreement.

                  

          

          

          
            	
                    (w)

                  	
                     Deduction
                      or Withholding for Tax. Notwithstanding the definition of
                      “Indemnifiable Tax” in Section 14 of this Agreement, in relation to
                      payments by Party A, any Tax shall be an Indemnifiable Tax
                      and, in
                      relation to payments by Party B, no Tax shall be an Indemnifiable
                      Tax.

                  

          

          

          
            	
                    (x)

                  	
                    Failure
                      to Deliver Collateral. Notwithstanding Sections 5(a)(i) and
                      5(a)(iii) or anything in the CSA to the contrary, any failure
                      by Party A
                      to comply with or perform any obligation to be complied with
                      or performed
                      by Party A under the CSA shall not be an Event of Default unless
                      (A) the
                      Second Trigger Collateralization Level applies, and (B) such
                      failure is
                      not remedied on or before the third (3rd)
                      Local
                      Business Day after notice of such failure is given to Party
                      A.

                  

          

          

          (y)           Tax
            Event andTax Event Upon Merger.

          

          Section
            5(b)(ii) will apply, provided that the words “(x) any action taken by a taxing
            authority, or brought in a court of competent jurisdiction, on or after
            the date
            on which a Transaction is entered into (regardless of whether such action
            is
            taken or brought with respect to a party to this Agreement) or (y)” shall be
            deleted.

          

          Section
            5(b)(iii) will apply, provided that Party A shall not be entitled to
            designate
            an Early Termination Date by reason of a Tax Event Upon Merger in respect
            of
            which it is the Affected Party.

          

          Section
            6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
            occurs and the Burdened Party is the Affected Party” shall be
            deleted.

          

          (z)           SwapRating
            Agency Notifications.

          

          Notwithstanding
            any other provision of this Agreement, this Agreement shall not be amended,
            no
            Early Termination Date shall be effectively designated by Party B, and
            no
            transfer of any rights or obligations under this Agreement shall be made
            (other
            than a transfer of all of Party A’s rights and obligations with respect to this
            Agreement in accordance with Part 5(q) above) unless the Swap Rating
            Agencies
            have been given prior written notice of such amendment, designation or
            transfer.

           

          
            	
                    (aa)

                  	
                    Timing
                      of Payments by Party B upon Early Termination.Notwithstanding
                      anything to the contrary in Section 6(d)(ii) of this Agreement,
                      to the
                      extent that all or a portion (in either case, the “Unfunded Amount”) of
                      any amount that is calculated as being due in respect of any
                      Early
                      Termination Date under Section 6(e) of this Agreement from
                      Party B to
                      Party A will be paid by Party B from amounts other than any
                      upfront
                      payment paid to Party B by an Eligible Replacement that has
                      entered a
                      Replacement Transaction with Party B, then such Unfunded Amount
                      shall be
                      due on the next subsequent Distribution Date following the
                      date on which
                      the payment would have been payable as determined in accordance
                      with
                      Section 6(d)(ii) of this Agreement, and on any subsequent Distribution
                      Dates until paid in full (or if such Early Termination Date
                      is the final
                      Distribution Date, on such final Distribution Date); provided,
                      however,
                      that if the date on which the payment would have been payable
                      as
                      determined in accordance with Section 6(d)(ii) of this Agreement
                      is a
                      Distribution Date, such payment will be payable on such Distribution
                      Date.

                  

          

          

          (bb)          Compliance
            with Regulation AB.

          

          (i)           Party
            A agrees and acknowledges that Mortgage Asset Securitization Transactions,
            Inc.
            (the “Depositor”) is required under Regulation AB under the Securities Act of
            1933, as amended, and the Securities Exchange Act of 1934, as amended
            (the
“Exchange Act”) (“Regulation AB”), to disclose certain financial information
            regarding Party A, depending on the aggregate “Significance Percentage” of all
            Transactions under this Agreement, together with any other transactions
            that
            fall within the meaning of “derivative contracts” for the purposes of Item 1115
            of Regulation AB between Party A and Party B, as calculated from time
            to time in
            accordance with the Calculation Methodology (as defined below).

          

          (ii)
            It
            shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
            Day after the date hereof, Depositor notifies Party A that the Significance
            Percentage has reached one of the thresholds for significance of derivative
            contracts set forth in Item 1115 of Regulation AB (based on a reasonable
            determination by Depositor, in good faith and using the Calculation Methodology,
            of such Significance Percentage).

          

          (iii)           Upon
            the occurrence of a Swap Disclosure Event, Party A, at its own expense,
            shall
            provide to Depositor the applicable Swap Financial Disclosure (as defined
            below).

          

          (iv)           In
            the alternative to subparagraph (iii) above, upon the occurrence of a
            Swap
            Disclosure Event or at any time after complying with subparagraph (iii)
            above,
            Party A may, at its option and at its own expense,  (a) secure another
            entity to replace Party A as party to this Agreement on terms substantially
            similar to this Agreement and subject to prior notification to the Swap
            Rating
            Agencies, which entity (or a guarantor therefor) meets or exceeds the
            S&P
            Ratings Requirement (First Trigger) and Moody’s Ratings Requirement (Second
            Trigger), satisfies the Rating Agency Condition with respect to S&P, and
            which entity is able to comply with the requirements of Item 1115 of
            Regulation
            AB or (b) obtain a guaranty of the Party A’s obligations under this Agreement
            from an affiliate of the Party A that is able to comply with the financial
            information disclosure requirements of Item 1115 of Regulation AB, such
            that
            disclosure provided in respect of the affiliate will satisfy any disclosure
            requirements applicable to the Swap Provider, and cause such affiliate
            to
            provide Swap Financial Disclosure.  If permitted by Regulation AB, any
            required Swap Financial Disclosure may be provided by reference to or
            incorporation by reference from reports filed pursuant to the Exchange
            Act.

          

          (v)           Party
            A agrees that, in the event that Party A provides Swap Financial Disclosure
            to
            Depositor in accordance with paragraph (iii) above or causes its affiliate
            to
            provide Swap Financial Disclosure to Depositor in accordance with paragraph
            (iv)(b) above, it will indemnify and hold harmless Depositor, its respective
            directors or officers and any person controlling Depositor, from and
            against any
            and all losses, claims, damages and liabilities (any “Damage”) caused by any
            untrue statement or alleged untrue statement of a material fact contained
            in
            such Swap Financial Disclosure or caused by any omission or alleged omission
            to
            state in such Swap Financial Disclosure a material fact required to be
            stated
            therein or necessary to make the statements therein, in light of the
            circumstances under which they were made, not misleading; provided, however
            that
            the foregoing shall not apply to any Damage caused by the negligence
            or any
            willful action of Depositor or any other party (other than Party A or
            any of its
            affiliates or any of their respective agents), including without limitation
            any
            failure to calculate the Significance Percentage according to the terms
            of this
            Agreement or to make any filing as and when required under Regulation
            AB.

          

          (vi)  Depositor
            shall be an express third party beneficiary of this Agreement as if it
            were a
            party hereto to the extent of Depositor’s rights explicitly specified
            herein.

          

          (vii)           In
            the event that Party A provides the information referred to above, such
            information shall be provided on the date that is the later of (i) five
            (5)
            Business Days after the Swap Disclosure Event or (ii) five (5) Business
            Days
            after the relevant Distribution Date for which the Trust Administrator
            will be
            required to file a Form 10-D.

          

          For
            the
            purposes hereof:

          

          “Calculation
            Methodology” means such method for determining maximum probable
            exposure of a derivative contract as mutually agreed to by Depositor
            and Party
            A.

          

          “Swap
            Financial Disclosure” means the financial information specified in
            Item 1115 of Regulation AB relating to the applicable Significance
            Percentage.

          

          

          [signatures
            follow]

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          The
            parties executing this Schedule have executed the Master Agreement and
            have
            agreed as to the contents of this Schedule.

          

           

          

          
            	
                    UBS
                      AG

                  	 	
                    Wells
                      Fargo Bank, N.A., not individually, but solely as Supplemental
                      Interest Trust Trustee on behalf of the Supplemental Interest
                      Trust with
                      respect to the MASTR Asset Backed Securities Trust 2007-HE1,
                      Mortgage
                      Pass-Through Certificates, Series 2007-HE1

                  
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	
                    By:

                  	 
	
                    Name:

                  	 	 	
                    Name:

                  	 
	
                    Title:

                  	 	 	
                    Title:

                  	 
	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	
                    By:

                  	 
	
                    Name:

                  	 	 	
                    Name:

                  	 
	
                    Title:

                  	 	 	
                    Title:

                  	 

          

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          Execution
            Copy

          ISDA®

          CREDIT
            SUPPORT ANNEX

          to
            the
            Schedule to the

          ISDA
            Master Agreement

          dated
            as
            of  May 30, 2007 between

          

          UBS
            AG (hereinafter referred to as “Party A” or
“Pledgor”)

          and

          

          Wells
            Fargo Bank, N.A.,, not individually, but solely as Supplemental
            Interest Trust Trustee on behalf of the Supplemental Interest Trust with
            respect
            to the MASTR Asset Backed Securities Trust 2007-HE1, Mortgage Pass-Through
            Certificates, Series 2007-HE1

           

          (“Party
            B”)

           (hereinafter
            referred to as “Party B” or “Secured
            Party”).

          

          For
            the
            avoidance of doubt, and notwithstanding anything to the contrary that
            may be
            contained in the Agreement, this Credit Support Annex shall relate solely
            to the
            Interest Rate Swap Transaction documented in the Confirmation dated as
            of  May 30, 2007 between Party A and Party B, Reference Number
            37669312.

          

           

          Paragraph
            13.  Elections and Variables.

           

          
            	
                    (a)  

                  	
                    Security
                      Interest for “Obligations”.  The term
                      “Obligations” as used in this
                      Annex includes the following additional
                      obligations:

                  

          

           

          With
            respect to Party A: not applicable.

           

          With
            respect to Party B: not applicable.

           

          
            	
                    (b)  

                  	
                    Credit
                      Support Obligations.

                  

          

           

          
            	
                    (i)  

                  	
                    Delivery
                      Amount, Return Amount and Credit Support
                      Amount.

                  

          

           

          
            	
                    (A)  

                  	
                    “Delivery
                      Amount” has the meaning specified
                      in
                      Paragraph 3(a) as amended (I) by deleting the words “upon a demand made by
                      the Secured Party on or promptly following a Valuation Date” and inserting
                      in lieu thereof the words “not later than the close of business on each
                      Valuation Date” and (II) by deleting in its entirety the sentence
                      beginning “Unless otherwise specified in Paragraph 13” and ending “(ii)
                      the Value as of that Valuation Date of all Posted Credit Support
                      held by
                      the Secured Party.” and inserting in lieu thereof the
                      following:

                  

          

           

          The
            “Delivery Amount” applicable to the
            Pledgor for any Valuation Date will equal the greatest of

           

          
            	
                     

                  	
                    (1)

                  	
                    the
                      amount by which (a) the S&P Credit Support Amount for such Valuation
                      Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                      Credit Support held by the Secured
                      Party,

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    the
                      amount by which (a) the Moody’s First Trigger Credit Support Amount for
                      such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                      Valuation Date of all Posted Credit Support held by the Secured
                      Party,
                      and

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    the
                      amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                      such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                      such Valuation Date of all Posted Credit Support held by the
                      Secured
                      Party.

                  

          

           

          
            	
                    (B)  

                  	
                    “Return
                      Amount” has the meaning
                      specified
                      in Paragraph 3(b) as amended by deleting in its entirety the
                      sentence
                      beginning “Unless otherwise specified in Paragraph 13” and ending “(ii)
                      the Credit Support Amount.” and inserting in lieu thereof the
                      following:

                  

          

           

          The
            “Return Amount” applicable to the Secured Party for
            any Valuation Date will equal the least of

           

          
            	
                     

                  	
                    (1)

                  	
                    the
                      amount by which (a) the S&P Value as of such Valuation Date of all
                      Posted Credit Support held by the Secured Party exceeds (b)
                      the S&P
                      Credit Support Amount for such Valuation
                      Date,

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    the
                      amount by which (a) the Moody’s First Trigger Value as of such Valuation
                      Date of all Posted Credit Support held by the Secured Party
                      exceeds (b)
                      the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                      and

                  

          

           

          
            	
                     

                  	
                    (3)

                  	
                    the
                      amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                      Date of all Posted Credit Support held by the Secured Party
                      exceeds (b)
                      the Moody’s Second Trigger Credit Support Amount for such Valuation
                      Date.

                  

          

           

          
            	
                    (C)  

                  	
                    “Credit
                      Support Amount” shall not apply.  For purposes of
                      calculating any Delivery Amount or Return Amount for any Valuation
                      Date,
                      reference shall be made to the S&P Credit Support Amount, the Moody’s
                      First Trigger Credit Support Amount, or the Moody’s Second Trigger Credit
                      Support Amount, in each case  for such Valuation Date, as
                      provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                      above.

                  

          

           

          
            	
                    (ii)  

                  	
                    Eligible
                      Collateral.

                  

          

           

          On
            any
            date, the following items will qualify as “Eligible
            Collateral”:

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

           

          
            	
                     

                    Collateral

                  	
                    S&P
                      Valuation

                    Percentage

                  	
                    Moody’s

                    First
                      Trigger Valuation Percentage

                  	
                    Moody’s

                    Second
                      Trigger Valuation Percentage

                  
	
                     

                    (A)  Cash
                      in the form of USD

                     

                  	
                    100%

                  	
                    100%

                  	
                    100%

                  
	
                     

                    (B)  Fixed-rate
                      negotiable USD denominated debt obligations issued by the U.S.
                      Treasury
                      Department having a remaining maturity on such date of not
                      more than one
                      year

                     

                  	
                    98.5%

                  	
                    100%

                  	
                    100%

                  
	
                     

                    (C)  Fixed-rate
                      negotiable USD denominated debt obligations issued by the U.S.
                      Treasury
                      Department having a remaining maturity on such date of more
                      than one year
                      but not more than ten years

                     

                  	
                    89.9%

                  	
                    100%

                  	
                    94%

                  
	
                     

                    (D)  Fixed-rate
                      negotiable USD denominated debt obligations issued by the U.S.
                      Treasury
                      Department having a remaining maturity on such date of more
                      than ten
                      years

                     

                  	
                    83.9%

                  	
                    100%

                  	
                    87%

                  

          

          

           

          
            	
                    (iii)  

                  	
                    Other
                      Eligible Support.

                  

          

           

          The
            following items will qualify as “Other Eligible
            Support” for the party specified:

           

          Not
            applicable.

           

          
            	
                    (iv)  

                  	
                    Threshold.

                  

          

           

          
            	
                    (A)  

                  	
                    “Independent
                      Amount” means zero with respect to Party A and Party
                      B.

                  

          

           

          
            	
                    (B)  

                  	
                    “Threshold”
                      means, with respect to Party A and any Valuation Date, zero
                      if (i) a
                      Collateral Event has occurred and has been continuing  (x) for
                      at least 30 days or (y) since this Annex was executed, or (ii)
                      a Moody’s
                      Second Trigger Event or an S&P Second Trigger Event has occurred and
                      is continuing; otherwise, infinity.

                  

          

           

          
            	 	
                    “Threshold”
                      means, with respect to Party B and any Valuation Date,
                      infinity.

                  

          

           

          
            	
                    (C)  

                  	
                    “Minimum
                      Transfer Amount” means USD 100,000 with respect to Party A
                      and Party B; provided, however, that if the aggregate Certificate
                      Principal Balance and note principal balance of Certificates
                      and Notes
                      rated by S&P ceases to be more than USD 50,000,000, the
                      “Minimum Transfer Amount” shall be USD
                      50,000.

                  

          

           

          
            	
                    (D)  

                  	
                    Rounding:
                      The Delivery Amount will be rounded up to the nearest integral
                      multiple of
                      USD 10,000. The Return Amount will be rounded down to the nearest
                      integral
                      multiple of USD 10,000.

                  

          

           

          
            	
                    (c)  

                  	
                    Valuation
                      and Timing.

                  

          

           

          
            	
                    (i)  

                  	
                    “Valuation
                      Agent” means Party A; provided, however, that if an
                      Event of
                      Default shall have occurred with respect to which Party A is
                      the
                      Defaulting Party, Party B shall have the right to designate
                      as Valuation
                      Agent an independent party, reasonably acceptable to Party
                      A, the cost for
                      which shall be borne by Party A.  All calculations by the
                      Valuation Agent must be made in accordance with standard market
                      practice,
                      including, in the event of a dispute as to the Value of any
                      Eligible
                      Credit Support or Posted Credit Support, by making reference
                      to quotations
                      received by the Valuation Agent from one or more Pricing
                      Sources.

                  

          

           

          
            	
                    (ii)  

                  	
                    “Valuation
                      Date” means each Local Business Dayon which any of
                      the
                      S&P Credit Support Amount, the Moody’s First Trigger Credit Support
                      Amount or the Moody’s Second Trigger Credit Support Amount is greater than
                      zero.

                  

          

           

          
            	
                    (iii)  

                  	
                    “Valuation
                      Time” means the close of business in the city of the
                      Valuation Agent on the Local Business Day immediately preceding
                      the
                      Valuation Date or date of calculation, as applicable; provided
                      that the calculations of Value and Exposure will be made as
                      of
                      approximately the same time on the same
                      date.

                  

          

           

          
            	
                    (iv)  

                  	
                    “Notification
                      Time” means 11:00 a.m., New York time, on a Local Business
                      Day.

                  

          

           

          
            	
                    (v)  

                  	
                    External
                      Verification.Notwithstanding anything to the contrary in the
                      definitions of Valuation Agent or Valuation Date, at any time
                      at which
                      Party A (or, to the extent applicable, its Credit Support Provider)
                      does
                      not have a long-term unsubordinated and unsecured debt rating
                      of at least
                      “BBB+” from S&P, the Valuation Agent shall (A) calculate the Secured
                      Party’s Exposure and the S&P Value of Posted Credit Support on each
                      Valuation Date based on internal marks and (B) verify such
                      calculations
                      with external marks monthly by obtaining on the last Local
                      Business Day of
                      each calendar month two external marks for each Transaction
                      to which this
                      Annex relates and for all Posted Credit Support; such verification
                      of the
                      Secured Party’s Exposure shall be based on the higher of the two external
                      marks.  Each external mark in respect of a Transaction shall be
                      obtained from an independent Reference Market-maker that would
                      be eligible
                      and willing to enter into such Transaction in the absence of
                      the current
                      derivative provider, provided that an external mark may not
                      be obtained
                      from the same Reference Market-maker more than four times in
                      any 12-month
                      period.  The Valuation Agent shall obtain these external marks
                      directly or through an independent third party, in either case
                      at no cost
                      to Party B.  The Valuation Agent shall calculate on each
                      Valuation Date (for purposes of this paragraph, the last Local
                      Business
                      Day in each calendar month referred to above shall be considered
                      a
                      Valuation Date) the Secured Party’s Exposure based on the greater of the
                      Valuation Agent’s internal marks and the external marks
                      received.  If the S&P Value on any such Valuation Date of
                      all Posted Credit Support then held by the Secured Party is
                      less than the
                      S&P Credit Support Amount on such Valuation Date (in each case
                      as
                      determined pursuant to this paragraph), Party A shall, within
                      three Local
                      Business Days of such Valuation Date, Transfer to the Secured
                      Party
                      Eligible Credit Support having an S&P Value as of the date of Transfer
                      at least equal to such deficiency.

                  

          

           

          
            	
                    (vi)  

                  	
                    Notice
                      to S&P.  At any time at which Party A (or, to the
                      extent applicable, its Credit Support Provider) does not have
                      a long-term
                      unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                      the Valuation Agent shall provide to S&P not later than the
                      Notification Time on the Local Business Day following each
                      Valuation Date
                      its calculations of the Secured Party’s Exposure and the S&P Value of
                      any Eligible Credit Support or Posted Credit Support for that
                      Valuation
                      Date.  The Valuation Agent shall also provide to S&P any
                      external marks received pursuant to the preceding
                      paragraph.

                  

          

           

          
            	
                    (d)  

                  	
                    Conditions
                      Precedent and Secured Party’s Rights and
                      Remedies.  The following Termination Events will
                      be a “Specified Condition” for the party
                      specified (that party being the Affected Party if the Termination
                      Event
                      occurs with respect to that party):  With respect to Party A:
                      any Additional Termination Event with respect to which Party
                      A is the sole
                      Affected Party.  With respect to Party B:
                      None.

                  

          

           

          
            	
                    (e)  

                  	
                    Substitution.

                  

          

           

          
            	
                    (i)  

                  	
                    “Substitution
                      Date” has the meaning specified in Paragraph
                      4(d)(ii).

                  

          

           

          
            	
                    (ii)  

                  	
                    Consent.  If
                      specified here as applicable, then the Pledgor must obtain
                      the Secured
                      Party’s consent for any substitution pursuant to Paragraph
                      4(d):  Inapplicable.

                  

          

           

          
            	
                    (f)  

                  	
                    Dispute
                      Resolution.

                  

          

           

          
            	
                    (i)  

                  	
                    “Resolution
                      Time” means 1:00 p.m. New York time on the Local Business
                      Day following the date on which the notice of the dispute is
                      given under
                      Paragraph 5.

                  

          

           

          
            	
                    (ii)  

                  	
                    Value.  Notwithstanding
                      anything to the contrary in Paragraph 12, for the purpose of
                      Paragraphs
                      5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger Value, and
                      Moody’s Second Trigger Value, on any date, of Eligible Collateral
                      other
                      than Cash will be calculated as
                      follows:

                  

          

           

          For
            Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
            the
            sum of (A) the product of (1)(x) the bid price at the Valuation Time
            for such
            securities on the principal national securities exchange on which such
            securities are listed, or (y) if such securities are not listed on a
            national
            securities exchange, the bid price for such securities quoted at the
            Valuation
            Time by any principal market maker for such securities selected by the
            Valuation
            Agent, or (z) if no such bid price is listed or quoted for such date,
            the bid
            price listed or quoted (as the case may be) at the Valuation Time for
            the day
            next preceding such date on which such prices were available and (2)
            the
            applicable Valuation Percentage for such Eligible Collateral, and (B)
            the
            accrued interest on such securities (except to the extent Transferred
            to the
            Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable
            price
            referred to in the immediately preceding clause (A)) as of such
            date.

           

          
            	
                    (iii)  

                  	
                    Alternative.  The
                      provisions of Paragraph 5 will
                      apply.

                  

          

           

          
            	
                    (g)  

                  	
                    Holding
                      and Using Posted
                      Collateral.

                  

          

           

          
            	
                    (i)  

                  	
                    Eligibility
                      to Hold Posted Collateral; Custodians.  Party
                      B (or any
                      Custodian) will be entitled to hold Posted Collateral pursuant
                      to
                      Paragraph 6(b).

                  

          

           

          Party
            B
            may appoint as Custodian (A) the entity then serving as Supplemental
            Interest
            Trust Trustee or (B) any entity other than the entity then serving as
            Supplemental Interest Trust Trustee if such other entity (or, to the
            extent
            applicable, its parent company or credit support provider) shall then
            have a
            short-term unsecured and unsubordinated debt rating from S&P of at least
“A-1.”

           

          Initially,
            the Custodian for Party B is: The Supplemental Interest Trust
            Trustee.

           

          
            	
                    (ii)  

                  	
                    Use
                      of Posted Collateral. The
                      provisions of
                      Paragraph 6(c)(i) will not apply to Party B, but the provisions
                      of
                      Paragraph 6(c)(ii) will apply to Party
                      B.

                  

          

           

          
            	
                    (h)  

                  	
                    Distributions
                      and Interest Amount.

                  

          

           

          
            	
                    (i)  

                  	
                    Interest
                      Rate.  The “Interest
                      Rate” will be the interest rate per annum equal to
                      the
                      overnight Federal Funds Rate (as reported in Federal Reserve
                      Publication
                      H.15-519) for each day Posted Collateral in the form of Cash
                      is held by
                      Party B’s Custodian according to Paragraph 13(l) of this
                      Annex.

                  

          

           

          
            	
                    (ii)  

                  	
                    Transfer
                      of Interest Amount. The Transfer of the Interest Amount will
                      be made on the second Local Business Day following the end
                      of each
                      calendar month and on any other Local Business Day on which
                      Posted
                      Collateral in the form of Cash is Transferred to the Pledgor
                      pursuant to
                      Paragraph 3(b); provided, however, that the obligation of Party
                      B to
                      Transfer any Interest Amount to Party A shall be limited to
                      the extent
                      that Party B has earned and received such funds as interest
                      in respect of
                      Posted Collateral in the form of Cash and such funds are available
                      to
                      Party B.

                  

          

           

          
            	
                    (iii)  

                  	
                    Alternative
                      to Interest Amount. The provisions of Paragraph 6(d)(ii)
                      will apply.

                  

          

           

          
            	
                    (i)  

                  	
                    Additional
                      Representation(s).  There are no additional
                      representations by either party.

                  

          

           

          
            	
                    (j)  

                  	
                    Other
                      Eligible Support and Other Posted
                      Support.

                  

          

           

          
            	
                    (i)  

                  	
                    “Value”
                      with respect to Other Eligible Support and Other Posted Support
                      means: not
                      applicable.

                  

          

           

          
            	
                    (ii)  

                  	
                    “Transfer”
                      with respect to Other Eligible Support and Other Posted Support
                      means: not
                      applicable.

                  

          

           

          
            	
                    (k)  

                  	
                    Demands
                      and Notices.All demands, specifications and notices under
                      this Annex will be made pursuant to the Notices Section of
                      this Agreement,
                      except that any demand, specification or notice shall be given
                      to or made
                      at the following addresses, or at such other address as the
                      relevant party
                      may from time to time designate by giving notice (in accordance
                      with the
                      terms of this paragraph) to the other
                      party:

                  

          

           

          If
            to
            Party A:

           

          
            	
                     

                  	
                    UBS
                      AG, Stamford Branch / Collateral Management/ 677 Washington
                      Boulevard,
                      Stamford, CT  06901 / Attention: Margin Specialist / Telephone
                      203-719-6116 /
                      DL-Coll-STM@otc.ubs.com

                  

          

           

          If
            to
            Party B, at the address specified pursuant to the Notices Section of
            this
            Agreement.

           

          If
            to
            Party B’s Custodian:  Same address as if to Party B pursuant to the
            Notices Section of this Agreement.

           

          
            	
                    (l)  

                  	
                    Address
                      for Transfers.  Each Transfer hereunder shall be
                      made to the address specified below or to an address specified
                      in writing
                      from time to time by the party to which such Transfer will
                      be
                      made.

                  

          

           

          Party
            A
            account details  – To be provided.

           

          Party
            B
            account details:     Wells Fargo Bank, N.A./San
            Francisco, CA/ ABA#121-000-248 / Acct # 3970771416 / For credit to: Corporate
            Trust Clearing / FFC: 53155604- Swap Collateral Account

          

          
            	
                    (m)  

                  	
                    Other
                      Provisions.

                  

          

           

          
            	
                    (i)  

                  	
                    Collateral
                      Account.  Party B shall open and maintain a
                      segregated account, which shall be an Eligible Account, and
                      hold, record
                      and identify all Posted Collateral in such segregated
                      account.

                  

          

           

          
            	
                    (ii)  

                  	
                    Agreement
                      as to Single Secured Party and Single Pledgor. Party A and
                      Party B hereby agree that, notwithstanding anything to the
                      contrary in
                      this Annex, (a) the term “Secured Party” as used in this Annex means only
                      Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
                      (c) only Party A makes the pledge and grant in Paragraph 2,
                      the
                      acknowledgement in the final sentence of Paragraph 8(a) and
                      the
                      representations in Paragraph 9.

                  

          

           

          
            	
                    (iii)  

                  	
                    Calculation
                      of Value.  Paragraph 4(c) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Moody’s First Trigger Value, Moody’s Second Trigger
                      Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
                      the words “a Value” and inserting in lieu thereof “an S&P Value,
                      Moody’s First Trigger Value, and Moody’s Second Trigger Value” and (B)
                      deleting the words “the Value” and inserting in lieu thereof “S&P
                      Value, Moody’s First Trigger Value, and Moody’s Second Trigger
                      Value”.  Paragraph 5 (flush language) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Moody’s First Trigger Value, or Moody’s Second Trigger
                      Value”.  Paragraph 5(i) (flush language) is hereby amended by
                      deleting the word “Value” and inserting in lieu thereof “S&P Value,
                      Moody’s First Trigger Value, and Moody’s Second Trigger
                      Value”.  Paragraph 5(i)(C) is hereby amended by deleting the
                      word “the Value, if” and inserting in lieu thereof “any one or more of the
                      S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                      Value, as may be”.  Paragraph 5(ii) is hereby amended by (1)
                      deleting the first instance of the words “the Value” and inserting in lieu
                      thereof “any one or more of the S&P Value, Moody’s First Trigger
                      Value, or Moody’s Second Trigger Value” and (2) deleting the second
                      instance of the words “the Value” and inserting in lieu thereof “such
                      disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                      Trigger Value”.  Each of Paragraph 8(b)(iv)(B) and Paragraph
                      11(a) is hereby amended by deleting the word “Value” and inserting in lieu
                      thereof “least of the S&P Value, Moody’s First Trigger Value, and
                      Moody’s Second Trigger Value”.

                  

          

           

          
            	
                    (iv)  

                  	
                    Form
                      of Annex. Party A and Party B hereby
                      agree that the text of Paragraphs 1 through 12, inclusive,
                      of this Annex
                      is intended to be the printed form of ISDA Credit Support Annex
                      (Bilateral
                      Form - ISDA Agreements Subject to New York Law Only version)
                      as published
                      and copyrighted in 1994 by the International Swaps and Derivatives
                      Association, Inc.

                  

          

           

          
            	
                    (v)  

                  	
                    Events
                      of Default.  Paragraph 7 will not apply to cause
                      any Event of Default to exist with respect to Party B except
                      that
                      Paragraph 7(i) will apply to Party B solely in respect of Party
                      B’s
                      obligations under Paragraph 3(b) of the Credit Support
                      Annex.  Notwithstanding anything to the contrary in Paragraph 7,
                      any failure by Party A to comply with or perform any obligation
                      to be
                      complied with or performed by Party A under the Credit Support
                      Annex shall
                      only be an Event of Default if (A) a Moody’s Second Trigger Event or an
                      S&P Second Trigger Event has occurred and been continuing for
                      30 or
                      more Local Business Days and (B) such failure is not remedied
                      on or before
                      the third Local Business Day after notice of such failure is
                      given to
                      Party A.

                  

          

           

          
            	
                    (vi)  

                  	
                    Expenses.  Notwithstanding
                      anything to the contrary in Paragraph 10, the Pledgor will
                      be responsible
                      for, and will reimburse the Secured Party for, all transfer
                      and other
                      taxes and other costs involved in any Transfer of Eligible
                      Collateral.

                  

          

           

          
            	
                    (vii)  

                  	
                    Withholding.  Paragraph
                      6(d)(ii) is hereby amended by inserting immediately after “the Interest
                      Amount” in the fourth line thereof  the words “less any
                      applicable withholding taxes.”

                  

          

           

          
            	
                    (viii)  

                  	
                    Notice
                      of Failure to Post Collateral.  Upon any failure
                      by Party A to post collateral as required under this Agreement,
                      Party B
                      shall, no later than the next Business Day after the date such
                      collateral
                      was required to be posted, give a written notice of such failure
                      to Party
                      A and to Depositor.  For the avoidance of doubt, notwithstanding
                      anything in this Agreement to the contrary, the failure of
                      Party B to
                      comply with the requirements of this paragraph shall not constitute
                      an
                      Event of Default or Termination
                      Event.

                  

          

           

          
            	
                     

                  	
                            
                      (ix)

                  	
                    Limitation
                      of Liability.  It is expressly understood and
                      agreed by the parties hereto that insofar as this  Annex is
                      executed by Wells Fargo Bank, N.A. (“Wells Fargo”) not in its individual
                      capacity, but solely as Supplemental Interest Trust Trustee
                      of the
                      Supplemental Interest Trust under the Pooling and Servicing
                      Agreement in
                      the exercise of the powers and authority conferred upon and
                      vested in it
                      thereunder; (i) Wells Fargo has been directed pursuant to the
                      Pooling and
                      Servicing Agreement to enter into this Annex and to perform
                      its
                      obligations hereunder; (ii) each of the representations, undertakings
                      and
                      agreements herein made on behalf of Party B is made and intended
                      not as a
                      personal representation, undertaking or agreement of Wells
                      Fargo but is
                      made and intended for the purpose of binding only the Supplemental
                      Interest Trust; and (iii) nothing herein shall be construed
                      as imposing
                      any liability on Wells Fargo, individually or personally, to
                      perform any
                      covenant either express or implied contained herein, all such
                      liability
                      being expressly waived by the parties hereto and by any person
                      claiming
                      by, through or under the parties hereto and under no circumstances
                      shall Wells Fargo in its individual capacity be
                      personally liable for any payment of any indebtedness or expenses
                      or be
                      personally liable for the breach or failure of any
                      obligation,  representation, warranty or covenant made or
                      undertaken under this Annex.

                  

          

           

          (x)    
            Additional Definitions.  As used in this
            Annex:

           

          “Approved
            Ratings Threshold” means each of the Moody’s Ratings
            Requirement (First Trigger) and S&P Ratings Requirement (First
            Trigger).

           

          “Collateral
            Event” means that no Relevant Entity has credit
            ratings at least equal to the Approved Ratings Threshold.

           

           “DV01”
            means, with respect to a Transaction and any date of determination, the
            sum of
            the estimated change in the Secured Party’s Transaction Exposure with respect to
            such Transaction that would result from a one basis point change in the
            relevant
            swap curve on such date, as determined by the Valuation Agent in good
            faith and
            in a commercially reasonable manner.  The Valuation Agent shall, upon
            request of Party B, provide to Party B a statement showing in reasonable
            detail
            such calculation.

           

          “Exposure”
            has the meaning specified in Paragraph 12, except that after the word
            “Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
            Schedule is deleted)” shall be inserted.

           

           “Local
            Business Day” means: any day on which (A) commercial banks are
            open for business (including dealings in foreign exchange and foreign
            currency
            deposits) in New York and the location of Party A, Party B and any Custodian,
            and (B) in relation to a Transfer of Eligible Collateral, any day on
            which the
            clearance system agreed between the parties for the delivery of Eligible
            Collateral is open for acceptance and execution of settlement instructions
            (or
            in the case of a Transfer of Cash or other Eligible Collateral for which
            delivery is contemplated by other means a day on which commercial banks
            are open
            for business (including dealings in foreign exchange and foreign deposits)
            in
            New York and the location of Party A, Party B and any Custodian.

           

          “Moody’s
            First Trigger Event” means that no Relevant Entity
            has credit ratings from Moody’s at least equal to the Moody’s First Trigger
            Ratings Threshold.

           

          “Moody’s
            First Trigger Credit Support Amount” means,
            for any Valuation Date, the excess, if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                      and has been continuing (x) for at least 30 Local Business
                      Days or (y)
                      since this Annex was executed and (II) it is not the case that
                      a Moody’s
                      Second Trigger Event has occurred and been continuing for at
                      least 30
                      Local Business Days, the sum, for each Transaction to which
                      this Annex
                      relates, of an amount equal to the
                      following:

                  

          

           

          the
            greater of (a) zero and (b) the sum of (i) the Secured Party’s Transaction
            Exposure for such Transaction and such Valuation Date and (ii) the lesser
            of (x)
            the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such
            Transaction and such Valuation Date and (y) the product of (i) Moody’s First
            Trigger Notional Amount Multiplier (ii) 250 and (iii) the Notional Amount
            for
            such Transaction for the Calculation Period which includes such Valuation
            Date;

           

           or

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A such Valuation
                      Date.

                  

          

           

          “Moody’s
            First Trigger DV01 Multiplier” means 15.

           

          “Moody’s
            First Trigger Value” means, on any date and with respect to (i)
            any Eligible Collateral in the form of Cash, the amount thereof and (ii)
            any
            Eligible Collateral other than Cash, the bid price obtained by the Valuation
            Agent multiplied by the Moody’s First Trigger Valuation Percentage for such
            Eligible Collateral set forth in Paragraph 13(b)(ii).

           

          “Moody’s
            First Trigger Notional Amount Multiplier” means 2%.

           

          “Moody’s
            Second Trigger Event” means that no Relevant Entity
            has credit ratings from Moody’s at least equal to the Moody’s Second Trigger
            Ratings Threshold.

           

          “Moody’s
            Second Trigger Credit Support Amount” means, for any Valuation
            Date, the excess, if any, of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which it is the case that a Moody’s Second Trigger
                      Event has occurred and been continuing for at least 30 Local
                      Business
                      Days, the sum, for each Transaction to which this Annex relates,
                      of an
                      amount equal to the following:

                  

          

           

          
            	
                    (1)  

                  	
                    if
                      such Transaction is not a Transaction-Specific
                      Hedge,

                  

          

           

          the
            greatest of (a) zero, (b) the amount of the next payment due to be paid
            by Party
            A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
            Exposure for such Transaction and such Valuation Date and (y) the lesser
            of (i)
            the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
            Transaction and such Valuation Date and(ii) the product of (1) the Moody’s
            Second Trigger Notional Amount Multiplier (2) 250, and (3) the Notional
            Amount
            for such Transaction for the Calculation Period which includes such Valuation
            Date;

           

          or

           

          
            	
                    (2)  

                  	
                    if
                      such Transaction is a Transaction-Specific
                      Hedge,

                  

          

           

          the
            greatest of (a) zero, (b) the amount of the next payment due to be paid
            by Party
            A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
            Exposure for such Transaction and such Valuation Date and (y) the lesser
            of (i)
            the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
            Multiplier and DV01 for such Transaction and such Valuation Date and
            (ii) the
            product of (1) the Moody’s Second Trigger Transaction-Specific Hedge Notional
            Amount Multiplier, (2) 250,  and (3) the Notional Amount for such
            Transaction for the Calculation Period which includes such Valuation
            Date;

           

          or

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

          “Moody’s
            Second Trigger DV01 Multiplier” means, 50

           

          “Moody’s
            Second Trigger Transaction-Specific Hedge DV01 Multiplier”
            means  65.

           

          “Moody’s
            Second Trigger Transaction-Specific Hedge Notional Amount
            Multiplier” means 10%.

           

          “Moody’s
            Second Trigger Value” means, on any date and with respect to (i)
            any Eligible Collateral in the form of Cash, the amount thereof and (ii)
            any
            Eligible Collateral other than Cash, the bid price obtained by the Valuation
            Agent multiplied by the Moody’s Second Trigger Valuation Percentage for such
            Eligible Collateral set forth in Paragraph 13(b)(ii).

           

          “Moody’s
            Second Trigger Notional Amount Multiplier”
            means  8%.

           

           “Pricing
            Sources” means the sources of financial information commonly known
            as Bloomberg, Bridge Information Services, Data Resources Inc., Interactive
            Data
            Services, International Securities Market Association, Merrill Lynch
            Securities
            Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp
            Pricing, JJ
            Kenny, S&P and Telerate.

           

          “S&P  Credit
            Support Amount” means, for any Valuation Date, the excess, if any,
            of

           

          
            	
                     

                  	
                    (I)

                  	
                    (A)

                  	
                    for
                      any Valuation Date on which (i) an S&P First Trigger Event has
                      occurred and been continuing for at least 30 days, or (ii)
                      a S&P
                      Second Trigger Event has occurred and is continuing, an amount
                      equal to
                      the sum, for each Transaction to which this Annex relates,
                      of the sum of
                      (1) 100.0% of the Secured Party’s Transaction Exposure for such Valuation
                      Date and (2) the product of (i) the Volatility Buffer for such
                      Transaction
                      (ii) 250, and (iii) the Notional Amount of such Transaction
                      for the
                      Calculation Period of such Transaction which includes such
                      Valuation Date,
                      or

                  

          

           

          
            	
                     

                  	
                    (B)

                  	
                    for
                      any other Valuation Date, zero,
                      over

                  

          

           

          
            	
                     

                  	
                    (II)

                  	
                    the
                      Threshold for Party A for such Valuation
                      Date.

                  

          

           

           “S&P
            First Trigger Event” means, on any date,
            no Relevant Entity has credit ratings from S&P which exceed the S&P
            Ratings Requirement (First Trigger).

           

          “S&P
            Value” means, on any date and with
            respect to (i) any Eligible Collateral in the form of Cash, the amount
            thereof
            and (ii) any Eligible Collateral other than Cash, the product of (A)
            the bid
            price obtained by the Valuation Agent for such Eligible Collateral and
            (B) the
            S&P Valuation Percentage for such Eligible Collateral set forth in paragraph
            13(b)(ii).

           

          “S&P
            Ratings Requirement (Second Trigger)” means the Relevant Entity’s
            Long Term Rating is at least “BBB-”.

           

           “S&P
            Second Trigger Event” means that no Relevant Entity’s Long Term
            Rating satisfies the S&P Ratings Requirement (Second Trigger).

           

          “Swap
            Provider Trigger Event” means: (A) an Event of Default with
            respect to which Party A is a Defaulting Party, (B) a Termination Event
            with
            respect to which Party A is the sole Affected Party or (C) an Additional
            Termination Event with respect to which Party A is the sole Affected
            Party.

           

          “Transaction
            Exposure” means, for any Transaction, Exposure determined as if
            such Transaction were the only Transaction between the Secured Party
            and the
            Pledgor.

           

          “Transaction-Specific
            Hedge” means any Transaction that is an interest rate cap,
            interest rate floor or interest rate swaption, or an interest rate swap
            if (x)
            the notional amount of the interest rate swap is “balance guaranteed” or (y) the
            notional amount of the interest rate swap for any Calculation Period
            otherwise
            is not a specific dollar amount that is fixed at the inception of the
            Transaction.

           

          “Valuation
            Percentage” shall mean, for purposes of determining the S&P
            Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value with respect
            to any Eligible Collateral or Posted Collateral, the applicable S&P
            Valuation Percentage, Moody’s First Trigger Valuation Percentage, or Moody’s
            Second Trigger Valuation Percentage for such Eligible Collateral or Posted
            Collateral, respectively, in each case as set forth in Paragraph
            13(b)(ii).

           

          “Value”
            shall mean, in respect of any date, the related S&P Value, the related
            Moody’s First Trigger Value, and the related Moody’s Second Trigger
            Value.

           

          “Volatility
            Buffer” means, for any Transaction, the related percentage set
            forth in the following table.

          
 

          
            
              	
                      The
                        higher of  the S&P credit rating of (i) Party A and (ii) the
                        Credit Support Provider of Party A, if applicable

                    	
                      Remaining
                        Weighted Average Maturity

                      up
                        to 3 years

                    	
                      Remaining
                        Weighted Average Maturity

                      up
                        to 5 years

                    	
                      Remaining
                        Weighted Average Maturity

                      up
                        to 10 years

                    	
                      Remaining
                        Weighted Average Maturity

                      up
                        to 30 years

                    
	
                      At
                        least “A-2”

                    	
                      2.75%

                    	
                      3.25%

                    	
                      4.00%

                    	
                      4.75%

                    
	
                      “A-3”

                    	
                      3.25%

                    	
                      4.00%

                    	
                      5.00%

                    	
                      6.25%

                    
	
                      “BB+”
                        or lower

                    	
                      3.50%

                    	
                      4.50%

                    	
                      6.75%

                    	
                      7.50%

                    

            

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
            representatives as of the date of the Agreement.

           

          

           

          
            	
                    UBS
                      AG

                  	 	
                    Wells
                      Fargo Bank, N.A., not individually, but solely as Supplemental
                      Interest Trust Trustee on behalf of the Supplemental Interest
                      Trust with
                      respect to the MASTR Asset Backed Securities Trust 2007-HE1,
                      Mortgage Pass
                      Through Certificates, Series 2007-HE1

                  
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	
                    By:

                  	 
	
                    Name:

                  	 	 	
                    Name:

                  	 
	
                    Title:

                  	 	 	
                    Title:

                  	 
	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                    By:

                  	 	 	 	 
	
                    Name:

                  	 	 	 	 
	
                    Title:

                  	 	 	 	 

          

          

           

          

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

       

      FORM
        OF
        SWAP ADMINISTRATION AGREEMENT

       

      SWAP
        ADMINISTRATION AGREEMENT

       

      This
        Swap
        Administration Agreement, dated as of May 30, 2007 (this “Agreement”), among
        Wells Fargo Bank, N.A. (“Wells Fargo”), as swap administrator (the “Swap
        Administrator”), Wells Fargo as trust administrator and supplemental interest
        trust trustee (in such capacities, the “Trust Administrator” and the
“Supplemental Interest Trust Trustee”) under the Pooling and Servicing
        Agreement, as hereinafter defined, and UBS Real Estate Securities Inc
        (“UBSRES”).

       

      WHEREAS,
        the Trust Administrator, on behalf of the holders of the MASTR Asset-Backed
        Securities Trust 2007-HE1, Mortgage Pass-Through Certificates, is counterparty
        to an Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is
        attached hereto as Exhibit A, between the Supplemental Interest Trust Trustee
        and UBS AG; and

       

      WHEREAS,
        it is desirable to irrevocably appoint the Swap Administrator, and the Swap
        Administrator desires to accept such appointment, to receive and distribute
        funds payable by UBS AG under the Swap Agreement as provided
        herein;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, and
        for
        other good and valuable consideration, the receipt and adequacy of which
        are
        hereby acknowledged, the parties agree as follows:

       

      1.  Definitions.  Capitalized
        terms used but not otherwise defined herein shall have the respective meanings
        assigned thereto in the Pooling and Servicing Agreement, dated as of May
        1, 2007
        (the “Pooling and Servicing Agreement”), among Mortgage Asset Securitization
        Transactions, Inc., as depositor, Wells Fargo Bank, N.A. as master servicer,
        trust administrator and custodian, Wells Fargo Bank, N.A. and Barclays Capital
        Real Estate Inc. d/b/a HomEq Servicing as servicers and U.S. Bank National
        Association, as trustee (“the Trustee”), relating to the MASTR Asset-Backed
        Securities Trust 2007-HE1, Mortgage Pass-Through Certificates (the
“Certificates”), or in the related Indenture, as the case may be, as in effect
        on the date hereof.

       

      
        	
                2.  

              	
                Swap
                  Administrator.

              

      

       

      (a)  The
        Swap
        Administrator is hereby irrevocably appointed to receive all funds paid to
        the
        Supplemental Interest Trust Trustee by UBS AG, or its successors in interest
        (the “Swap Provider”) under the Swap Agreement (including any Swap Termination
        Payment) and the Swap Administrator hereby accepts such appointment and hereby
        agrees to receive such amounts from the Supplemental Interest Trust Trustee
        and
        to distribute on each Distribution Date such amounts in the following order
        of
        priority:

       

      (i)  first,
        to
        the Trust Administrator for deposit into the Swap Account, an amount equal
        to
        the sum of the following amounts remaining outstanding after distribution
        of the
        Net Monthly Excess Cashflow: (A) Unpaid Interest Shortfall Amounts, (B) Net
        WAC
        Rate Carryover Amounts; (C) an amount necessary to maintain or restore the
        Overcollateralization Target Amount; and (D) any Allocated Realized Loss
        Amounts;

       

      (ii)  second,
        to UBSRES, any amounts remaining after payment of (i) above, provided,
        however, upon the issuance of notes by an issuer (the “Trust”), secured by
        all or a portion of the Class CE Certificates and the Class P Certificates
        (the
“NIM Notes”), UBSRES hereby instructs the Swap Administrator to make any
        payments under this clause 2(a)(ii) in the following order of
        priority:

       

      (A)  to
        the
        Indenture Trustee for the Trust, for deposit into the Note Account (each
        as to
        defined in the related Indenture), and until satisfaction and discharge of
        the
        Indenture, the Floating Amount (as defined in Annex I); and

       

      (B)  concurrently,
        to the Holders of the Class CE Certificates, pro rata based on the
        outstanding Notional Amount of each such Certificate; provided, however,
        that
        any Swap Termination Payment received by the Swap Administrator shall not
        be
        payable to the Holders of the Class CE Certificates pursuant to this clause
        (ii)(B) without the prior written consent of the NIMS Insurer, if any and
        the
        Rating Agencies.

       

      (b)  The
        Swap
        Administrator agrees to hold any amounts received from the Supplemental Interest
        Trust Trustee in trust upon the terms and conditions and for the exclusive
        use
        and benefit of the Supplemental Interest Trust Trustee, the Trust Administrator
        and the Indenture Trustee, as applicable (in turn for the benefit of the
        Certificateholders, the Noteholders and the NIMS Insurer, if any) as set
        forth
        herein.  The rights, duties and liabilities of the Swap Administrator
        in respect of this Agreement shall be as follows:

       

      (i)           The
        Swap Administrator shall have the full power and authority to do all things
        not
        inconsistent with the provisions of this Agreement that it may deem advisable
        in
        order to enforce the provisions hereof.  The Swap Administrator shall
        not be answerable or accountable except for its own bad faith, willful
        misconduct or negligence. The Swap Administrator shall not be required to
        take
        any action to exercise or enforce any of its rights or powers hereunder which,
        in the opinion of the Swap Administrator, shall be likely to involve expense
        or
        liability to the Swap Administrator, unless the Swap Administrator shall
        have
        received an agreement satisfactory to it in its sole discretion to indemnify
        it
        against such liability and expense.

       

      (ii)           The
        Swap Administrator shall not be liable with respect to any action taken or
        omitted to be taken by it in good faith in accordance with the direction
        of any
        party hereto or the NIMS Insurer, if any, or otherwise as provided herein,
        relating to the time, method and place of conducting any proceeding for any
        remedy available to the Swap Administrator or exercising any right or power
        conferred upon the Swap Administrator under this Agreement.

       

      (iii)           The
        Swap Administrator may perform any duties hereunder either directly or by
        or
        through agents or attorneys of the Swap Administrator.  The Swap
        Administrator shall not be liable for the acts or omissions of its agents
        or
        attorneys so long as the Swap Administrator chose such Persons with due
        care.

       

      3.  Swap
        Administration Account.  The Swap Administrator shall segregate
        and hold all funds received from the Supplemental Interest Trust Trustee
        (including any Swap Termination Payment) separate and apart from any of its
        own
        funds and general assets and shall establish and maintain in the name of
        the
        Swap Administrator one or more segregated accounts (such account or accounts,
        the “Swap Account”), held in trust for the benefit of the Supplemental Interest
        Trust Trustee, the Trust Administrator, the Indenture Trustee and the parties
        to
        this Agreement.  All amounts on deposit in the Swap Account shall
        remain uninvested unless the Swap Administrator receives instructions to
        the
        contrary from any party hereto, with the consent of the NIMS Insurer, if
        any.  The Swap Administrator hereby agrees that it holds and shall
        hold the Swap Account and all amounts deposited therein in trust for the
        exclusive use and benefit of the Supplemental Interest Trust Trustee, the
        Trust
        Administrator and the Indenture Trustee as their interests may
        appear.

       

      
        	
                4.  

              	
                [Reserved].

              

      

       

      5.  Representations
        and Warranties of Wells Fargo. Wells Fargo represents and warrants as
        follows:

       

      (a)  Wells
        Fargo is duly organized and validly existing as a national banking association
        under the laws of the United States and has all requisite power and authority
        to
        execute and deliver this Agreement, to perform its obligations as Swap
        Administrator hereunder.

       

      (b)  The
        execution, delivery and performance of this Agreement by Wells Fargo as Trust
        Administrator have been duly authorized in the Pooling and Servicing
        Agreement.

       

      (c)  This
        Agreement has been duly executed and delivered by Wells Fargo as Swap
        Administrator, Trust Administrator and Supplemental Interest Trust Trustee
        and
        is enforceable against Wells Fargo in such capacities in accordance with
        its
        terms, except as enforceability may be affected by bankruptcy, insolvency,
        fraudulent conveyance, reorganization, moratorium and other similar laws
        relating to or affecting creditors’ rights generally, general equitable
        principles (whether considered in a proceeding in equity or at
        law).

       

      
        	
                6.  

              	
                Replacement
                  of Swap Administrator.

              

      

       

      Any
        corporation, bank, trust company or association into which the Swap
        Administrator may be merged or converted or with which it may be consolidated,
        or any corporation, bank, trust company or association resulting from any
        merger, conversion or consolidation to which the Swap Administrator shall
        be a
        party, or any corporation, bank, trust company or association succeeding
        to all
        or substantially all the corporate trust business of the Swap Administrator,
        shall be the successor of the Swap Administrator hereunder, without the
        execution or filing of any paper or any further act on the part of any of
        the
        parties hereto, except to the extent that assumption of its duties and
        obligations, as such, is not effected by operation of law.

       

      No
        resignation or removal of the Swap Administrator and no appointment of a
        successor Swap Administrator shall become effective until the appointment
        by
        UBSRES of a successor swap administrator acceptable to the NIMS Insurer,
        if
        any.  Any successor swap administrator shall execute such documents or
        instruments necessary or appropriate to vest in and confirm to such successor
        swap administrator all such rights and powers conferred by this
        Agreement.

       

      The
        Swap
        Administrator may resign at any time by giving written notice thereof to
        the
        other parties hereto with a copy to the NIMS Insurer, if any.  If a
        successor swap administrator shall not have accepted the appointment hereunder
        within 30 days after the giving by the resigning Swap Administrator of such
        notice of resignation, the resigning Swap Administrator may petition any
        court
        of competent jurisdiction for the appointment of a successor swap administrator
        acceptable to the NIMS Insurer, if any.

       

      In
        the
        event of a resignation or removal of the Swap Administrator, UBSRES shall
        promptly appoint a successor Swap Administrator acceptable to the NIMS Insurer,
        if any.  If no such appointment has been made within 10 days of the
        resignation or removal, the NIMS Insurer, if any, may appoint a successor
        Swap
        Administrator.

       

      
        	
                7.  

              	
                Supplemental
                  Interest Trust Trustee
                  Obligations.

              

      

       

      Whenever
        the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
        has
        the option or is requested in such capacity, whether such request is by the
        counterparty to such agreement, to take any action or to give any consent,
        approval or waiver that it is entitled to take or give in such capacity,
        including, without limitation, in connection with an amendment of such agreement
        or the occurrence of a default or termination event thereunder, the Supplemental
        Interest Trust Trustee shall promptly notify the parties hereto and the NIMS
        Insurer, if any, of such request in such detail as is available to it and,
        shall, on behalf of the parties hereto and the NIMS Insurer, if any, take
        such
        action in connection with the exercise and/or enforcement of any rights and/or
        remedies available to it in such capacity with respect to such request as
        the
        NIMS Insurer, if any, shall direct in writing; provided that if no such
        direction is received prior to the date that is established for taking such
        action or giving such consent, approval or waiver (notice of which date shall
        be
        given by the Supplemental Interest Trust Trustee to the parties hereto and
        the
        NIMS Insurer, if any), the Supplemental Interest Trust Trustee may abstain
        from
        taking such action or giving such consent, approval or waiver.

       

      The  Supplemental
        Interest Trust Trustee shall forward to the parties hereto and the NIMS Insurer,
        if any, on the Payment Date following its receipt thereof copies of any and
        all
        notices, statements, reports and/or other material communications and
        information (collectively, the “Swap Reports”) that it receives in connection
        with the Swap Agreement or from the counterparty thereto.

       

      
        	
                8.  

              	
                Miscellaneous.

              

      

       

      (a)  This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York.

       

      (b)  Any
        action or proceeding against any of the parties hereto relating in any way
        to
        this Agreement may be brought and enforced in the courts of the State of
        New
        York sitting in the borough of Manhattan or of the United States District
        Court
        for the Southern District of New York and the Swap Administrator irrevocably
        submits to the jurisdiction of each such court in respect of any such action
        or
        proceeding.  The Swap Administrator waives, to the fullest extent
        permitted by law, any right to remove any such action or proceeding by reason
        of
        improper venue or inconvenient forum.

       

      (c)  This
        Agreement may be amended, supplemented or modified in writing by the parties
        hereto, but only with the consent of the NIMS Insurer, if any.

       

      (d)  This
        Agreement may not be assigned or transferred without the prior written consent
        of the NIMS Insurer, if any; provided, however, the parties hereto acknowledge
        and agree to the assignment of the rights of UBSRES as provided under this
        Agreement pursuant to the Sale Agreement, the Trust Agreement and the
        Indenture.

       

      (e)  This
        Agreement may be executed by one or more of the parties to this Agreement
        on any
        number of separate counterparts (including by facsimile transmission), and
        all
        such counterparts taken together shall be deemed to constitute one and the
        same
        instrument.

       

      (f)  Any
        provision of this Agreement which is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof, and any such prohibition or unenforceability in any
        jurisdiction shall not invalidate or render unenforceable such provision
        in any
        other jurisdiction.

       

      (g)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement.  No act or
        omission on the part of any party hereto shall constitute a waiver of any
        such
        representation or warranty.

       

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

       

      (i)  The
        representations and warranties made by the parties to this Agreement shall
        survive the execution and delivery of this Agreement.  No act or
        omission on the part of any party hereto shall constitute a waiver of any
        such
        representation or warranty.

       

      9.  Third-Party
        Beneficiary.  Each of the Note Insurer, the Backup Note Insurer
        and the Indenture Trustee, if any, shall be deemed a third-party beneficiary
        of
        this Agreement to the same extent as if it were a party hereto, and shall
        have
        the right to enforce the provisions of this Agreement.

       

      10.  Swap
        Administrator  and Trust Administrator Rights.  The Swap
        Administrator shall be entitled to the same rights, protections and indemnities
        afforded to the Trust Administrator under the Pooling and Servicing Agreement
        and the Indenture Trustee under the Indenture, in each case, as if specifically
        set forth herein with respect to the Swap Administrator.

       

      The
        Trust
        Administrator and the Supplemental Interest Trust Trustee shall be entitled
        to
        the same rights, protections and indemnities afforded to the Trust Administrator
        under the Pooling and Servicing Agreement as if specifically set forth herein
        with respect to the Trust Administrator.

       

      11.  Limited
        Recourse.  It is expressly understood and agreed by the parties
        hereto that this Agreement is executed and delivered by the Trust Administrator,
        not in its individual capacity but solely as trust administrator under the
        Pooling and Servicing Agreement.  Notwithstanding any other provisions
        of this Agreement, the obligations of the Trust Administrator under this
        Agreement are non-recourse to the Trust Administrator, its assets and its
        property, and shall be payable solely from the assets of the Trust Fund,
        and
        following realization of such assets, any claims of any party hereto shall
        be
        extinguished and shall not thereafter be reinstated.  No recourse
        shall be had against any principal, director, officer, employee, beneficiary,
        shareholder, partner, member, trustee, agent or affiliate of the Trust
        Administrator or any person owning, directly or indirectly, any legal or
        beneficial interest in the Trust Administrator, or any successors or assigns
        of
        any of the foregoing (the “Exculpated Parties”) for the payment of any amount
        payable under this Agreement.  The parties hereto shall not enforce
        the liability and obligations of the Trust Administrator to perform and observe
        the obligations contained in this Agreement by any action or proceeding wherein
        a money judgment establishing any personal liability shall be sought against
        the
        Trust Administrator, subject to the following sentence, or the Exculpated
        Parties.  The agreements in this paragraph shall survive termination
        of this Agreement and the performance of all obligations hereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
        and
        delivered as of the day and year first above written.

       

      
        	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Swap Administrator

              
	 
	 
	
                By:

              	 
	
                Name:

              
	
                Title:

              
	 	 
	 	 
	 	 
	 	
                WELLS
                  FARGO BANK, N.A.

                not
                  in its individual capacity but solely as Trust Administrator and
                  Supplemental Interest Trust Trustee under the Pooling and Servicing
                  Agreement

              
	 
	 
	
                By:

              	 
	
                Name:

              
	
                Title:

              
	 	 
	 	 
	 	 
	 	
                UBS
                  REAL ESTATE SECURITIES INC.

              
	 
	 
	
                By:

              	 
	
                Name:

              
	
                Title:

              
	 	 	 
	 	 	 
	 	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      SWAP
        AGREEMENT

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        I

      

      The
        amounts paid under clause 2(a)(ii) of the Swap Administration Agreement shall
        be
        calculated as follows:

      

      
        	
                Floating
                  Amount:

              	 
	 	 
	
                Floating
                  Rate Payer:

              	
                Swap
                  Administrator

              
	 	 
	
                Cap
                  Rate:

              	
                15.00%

                 

              
	 	 
	
                Floating
                  Amount

                 

              	
                To
                  be determined in accordance with the following formula:

                 

                The
                  product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                  and
                  (iv) the Floating Rate Day Count Fraction;

                 

                provided,
                  however, the Swap Administrator will only be obligated to pay the
                  Floating Amount up to the amount remaining after payments are made
                  under
                  clause 2(a)(i) of the Swap Administration Agreement.

                 

                The
                  Floating Amount shall be paid to the Indenture Trustee for payment
                  in
                  accordance with Section 2.09(e) of the Indenture.

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360.

              
	 	 
	
                Notional
                  Amount:

              	
                The
                  amount set forth for such period in the Amortization Schedule
                  A.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A TO ANNEX I

      

      INTEREST
        RATE SWAP SCHEDULE

       

      

        
          	
                  
                    Distribution
                      Date

                  

                	
                  
                    Base
                      Calculation Amount ($) 

                  

                
	
                  June
                    25, 2007

                	
                  3,434,308.00

                	 
	
                  July
                    25, 2007

                	
                  3,381,700.00

                	 
	
                  August
                    25, 2007

                	
                  3,317,888.00

                	 
	
                  September
                    25, 2007

                	
                  3,243,004.00

                	 
	
                  October
                    25, 2007

                	
                  3,157,284.00

                	 
	
                  November
                    25, 2007

                	
                  3,061,076.00

                	 
	
                  December
                    25, 2007

                	
                  2,954,832.00

                	 
	
                  January
                    25, 2008

                	
                  2,839,144.00

                	 
	
                  February
                    25, 2008

                	
                  2,714,948.00

                	 
	
                  March
                    25, 2008

                	
                  2,590,492.00

                	 
	
                  April
                    25, 2008

                	
                  2,471,724.00

                	 
	
                  May
                    25, 2008

                	
                  2,358,480.00

                	 
	
                  June
                    25, 2008

                	
                  2,250,496.00

                	 
	
                  July
                    25, 2008

                	
                  2,147,528.00

                	 
	
                  August
                    25, 2008

                	
                  2,049,344.00

                	 
	
                  September
                    25, 2008

                	
                  1,955,712.00

                	 
	
                  October
                    25, 2008

                	
                  1,866,424.00

                	 
	
                  November
                    25, 2008

                	
                  1,781,272.00

                	 
	
                  December
                    25, 2008

                	
                  1,700,060.00

                	 
	
                  January
                    25, 2009

                	
                  1,584,276.00

                	 
	
                  February
                    25, 2009

                	
                  1,450,272.00

                	 
	
                  March
                    25, 2009

                	
                  1,329,004.00

                	 
	
                  April
                    25, 2009

                	
                  1,219,600.00

                	 
	
                  May
                    25, 2009

                	
                  1,120,780.00

                	 
	
                  June
                    25, 2009

                	
                  1,048,820.00

                	 
	
                  July
                    25, 2009

                	
                  995,056.00

                	 
	
                  August
                    25, 2009

                	
                  944,436.00

                	 
	
                  September
                    25, 2009

                	
                  896,536.00

                	 
	
                  October
                    25, 2009

                	
                  851,188.00

                	 
	
                  November
                    25, 2009

                	
                  808,204.00

                	 
	
                  December
                    25, 2009

                	
                  767,348.00

                	 
	
                  January
                    25, 2010

                	
                  725,564.00

                	 
	
                  February
                    25, 2010

                	
                  684,832.00

                	 
	
                  March
                    25, 2010

                	
                  646,664.00

                	 
	
                  April
                    25, 2010

                	
                  610,952.00

                	 
	
                  May
                    25, 2010

                	
                  577,560.00

                	 
	
                  June
                    25, 2010

                	
                  547,648.00

                	 
	
                  July
                    25, 2010

                	
                  520,108.00

                	 
	
                  August
                    25, 2010

                	
                  494,060.00

                	 
	
                  September
                    25, 2010

                	
                  469,404.00

                	 
	
                  October
                    25, 2010

                	
                  446,048.00

                	 
	
                  November
                    25, 2010

                	
                  423,928.00

                	 
	
                  December
                    25, 2010

                	
                  402,968.00

                	 
	
                  January
                    25, 2011

                	
                  383,108.00

                	 
	
                  February
                    25, 2011

                	
                  364,288.00

                	 
	
                  March
                    25, 2011

                	
                  346,448.00

                	 
	
                  April
                    25, 2011

                	
                  329,540.00

                	 
	
                  May
                    25, 2011

                	
                  313,508.00

                	 
	
                  June
                    25, 2011

                	
                  298,304.00

                	 
	
                  July
                    25, 2011

                	
                  283,888.00

                	 
	
                  August
                    25, 2011

                	
                  270,208.00

                	 
	
                  September
                    25, 2011

                	
                  257,236.00

                	 
	
                  October
                    25, 2011

                	
                  244,924.00

                	 
	
                  November
                    25, 2011

                	
                  233,240.00

                	 
	
                  December
                    25, 2011

                	
                  222,152.00

                	 
	
                  January
                    25, 2012

                	
                  211,624.00

                	 
	
                  February
                    25, 2012

                	
                  201,632.00

                	 
	
                  March
                    25, 2012

                	
                  192,136.00

                	 
	
                  April
                    25, 2012

                	
                  183,116.00

                	 
	
                  May
                    25, 2012

                	
                  174,548.00

                	 
	
                  June
                    25, 2012

                	
                  166,408.00

                	 
	
                  July
                    25, 2012

                	
                  158,672.00

                	 
	
                  August
                    25, 2012

                	
                  151,324.00

                	 
	
                  September
                    25, 2012

                	
                  144,336.00

                	 
	
                  October
                    25, 2012

                	
                  137,696.00

                	 
	
                  November
                    25, 2012

                	
                  131,380.00

                	 
	
                  December
                    25, 2012

                	
                  125,372.00

                	 
	
                  January
                    25, 2013

                	
                  119,660.00

                	 
	
                  February
                    25, 2013

                	
                  114,228.00

                	 
	
                  March
                    25, 2013

                	
                  109,056.00

                	 
	
                  April
                    25, 2013

                	
                  104,136.00

                	 
	
                  May
                    25, 2013

                	
                  99,452.00

                	 

        

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      Definitions

      Primary
        Servicer – transaction party having borrower contact

      Master
        Servicer – aggregator of pool assets

      Trust
        Administrator – waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer – named in the transaction (in the event a Back up Servicer becomes the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        – safe keeper of pool assets

      Paying
        Agent – distributor of funds to ultimate investor

      Trustee
–
        fiduciary of the transaction

      

      Note:  The
        definitions above describe the essential function that the party performs,
        rather than the party’s title.  So, for example, in a particular
        transaction, the trustee may perform the “paying agent” and “securities
        administrator” functions, while in another transaction, the securities
        administrator may perform these functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:        X
        – obligation

      [X]
–
under
        consideration for
        obligation

      

      

      
        	
                
                  Reg
                    AB Reference

                

              	
                
                  Servicing
                    Criteria

                

              	
                
                  Servicers

                

              	
                
                  Wells
                    Fargo

                

              	
                
                  Custodian

                

              
	 	
                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

              	
                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

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained.

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              	
                X

              	 
	
                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

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the
                  Servicer.

              	
                X

              	
                X

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents.

              	
                X

              	 	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets  and related documents are safeguarded as required by the
                  transaction agreements

              	
                X

              	 	
                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 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.

              	
                X

              	 	 
	
                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.

              	
                X

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              	 	 
	
                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.

              	
                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 pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements.

              	
                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

              	
                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

              	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        P

      

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity or entities indicated as the Responsible
        Party shall be primarily responsible for reporting the information to the
        Trust
        Administrator and the Depositor pursuant to Section 4.06(a)(iv).

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust Administrator based on information received from the
        Master Servicer; and b) items marked “Form 10-D report” are required to be in
        the Form 10-D report but not the 4.02 statement, provided by the party
        indicated.  Information under all other Items of Form 10-D is to be
        included in the Form 10-D report.

       

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                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.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash
                  flow or excess spread and the disposition of excess cash
                  flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period.

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report:

                Trust
                  Administrator, Servicer, Depositor

              
	
                (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.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool,

                [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.

                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.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor or Servicer

                 

                 

                 

                 

                Form
                  10-D report: Depositor

              
	
                Item
                  1121(b) – Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                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:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator

                Custodian

                Servicer

              	
                (i)
                  All parties to the Pooling and Servicing Agreement (as to themselves),
                  (ii) the Trustee, Master Servicer and Depositor as to the Issuing
                  entity
                  and (iii) the Depositor as to the Sponsor, any 1110(b) originator
                  and any
                  1100(d)(i) party

                 

              
	
                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.

              	
                 

                 

                 

                Depositor

              
	
                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)

              	
                 

                 

                 

                Trust
                  Administrator

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee,
                  Trust Administrator

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) –Significant Obligor Financial
                  Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) – Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Trust
                  Administrator Depositor

              
	
                Item
                  1115(b) – Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Trust
                  Administrator

                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                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

              	
                Trust
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                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

              	
                Depositor,
                  Servicer, Master Servicer, Custodian, Trust
                  Administrator

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of  any definitive agreement
                  that is material to the securitization (other than expiration in
                  accordance with its terms), even if depositor is not a party.

                Examples:
                  servicing agreement, custodial agreement.

              	
                Depositor,
                  Servicer, Master Servicer, Custodian, Trust
                  Administrator

              
	
                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, Trustee, Cap Provicer,
                  Custodian

              	
                Depositor,
                  Servicer, Master Servicer, Custodian, Trust Administrator, Trustee
                  (as to
                  itself)

              
	
                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 4.02 statement

              	
                Depositor/
                  Trust Administrator

              
	
                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

              	
                Trust
                  Administrator

              
	
                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”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master 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.  Reg AB disclosure about any new
                  servicer or trustee is also required.

              	
                Depositor

              
	
                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.

                Requesting
                  Regulation AB disclosure about any new enhancement or effecting
                  incorporation by reference

              	
                Trust
                  Administrator

                 

                 

                 

                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trust
                  Administrator

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Regulation AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                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.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event, other than the
                  Trustee

              
	
                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

              	
                N/A

              
	
                Item
                  1114(b)(2) – Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                 

                 

                Trust
                  Administrator Depositor

              
	
                Item
                  1115(b) – Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                Depositor

                Trust
                  Administrator

                 

                 

              
	
                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:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Servicer

                Originator

                Custodian

              	
                Seller

                Depositor

                Trustee

                Master
                  Servicer

                Custodian

                Servicer

              
	
                Item
                  1119 – Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Servicer

                Originator

                Custodian

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 (i)
                  All parties to the Pooling and Servicing Agreement (as to themselves),
                  (ii) the Depositor as to the Sponsor, Originator, Significant Obligor,
                  Credit Enhancer/Support Provider and (iii) the Depositor as to
                  the Issuing
                  entity

                 

                 

              
	
                Item
                  1122 – Assessment of Compliance with Servicing
                  Criteria

              	
                Master
                  Servicer

                Trust
                  Administrator

                Custodian

                Servicer

              
	
                Item
                  1123 –Servicer Compliance Statement

              	
                Master
                  Servicer

                Servicer

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q

      

      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 Trust Administrator

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:  Client
        Manager-  MABS 2007-HE1—SEC REPORT PROCESSING

      

      Mortgage
        Asset Securitization Transactions, Inc.

      1285
        Avenue of the Americas

      New
        York,
        New York 10019

      

      RE:  **Additional
        Form [10-D][10-K][8-K] Disclosure** Required

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement, dated
        as of
        May 1, 2007, among Mortgage Asset Securitization Transactions, Inc. as
        Depositor, Wells Fargo Bank, N.A. as Master Servicer, Trust Administrator
        and
        Custodian, Wells Fargo Bank, N.A. as Servicer, Barclays Capital Real Estate
        Inc.
        d/b/a HomEq Servicing as Servicer and U.S. Bank National Association as Trustee,
        the undersigned, as
        [          ], hereby notifies
        you that certain events have come to our attention that [will] [may] need
        to be
        disclosed on Form [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

      

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      

       

      

       

      

       

      Any
        inquiries related to this notification should be directed to
        [                       ],
        phone
        number:  [         ];
        email
        address:  [                   ].

       

      
        	 	
                [NAME
                  OF PARTY],

                as [role]

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        R-1

       

      FORM
        OF DELINQUENCY REPORT 

      
        	
                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 ($)

              

      

      
 

      
        	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

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	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

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	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
        R-2

      FORM
        OF MONTHLY REMITTANCE ADVICE

      
        	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 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

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file.  It is not separated by
                  first and last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                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

              
	
                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 Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                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

              
	
                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

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                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

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      EXHIBIT
        R-3

      FORM
        OF REALIZED LOSS 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.

      2.  

       

      3.  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
        Servicing Officer certification

       

      *  Unusual
        or extraordinary items may require further documentation.

       

      
        	
                 

              	
                13.

              	
                The
                  total of lines 1 through 12.

              

      

       

      
        	
              	
                4.

              	
                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
        cramdownYes    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

              	
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      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      [AVAILABLE
        UPON REQUEST]

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      SCHEDULE
        2

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      [AVAILABLE
        UPON REQUEST]exv4w1

 

Exhibit 4.1

TOLL BROTHERS, INC.

and

AMERICAN STOCK TRANSFER & TRUST COMPANY

as

Rights Agent

Rights Agreement Dated as of June 13, 2007

 

 

Table of Contents

	 	 	 	 	 
	Certain Definitions
	 	 	2	 
	Appointment of Rights Agent
	 	 	5	 
	Issue of Rights Certificates
	 	 	5	 
	Form of Rights Certificates
	 	 	7	 
	Countersignature and Registration
	 	 	8	 
	Transfer, Split Up, Combination and Exchange of Rights Certificates;
	 	 	 	 
	Mutilated, Destroyed, Lost or Stolen Rights Certificates
	 	 	8	 
	Exercise of Rights; Purchase Price; Expiration Date of Rights
	 	 	9	 
	Cancellation and Destruction of Rights Certificates
	 	 	11	 
	Reservation and Availability of Capital Stock
	 	 	11	 
	Preferred Stock Record Date
	 	 	13	 
	Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights
	 	 	13	 
	Certificate of Adjusted Purchase Price or Number of Shares
	 	 	21	 
	Consolidation, Merger or Sale or Transfer of Assets or Earning Power
	 	 	21	 
	Fractional Rights and Fractional Shares
	 	 	23	 
	Rights of Action
	 	 	24	 
	Agreement of Rights Holders
	 	 	25	 
	Rights Certificate Holder Not Deemed a Stockholder
	 	 	25	 
	Concerning the Rights Agent
	 	 	26	 
	Merger or Consolidation or Change of Name of Rights Agent
	 	 	26	 
	Duties of Rights Agent
	 	 	27	 
	Change of Rights Agent
	 	 	28	 
	Issuance of New Rights Certificates
	 	 	29	 
	Redemption and Termination
	 	 	30	 
	Notice of Certain Events
	 	 	31	 
	Notices
	 	 	31	 
	Supplements and Amendments
	 	 	32	 
	Exchange
	 	 	33	 
	Successors
	 	 	34	 
	Determinations and Actions by the Board of Directors, etc.
	 	 	34	 
	Benefits of this Agreement
	 	 	35	 
	Severability
	 	 	35	 
	Governing Law
	 	 	35	 
	Counterparts
	 	 	35	 
	Descriptive Headings
	 	 	35	 

	 	 	 
	Exhibit A —

	 	Form of Designations, Preferences and
Rights of Series A Junior Participating Preferred Stock
	 
	 	 
	Exhibit B —

	 	Form of Rights Certificate
	 
	 	 
	Exhibit C —

	 	Summary of Rights to Purchase Series A
Junior Participating Preferred Stock

- 1 -

 

RIGHTS AGREEMENT

     RIGHTS AGREEMENT, dated as of June 13, 2007 (the “Agreement”), between Toll Brothers,
Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, a New
York corporation (the “Rights Agent”).

W I T N E S S E T H :

     WHEREAS, on June 13, 2007 (the “Rights Dividend Declaration Date”), the Board of Directors of
the Company authorized and declared a dividend distribution of one preferred share purchase right
(a “Right”) for each share of common stock, par value $0.01 per share, of the Company (the “Common
Stock”) outstanding at the close of business on July 12, 2007 (the “Record Date”), and has
authorized the issuance of one Right (as such number may hereinafter be adjusted pursuant to the
provisions of Section 11(p) hereof) for each share of Common Stock issued between the Record Date
(whether originally issued or delivered from the Company’s treasury) and the earlier of the close
of business on the Distribution Date (as defined in Section 3 hereof) and the Final Expiration Date
(as defined in Section 7(a) hereof), each Right initially representing the right to purchase one
one ten-thousandth of a share (a “Unit”) of Series A Junior Participating Preferred Stock (the
“Preferred Stock”) of the Company having the rights, powers and preferences set forth in the form
of Designations, Preferences and Rights attached hereto as Exhibit A, upon the terms and subject to
the conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows:

Section 1. Certain Definitions. For purposes of this Agreement, the following terms have
the meanings indicated:

	 	(a)	 	“Acquiring Person” shall mean any Person who or which, together with all
Affiliates and Associates of such Person, shall be the Beneficial Owner of 15% or more of
the shares of Common Stock then outstanding, but shall not include (i) the Company, (ii)
any Subsidiary of the Company, (iii) any employee benefit plan of the Company or of any
Subsidiary of the Company, (iv) any Person holding Common Stock for or pursuant to the
terms of any such plan, or (v) any Exempted Person.
	 
	 	(b)	 	“Affiliate” and “Associate” shall have the respective meanings ascribed
to such terms in Rule 12b-2 of the General Rules and Regulations under the Securities
Exchange Act of 1934, as amended and in effect on the date of this Agreement (the “Exchange
Act”).
	 
	 	(c)	 	A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to
“beneficially own,” any securities:

(i) which such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has the right to acquire (whether such right is exercisable immediately or only
after the passage of time or the occurrence of an event) pursuant to any agreement,
arrangement or understanding (whether or not in writing) or upon the exercise of conversion
rights, exchange rights, rights, warrants or options, or otherwise; provided, however, that
a

- 2 -

 

Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” (A)
securities tendered pursuant to a tender or exchange offer made by or on behalf of such
Person or any of such Person’s Affiliates or Associates until such tendered securities are
accepted for purchase or exchange, (B) securities issuable upon exercise of Rights at any
time prior to the occurrence of a Triggering Event, (C) securities issuable upon exercise of
Rights from and after the occurrence of a Triggering Event, which Rights were acquired by
such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date
or pursuant to Section 3(a) or Section 22 hereof (the “Original Rights”) or pursuant to
Section 11(i) hereof in connection with an adjustment made with respect to any Original
Rights, or (D) securities issued or issuable pursuant to any employee benefit plan of the
Company or any Subsidiary of the Company or any employment agreement, arrangement or other
understanding between the Company or any Subsidiary of the Company and any Person or any of
such Person’s Affiliates or Associates; or

(ii) which such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as
determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange
Act), including pursuant to any agreement, arrangement or understanding, whether or not in
writing; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or
to “beneficially own,” any security under this subparagraph (ii) as a result of (A) an
agreement, arrangement or understanding to vote such security if such agreement, arrangement
or understanding: (1) arises solely from a revocable proxy or consent given in response to a
public proxy or consent solicitation made pursuant to, and in accordance with, the
applicable provisions of the General Rules and Regulations under the Exchange Act, and (2)
is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any
comparable or successor report), or (B) securities issued or issuable pursuant to any
employee benefit plan of the Company or any Subsidiary of the Company or any employment
agreement, arrangement or other understanding between the Company or any Subsidiary of the
Company and any Person or any of such Person’s Affiliates or Associates; or

(iii) which are beneficially owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates
or Associates) has any agreement, arrangement or understanding (whether or not in writing),
for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or
consent as described in the proviso to subparagraph (ii) of this paragraph (c) or disposing
of any voting securities of the Company; provided, however, that nothing in this paragraph
(c) shall cause a Person engaged in business as an underwriter of securities to be the
“Beneficial Owner” of, or to “beneficially own,” any securities acquired through such
Person’s participation in good faith in a firm commitment underwriting until the expiration
of forty (40) days after the date of such acquisition; and provided, further, however, that
any stockholder of the Company, with Affiliates, Associates or other Person(s) who may be
deemed representatives of it serving as director(s) or officer(s) of the Company, shall not
be deemed to beneficially own securities held by other Persons as a result of (x)
Persons affiliated or otherwise associated with such stockholder serving as director(s) or
officer(s) or taking any action in connection therewith, (y) discussing the status
of its shares with the

- 3 -

 

Company or other stockholders of the Company similarly situated or (z) voting or
acting in a manner similar to other stockholder(s) similarly situated, absent a specific
finding by the Board of Directors of an express agreement among such stockholders to act in
concert with one another as stockholders so as to cause, in the good faith judgment of the
Board of Directors, each such stockholder to be the Beneficial Owner of the shares held by
the other stockholder(s).

	 	(d)	 	“Business Day” shall mean any day other than a Saturday, Sunday or a day on
which banking institutions in the State of New York are authorized or obligated by law or
executive order to close.
	 
	 	(e)	 	“Close of business” on any given date shall mean 5:00 P.M., New York City time,
on such date; provided, however, that if such date is not a Business Day it shall mean 5:00
P.M., New York City time, on the next succeeding Business Day.
	 
	 	(f)	 	“Common Stock” shall have the meaning set forth in the recital to this
Agreement, except that “Common Stock” when used with reference to any Person other than the
Company shall mean the capital stock of such Person with the greatest voting power, or the
equity securities or other equity interest having power to control or direct the
management, of such Person (or, if such Person is a Subsidiary of another Person, the
Person or Persons that ultimately control such first mentioned Person).
	 
	 	(g)	 	“Exempted Person” shall mean any Person who, together with all Affiliates and
Associates of such Person, (i) is the Beneficial Owner of securities (as disclosed in
public filings with the Securities and Exchange Commission on the Rights Dividend
Declaration Date), representing 15% or more of the shares of Common Stock outstanding on
the Rights Dividend Declaration Date or (ii) becomes the Beneficial Owner of securities
representing 15% or more of the shares of Common Stock then outstanding because of a
reduction in the number of outstanding shares of Common Stock then outstanding as a result
of the purchase by the Company or a Subsidiary of the Company of shares of Common Stock;
provided, however, that any such Person described in clause (ii) shall no longer be deemed
to be an Exempted Person and shall be deemed an Acquiring Person if such Person, together
with all Affiliates and Associates of such Person, becomes the Beneficial Owner, at any
time after the date such Person became the Beneficial Owner of (and so long as such Person
continues to be the Beneficial Owner of) 15% or more of the then outstanding shares of
Common Stock, of additional securities representing 1,000 or more shares of Common Stock,
except (x) pursuant to the exercise of options or warrants to purchase Common Stock
outstanding and beneficially owned by such Person as of the date such Person became the
Beneficial Owner of 15% or more of the then outstanding shares of Common Stock or as a
result of an adjustment to the number of shares of Common Stock for which such options or
warrants are exercisable pursuant to the terms thereof, or (y) as a result of a stock
split, stock dividend or the like. A purchaser, assignee or transferee of the shares of
Common Stock (or warrants or options exercisable for Common Stock) from an Exempted Person
shall not thereby become an Exempted Person, except that a transferee from the estate of
an Exempted Person who receives Common Stock as a bequest or inheritance from an

- 4 -

 

	 	 	 	Exempted Person shall be an Exempted Person so long as such Person continues to be the
Beneficial Owner of 15% or more of the then outstanding shares of Common Stock.
	 
	 	(h)	 	“Person” shall mean any individual, firm, corporation, limited liability
company, partnership or other entity.
	 
	 	(i)	 	“Preferred Stock” shall mean shares of Series A Junior Participating Preferred
Stock, par value $0.01 per share, of the Company, and, to the extent that there are not a
sufficient number of shares of Series A Junior Participating Preferred Stock authorized to
permit the full exercise of the Rights, any other series of Preferred Stock, par value
$0.01 per share, of the Company designated for such purpose containing terms substantially
similar to the terms of the Series A Junior Participating Preferred Stock.
	 
	 	(j)	 	“Section 11(a)(ii) Event” shall mean any event described in Section 11(a)(ii)
hereof.
	 
	 	(k)	 	“Section 13 Event” shall mean any event described in clauses (x), (y) or (z) of
Section 13(a) hereof.
	 
	 	(l)	 	“Stock Acquisition Date” shall mean the first date of public announcement
(which, for purposes of this definition, shall include, without limitation, a report filed
pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person
that an Acquiring Person has become such.
	 
	 	(m)	 	“Subsidiary” shall mean, with reference to any Person, any Person of which a
majority of the voting power of voting equity securities or equity interests is
beneficially owned, directly or indirectly, by such Person or otherwise controlled by such
Person.
	 
	 	(n)	 	“Triggering Event” shall mean any Section 11(a)(ii) Event or any Section 13
Event.

Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent to
act as agent for the Company and the holders of the Rights (who, in accordance with Section 3
hereof, shall prior to the Distribution Date also be the holders of the Common Stock) in accordance
with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The
Company may from time to time appoint such Co-Rights Agents as it may deem necessary or desirable.

Section 3. Issue of Rights Certificates.

	 	(a)	 	Until the earlier of (i) the close of business on the tenth day after the Stock
Acquisition Date (or, if the tenth day after the Stock Acquisition Date occurs before the
Record Date, the close of business on the Record Date), or (ii) the close of business on
the tenth Business Day (or such later date as the Board of Directors of the Company shall
determine prior to such time as any Person becomes an Acquiring Person) after the date that
a tender or exchange offer by any Person (other than any Exempted Person, the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of
the Company, or any Person holding Common Stock for or pursuant to the

- 5 -

 

	 	 	 	terms of any such plan) is first published or sent or given within the meaning of Rule
14d-2(a) of the General Rules and Regulations under the Exchange Act, if upon consummation
thereof, such Person would be the Beneficial Owner of 15% or more of the shares of Common
Stock then outstanding (the earlier of (i) and (ii) being herein referred to as the
“Distribution Date”), (x) the Rights will be evidenced (subject to the provisions of
paragraph (b) of this Section 3) by the certificates for the Common Stock registered in the
names of the holders of the Common Stock (which certificates for Common Stock shall be
deemed also to be certificates for Rights) and not by separate certificates, and (y) the
Rights will be transferable only in connection with the transfer of the underlying shares of
Common Stock (including a transfer to the Company). As soon as practicable after the
Distribution Date, the Company will prepare and execute, the Rights Agent will countersign
and the Rights Agent will send by first-class, insured, postage prepaid mail, to each record
holder of the Common Stock as of the close of business on the Distribution Date, at the
address of such holder shown on the records of the Company, one or more rights certificates,
in substantially the form of Exhibit B hereto (the “Rights Certificates”), evidencing one
Right for each share of Common Stock so held, subject to adjustment as provided herein. In
the event that an adjustment in the number of Rights per share of Common Stock has been made
pursuant to Section 11(p) hereof, at the time of distribution of the Rights Certificates,
the Company shall make the necessary and appropriate rounding adjustments (in accordance
with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of
Rights are distributed and cash is paid in lieu of any fractional Rights. As of and after
the Distribution Date, the Rights will be evidenced solely by such Rights Certificates.
	 
	 	(b)	 	As promptly as practicable following the Record Date, the Company shall send a copy of
a Summary of Rights, in substantially the form attached hereto as Exhibit C (the “Summary
of Rights”), by first-class, postage prepaid mail, to each record holder of the Common
Stock as of the close of business on the Record Date, at the address of such holder shown
on the records of the Company. With respect to certificates for the Common Stock
outstanding as of the Record Date, until the Distribution Date, the Rights will be
evidenced by such certificates for the Common Stock and the registered holders of the
Common Stock shall also be the registered holders of the associated Rights. Until the
earliest of the Distribution Date, the Expiration Date (as such term is defined in Section
7 hereof) or the redemption of the Rights pursuant to Section 23 hereof, the transfer of
any certificates representing shares of Common Stock in respect of which Rights have been
issued shall also constitute the transfer of the Rights associated with such shares of
Common Stock.
	 
	 	(c)	 	Rights shall be issued in respect of all shares of Common Stock which are issued
(whether originally issued or from the Company’s treasury) after the Record Date but prior
to the earliest of the Distribution Date, the Expiration Date or the redemption of the
Rights pursuant to Section 23 hereof. Certificates representing such shares of Common
Stock shall also be deemed to be certificates for Rights, and shall bear the following
legend: “This certificate also evidences and entitles the holder hereof to certain Rights
as set forth in the Rights Agreement between Toll Brothers, Inc. (the “Company”) and
American Stock Transfer & Trust Company (the “Rights Agent”), dated as of June 13, 2007
(the “Rights Agreement”), the terms of which are hereby incorporated herein by reference
and a copy of

- 6 -

 

	 	 	 	which is on file at the principal offices of the Rights Agent. Under certain circumstances,
as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates
and will no longer be evidenced by this certificate. The Rights Agent will mail to the
holder of this certificate a copy of the Rights Agreement, as in effect on the date of
mailing, without charge promptly after receipt of a written request therefor. Under certain
circumstances set forth in the Rights Agreement, Rights issued to, or held by, any Person
who is, was or becomes an Acquiring Person or any Affiliate or Associate thereof (as such
terms are defined in the Rights Agreement), whether currently held by or on behalf of such
Person or by any subsequent holder, may become null and void.” With respect to such
certificates containing the foregoing legend, until the Distribution Date, the Rights
associated with the Common Stock represented by such certificates shall be evidenced by such
certificates alone and registered holders of Common Stock shall also be the registered
holders of the associated Rights, and the transfer of any of such certificates shall also
constitute the transfer of the Rights associated with the Common Stock represented by such
certificates.

Section 4. Form of Rights Certificates.

	 	(a)	 	The Rights Certificates (and the forms of election to purchase and of assignment to be
printed on the reverse thereof) shall each be substantially in the form set forth in
Exhibit B hereto and may have such marks of identification or designation and such legends,
summaries or endorsements printed thereon as the Company may deem appropriate and as are
not inconsistent with the provisions of this Agreement, or as may be required to comply
with any applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any stock exchange on which the Rights may from time to time be
listed, or to conform to usage. Subject to the provisions of Section 11 and Section 22
hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date
and on their face shall entitle the holders thereof to purchase such number of one
ten-thousandths of a share of Preferred Stock as shall be set forth therein at the price
set forth therein (such exercise price per one ten-thousandth of a share, the “Purchase
Price”), but the amount and type of securities purchasable upon the exercise of each Right
and the Purchase Price thereof shall be subject to adjustment as provided herein.
	 
	 	(b)	 	Any Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that
represents Rights beneficially owned by: (i) an Acquiring Person or any Associate or
Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such
Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such,
or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee prior to or concurrently with the Acquiring Person becoming such and
receives such Rights pursuant to either (A) a transfer (whether or not for consideration)
from the Acquiring Person to holders of equity interests in such Acquiring Person or to any
Person with whom such Acquiring Person has any continuing agreement, arrangement or
understanding regarding the transferred Rights or (B) a transfer which the Board of
Directors of the Company has determined is part of a plan, arrangement or understanding
which has as a primary purpose or effect avoidance of Section 7(e) hereof, and any Rights
Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange,
replacement or adjustment of any other Rights Certificate referred to in this sentence,
shall contain (to the extent feasible) the following legend: “The Rights represented by
this Rights

- 7 -

 

	 	 	 	Certificate are or were beneficially owned by a Person who was or became an Acquiring Person
or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement). Accordingly, this Rights Certificate and the Rights represented hereby may
become null and void in the circumstances specified in Section 7(e) of such Agreement.”

Section 5. Countersignature and Registration.

	 	(a)	 	The Rights Certificates shall be executed on behalf of the Company by its Chairman of
the Board, its Vice Chairman, its Chief Executive Officer, its President or any Vice
President, either manually or by facsimile signature, and shall have affixed thereto the
Company’s seal or a facsimile thereof which shall be attested by the Secretary or an
Assistant Secretary of the Company, either manually or by facsimile signature. The Rights
Certificates shall be countersigned by the Rights Agent, either manually or by facsimile
signature, and shall not be valid for any purpose unless so countersigned. In case any
officer of the Company who shall have signed any of the Rights Certificates shall cease to
be such officer of the Company before countersignature by the Rights Agent and issuance and
delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by
the Rights Agent and issued and delivered by the Company with the same force and effect as
though the person who signed such Rights Certificates had not ceased to be such officer of
the Company; and any Rights Certificates may be signed on behalf of the Company by any
person who, at the actual date of the execution of such Rights Certificate, shall be a
proper officer of the Company to sign such Rights Certificate, although at the date of the
execution of this Rights Agreement any such person was not such an officer.
	 
	 	(b)	 	Following the Distribution Date, the Rights Agent shall keep or cause to be kept, at
its principal office or offices designated as the appropriate place for surrender of Rights
Certificates upon exercise or transfer, books for registration and transfer of the Rights
Certificates issued hereunder. Such books shall show the names and addresses of the
respective holders of the Rights Certificates, the number of Rights evidenced on its face
by each of the Rights Certificates and the date of each of the Rights Certificates.

Section 6. Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated,
Destroyed, Lost or Stolen Rights Certificates.

	 	(a)	 	Subject to the provisions of Section 4(b), Section 7(e), Section 14 and Section 27
hereof, at any time after the close of business on the Distribution Date, and at or prior
to the close of business on the Expiration Date or the redemption of the rights pursuant to
Section 23 hereof, any Rights Certificate or Certificates may be transferred, split up,
combined or exchanged for another Rights Certificate or Certificates, entitling the
registered holder to purchase a like number of one ten-thousandths of a share of Preferred
Stock (or, following a Triggering Event, Common Stock, other securities, cash or other
assets, as the case may be) as the Rights Certificate or Certificates surrendered then
entitled such holder (or former holder in the case of a transfer) to purchase. Any
registered holder desiring to transfer, split up, combine or exchange any Rights
Certificate or Certificates shall make such request in writing delivered to the Rights
Agent, and shall surrender the Rights Certificate or Certificates to be transferred, split
up, combined or exchanged at the principal office or

- 8 -

 

	 	 	 	offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor the
Company shall be obligated to take any action whatsoever with respect to the transfer of any
such surrendered Rights Certificate until the registered holder shall have completed and
signed the certificate contained in the form of assignment on the reverse side of such
Rights Certificate and shall have provided such additional evidence of the identity of the
Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the
Company shall reasonably request. Thereupon the Rights Agent shall, subject to Section
4(b), Section 7(e), Section 14 and Section 27 hereof, countersign and deliver to the Person
entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so
requested. The Company may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer, split up,
combination or exchange of Rights Certificates.
	 
	 	(b)	 	Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to
them of the loss, theft, destruction or mutilation of a Rights Certificate, and, in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and
reimbursement to the Company and the Rights Agent of all reasonable expenses incidental
thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate
if mutilated, the Company will execute and deliver a new Rights Certificate of like tenor
to the Rights Agent for countersignature and delivery to the registered owner in lieu of
the Rights Certificate so lost, stolen, destroyed or mutilated.

Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights.

	 	(a)	 	Subject to Section 7(e) and Section 27 hereof, the registered holder of any Rights
Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein
including, without limitation, the restrictions on exercisability set forth in Section
9(c), Section 11(a)(iii) and Section 23(a) hereof) in whole or in part at any time after
the Distribution Date upon surrender of the Rights Certificate, with the form of election
to purchase and the certificate on the reverse side thereof duly executed, to the Rights
Agent at the principal office or offices of the Rights Agent designated for such purpose,
together with payment of the aggregate Purchase Price with respect to the total number of
one ten-thousandth of a share of Preferred Stock (or other securities, cash or other
assets, as the case may be) as to which such surrendered Rights are then exercisable, at or
prior to the earliest of (i) the close of business on July 11, 2017, (the “Final Expiration
Date”), or (ii) the time at which the Rights are redeemed as provided in Section 23 hereof
or (iii) the time at which all of the Rights (other than Rights that have become void
pursuant to the provisions of Section 7(e) hereof) are exchanged for Common Stock or other
assets or securities as provided in Section 27 hereof (the earliest of (i) and (ii) and
(iii) being herein referred to as the “Expiration Date”).
	 
	 	(b)	 	The Purchase Price for each one ten-thousandth of a share of Preferred Stock pursuant
to the exercise of a Right shall initially be $100.00, and shall be subject to adjustment
from time to time as provided in Sections 11 and 13(a) hereof and shall be payable in
accordance with paragraph (c) below.

- 9 -

 

	 	(c)	 	Upon receipt of a Rights Certificate representing exercisable Rights, with the form of
election to purchase and the certificate duly executed, accompanied by payment, with
respect to each Right so exercised, of the Purchase Price per one ten-thousandth of a share
of Preferred Stock (or other shares, securities, cash or other assets, as the case may be)
to be purchased as set forth below and an amount equal to any applicable transfer tax, the
Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i) (A)
requisition from any transfer agent of the shares of Preferred Stock (or make available, if
the Rights Agent is the transfer agent for such shares) certificates for the total number
of one ten-thousandths of a share of Preferred Stock to be purchased and the Company hereby
irrevocably authorizes its transfer agent to comply with all such requests, or (B) if the
Company shall have elected to deposit the total number of shares of Preferred Stock
issuable upon exercise of the Rights hereunder with a depositary agent, requisition from
the depositary agent depositary receipts representing such number of one ten-thousandths of
a share of Preferred Stock as are to be purchased (in which case certificates for the
shares of Preferred Stock represented by such receipts shall be deposited by the transfer
agent with the depositary agent) and the Company shall direct the depositary agent to
comply with such request, (ii) requisition from the Company the amount of cash, if any, to
be paid in lieu of fractional shares in accordance with Section 14 hereof, (iii) after
receipt of such certificates or depositary receipts, cause the same to be delivered to, or
upon the order of the registered holder of such Rights Certificate, registered in such name
or names as may be designated by such holder, and (iv) after receipt thereof, deliver such
cash, if any, to or upon the order of the registered holder of such Rights Certificate.
The payment of the Purchase Price (as such amount may be reduced pursuant to Section
11(a)(iii) hereof) shall be made in cash or by certified bank check or bank draft payable
to the order of the Company. In the event that the Company is obligated to issue other
securities (including Common Stock) of the Company, pay cash and/or distribute other
property pursuant to Section 11(a) hereof, the Company will make all arrangements necessary
so that such other securities, cash and/or other property are available for distribution by
the Rights Agent, if and when appropriate. The Company reserves the right to require prior
to the occurrence of a Triggering Event that, upon any exercise of Rights, a number of
Rights be exercised so that only whole shares of Preferred Stock would be issued.
	 
	 	(d)	 	In case the registered holder of any Rights Certificate shall exercise less than all
the Rights evidenced thereby, a new Rights Certificate evidencing Rights equivalent to the
Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon
the order of, the registered holder of such Rights Certificate, registered in such name or
names as may be designated by such holder, subject to the provisions of Section 14 hereof.
	 
	 	(e)	 	Notwithstanding anything in this Agreement to the contrary, from and after the first
occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned by (i) an Acquiring
Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an
Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the
Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such
Associate or Affiliate) who becomes a transferee prior to or concurrently with the
Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer
(whether or not for consideration) from the Acquiring Person to holders of equity interests
in such Acquiring

- 10 -

 

	 	 	 	Person or to any Person with whom the Acquiring Person has any continuing agreement,
arrangement or understanding regarding the transferred Rights or (B) a transfer which the
Board of Directors of the Company has determined is part of a plan, arrangement or
understanding which has as a primary purpose or effect the avoidance of this Section 7(e),
shall become null and void without any further action and no holder of such Rights shall
have any rights whatsoever with respect to such Rights, whether under any provision of this
Agreement or otherwise. The Company shall use all reasonable efforts to insure that the
provisions of this Section 7(e) and Section 4(b) hereof are complied with but shall have no
liability to any holder of Rights Certificates or other Person as a result of its failure to
make any determinations with respect to an Acquiring Person or its Affiliates, Associates or
transferees hereunder.
	 
	 	(f)	 	Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent
nor the Company shall be obligated to undertake any action with respect to a registered
holder upon the occurrence of any purported exercise as set forth in this Section 7 unless
such registered holder shall have (i) completed and signed the certificate contained in the
form of election to purchase set forth on the reverse side of the Rights Certificate
surrendered for such exercise, and (ii) provided such additional evidence of the identity
of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as
the Company shall reasonably request.

Section 8. Cancellation and Destruction of Rights Certificates. All Rights Certificates
surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if
surrendered to the Company or any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights
Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions
of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement,
and the Rights Agent shall so cancel and retire, any other Rights Certificate purchased or acquired
by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all
canceled Rights Certificates to the Company, or shall, at the written request of the Company,
destroy such canceled Rights Certificates, and in such case shall deliver a certificate of
destruction thereof to the Company.

Section 9. Reservation and Availability of Capital Stock.

	 	(a)	 	The Company covenants and agrees that it will cause to be reserved and kept available
out of its authorized and unissued shares of Preferred Stock (and, following the occurrence
of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or
other securities or out of its authorized and issued shares held in its treasury), the
number of shares of Preferred Stock (and, following the occurrence of a Triggering Event,
Common Stock and/or other securities) that, as provided in this Agreement, including
Section 11(a)(iii) hereof, will be sufficient to permit the exercise in full of all
outstanding Rights.
	 
	 	(b)	 	So long as the shares of Preferred Stock (and, following the occurrence of a Triggering
Event, Common Stock and/or other securities) issuable and deliverable upon the exercise of
the Rights may be listed on any national securities exchange, the Company shall use its
best efforts to cause, from and after such time as the Rights become exercisable, all
shares

- 11 -

 

	 	 	 	reserved for such issuance to be listed on such exchange upon official notice of issuance
upon such exercise.
	 
	 	(c)	 	The Company shall use its best efforts to (i) file, as soon as practicable following
the earliest date after the first occurrence of a Section 11(a)(ii) Event on which the
consideration to be delivered by the Company upon exercise of the Rights has been
determined in accordance with Section 11(a)(iii) hereof, a registration statement under the
Securities Act of 1933 (the “Act”) with respect to the securities purchasable upon exercise
of the Rights on an appropriate form, (ii) cause such registration statement to become
effective as soon as practicable after such filing, and (iii) cause such registration
statement to remain effective (with a prospectus at all times meeting the requirements of
the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable
for such securities, and (B) the date of the expiration of the Rights. The Company will
also take such action as may be appropriate under, or to ensure compliance with, the
securities or “blue sky” laws of the various states in connection with the exercisability
of the Rights. The Company may temporarily suspend, for a period of time not to exceed
ninety (90) days after the date set forth in clause (i) of the first sentence of this
Section 9(c), the exercisability of the Rights in order to prepare and file such
registration statement and permit it to become effective. Upon any such suspension, the
Company shall issue a public announcement stating that the exercisability of the Rights has
been temporarily suspended, as well as a public announcement at such time as the suspension
is no longer in effect. In addition, if the Company shall determine that a registration
statement is required following the Distribution Date, the Company may temporarily suspend
the exercisability of the Rights until such time as a registration statement has been
declared effective. Notwithstanding any provision of this Agreement to the contrary, the
Rights shall not be exercisable in any jurisdiction if the requisite qualification in such
jurisdiction shall not have been obtained, the exercise thereof shall not be permitted
under applicable law or a registration statement shall not have been declared effective.
	 
	 	(d)	 	The Company covenants and agrees that it will take all such action as may be necessary
to ensure that all one ten-thousandths of a share of Preferred Stock (and, following the
occurrence of a Triggering Event, Common Stock and/or other securities) delivered upon
exercise of Rights shall, at the time of delivery of the certificates for such shares (or
Units) (subject to payment of the Purchase Price), be duly and validly authorized and
issued and fully paid and nonassessable.
	 
	 	(e)	 	The Company further covenants and agrees that it will pay when due and payable any and
all federal and state transfer taxes and charges which may be payable in respect of the
issuance or delivery of the Rights Certificates and of any certificates for a number of one
ten-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as
the case may be) upon the exercise of Rights. The Company shall not, however, be required
to pay any transfer tax which may be payable in respect of any transfer or delivery of
Rights Certificates to a Person other than, or the issuance or delivery of a number of one
ten-thousandths of a share of Preferred Stock (or Common Stock and/or other securities, as
the case may be) in respect of a name other than that of, the registered holder of the
Rights Certificates evidencing Rights surrendered for exercise or to issue or deliver any
certificates

- 12 -

 

	 	 	 	for a number of one one-thousandths of a share of Preferred Stock (or Common Stock and/or
other securities, as the case may be) in a name other than that of the registered holder
upon the exercise of any Rights until such tax shall have been paid (any such tax being
payable by the holder of such Rights Certificate at the time of surrender) or until it has
been established to the Company’s satisfaction that no such tax is due.

Section 10. Preferred Stock Record Date. Each Person in whose name any certificate for a
number of one ten-thousandths of a share of Preferred Stock (or Common Stock and/or other
securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be
deemed to have become the holder of record of such fractional shares of Preferred Stock (or Common
Stock and/or other securities, as the case may be) represented thereby on, and such certificate
shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly
surrendered and payment of the Purchase Price (and all applicable transfer taxes) was made;
provided, however, that if the date of such surrender and payment is a date upon which the
Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the
Company are closed, such Person shall be deemed to have become the record holder of such shares
(fractional or otherwise) on, and such certificate shall be dated, the next succeeding Business Day
on which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer
books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder
of a Rights Certificate shall not be entitled to any rights of a stockholder of the Company with
respect to shares for which the Rights shall be exercisable, including, without limitation, the
right to vote, to receive dividends or other distributions or to exercise any preemptive rights,
and shall not be entitled to receive any notice of any proceedings of the Company, except as
provided herein.

Section 11. Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights.
The Purchase Price, the number and kind of shares covered by each Right and the number of Rights
outstanding are subject to adjustment from time to time as provided in this Section 11.

	 	(a)	 	(i) In the event the Company shall at any time after the date of this Agreement
(A) declare a dividend on the Preferred Stock payable in shares of Preferred Stock, (B)
subdivide the outstanding Preferred Stock, (c) combine the outstanding Preferred Stock
into a smaller number of shares, or (D) issue any shares of its capital stock in a
reclassification of the Preferred Stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing or
surviving corporation), except as otherwise provided in this Section 11(a) and Section
7(e) hereof, the Purchase Price in effect at the time of the record date for such
dividend or of the effective date of such subdivision, combination or reclassification,
and the number and kind of shares of Preferred Stock or capital stock, as the case may
be, issuable on such date, shall be proportionately adjusted so that the holder of any
Right exercised after such time shall be entitled to receive, upon payment of the
Purchase Price then in effect, the aggregate number and kind of shares of Preferred Stock
or capital stock, as the case may be, which, if such Right had been exercised immediately
prior to such date and at a time when the Preferred Stock transfer books of the Company
were open, such holder would have owned upon such exercise and been entitled to receive
by virtue of such dividend, subdivision, combination or reclassification; provided,
however, that in no event shall the consideration to be paid upon the exercise of one
Right be less than the aggregate par value of the shares of Preferred Stock or capital
stock, as the case may be,

- 13 -

 

	 	 	 	issuable upon exercise of one Right. If an event occurs which would require an
adjustment under both this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment
provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior
to, any adjustment required pursuant to Section 11(a)(ii) hereof.

	 	(ii)	 	In the event any Person shall become an Acquiring Person, unless the event
causing the 15% threshold to be crossed is a transaction set forth in Section 13(a)
hereof or is an acquisition of shares of Common Stock pursuant to a tender offer or an
exchange offer for all outstanding shares of Common Stock at a price and on terms
determined by at least a majority of the members of the Board of Directors of the
Company, after receiving advice from one or more investment banking firms, to be (a) at
a price which is fair to stockholders (taking into account all factors which such
members of the Board deem relevant, including, without limitation, prices which could
reasonably be achieved if the Company or its assets were sold on an orderly basis
designed to realize maximum value) and (b) otherwise in the best interests of the
Company and its stockholders (hereinafter a “Qualifying Offer”), then, promptly
following the occurrence of such event, proper provision shall be made so that each
holder of a Right (except as provided below and in Section 7(e) hereof) shall
thereafter have the right to receive, upon exercise thereof at the then current
Purchase Price in accordance with the terms of this Agreement, in lieu of a number of
one ten-thousandths of a share of Preferred Stock, such number of shares of Common
Stock of the Company as shall equal the result obtained by (x) multiplying the then
current Purchase Price by the then number of one ten-thousandths of a share of
Preferred Stock for which a Right was exercisable immediately prior to the first
occurrence of a Section 11(a)(ii) Event, and (y) dividing that product (which,
following such first occurrence, shall thereafter be referred to as the “Purchase
Price” for each Right and for all purposes of this Agreement) by 50% of the current
market price (determined pursuant to Section 11(d) hereof) per share of Common Stock on
the date of such first occurrence (such number of shares, the “Adjustment Shares”).
	 
	 	(iii)	 	In the event that the number of shares of Common Stock which are authorized by
the Company’s Certificate of Incorporation but not outstanding, subscribed for or
reserved for issuance for purposes other than upon exercise of the Rights are not
sufficient to permit the exercise in full of the Rights in accordance with the
foregoing subparagraph (ii) of this Section 11(a), the Company shall (A) determine the
value of the Adjustment Shares issuable upon the exercise of a Right (the “Current
Value”), and (B) with respect to each Right (subject to Section 7(e) hereof), make
adequate provision to substitute for the Adjustment Shares, upon the exercise of a
Right and payment of the applicable Purchase Price, (1) cash, (2) a reduction in the
Purchase Price, (3) Common Stock or other equity securities of the Company (including,
without limitation, shares, or units of shares, of preferred stock, such as the
Preferred Stock, which the Board of Directors of the Company has deemed to have
essentially the same value or economic rights as shares of Common Stock (such shares of
preferred stock being referred to as “Common Stock Equivalents”)), (4) debt securities
of the Company, (5) other assets, or (6) any combination of the foregoing, having an
aggregate value equal to the Current Value (less the amount of any reduction in the
Purchase Price), where such aggregate value

- 14 -

 

	 	 	 	has been determined by the Board based upon the advice of a nationally recognized
investment banking firm selected by the Board; provided, however, that if the Company
shall not have made adequate provision to deliver value pursuant to clause (B) above
within thirty (30) days following the later of (x) the first occurrence of a Section
11(a)(ii) Event and (y) the date on which the Company’s right of redemption pursuant to
Section 23(a) expires (the later of (x) and (y) being referred to herein as the “Section
11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver, upon the
surrender for exercise of a Right and without requiring payment of the Purchase Price,
shares of Common Stock (to the extent available) and then, if necessary, cash, which
shares and/or cash have an aggregate value equal to the Spread. For purposes of the
preceding sentence, the term “Spread” shall mean the excess of (i) the Current Value
over (ii) the Purchase Price. If the Board of Directors of the Company determines in
good faith that it is likely that sufficient additional shares of Common Stock could be
authorized for issuance upon exercise in full of the Rights, the thirty-day period set
forth above may be extended to the extent necessary, but not more than ninety (90) days
after the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder
approval for the authorization of such additional shares (such thirty-day period, as it
may be extended, is herein called the “Substitution Period”). To the extent that action
is to be taken pursuant to the first and/or third sentences of this Section 11(a)(iii),
the Company (1) shall provide, subject to Section 7(e) hereof, that such action shall
apply uniformly to all outstanding Rights, and (2) may suspend the exercisability of the
Rights until the expiration of the Substitution Period in order to seek such stockholder
approval for such authorization of additional shares and/or to decide the appropriate
form of distribution to be made pursuant to such first sentence and to determine the
value thereof. In the event of any such suspension, the Company shall issue a public
announcement stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension is no longer
in effect. For purposes of this Section 11(a)(iii), the value of each Adjustment Share
shall be the Current Market Price per share of the Common Stock on the Section 11(a)(ii)
Trigger Date and the per share or per unit value of any Common Stock Equivalent shall be
deemed to equal the Current Market Price per share of the Common Stock on such date.

	 	(b)	 	In case the Company shall fix a record date for the issuance of rights, options or
warrants to all holders of Preferred Stock entitling them to subscribe for or purchase (for
a period expiring within forty-five (45) calendar days after such record date) Preferred
Stock (or shares having the same rights, privileges and preferences as the shares of
Preferred Stock (“equivalent preferred stock”)) or securities convertible into Preferred
Stock or equivalent preferred stock at a price per share of Preferred Stock or per share of
equivalent preferred stock (or having a conversion price per share, if a security
convertible into Preferred Stock or equivalent preferred stock) less than the current
market price (as determined pursuant to Section 11(d) hereof) per share of Preferred Stock
on such record date, the Purchase Price to be in effect after such record date shall be
determined by multiplying the Purchase Price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the number of shares of Preferred Stock
outstanding on such record date, plus the number of shares of Preferred Stock which the
aggregate offering price of the total number of shares of

- 15 -

 

	 	 	 	Preferred Stock and/or equivalent preferred stock so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would purchase at
such current market price, and the denominator of which shall be the number of shares of
Preferred Stock outstanding on such record date, plus the number of additional shares of
Preferred Stock and/or equivalent preferred stock to be offered for subscription or purchase
(or into which the convertible securities so to be offered are initially convertible);
provided, however, that in no event shall the consideration to be paid upon the exercise of
one Right be less than the aggregate par value of the shares of Preferred Stock or capital
stock, as the case may be, issuable upon exercise of one Right. In case such subscription
price may be paid by delivery of consideration part or all of which may be in a form other
than cash, the value of such consideration shall be as determined in good faith by the Board
of Directors of the Company, whose determination shall be described in a statement filed
with the Rights Agent and shall be binding on the Rights Agent and the holders of the
Rights. Shares of Preferred Stock owned by or held for the account of the Company shall not
be deemed outstanding for the purpose of any such computation. Such adjustment shall be
made successively whenever such a record date is fixed, and in the event that such rights or
warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price
which would then be in effect if such record date had not been fixed.
	 
	 	(c)	 	In case the Company shall fix a record date for a distribution to all holders of
Preferred Stock (including any such distribution made in connection with a consolidation or
merger in which the Company is the continuing corporation) of evidences of indebtedness,
cash (other than a regular quarterly cash dividend out of the earnings or retained earnings
of the Company), assets (other than a dividend payable in Preferred Stock, but including
any dividend payable in stock other than Preferred Stock) or subscription rights or
warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in
effect after such record date shall be determined by multiplying the Purchase Price in
effect immediately prior to such record date by a fraction, the numerator of which shall be
the current market price (as determined pursuant to Section 11(d) hereof) per share of
Preferred Stock on such record date, less the fair market value (as determined in good
faith by the Board of Directors of the Company, whose determination shall be described in a
statement filed with the Rights Agent) of the portion of the cash, assets or evidences of
indebtedness so to be distributed or of such subscription rights or warrants applicable to
a share of Preferred Stock and the denominator of which shall be such current market price
(as determined pursuant to Section 11(d) hereof) per share of Preferred Stock; provided,
however, that in no event shall the consideration to be paid upon the exercise of one Right
be less than the aggregate par value of the shares of Preferred Stock or capital stock, as
the case may be, issuable upon exercise of one Right. Such adjustments shall be made
successively whenever such a record date is fixed, and in the event that such distribution
is not so made, the Purchase Price shall be adjusted to be the Purchase Price which would
have been in effect if such record date had not been fixed.
	 
	 	(d)	 	(i) For the purpose of any computation hereunder, other than computations made
pursuant to Section 11(a)(iii) hereof, the Current Market Price per share of Common Stock
on any date shall be deemed to be the average of the daily closing prices per share of such
Common Stock for the thirty (30)consecutive Trading Days immediately prior to such

- 16 -

 

	 	 	 	date, and for purposes of computations made pursuant to Section 11(a)(iii) hereof, the
Current Market Price per share of Common Stock on any date shall be deemed to be the
average of the daily closing prices per share of such Common Stock for the ten (10)
consecutive Trading Days immediately following such date; provided, however, that in the
event that the Current Market Price per share of the Common Stock is determined during a
period following the announcement by the issuer of such Common Stock of (A) a dividend
or distribution on such Common Stock payable in shares of such Common Stock or
securities convertible into shares of such Common Stock (other than the Rights), or (B)
any subdivision, combination or reclassification of such Common Stock, and the
ex-dividend date for such dividend or distribution, or the record date for such
subdivision, combination or reclassification shall not have occurred prior to the
commencement of the requisite thirty (30) Trading Day or ten (10) Trading Day period, as
set forth above, then, and in each such case, the Current Market Price shall be properly
adjusted to take into account ex-dividend trading. The closing price for each day shall
be the last sale price, regular way, or, in case no such sale takes place on such day,
the average of the closing bid and asked prices, regular way, in either case as reported
in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the New York Stock Exchange or, if the shares of Common
Stock are not listed or admitted to trading on the New York Stock Exchange, as reported
in the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the shares of Common Stock
are listed or admitted to trading or, if the shares of Common Stock are not listed or
admitted to trading on any national securities exchange, the last quoted price or, if
not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by such system as is then in use, or, if on any such date the shares
of Common Stock are not quoted by any such organization, the average of the closing bid
and asked prices as furnished by a professional market maker making a market in the
Common Stock selected by the Board of Directors of the Company. If on any such date no
market maker is making a market in the Common Stock, the fair value of such shares on
such date as determined in good faith by the Board shall be used. The term “Trading
Day” shall mean a day on which the principal national securities exchange on which the
shares of Common Stock are listed or admitted to trading is open for the transaction of
business or, if the shares of Common Stock are not listed or admitted to trading on any
national securities exchange, a Business Day. If the Common Stock is not publicly held
or not so listed or traded, Current Market Price per share shall mean the fair value per
share as determined in good faith by the Board, whose determination shall be described
in a statement filed with the Rights Agent and shall be conclusive for all purposes.
	 
	 	(ii)	 	For the purpose of any computation hereunder, the Current Market Price per
share of Preferred Stock shall be determined in the same manner as set forth above for
the Common Stock in clause (i) of this Section 11(d) (other than the last sentence
thereof). If the Current Market Price per share of Preferred Stock cannot be
determined in the manner provided above or if the Preferred Stock is not publicly held
or listed or traded in a manner described in clause (i) of this Section 11(d), the
Current Market Price per share of Preferred Stock shall be conclusively deemed to be an
amount equal to 10,000

- 17 -

 

	 	 	 	(as such number may be appropriately adjusted for such events as stock splits, stock
dividends and recapitalizations with respect to the Common Stock occurring after the
date of this Agreement) multiplied by the Current Market Price per share of the Common
Stock. If neither the Common Stock nor the Preferred Stock is publicly held or so
listed or traded, Current Market Price per share of the Preferred Stock shall mean the
fair value per share as determined in good faith by the Board of Directors of the
Company, whose determination shall be described in a statement filed with the Rights
Agent and shall be conclusive for all purposes. For all purposes of this Agreement, the
Current Market Price of a Unit shall be equal to the Current Market Price of one share
of Preferred Stock divided by 10,000.

	 	(e)	 	Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price
shall be required unless such adjustment would require an increase or decrease of at least
1% in the Purchase Price; provided, however, that any adjustments which by reason of this
Section 11(e) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment. All calculations under this Section 11 shall be made to the
nearest cent or to the nearest ten-thousandth of a share of Common Stock or other share of
capital stock or one-ten millionth of a share of Preferred Stock, as the case may be.
Notwithstanding the first sentence of this Section 11(e), any adjustment required by this
Section 11 shall be made no later than the earlier of (i) three (3) years from the date of
the transaction which mandates such adjustment, or (ii) the Expiration Date.
	 
	 	(f)	 	If as a result of an adjustment made pursuant to Section 11(a)(ii) or Section 13(a)
hereof, the holder of any Right thereafter exercised shall become entitled to receive any
shares of capital stock other than Preferred Stock, thereafter the number of such other
shares so receivable upon exercise of any Right and the Purchase Price thereof shall be
subject to adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Preferred Stock contained in Sections
11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the provisions of Sections 7, 9,
10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any
such other shares.
	 
	 	(g)	 	All Rights originally issued by the Company subsequent to any adjustment made to the
Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase
Price, the number of one ten-thousandths of a share of Preferred Stock purchasable from
time to time hereunder upon exercise of the Rights, all subject to further adjustment as
provided herein.
	 
	 	(h)	 	Unless the Company shall have exercised its election as provided in Section 11(i), upon
each adjustment of the Purchase Price as a result of the calculations made in Sections
11(b) and (c), each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that
number of one ten-thousandths of a share of Preferred Stock (calculated to the nearest
one-ten millionth of a share of Preferred Stock) obtained by:

	 	(i)	 	multiplying (x) the number of one ten-thousandths of a share covered by a Right
immediately prior to this adjustment, by (y) the Purchase Price in effect immediately

- 18 -

 

	 	 	 	prior to such adjustment of the Purchase Price, and (ii) dividing the product so
obtained by the Purchase Price in effect immediately after such adjustment of the
Purchase Price.
	 
	 	(ii)	 	The Company may elect on or after the date of any adjustment of the Purchase
Price to adjust the number of Rights, in lieu of any adjustment in the number of one
ten-thousandths of a share of Preferred Stock purchasable upon the exercise of a Right.
Each of the Rights outstanding after the adjustment in the number of Rights shall be
exercisable for the number of one ten-thousandths of a share of Preferred Stock for
which a Right was exercisable immediately prior to such adjustment. Each Right held of
record prior to such adjustment of the number of Rights shall become that number of
Rights (calculated to the nearest one ten-thousandth) obtained by dividing the Purchase
Price in effect immediately prior to adjustment of the Purchase Price by the Purchase
Price in effect immediately after adjustment of the Purchase Price. The Company shall
make a public announcement of its election to adjust the number of Rights, indicating
the record date for the adjustment, and, if known at the time, the amount of the
adjustment to be made. This record date may be the date on which the Purchase Price is
adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall
be at least ten (10) days later than the date of the public announcement. If Rights
Certificates have been issued, upon each adjustment of the number of Rights pursuant to
this Section 11(i), the Company shall, as promptly as practicable, cause to be
distributed to holders of record of Rights Certificates on such record date Rights
Certificates evidencing, subject to Section 14 hereof, the additional Rights to which
such holders shall be entitled as a result of such adjustment, or, at the option of the
Company, shall cause to be distributed to such holders of record in substitution and
replacement for the Rights Certificates held by such holders prior to the date of
adjustment, and upon surrender thereof, if required by the Company, new Rights
Certificates evidencing all the Rights to which such holders shall be entitled after
such adjustment. Rights Certificates so to be distributed shall be issued, executed
and countersigned in the manner provided for herein (and may bear, at the option of the
Company, the adjusted Purchase Price) and shall be registered in the names of the
holders of record of Rights Certificates on the record date specified in the public
announcement.

	(j)	 	Irrespective of any adjustment or change in the Purchase Price or the number of one
ten-thousandths of a share of Preferred Stock issuable upon the exercise of the Rights, the
Rights Certificates theretofore and thereafter issued may continue to express the Purchase
Price per one ten-thousandth of a share and the number of one ten-thousandths of a share
which were expressed in the initial Rights Certificates issued hereunder.
	 
	(k)	 	Before taking any action that would cause an adjustment reducing the Purchase Price
below the then par value, if any, of the number of one ten-thousandths of a share of
Preferred Stock issuable upon exercise of the Rights, the Company shall take any corporate
action which may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue fully paid and nonassessable such number of one ten-thousandths
of a share of Preferred Stock at such adjusted Purchase Price.

- 19 -

 

	 	(l)	 	In any case in which this Section 11 shall require that an adjustment in the Purchase
Price be made effective as of a record date for a specified event, the Company may elect to
defer until the occurrence of such event the issuance to the holder of any Right exercised
after such record date the number of one ten-thousandths of a share of Preferred Stock and
other capital stock or securities of the Company, if any, issuable upon such exercise over
and above the number of one ten-thousandths of a share of Preferred Stock and other capital
stock or securities of the Company, if any, issuable upon such exercise on the basis of the
Purchase Price in effect prior to such adjustment; provided, however, that the Company
shall deliver to such holder a due bill or other appropriate instrument evidencing such
holder’s right to receive such additional shares (fractional or otherwise) or securities
upon the occurrence of the event requiring such adjustment.
	 
	 	(m)	 	Anything in this Section 11 to the contrary notwithstanding, the Company shall be
entitled to make such reductions in the Purchase Price, in addition to those adjustments
expressly required by this Section 11, as and to the extent that in their good faith
judgment the Board of Directors of the Company shall determine to be advisable in order
that any (i) consolidation or subdivision of the Preferred Stock, (ii) issuance wholly for
cash of any shares of Preferred Stock at less than the current market price, (iii) issuance
wholly for cash of shares of Preferred Stock or securities which by their terms are
convertible into or exchangeable for shares of Preferred Stock, (iv) stock dividends or (v)
issuance of rights, options or warrants referred to in this Section 11, hereafter made by
the Company to holders of its Preferred Stock shall not be taxable to such stockholders.
	 
	 	(n)	 	The Company covenants and agrees that it shall not, at any time after the Distribution
Date, (i) consolidate with any other Person (other than a Subsidiary of the Company in a
transaction which complies with Section 11(o) hereof), (ii) merge with or into any other
Person (other than a Subsidiary of the Company in a transaction which complies with Section
11(o) hereof), or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in
one transaction, or a series of related transactions, assets or earning power aggregating
more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as
a whole) to any other Person or Persons (other than the Company and/or any of its
Subsidiaries in one or more transactions each of which complies with Section 11(o) hereof),
if (x) at the time of or immediately after such consolidation, merger or sale there are any
rights, warrants or other instruments or securities outstanding or agreements in effect
which would substantially diminish or otherwise eliminate the benefits intended to be
afforded by the Rights or (y) prior to, simultaneously with or immediately after such
consolidation, merger or sale, the stockholders of the Person who constitutes, or would
constitute, the “Principal Party” for purposes of Section 13(a) hereof shall have received
a distribution of Rights previously owned by such Person or any of its Affiliates and
Associates.
	 
	 	(o)	 	The Company covenants and agrees that, after the Distribution Date, it will not, except
as permitted by Section 23 or Section 26 hereof, take (or permit any Subsidiary to take)
any action if at the time such action is taken it is reasonably foreseeable that such
action will diminish substantially or otherwise eliminate the benefits intended to be
afforded by the Rights.

- 20 -

 

	 	(p)	 	Anything in this Agreement to the contrary notwithstanding, in the event that the
Company shall at any time after the Rights Dividend Declaration Date and prior to the
Distribution Date (i) declare a dividend on the outstanding shares of Common Stock payable
in shares of Common Stock, (ii) subdivide the outstanding shares of Common Stock, or (iii)
combine or consolidate the outstanding shares of Common Stock into a smaller number of
shares, the number of Rights associated with each share of Common Stock then outstanding,
or issued or delivered thereafter but prior to the Distribution Date, shall be
proportionately adjusted so that the number of Rights thereafter associated with each share
of Common Stock following any such event shall equal the result obtained by multiplying the
number of Rights associated with each share of Common Stock immediately prior to such event
by a fraction the numerator which shall be the total number of shares of Common Stock
outstanding immediately prior to the occurrence of the event and the denominator of which
shall be the total number of shares of Common Stock outstanding immediately following the
occurrence of such event.

Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an
adjustment is made as provided in Section 11 and Section 13 hereof, the Company shall (a) promptly
prepare a certificate setting forth such adjustment and a brief statement of the facts accounting
for such adjustment, (b) promptly file with the Rights Agent, and with each transfer agent for the
Preferred Stock and the Common Stock, a copy of such certificate, and (c) mail a brief summary
thereof to each holder of a Rights Certificate (or, if prior to the Distribution Date, to each
holder of a certificate representing shares of Common Stock) in accordance with Section 25 hereof.
The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment
therein contained.

Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power.

	 	(a)	 	In the event that, following the Stock Acquisition Date, directly or indirectly, (x)
the Company shall consolidate with, or merge with and into, any other Person (other than a
Subsidiary of the Company in a transaction which complies with Section 11(o) hereof), and
the Company shall not be the continuing or surviving corporation of such consolidation or
merger, (y) any Person (other than a Subsidiary of the Company in a transaction which
complies with Section 11(o) hereof) shall consolidate with, or merge with or into, the
Company, and the Company shall be the continuing or surviving corporation of such
consolidation or merger and, in connection with such consolidation or merger, all or part
of the outstanding shares of Common Stock shall be changed into or exchanged for stock or
other securities of any other Person or cash or any other property, or (z) the Company
shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or
otherwise transfer), in one transaction or a series of related transactions, assets or
earning power aggregating more than 50% of the assets or earning power of the Company and
its Subsidiaries (taken as a whole) to any Person or Persons (other than the Company or any
Subsidiary of the Company in one or more transactions each of which complies with Section
11(o) hereof), then, and in each such case (except as may be contemplated by Section 13(d)
hereof), proper provision shall be made so that: (i) each holder of a Right, except as
provided in Section 7(e) hereof, shall thereafter have the right to receive, upon the
exercise thereof at the then current Purchase Price in accordance with the terms of this
Agreement and in lieu of shares of Preferred Stock, such number of validly authorized and
issued, fully paid, non-assessable and freely tradeable shares of Common Stock of the
Principal Party (as such term

- 21 -

 

	 	 	 	is hereinafter defined), not subject to any liens, encumbrances, rights of first refusal or
other adverse claims, as shall be equal to the result obtained by (1) multiplying the then
current Purchase Price by the number of one ten-thousandths of a share of Preferred Stock
for which a Right is exercisable immediately prior to the first occurrence of a Section 13
Event (or, if a Section 11(a)(ii) Event has occurred prior to the first occurrence of a
Section 13 Event, multiplying the number of such one ten-thousandths of a share for which a
Right was exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event
by the Purchase Price in effect immediately prior to such first occurrence), and dividing
that product (which, following the first occurrence of a Section 13 Event, shall be referred
to as the “Purchase Price” for each Right and for all purposes of this Agreement) by (2) 50%
of the current market price (determined pursuant to Section 11(d)(i) hereof) per share of
the Common Stock of such Principal Party on the date of consummation of such Section 13
Event; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue
of such Section 13 Event, all the obligations and duties of the Company pursuant to this
Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such Principal
Party, it being specifically intended that the provisions of Section 11 hereof shall apply
only to such Principal Party following the first occurrence of a Section 13 Event; (iv) such
Principal Party shall take such steps (including, but not limited to, the reservation of a
sufficient number of shares of its Common Stock) in connection with the consummation of any
such transaction as may be necessary to assure that the provisions hereof shall thereafter
be applicable, as nearly as reasonably may be, in relation to its shares of Common Stock
thereafter deliverable upon the exercise of the Rights; and (v) the provisions of Section
11(a)(ii) hereof shall be of no effect following the first occurrence of any Section 13
Event.

	 	(b)	 	“Principal Party” shall mean:

	 	(i)	 	in the case of any transaction described in clause (x) or (y) of the first
sentence of Section 13(a), the Person that is the issuer of any securities into which
shares of Common Stock of the Company are converted in such merger or consolidation,
and if no securities are so issued, the Person that is the other party to such merger
or consolidation; and
	 
	 	(ii)	 	in the case of any transaction described in clause (z) of the first sentence of
Section 13(a), the Person that is the party receiving the greatest portion of the
assets or earning power transferred pursuant to such transaction or transactions;
provided, however, that in any such case, (1) if the Common Stock of such Person is not
at such time and has not been continuously over the preceding twelve-month period
registered under Section 12 of the Exchange Act, and such Person is a direct or
indirect Subsidiary of another Person the Common Stock of which is and has been so
registered, “Principal Party” shall refer to such other Person; and (2) in case such
Person is a Subsidiary, directly or indirectly, of more than one Person, the Common
Stocks of two or more of which are and have been so registered, “Principal Party” shall
refer to whichever of such Persons is the issuer of the Common Stock having the
greatest aggregate market value.

	 	(c)	 	The Company shall not consummate any such consolidation, merger, sale or transfer
unless the Principal Party shall have a sufficient number of authorized shares of its
Common

- 22 -

 

	 	 	 	Stock, which have not been issued or reserved for issuance, to permit the exercise in full
of the Rights in accordance with this Section 13 and unless prior thereto the Company and
such Principal Party shall have executed and delivered to the Rights Agent a supplemental
agreement providing for the terms set forth in paragraphs (a) and (b) of this Section 13 and
further providing that, as soon as practicable after the date of any consolidation, merger
or sale of assets mentioned in paragraph (a) of this Section 13, the Principal Party will:

	 	(i)	 	prepare and file a registration statement under the Act, with respect to the
Rights and the securities purchasable upon exercise of the Rights on an appropriate
form, and will use its best efforts to cause such registration statement to (A) become
effective as soon as practicable after such filing and (B) remain effective (with a
prospectus at all times meeting the requirements of the Act) until the Expiration Date;
and
	 
	 	(ii)	 	will deliver to holders of the Rights historical financial statements for the
Principal Party and each of its Affiliates which comply in all respects with the
requirements for registration on Form 10 under the Exchange Act.
	 
	 	 	 	The provisions of this Section 13 shall similarly apply to successive mergers or
consolidations or sales or other transfers. In the event that a Section 13 Event shall
occur at any time after the occurrence of a Section 11(a)(ii) Event, the Rights which
have not theretofore been exercised shall thereafter become exercisable in the manner
described in Section 13(a).

	 	(d)	 	Notwithstanding anything in this Agreement to the contrary, Section 13 shall not be
applicable to a transaction described in subparagraphs (x) and (y) of Section 13(a) if (i)
such transaction is consummated with a Person or Persons who acquired shares of Common
Stock pursuant to a Qualifying Offer (or a wholly owned Subsidiary of any such Person or
Persons), (ii) the price per share of Common Stock offered in such transaction is not less
than the price per share of Common Stock paid to all holders of shares of Common Stock
whose shares were purchased pursuant to such tender offer or exchange offer and (iii) the
form of consideration being offered to the remaining holders of shares of Common Stock
pursuant to such transaction is the same as the form of consideration paid pursuant to such
tender offer or exchange offer. Upon consummation of any such transaction contemplated by
this Section 13(d), all Rights hereunder shall expire.

Section 14. Fractional Rights and Fractional Shares.

	 	(a)	 	The Company shall not be required to issue fractions of Rights, except prior to the
Distribution Date as provided in Section 11(p) hereof, or to distribute Rights Certificates
which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid
to the registered holders of the Rights Certificates with regard to which such fractional
Rights would otherwise be issuable, an amount in cash equal to the same fraction of the
current market value of a whole Right. For purposes of this Section 14(a), the current
market value of a whole Right shall be the closing price of the Rights for the Trading Day
immediately prior to the date on which such fractional Rights would have been otherwise
issuable. The closing price of the Rights for any day shall be the last sale price,
regular way, or, in case no such sale takes place on such day, the average of the closing
bid and asked prices, regular

- 23 -

 

	 	 	 	way, in either case as reported in the principal consolidated transaction reporting system
with respect to securities listed or admitted to trading on the New York Stock Exchange or,
if the Rights are not listed or admitted to trading on the New York Stock Exchange, as
reported in the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which the Rights are
listed or admitted to trading, or if the Rights are not listed or admitted to trading on any
national securities exchange, the last quoted price or, if not so quoted, the average of the
high bid and low asked prices in the over-the-counter market, as reported by such system as
is then in use or, if on any such date the Rights are not quoted by any such organization,
the average of the closing bid and asked prices as furnished by a professional market maker
making a market in the Rights selected by the Board of Directors of the Company. If on any
such date no such market maker is making a market in the Rights the fair value of the Rights
on such date as determined in good faith by the Board of Directors of the Company shall be
used.
	 
	 	(b)	 	The Company shall not be required to issue fractions of shares of Preferred Stock
(other than fractions which are integral multiples of one ten-thousandth of a share of
Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence
fractional shares of Preferred Stock (other than fractions which are integral multiples of
one ten-thousandth of a share of Preferred Stock). In lieu of fractional shares of
Preferred Stock that are not integral multiples of one ten-thousandth of a share of
Preferred Stock, the Company may pay to the registered holders of Rights Certificates at
the time such Rights are exercised as herein provided an amount in cash equal to the same
fraction of the current market value of one ten-thousandth of a share of Preferred Stock.
For purposes of this Section 14(b), the current market value of one ten-thousandth of a
share of Preferred Stock shall be one ten-thousandth of the closing price of a share of
Preferred Stock (as determined pursuant to Section 11(d)(ii) hereof) for the Trading Day
immediately prior to the date of such exercise.
	 
	 	(c)	 	Following the occurrence of a Triggering Event, the Company shall not be required to
issue
	 
	 	 	 	fractions of shares of Common Stock upon exercise of the Rights or to distribute
certificates which evidence fractional shares of Common Stock. In lieu of fractional shares
of Common Stock, the Company may pay to the registered holders of Rights Certificates at the
time
such Rights are exercised as herein provided an amount in cash equal to the same fraction of
the current market value of one (1) share of Common Stock. For purposes of this Section
14(c), the current market value of one (1) share of Common Stock shall be the closing price
of one (1) share of Common Stock (as determined pursuant to Section 11(d)(i) hereof) for the
Trading Day immediately prior to the date of such exercise.
	 
	 	(d)	 	The holder of a Right by the acceptance of the Rights expressly waives his or her right
to receive any fractional Rights or any fractional shares upon exercise of a Right, except
as permitted by this Section 14.

Section 15. Rights of Action. All rights of action in respect of this Agreement, except
the rights of action that are given to the Rights Agent under Section 18 hereof, are vested in the
respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the
registered

- 24 -

 

holders of the Common Stock); and any registered holder of any Rights Certificate (or, prior to the
Distribution Date, of the Common Stock), without the consent of the Rights Agent or of the holder
of any other Rights Certificate (or, prior to the Distribution Date, of the Common Stock), may, in
such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain
any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such
holder’s right to exercise the Rights evidenced by such Rights Certificate in the manner provided
in such Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies
available to the holders of Rights, it is specifically acknowledged that the holders of Rights
would not have an adequate remedy at law for any breach of this Agreement and shall be entitled to
specific performance of the obligations hereunder and injunctive relief against actual or
threatened violations of the obligations hereunder of any Person subject to this Agreement.

Section 16. Agreement of Rights Holders. Every holder of a Right by accepting the same
consents and agrees with the Company and the Rights Agent and with every other holder of a Right
that:

	 	(a)	 	prior to the Distribution Date, the Rights will be transferable only in connection with
the transfer of Common Stock;
	 
	 	(b)	 	after the Distribution Date, the Rights Certificates are transferable only on the
registry books of the Rights Agent if surrendered at the principal office or offices of the
Rights Agent designated for such purposes, duly endorsed or accompanied by a proper
instrument of transfer and with the appropriate forms and certificates fully executed;
	 
	 	(c)	 	subject to Section 6(a) and Section 7(f) hereof, the Company and the Rights Agent may
deem and treat the Person in whose name a Rights Certificate (or, prior to the Distribution
Date, the associated Common Stock certificate) is registered as the absolute owner thereof
and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing
on the Rights Certificates or the associated Common Stock certificate made by anyone other
than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company
nor the Rights Agent, subject to the last sentence of Section 7(e) hereof, shall be
required to be affected by any notice to the contrary; and
	 
	 	(d)	 	notwithstanding anything in this Agreement to the contrary, neither the Company nor the
Rights Agent shall have any liability to any holder of a Right or other Person as a result
of its inability to perform any of its obligations under this Agreement by reason of any
preliminary or permanent injunction or other order, decree or ruling issued by a court of
competent jurisdiction or by a governmental, regulatory or administrative agency or
commission, or any statute, rule, regulation or executive order promulgated or enacted by
any governmental authority, prohibiting or otherwise restraining performance of such
obligation; provided, however, the Company must use its best efforts to have any such
order, decree or ruling lifted or otherwise overturned as soon as possible.

Section 17. Rights Certificate Holder Not Deemed a Stockholder. No holder, as such, of
any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose
the holder of the number of one ten-thousandths of a share of Preferred Stock or any other
securities of the Company which may at any time be issuable on the exercise of the Rights
represented thereby, nor shall anything contained herein or in any Rights Certificate be construed
to confer upon the

- 25 -

 

holder of any Rights Certificate, as such, any of the rights of a stockholder of the Company or any
right to vote for the election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of
meetings or other actions affecting stockholders (except as provided in Section 24 hereof), or to
receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such
Rights Certificate shall have been exercised in accordance with the provisions hereof.

Section 18. Concerning the Rights Agent.

	 	(a)	 	The Company agrees to pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder and, from time to time, on demand of the Rights Agent, its
reasonable expenses and counsel fees and disbursements and other disbursements incurred in
the administration and execution of this Agreement and the exercise and performance of its
duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold
it harmless against, any loss, liability, or expense, incurred without negligence, bad
faith or willful misconduct on the part of the Rights Agent, for anything done or omitted
by the Rights Agent in connection with the acceptance and administration of this Agreement,
including the costs and expenses of defending against any claim of liability in the
premises. In no case shall the Rights Agent be liable for special, indirect, incidental or
consequential loss or damage.
	 
	 	(b)	 	The Rights Agent shall be protected and shall incur no liability for or in respect of
any action taken, suffered or omitted by it in connection with its administration of this
Agreement in reliance upon any Rights Certificate or certificate for Common Stock or for
other securities of the Company, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or
other paper or document believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged, by the proper Person or Persons.

Section 19. Merger or Consolidation or Change of Name of Rights Agent.

	 	(a)	 	Any corporation into which the Rights Agent or any successor Rights Agent may be merged
or with which it may be consolidated, or any corporation resulting from any merger or
consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or
any corporation succeeding to the corporate trust or shareholder services business of the
Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent
under this Agreement without the execution or filing of any paper or any further act on the
part of any of the parties hereto; provided, however, that such corporation would be
eligible for appointment as a successor Rights Agent under the provisions of Section 21
hereof. In case at the time such successor Rights Agent shall succeed to the agency
created by this Agreement, any of the Rights Certificates shall have been countersigned but
not delivered, any such successor Rights Agent may adopt the countersignature of a
predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case
at that time any of the Rights Certificates shall not have been countersigned, any
successor Rights Agent may countersign such Rights Certificates either in the name of the
predecessor or in the name of the successor Rights Agent; and in all such cases such Rights
Certificates shall have the full force provided in the Rights Certificates and in this
Agreement.

- 26 -

 

	 	(b)	 	In case at any time the name of the Rights Agent shall be changed and at such time any
of the Rights Certificates shall have been countersigned but not delivered, the Rights
Agent may adopt the countersignature under its prior name and deliver Rights Certificates
so countersigned; and in case at that time any of the Rights Certificates shall not have
been countersigned, the Rights Agent may countersign such Rights Certificates either in its
prior name or in its changed name; and in all such cases such Rights Certificates shall
have the full force provided in the Rights Certificates and in this Agreement.

Section 20. Duties of Rights Agent. The Rights Agent undertakes the duties and
obligations imposed by this Agreement upon the following terms and conditions, by all of which the
Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound:

	 	(a)	 	The Rights Agent may consult with legal counsel (who may be legal counsel for the
Company), and the advice of such counsel shall be full and complete authorization and
protection to the Rights Agent as to any action taken or omitted by it in good faith and in
accordance with such opinion.
	 
	 	(b)	 	Whenever in the performance of its duties under this Agreement the Rights Agent shall
deem it necessary or desirable that any fact or matter (including, without limitation, the
identity of any Acquiring Person and the determination of “current market price”) be proved
or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by a certificate signed by the Chairman
of the Board, the Vice Chairman, the Chief Executive Officer, the President, any Vice
President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary
of the Company and delivered to the Rights Agent; and such certificate shall be full
authorization to the Rights Agent for any action taken or suffered in good faith by it
under the provisions of this Agreement in reliance upon such certificate.
	 
	 	(c)	 	The Rights Agent shall be liable hereunder only for its own negligence, bad faith or
willful misconduct.
	 
	 	(d)	 	The Rights Agent shall not be liable for or by reason of any of the statements of fact
or recitals contained in this Agreement or in the Rights Certificates or be required to
verify the same (except as to its countersignature on such Rights Certificates), but all
such statements and recitals are and shall be deemed to have been made by the Company only.
	 
	 	(e)	 	The Rights Agent shall not be under any responsibility in respect of the validity of
this Agreement or the execution and delivery hereof (except the due execution hereof by the
Rights Agent) or in respect of the validity or execution of any Rights Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Agreement or in any Rights Certificate; nor
shall it be responsible for any adjustment required under the provisions of Section 11 or
Section 13 hereof or responsible for the manner, method or amount of any such adjustment or
the ascertaining of the existence of facts that would require any such adjustment (except
with respect to the exercise of Rights evidenced by Rights Certificates after actual notice
of any such adjustment); nor shall it by any act hereunder be deemed to make any
representation or

- 27 -

 

	 	 	 	warranty as to the authorization or reservation of any shares of Common Stock or Preferred
Stock to be issued pursuant to this Agreement or any Rights Certificate or as to whether any
shares of Common Stock or Preferred Stock will, when so issued, be validly authorized and
issued, fully paid and nonassessable.
	 
	 	(f)	 	The Company agrees that it will perform, execute, acknowledge and deliver or cause to
be performed, executed, acknowledged and delivered all such further and other acts,
instruments and assurances as may reasonably be required by the Rights Agent for the
carrying out or performing by the Rights Agent of the provisions of this Agreement.
	 
	 	(g)	 	The Rights Agent is hereby authorized and directed to accept instructions with respect
to the performance of its duties hereunder from the Chairman of the Board, the Vice
Chairman, the Chief Executive Officer, the President, any Vice President, the Secretary,
any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company, and to
apply to such officers for advice or instructions in connection with its duties, and it
shall not be liable for any action taken or suffered to be taken by it in good faith in
accordance with instructions of any such officer.
	 
	 	(h)	 	The Rights Agent and any stockholder, director, officer or employee of the Rights Agent
may buy, sell or deal in any of the Rights or other securities of the Company or become
pecuniarily interested in any transaction in which the Company may be interested, or
contract with or lend money to the Company or otherwise act as fully and freely as though
it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights
Agent from acting in any other capacity for the Company or for any other legal entity.
	 
	 	(i)	 	The Rights Agent may execute and exercise any of the rights or powers hereby vested in
it or perform any duty hereunder either itself or by or through its attorneys or agents,
and the Rights Agent shall not be answerable or accountable for any act, default, neglect
or misconduct of any such attorneys or agents or for any loss to the Company resulting from
any such act, default, neglect or misconduct; provided, however, reasonable care was
exercised in the selection and continued employment thereof.
	 
	 	(j)	 	No provision of this Agreement shall require the Rights Agent 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 its rights if there shall be reasonable grounds for
believing that repayment of such funds or adequate indemnification against such risk or
liability is not reasonably assured to it.
	 
	 	(k)	 	If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise
or transfer, the certificate attached to the form of assignment or form of election to
purchase, as the case may be, has either not been completed or indicates an affirmative
response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action
with respect to such requested exercise of transfer without first consulting with the
Company.

Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may
resign and be discharged from its duties under this Agreement upon thirty (30) days’ notice in

- 28 -

 

writing mailed to the Company, and to each transfer agent of the Common Stock and Preferred Stock,
by registered or certified mail, and to the holders of the Rights Certificates by first-class mail.
The Company may, in its sole discretion, remove the Rights Agent or any successor Rights Agent
upon thirty (30) days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as
the case may be, and to each transfer agent of the Common Stock and Preferred Stock, by registered
or certified mail, and to the holders of the Rights Certificates by first-class mail. If the
Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after giving notice of such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his Rights
Certificate for inspection by the Company), then any registered holder of any Rights Certificate
may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any
successor Rights Agent, whether appointed by the Company or by such a court, shall be either (a) a
corporation organized and doing business under the laws of the United States or of any state of the
United States, in good standing, which is authorized under such laws to exercise corporate trust
powers and is subject to supervision or examination by federal or state authority and which has at
the time of its appointment as Rights Agent a combined capital and surplus of at least $100,000,000
or (b) an Affiliate of such a corporation. After appointment, the successor Rights Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had been originally named
as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and
transfer to the successor Rights Agent any property at the time held by it hereunder, and execute
and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later
than the effective date of any such appointment, the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred
Stock, and mail a notice thereof in writing to the registered holders of the Rights Certificates.
Failure to give any notice provided for in this Section 21, however, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be.

Section 22. Issuance of New Rights Certificates. Notwithstanding any of the provisions of
this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Rights
Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect
any adjustment or change in the Purchase Price and the number or kind or class of shares or other
securities or property purchasable under the Rights Certificates made in accordance with the
provisions of this Agreement. In addition, in connection with the issuance or sale of shares of
Common Stock following the Distribution Date and prior to the redemption or expiration of the
Rights, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to
the exercise of stock options or under any employee plan or arrangement, granted or awarded as of
the Distribution Date, or upon the exercise, conversion or exchange of securities hereinafter
issued by the Company, and (b) may, in any other case, if deemed necessary or appropriate by the
Board of Directors of the Company, issue Rights Certificates representing the appropriate number of
Rights in connection with such issuance or sale; provided, however, that (i) no such Rights
Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel
that such issuance would create a significant risk of material adverse tax consequences to the
Company or the Person to whom such Rights Certificate would be issued, and (ii) no such Rights
Certificate

- 29 -

 

shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made
in lieu of the issuance thereof.

Section 23. Redemption and Termination.

	 	(a)	 	The Board of Directors of the Company may, at its option, at any time prior to the
earlier of (i) the close of business on the tenth day following the Stock Acquisition Date
(or, if the Stock Acquisition Date shall have occurred prior to the Record Date, the close
of business on the twentieth day following the Record Date), or (ii) the Final Expiration
Date, redeem all but not less than all the then outstanding Rights at a redemption price of
$0.001 per Right, as such amount may be appropriately adjusted to reflect any stock split,
stock dividend or similar transaction occurring after the date hereof (such redemption
price being hereinafter referred to as the “Redemption Price”); provided, however, if the
Board of Directors of the Company authorizes redemption of the Rights in either of the
circumstances set forth in clauses (i) and (ii) below, then such authorization shall
require the concurrence of a majority of the members of the Board of Directors of the
Company: (i) such authorization occurs on or after the time a Person becomes an Acquiring
Person, or (ii) such authorization occurs on or after the date of a change (resulting from
a proxy or consent solicitation or an action by written consent of stockholders, whether or
not made pursuant to, and in accordance with, the applicable provisions of the General
Rules and Regulations under the Exchange Act) in a majority of the directors in office at
the commencement of such solicitation, or prior to such written consent, if any Person who
is a participant in such solicitation, or who signed such consent, has stated (or, if upon
the commencement of such solicitation, a majority of the Board of Directors of the Company
has determined in good faith) that such Person (or any of its Affiliates or Associates)
intends to take, or may consider taking, any action which would result in such Person
becoming an Acquiring Person or which would cause the occurrence of a Triggering Event
unless, concurrent with such solicitation, such Person (or one or more of its Affiliates or
Associates) is making a cash tender offer pursuant to a Schedule 14D-1 (or any successor
form) filed with the Securities and Exchange Commission for all outstanding shares of
Common Stock not beneficially owned by such Person (or by its Affiliates or Associates).
Notwithstanding anything contained in this Agreement to the contrary, the Rights shall not
be exercisable after the first occurrence of a Section 11(a)(ii) Event until such time as
the Company’s right of redemption hereunder has expired. The Company may, at its option,
pay the Redemption Price in cash, shares of Common Stock (based on the “Current Market
Price”, as defined in Section 11(d)(i) hereof, of the Common Stock at the time of
redemption) or any other form of consideration deemed appropriate by the Board of
Directors.
	 
	 	(b)	 	Immediately upon the action of the Board of Directors of the Company ordering the
redemption of the Rights, evidence of which shall have been filed with the Rights Agent and
without any further action and without any notice, the right to exercise the Rights will
terminate and the only right thereafter of the holders of Rights shall be to receive the
Redemption Price for each Right so held. Promptly after the action of the Board of
Directors ordering the redemption of the Rights, the Company shall give notice of such
redemption to the Rights Agent and the holders of the then outstanding Rights by mailing
such notice to all such holders at each holder’s last address as it appears upon the
registry books of the Rights Agent or, prior to the Distribution Date, on the registry
books of the transfer agent for the Common Stock. Any notice which is mailed in the manner
herein

- 30 -

 

	 	 	 	provided shall be deemed given, whether or not the holder receives the notice. Each such
notice of redemption will state the method by which the payment of the Redemption Price will
be made.

Section 24. Notice of Certain Events.

	 	(a)	 	In case the Company shall propose, at any time after the Distribution Date, (i) to pay
any dividend payable in stock of any class to the holders of Preferred Stock or to make any
other distribution to the holders of Preferred Stock (other than a regular quarterly cash
dividend out of earnings or retained earnings of the Company), or (ii) to offer to the
holders of Preferred Stock rights or warrants to subscribe for or to purchase any
additional shares of Preferred Stock or shares of stock of any class or any other
securities, rights or options, or (iii) to effect any reclassification of its Preferred
Stock (other than a reclassification involving only the subdivision of outstanding shares
of Preferred Stock), or (iv) to effect any consolidation or merger into or with any other
Person (other than a Subsidiary of the Company in a transaction which complies with Section
11(o) hereof), or to effect any sale or other transfer (or to permit one or more of its
Subsidiaries to effect any sale or other transfer), in one transaction or a series of
related transactions, of more than 50% of the assets or earning power of the Company and
its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company
and/or any of its Subsidiaries in one or more transactions each of which complies with
Section 11(o) hereof), or (v) to effect the liquidation, dissolution or winding up of the
Company, then, in each such case, the Company shall give to each holder of a Rights
Certificate, to the extent feasible and in accordance with Section 25 hereof, a notice of
such proposed action, which shall specify the record date for the purposes of such stock
dividend, distribution of rights or warrants, or the date on which such reclassification,
consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is to take
place and the date of participation therein by the holders of the shares of Preferred
Stock, if any such date is to be fixed, and such notice shall be so given in the case of
any action covered by clause (i) or (ii) above at least twenty (20) days prior to the
record date for determining holders of the shares of Preferred Stock for purposes of such
action, and in the case of any such other action, at least twenty (20) days prior to the
date of the taking of such proposed action or the date of participation therein by the
holders of the shares of Preferred Stock whichever shall be the earlier.
	 
	 	(b)	 	In case any of the events set forth in Section 11(a)(ii) hereof shall occur, then, in
any such
case, (i) the Company shall as soon as practicable thereafter give to each holder of a
Rights Certificate, to the extent feasible and in accordance with Section 25 hereof, a
notice of the occurrence of such event, which shall specify the event and the consequences
of the event
to holders of Rights under Section 11(a)(ii) hereof, and (ii) all references in the
preceding paragraph to Preferred Stock shall be deemed thereafter to refer to Common Stock
and/or, if appropriate, other securities.

Section 25. Notices. Notices or demands authorized by this Agreement to be given or made
by the Rights Agent or by the holder of any Rights Certificate to or on the Company shall be
sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another
address is filed in writing with the Rights Agent) as follows:

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Toll Brothers, Inc.

250 Gibraltar Road

Horsham, Pennsylvania 19044

Attention: Chief Executive Officer

Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to be
given or made by the Company or by the holder of any Rights Certificate to or on the Rights Agent
shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until
another address is filed in writing with the Company) as follows:

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Notices or demands authorized by this Agreement to be given or made by the Company or the Rights
Agent to the holder of any Rights Certificate (or, if prior to the Distribution Date, to the holder
of certificates representing shares of Common Stock) shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown
on the registry books of the Company.

Section 26. Supplements and Amendments. Prior to the Distribution Date and subject to the
penultimate sentence of this Section 26, the Company and the Rights Agent shall, if the Company so
directs, supplement or amend any provision of this Agreement without the approval of any holders of
certificates representing shares of Common Stock. From and after the Distribution Date and subject
to the penultimate sentence of this Section 26, the Company and the Rights Agent shall, if the
Company so directs, supplement or amend this Agreement without the approval of any holders of
Rights Certificates in order (i) to cure any ambiguity, (ii) to correct or supplement any provision
contained herein which may be defective or inconsistent with any other provisions herein, (iii) to
shorten or lengthen any time period hereunder, or (iv) to change or supplement the provisions
hereunder in any manner which the Company may deem necessary or desirable and which shall not
adversely affect the interests of the holders of Rights Certificates (other than an Acquiring
Person or an Affiliate or Associate of an Acquiring Person); provided, however, this Agreement may
not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time
period relating to when the Rights may be redeemed at such time as the Rights are not then
redeemable, or (B) any other time period unless such lengthening is for the purpose of protecting,
enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights. Upon the
delivery of a certificate from an appropriate officer of the Company which states that the proposed
supplement or amendment is in compliance with the terms of this Section 26, the Rights Agent shall
execute such supplement or amendment. Notwithstanding anything contained in this Agreement to the
contrary, no supplement or amendment shall be made which changes the Redemption Price, the Final
Expiration Date, the Purchase Price or the number of one ten-thousandths of a share of Preferred
Stock for which a Right is exercisable and following the first occurrence of an event set forth in
clauses (i) and (ii) of the first proviso to Section 23(a) hereof, any supplement or amendment
shall require the concurrence of a majority of the members of the Board of Directors of the
Company. Prior to the Distribution Date, the interests of the holders of Rights shall be deemed
coincident with the interests of the holders of Common Stock.

- 32 -

 

Section 27. Exchange.

	(a)	(i)	 	The Company may, at its option, at any time after the Stock Acquisition Date, upon
resolution by the Board of Directors of the Company, exchange all or part of the then
outstanding and exercisable Rights (which shall not include Rights that have become void
pursuant to the provisions of Section 7(e) hereof) for Common Stock at an exchange ratio of
one share of Common Stock per Right, appropriately adjusted to reflect any stock split,
stock dividend or similar transaction occurring after the date of this Agreement (such
exchange ratio being hereinafter referred to as the “Section 27(a)(i) Exchange Ratio”).
Notwithstanding the foregoing, the Company may not effect such exchange at any time after
any Acquiring Person, together with all Affiliates and Associates of such Acquiring Person,
becomes the Beneficial Owner of 50% or more of the shares of Common Stock then outstanding.

	 	(ii)	 	The Company may, at its option, at any time after the Stock Acquisition Date,
upon resolution by the Board of Directors of the Company, exchange all or part of the
then outstanding and exercisable Rights (which shall not include Rights that have
become void pursuant to the provisions of Section 7(e) hereof) for Common Stock at an
exchange ratio specified in the following sentence, as appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after the date
of this Agreement. Subject to such adjustment, each Right may be exchanged for that
number of shares of Common Stock obtained by dividing the Adjustment Spread (as defined
below) by the then current market price (determined pursuant to Section 11(d) hereof)
per share of Common Stock on the earlier of (i) the date on which any Person becomes an
Acquiring Person or (ii) the date on which a tender or exchange offer by any Person
(other than an Exempted Person, the Company, any Subsidiary of the Company, any
employee benefit plan of the Company or of any Subsidiary of the Company, or any Person
organized, appointed or established by the Company for or pursuant to the terms of any
such plan) is first published or sent or given within the meaning of Rule 14d-4(a) of
the General Rules and Regulations under the Exchange Act, if upon consummation thereof
such Person would be the Beneficial Owner of 15% or more of the shares of Common Stock
then outstanding (such exchange ratio being the “Section 27(a)(ii) Exchange Ratio”).
The “Adjustment Spread” shall equal (x) the aggregate market price on the date of such
event of the number of Adjustment Shares determined pursuant to Section 11(a)(ii) minus
(y) the Purchase Price.
	 
	 	(iii)	 	Notwithstanding anything contained in this Section 27(a) to the contrary, the
Company may not exchange any Rights pursuant to this Section 27(a) unless such exchange
is approved by a majority of the members of the Board of Directors of the Company.

	 	(b)	 	Immediately upon the action of the Board of Directors of the Company ordering the
exchange of any Rights pursuant to paragraph (a) of this Section 27 and without any further
action and without any notice, the right to exercise such Rights shall terminate and the
only right thereafter of a holder of such Rights shall be to receive that number of shares
of Common Stock equal to the number of such Rights held by such holder multiplied by the
Section 27(a)(i) Exchange Ratio or Section 27(a)(ii) Exchange Ratio, as the case may be.
The Company shall promptly give public notice of any such exchange; provided, however,

- 33 -

 

	 	 	 	that the failure to give, or any defect in, such notice shall not affect the validity of
such exchange. The Company promptly shall mail a notice of any such exchange to all of the
holders of such Rights at their last addresses as they appear upon the registry books of the
Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of exchange will
state the method by which the exchange of the shares of Common Stock for Rights will be
effected and, in the event of any partial exchange, the number of Rights which will be
exchanged. Any partial exchange shall be effected pro rata based on the number of Rights
(other than Rights which have become void pursuant to the provisions of Section 7(e) hereof)
held by each holder of Rights.
	 
	 	(c)	 	In the event that there shall not be sufficient shares of Common Stock issued but not
outstanding or authorized but unissued to permit any exchange of Rights as contemplated in
accordance with this Section 27, the Company shall make adequate provision to substitute,
to the extent that there are insufficient shares of Common Stock available (1) cash, (2)
other equity securities of the Company, (3) debt securities of the Company, (4) other
assets or (5) any combination of the foregoing, having an aggregate value per Right equal
to (x) in the case of an exchange pursuant to Section 27(a)(i), the then current per share
market price (determined pursuant to Section 11(d) hereof) of the Common Stock multiplied
by the Section 27(a)(i) Exchange Ratio and (y) in the case of an exchange pursuant to
Section 27(a)(ii), the Adjustment Spread, where such aggregate value has been determined by
a majority of the members of the Board of Directors of the Company, after receiving advice
from a nationally recognized investment banking firm. To the extent that the Company
determines that any such substitution must be made, the Company shall provide, subject to
Section 7(e) hereof, that such substitution shall apply uniformly to all outstanding
Rights.
	 
	 	(d)	 	The Company shall not be required to issue fractions of shares of Common Stock or to
distribute certificates which evidence fractional shares of Common Stock. In lieu of such
fractional shares of Common Stock, the Company shall pay to the registered holders of the
Rights Certificates with regard to which such fractional shares of Common Stock would
otherwise be issuable an amount in cash equal to the same fraction of the current market
value of a whole share of Common Stock. For the purposes of this paragraph (d), the
current market value of a whole share of Common Stock shall be the closing price of a share
of Common Stock (as determined pursuant to the second sentence of Section 11(d) hereof) for
the Trading Day immediately prior to the date of the exchange pursuant to this Section 27.

Section 28. Successors. All the covenants and provisions of this Agreement by or for the
benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder.

Section 29. Determinations and Actions by the Board of Directors, etc. For all purposes
of this Agreement, any calculation of the number of shares of Common Stock outstanding at any
particular time, including for purposes of determining the particular percentage of such
outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be made in
accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under
the Exchange Act. The Board of Directors of the Company (with, where specifically provided for
herein, the

- 34 -

 

concurrence of a majority of the members of the Board of Directors of the Company) shall have the
exclusive power and authority to administer this Agreement and to exercise all rights and powers
specifically granted to the Board (with, where specifically provided for herein, the concurrence of
a majority of the members of the Board of Directors of the Company) or to the Company, or as may be
necessary or advisable in the administration of this Agreement, including, without limitation, the
right and power to (i) interpret the provisions of this Agreement, and (ii) make all determinations
deemed necessary or advisable for the administration of this Agreement (including a determination
to redeem or not redeem the Rights or to amend the Agreement). All such actions, calculations,
interpretations and determinations (including, for purposes of clause (y) below, all omissions with
respect to the foregoing) which are done or made by the Board (with, where specifically provided
for herein, the concurrence of a majority of the members of the Board of Directors of the Company)
in good faith, shall (x) be final, conclusive and binding on the Company, the Rights Agent, the
holders of the Rights and all other parties, and (y) not subject the Board to any liability to the
holders of the Rights.

Section 30. Benefits of this Agreement. Nothing in this Agreement shall be construed to
give to any Person other than the Company, the Rights Agent and the registered holders of the
Rights Certificates (and, prior to the Distribution Date, registered holders of the Common Stock)
any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for
the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the
Rights Certificates (and, prior to the Distribution Date, registered holders of the Common Stock).

Section 31. Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
provided, however, that notwithstanding anything in this Agreement to the contrary, if any such
term, provision, covenant or restriction is held by such court or authority to be invalid, void or
unenforceable and the Board of Directors of the Company determines in its good faith judgment that
severing the invalid language from this Agreement would adversely affect the purpose or effect of
this Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and
shall not expire until the close of business on the twentieth day following the date of such
determination by the Board of Directors.

Section 32. Governing Law. This Agreement, each Right and each Rights Certificate issued
hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all
purposes shall be governed by and construed in accordance with the laws of such state applicable to
contracts made and to be performed entirely within such state.

Section 33. Counterparts. This Agreement may be executed in any number of counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

Section 34. Descriptive Headings. Descriptive headings of the several sections of this
Agreement are inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

- 35 -

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and their
respective corporate seals to be hereunto affixed and attested, all as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	Attest:	 	TOLL BROTHERS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	Michael J. Snyder
 

	 	By:
	 	Robert I. Toll
 

	 	 
	Name: Michael J. Snyder	 	Name: Robert I. Toll	 	 
	Title: Sr. Vice President and Secretary	 	Title: Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:	 	AMERICAN STOCK TRANSFER & TRUST COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:
	 	Herbert Lemmer	 	 
	 

	 	 

	 	 	 	 

	 	 
	Name:	 	Name: Herbert Lemmer	 	 
	Title:	 	Title: Vice President	 	 

- 36 -

 

EXHIBIT A

Form of Designations, Preferences and Rights of Series A Junior Participating

Preferred Stock of Toll Brothers, Inc.

Section 1. Designation and Amount. The shares of such series shall be designated as
“Series A Junior Participating Preferred Stock” and the number of shares constituting such series
shall be 60,000.

Section 2. Dividends and Distributions.

	 	(a)	 	The holders of shares of Series A Junior Participating Preferred Stock shall be
entitled to receive, when, as and if declared by the Board of Directors out of funds
legally available for the purpose, quarterly dividends payable in cash on the last day of
March, June, September and December in each year (each such date being referred to herein
as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment
Date after the first issuance of a share or fraction of a share of Series A Junior
Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal
to the greater of (a) $0.01 or (b) subject to the provision for adjustment hereinafter set
forth, 10,000 times the aggregate per share amount of all cash dividends, and 10,000 times
the aggregate per share amount (payable in kind) of all non-cash dividends or other
distributions other than a dividend payable in shares of Common Stock or a subdivision of
the outstanding shares of Common Stock (by reclassification or otherwise), declared on the
Common Stock, par value $0.01 per share, of the Corporation (the “Common Stock”) since the
immediately preceding Quarterly Dividend Payment Date, or, with respect to the first
Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a
share of Series A Junior Participating Preferred Stock. In the event the Corporation shall
at any time after June 13, 2007 (the “Rights Declaration Date”) (i) declare any dividend on
Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common
Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then
in each such case the amount to which holders of shares of Series A Junior Participating
Preferred Stock were entitled immediately prior to such event under clause (b) of the
preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator
of which is the number of shares of Common Stock outstanding immediately after such event
and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.
	 
	 	(b)	 	The Corporation shall declare a dividend or distribution on the outstanding shares of
Series A Junior Participating Preferred Stock as provided in Paragraph (A) above
immediately after it declares a dividend or distribution on the Common Stock (other than a
dividend payable in shares of Common Stock); provided that, in the event no dividend or
distribution shall have been declared on the Common Stock during the period between any
Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a
dividend of $0.01 per share on the outstanding shares of Series A Junior Participating
Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment
Date.

- 1 -

 

	 	(c)	 	Dividends shall begin to accrue and be cumulative on outstanding shares of Series A
Junior Participating Preferred Stock from the Quarterly Dividend Payment Date next
preceding the date of issue of such shares of Series A Junior Participating Preferred
Stock, unless the date of issue of such shares is prior to the record date for the first
Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to
accrue from the date of issue of such shares, or unless the date of issue is a Quarterly
Dividend Payment Date or is a date after the record date for the determination of holders
of shares of Series A Junior Participating Preferred Stock entitled to receive a quarterly
dividend and before such Quarterly Dividend Payment Date, in either of which events such
dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment
Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares
of Series A Junior Participating Preferred Stock in an amount less than the total amount of
such dividends at the time accrued and payable on such shares shall be allocated pro rata
on a share-by-share basis among all such shares at the time outstanding. The Board of
Directors may fix a record date for the determination of holders of shares of Series A
Junior Participating Preferred Stock entitled to receive payment of a dividend or
distribution declared thereon, which record date shall be no more than thirty (30) days
prior to the date fixed for the payment thereof.

Section 3. Voting Rights. The holders of shares of Series A Junior Participating
Preferred Stock shall have the following voting rights:

	 	(a)	 	Subject to the provision for adjustment hereinafter set forth, each share of Series A
Junior Participating Preferred Stock shall entitle the holder thereof to 10,000 votes on
all matters submitted to a vote of the stockholders of the Corporation. In the event the
Corporation shall at any time after the Rights Declaration Date (i) declare any dividend on
Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common
Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then
in each such case the number of votes per share to which holders of shares of Series A
Junior Participating Preferred Stock were entitled immediately prior to such event shall be
adjusted by multiplying such number by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately prior to
such event.
	 
	 	(b)	 	Except as otherwise provided herein or by law, the holders of shares of Series A Junior
Participating Preferred Stock and the holders of shares of Common Stock shall vote together
as one class on all matters submitted to a vote of stockholders of the Corporation.
	 
	 	(c)	 	(i) If at any time dividends on any Series A Junior Participating Preferred Stock shall
be in arrears in an amount equal to six (6) quarterly dividends thereon, the occurrence of
such contingency shall mark the beginning of a period (herein called a “default period”)
which shall extend until such time when all accrued and unpaid dividends for all previous
quarterly dividend periods and for the current quarterly dividend period on all shares of
Series A Junior Participating Preferred Stock then outstanding shall have been declared
and paid or set apart for payment. During each default period, all holders of Preferred
Stock

- 2 -

 

	 	 	 	(including holders of the Series A Junior Participating Preferred Stock) with dividends in
arrears in an amount equal to six (6) quarterly dividends thereon, voting as a class,
irrespective of series, shall have the right to elect two (2) Directors.

(ii) During any default period, such voting right of the holders of Series A Junior
Participating Preferred Stock may be exercised initially at a special meeting called
pursuant to subparagraph (iii) of this Section 3(c) or at any annual meeting of
stockholders, and thereafter at annual meetings of stockholders, provided that such voting
right shall not be exercised unless the holders of ten percent (10%) in number of shares of
Preferred Stock outstanding shall be present in person or by proxy. The absence of a quorum
of the holders of Common Stock shall not affect the exercise by the holders of Preferred
Stock of such voting right. At any meeting at which the holders of Preferred Stock shall
exercise such voting right initially during an existing default period, they shall have the
right, voting as a class, to elect Directors to fill such vacancies, if any, in the Board of
Directors as may then exist up to two (2) Directors or, if such right is exercised at an
annual meeting, to elect two (2) Directors. If the number which may be so elected at any
special meeting does not amount to the required number, the holders of the Preferred Stock
shall have the right to make such increase in the number of Directors as shall be necessary
to permit the election by them of the required number. After the holders of the Preferred
Stock shall have exercised their right to elect Directors in any default period and during
the continuance of such period, the number of Directors shall not be increased or decreased
except by vote of the holders of Preferred Stock as herein provided or pursuant to the
rights of any equity securities ranking senior to or pari passu with the Series A Junior
Participating Preferred Stock.

(iii) Unless the holders of Preferred Stock shall, during an existing default period, have
previously exercised their right to elect Directors, the Board of Directors may order, or
any stockholder or stockholders owning in the aggregate not less than ten percent (10%) of
the total number of shares of Preferred Stock outstanding, irrespective of series, may
request, the calling of a special meeting of the holders of Preferred Stock, which meeting
shall thereupon be called by the President, a Vice-President or the Secretary of the
Corporation. Notice of such meeting and of any annual meeting at which holders of Preferred
Stock are entitled to vote pursuant to this Paragraph (c)(iii) shall be given to each holder
of record of Preferred Stock by mailing a copy of such notice to such holder at such
holder’s last address as the same appears on the books of the Corporation. Such meeting
shall be called for a time not earlier than twenty (20) days and not later than sixty (60)
days after such order or request, or in default of the calling of such meeting within sixty
(60) days after such order or request, such meeting may be called on similar notice by any
stockholder or stockholders owning in the aggregate not less than ten percent (10%) of the
total number of shares of Preferred Stock outstanding. Notwithstanding the provisions of
this Paragraph (c)(iii), no such special meeting shall be called during the period within
sixty (60) days immediately preceding the date fixed for the next annual meeting of the
stockholders.

(iv) In any default period, the holders of Common Stock, and other classes of stock of the
Corporation if applicable, shall continue to be entitled to elect the whole number of
Directors until the holders of Preferred Stock shall have exercised their right to elect two
(2)

- 3 -

 

Directors voting as a class, after the exercise of which right (x) the Directors so elected
by the holders of Preferred Stock shall continue in office until their successors shall have
been elected by such holders or until the expiration of the default period, and (y) any
vacancy in the Board of Directors may (except as provided in Paragraph (c)(ii) of this
Section 3) be filled by vote of a majority of the remaining Directors theretofore elected by
the holders of the class of stock which elected the Director whose office shall have become
vacant. References in this Paragraph (c) to Directors elected by the holders of a
particular class of stock shall include Directors elected by such Directors to fill
vacancies as provided in clause (y) of the foregoing sentence.

(v) Immediately upon the expiration of a default period, (x) the right of the holders of
Preferred Stock as a class to elect Directors shall cease, (y) the term of any Directors
elected by the holders of Preferred Stock as a class shall terminate, and (z) the number of
Directors shall be such number as may be provided for in the Certificate of Incorporation or
By-laws of the Corporation irrespective of any increase made pursuant to the provisions of
Paragraph (c)(ii) of this Section 3 (such number being subject, however, to change
thereafter in any manner provided by law or in the Certificate of Incorporation or By-laws
of the Corporation). Any vacancies in the Board of Directors effected by the provisions of
clauses (y) and (z) in the preceding sentence may be filled by a majority of the remaining
Directors.

	 	(d)	 	Except as set forth herein, holders of Series A Junior Participating Preferred Stock
shall have no special voting rights and their consent shall not be required (except to the
extent they are entitled to vote with holders of Common Stock as set forth herein) for
taking any corporate action.

     Section 4. Certain Restrictions.

	 	(a)	 	Whenever quarterly dividends or other dividends or distributions payable on the Series
A Junior Participating Preferred Stock as provided in Section 2 hereof are in arrears,
thereafter and until all accrued and unpaid dividends and distributions, whether or not
declared, on shares of Series A Junior Participating Preferred Stock outstanding shall have
been paid in full, the Corporation shall not:

(i) declare or pay dividends on, make any other distributions on, or redeem or purchase or
otherwise acquire for consideration any shares of stock ranking junior (either as to
dividends or upon liquidation, dissolution or winding up) to the Series A Junior
Participating Preferred Stock;

(ii) declare or pay dividends on or make any other distributions on any shares of stock
ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up)
with the Series A Junior Participating Preferred Stock, except dividends paid ratably on the
Series A Junior Participating Preferred Stock and all such parity stock on which dividends
are payable or in arrears in proportion to the total amounts to which the holders of all
such shares are then entitled;

- 4 -

 

(iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking
on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the
Series A Junior Participating Preferred Stock, provided that the Corporation may at any time
redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares
of any stock of the Corporation ranking junior (either as to dividends or upon dissolution,
liquidation or winding up) to the Series A Junior Participating

Preferred Stock; or

(iv) purchase or otherwise acquire for consideration any shares of Series A Junior
Participating Preferred Stock, or any shares of stock ranking on a parity (either as to
dividends or upon liquidation, dissolution or winding up) with the Series A Junior
Participating Preferred Stock, except in accordance with a purchase offer made in writing or
by publication (as determined by the Board of Directors) to all holders of such shares upon
such terms as the Board of Directors, after consideration of the respective annual dividend
rates and other relative rights and preferences of the respective series and classes, shall
determine in good faith will result in fair and equitable treatment among the respective
series or classes.

	 	(b)	 	The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the
Corporation could, under Paragraph (a) of this Section 4, purchase or otherwise acquire
such shares at such time and in such manner.

Section 5. Reacquired Shares. Any shares of Series A Junior Participating Preferred Stock
purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and
canceled promptly after the acquisition thereof. All such shares shall upon their cancellation
become authorized but unissued shares of Preferred Stock and may be reissued as part of a new
series of Preferred Stock to be created by resolution or resolutions of the Board of Directors,
subject to the conditions and restrictions on issuance set forth herein.

Section 6. Liquidation, Dissolution or Winding Up.

	 	(a)	 	Upon any liquidation (voluntary or otherwise), dissolution or winding up of the
Corporation, no distribution shall be made to the holders of shares of stock ranking junior
(either as to dividends or upon liquidation, dissolution or winding up) to the Series A
Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Series
A Junior Participating Preferred Stock shall have received an amount equal to $100,000 per
share of Series A Junior Participating Preferred Stock, plus an amount equal to accrued and
unpaid dividends and distributions thereon, whether or not declared, to the date of such
payment (the “Series A Liquidation Preference”). Following the payment of the full amount
of the Series A Liquidation Preference, no additional distributions shall be made to the
holders of shares of Series A Junior Participating Preferred Stock unless, prior thereto,
the holders of shares of Common Stock shall have received an amount per share (the “Common
Adjustment”) equal to the quotient obtained by dividing (i) the Series A Liquidation
Preference by (ii) 10,000 (as appropriately adjusted as set forth in subparagraph (c) below
to reflect such events as stock splits, stock dividends and recapitalizations with respect
to the Common Stock) (such number in clause (ii), the “Adjustment Number”). Following the

- 5 -

 

	 	 	 	payment of the full amount of the Series A Liquidation Preference and the Common Adjustment
in respect of all outstanding shares of Series A Junior Participating Preferred Stock and
Common Stock, respectively, holders of Series A Junior Participating Preferred Stock and
holders of shares of Common Stock shall receive their ratable and proportionate share of the
remaining assets to be distributed in the ratio of the Adjustment Number to 1 with respect
to such Preferred Stock and Common Stock, on a per share basis, respectively.
	 
	 	(b)	 	In the event, however, that there are not sufficient assets available to permit payment
in full of the Series A Liquidation Preference and the liquidation preferences of all other
series of Preferred Stock, if any, which rank on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series A Junior Participating Preferred
Stock, then such remaining assets shall be distributed ratably to the holders of such
parity shares in proportion to their respective liquidation preferences. In the event,
however, that there are not sufficient assets available to permit payment in full of the
Common Adjustment, then such remaining assets shall be distributed ratably to the holders
of Common Stock.
	 
	 	(c)	 	In the event the Corporation shall at any time after the Rights Declaration Date (i)
declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the
outstanding Common Stock, or (iii) combine the outstanding Common Stock into a smaller
number of shares, then in each such case the Adjustment Number in effect immediately prior
to such event shall be adjusted by multiplying such Adjustment Number by a fraction the
numerator of which is the number of shares of Common Stock outstanding immediately after
such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event.

Section 7. Consolidation, Merger, etc. In case the Corporation shall enter into any
consolidation, merger, combination or other transaction in which the shares of Common Stock are
exchanged for or changed into other stock or securities, cash and/or any other property, then in
any such case the shares of Series A Junior Participating Preferred Stock shall at the same time be
similarly exchanged or changed in an amount per share (subject to the provision for adjustment
hereinafter set forth) equal to 10,000 times the aggregate amount of stock, securities, cash and/or
any other property (payable in kind), as the case may be, into which or for which each share of
Common Stock is changed or exchanged. In the event the Corporation shall at any time after the
Rights Declaration Date (i) declare any dividend on Common Stock payable in shares of Common Stock,
(ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding Common Stock into a
smaller number of shares, then in each such case the amount set forth in the preceding sentence
with respect to the exchange or change of shares of Series A Junior Participating Preferred Stock
shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of
shares of Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

Section 8. No Redemption. The shares of Series A Junior Participating Preferred Stock
shall not be redeemable.

Section 9. Amendment. The Certificate of Incorporation of the Corporation shall not be
further amended in any manner which would materially alter or change the powers, preferences or
special rights of the Series A Junior Participating Preferred Stock so as to affect them adversely
without the

- 6 -

 

affirmative vote of the holders of a majority or more of the outstanding shares of Series A Junior
Participating Preferred Stock, voting separately as a class.

Section 10. Fractional Shares. Series A Junior Participating Preferred Stock may be
issued in fractions of a share which shall entitle the holder, in proportion to such holder’s
fractional shares, to exercise voting rights, receive dividends, participate in distributions and
to have the benefit of all other rights of holders of Series A Junior Participating Preferred
Stock.

- 7 -

 

Exhibit B

[Form of Rights Certificate]

	 	 	 
	Certificate No. R-

	 	Rights

NOT EXERCISABLE AFTER JULY 11, 2017 OR EARLIER IF REDEEMED BY THE COMPANY. THE RIGHTS ARE SUBJECT
TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.001 PER RIGHT ON THE TERMS SET FORTH IN THE
RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON
(AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY
BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY
OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN
ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS
CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES
SPECIFIED IN SECTION 7(e) OF SUCH AGREEMENT.]

Rights Certificate

TOLL BROTHERS, INC.

This certifies that [            ], or registered assigns, is the registered
owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to
the terms, provisions and conditions of the Rights Agreement, dated as of June 13, 2007 (the
“Rights Agreement”), between Toll Brothers, Inc., a Delaware corporation (the “Company”), and
American Stock Transfer & Trust Company, a New York corporation (the “Rights Agent”), to purchase
from the Company at any time prior to 5:00 P.M. (New York City time) on July 11, 2017 at the office
or offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one
ten- thousandth of a fully paid, non-assessable share of Series A Junior Participating Preferred
Stock (the “Preferred Stock”) of the Company, at a purchase price of $100.00 per one ten-thousandth
of a share (the “Purchase Price”), upon presentation and surrender of this Rights Certificate with
the Form of Election to Purchase and related Certificate duly executed. The number of Rights
evidenced by this Rights Certificate (and the number of shares which may be purchased upon exercise
thereof) set forth above, and the Purchase Price per share set forth above, are the number and
Purchase Price as of June 13, 2007 based on the Preferred Stock as constituted at such date. The
Company reserves the right to require prior to the occurrence of a Triggering Event (as such term
is defined in the Rights Agreement) that a number of Rights be exercised so that only whole shares
of Preferred Stock will be issued.

Upon the occurrence of a Section 11(a)(ii) Event (as such term is defined in the Rights Agreement),
if the Rights evidenced by this Rights Certificate are beneficially owned by (i) an Acquiring
Person or an Affiliate or Associate of any Acquiring Person (as such terms are defined in the
Rights Agreement), (ii) a transferee of any Acquiring Person, Associate or Affiliate, or (iii)
under certain circumstances specified in the Rights Agreement, a transferee of a person who, after
such transfer, became an Acquiring Person, or an Affiliate or Associate of an Acquiring Person,
such Rights shall become null and void and no holder hereof shall have any right with respect to
such Rights from and after the occurrence of such Section 11(a)(ii) Event.

- 1 -

 

As provided in the Rights Agreement, the Purchase Price and the number and kind of shares of
Preferred Stock or other securities which may be purchased upon the exercise of the Rights
evidenced by this Rights Certificate are subject to modification and adjustment upon the happening
of certain events, including Triggering Events.

This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights
Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and
made a part hereof and to which Rights Agreement reference is hereby made for a full description of
the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Rights Certificates, which limitations of rights include
the temporary suspension of the exercisability of such Rights under the specific circumstances set
forth in the Rights Agreement. Copies of the Rights Agreement are on file at the above-mentioned
office of the Rights Agent and are also available upon written request to the Rights Agent.

This Rights Certificate, with or without other Rights Certificates, upon surrender at the principal
office or offices of the Rights Agent designated for such purpose, may be exchanged for another
Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the
holder to purchase a like aggregate number of one ten-thousandths of a share of Preferred Stock as
the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have
entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the
holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights
Certificates for the number of whole Rights not exercised.

Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be
redeemed by the Company at its option at a redemption price of $0.001 per Right at any time prior
to the earlier of the close of business on (i) the tenth day following the Stock Acquisition Date
(as such time period may be extended pursuant to the Rights Agreement), and (ii) the Final
Expiration Date. In addition, the Rights may be exchanged, in whole or in part, for shares of the
Common Stock, or shares of preferred stock of the Company having essentially the same value or
economic rights as such shares. Immediately upon the action of the Board of Directors of the
Company authorizing any such exchange, and without any further action or any notice, the Rights
(other than Rights which are not subject to such exchange) will terminate and the Rights will only
enable holders to receive the shares issuable upon such exchange. Under certain circumstances set
forth in the Rights Agreement, the decision to redeem the Rights shall require the concurrence of a
majority of the members of the Board of Directors of the Company.

No fractional shares of Preferred Stock will be issued upon the exercise of any Right or Rights
evidenced hereby (other than fractions which are integral multiples of one ten-thousandth of a
share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary
receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.

No holder of this Rights Certificate shall be entitled to vote or receive dividends or be deemed
for any purpose the holder of shares of Preferred Stock or of any other securities of the Company
which may at any time be issuable on the exercise hereof, nor shall anything contained in the
Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of directors or upon
any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or, to receive notice of meetings or other actions affecting stockholders (except
as

- 2 -

 

provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by this Rights Certificate shall have been exercised as
provided in the Rights Agreement.

This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been
countersigned by the Rights Agent.

WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.

Dated as of                                         .

	 	 	 	 	 
	Attest:

	 	TOLL BROTHERS, INC.	 	 
	 
	 	 	 	 
	 

By: Secretary

	 	 

By:
	 	 
	Name:

	 	Name:	 	 
	Title:

	 	Title:	 	 
	 
	 	 	 	 
	Countersigned:
	 	 	 	 
	 
	 	 	 	 
	Attest:

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY	 	 
	 
	 	 	 	 
	 

By:
Name:

	 	 

By: Authorized Signature
	 	 
	Title:
	 	 	 	 

- 3 -

 

[Form of Reverse Side of Rights Certificate]

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the Rights
Certificate.)

FOR VALUE RECEIVED ___hereby sells, assigns and transfers unto___(Please
print name and address of transferee) this Rights Certificate, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint Attorney, to
transfer the within Rights Certificate on the books of the within-named Company, with full power of
substitution.

	 	 	 	 	 
	Dated:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Signature:

	 	 	 	 
	 

	 	 	 	 
	Signature Guaranteed:	 	 

Certificate

The undersigned hereby certifies by checking the appropriate boxes that:

	 	(1)	 	this Rights Certificate [ ] is [ ] is not being sold, assigned and transferred by or
on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any
Acquiring Person (as such terms are defined pursuant to the Rights Agreement);
	 
	 	(2)	 	after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did
not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or
subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring
Person.

	 	 	 	 	 
	Dated:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Signature:

	 	 	 	 
	 

	 	 	 	 
	Signature Guaranteed:	 	 

NOTICE

The signature to the foregoing Assignment and Certificate must correspond to the name as written
upon the face of this Rights Certificate in every particular, without alteration or enlargement or
any change whatsoever.

- 1 -

 

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise Rights represented by the Rights Certificate.)

To:            TOLL BROTHERS, INC.:

     The undersigned hereby irrevocably elects to exercise ___Rights represented by this Rights
Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the Rights (or
such other securities of the Company or of any other person which may be issuable upon the exercise
of the Rights) and requests that certificates for such shares be issued in the name of and
delivered to:

	 	 	 	 	 
	Please insert social security

or other identifying number

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	(Please print name and address):

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new
Rights Certificate for the balance of such Rights shall be registered in the name of and delivered
to:

Please insert social security

or other identifying number

	 	 	 	 	 
	(Please print name and address):

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Dated:     

	 	 	 	 
	 

	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 	 	 

Signature Guaranteed:

     Certificate

The undersigned hereby certifies by checking the appropriate boxes that:

     (1) the Rights evidenced by this Rights Certificate

[ ] are [ ] are not being exercised by or on behalf of a Person who is or was an Acquiring Person
or an Affiliate or Associate of any Acquiring Person (as such terms are defined pursuant to the
Rights Agreement);

	 	(2)	 	after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did
not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or
became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

	 	 	 	 	 
	Dated:     

	 	 	 	 
	 

	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 	 	 

Signature Guaranteed:

- 2 -

 

     NOTICE

The signature to the foregoing Election to Purchase and Certificate must correspond to the name as
written upon the face of this Rights Certificate in every particular, without alteration or
enlargement or any change whatsoever.

- 3 -

 

Exhibit C

SUMMARY OF RIGHTS TO PURCHASE SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

     On June 13, 2007, the Board of Directors of Toll Brothers, Inc. (the “Company”) approved the
execution of a new Rights Agreement (the “Rights Agreement”) between the Company and American Stock
Transfer & Trust Company (the “Rights Agent”), to replace the Company’s existing Rights Agreement,
which has been in place since 1997 and will expire on July 11, 2007. The Rights Agreement provides
for a distribution of one preferred stock purchase right (a “Right”) for each share of Common
Stock, par value $0.01 per share, of the Company (the “Common Stock”). Each Right entitles the
registered holder to purchase from the Company a unit (a “Unit”) consisting of one ten-thousandth
of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the
“Preferred Stock”), at a Purchase Price of $100.00 per Unit (the “Purchase Price”), subject to
adjustment. The description and terms of the Rights are set forth in the Rights Agreement.

     Initially, the Rights will be attached to all Common Stock certificates representing shares
then outstanding, and no separate Rights Certificates will be distributed. The Rights will
separate from the Common Stock and a Distribution Date will occur upon the earlier of (i) ten (10)
days following a public announcement that a person or group of affiliated or associated persons (an
“Acquiring Person”) has acquired, or obtained the right to acquire, beneficial ownership of 15% or
more of the outstanding shares of Common Stock (the “Stock Acquisition Date”) or (ii) ten (10)
business days following the commencement of a tender offer or exchange offer that would result in a
person or group beneficially owning 15% or more of the outstanding shares of Common Stock. The
definition of Acquiring Person excludes any Exempted Person (as defined below). Until the
Distribution Date, (i) the Rights will be evidenced by the Common Stock certificates and will be
transferred with and only with such Common Stock certificates, (ii) new Common Stock certificates
will contain a notation incorporating the Rights Agreement by reference and (iii) the surrender for
transfer of any certificates for Common Stock outstanding will also constitute the transfer of the
Rights associated with the Common Stock represented by such certificate.

     Any person who, together with all affiliates and associates of such person, is the beneficial
owner of Common Stock, options and/or warrants exercisable for shares of Common Stock representing
15% or more of the shares of Common Stock outstanding on June 13, 2007, will be an “Exempted
Person.” In addition, any person who, together with all affiliates and associates of such person,
becomes the beneficial owner of Common Stock, options and/or warrants exercisable for shares of
Common Stock representing 15% or more of the shares of Common Stock then outstanding as a result of
a purchase by the Company or any of its subsidiaries of shares of Common Stock will also be an
“Exempted Person.” However, any such person will no longer be deemed to be an Exempted Person and
will be deemed to be an Acquiring Person if such person, together with all affiliates and
associates of such person, becomes the beneficial owner, at any time after the date such person
became the beneficial owner of 15% or more of the then outstanding shares of Common Stock, of
additional securities representing 1,000 or more shares of Common Stock, except if such additional
securities are acquired (x) pursuant to the exercise of options or warrants to purchase Common
Stock outstanding and beneficially owned by such person as of the date such person became the
beneficial owner of 15% or more of the then outstanding shares of Common Stock or as a result of an
adjustment to the number of shares of Common Stock for which

- 1 -

 

such options or warrants are exercisable pursuant to the terms thereof, or (y) as a result of
a stock split, stock dividend or the like. A purchaser, assignee or transferee of the shares of
Common Stock (or options or warrants exercisable for Common Stock) from an Exempted Person will not
thereby become an Exempted Person, except that a transferee from the estate of an Exempted Person
who receives Common Stock as a bequest or inheritance from an Exempted Person shall be an Exempted
Person so long as such transferee continues to be the beneficial owner of 15% or more of the then
outstanding shares of Common Stock.

     The Rights are not exercisable until the Distribution Date and will expire at the close of
business on July 11, 2017 unless earlier redeemed by the Company as described below. At no time
will the Rights have any voting power.

     As soon as practicable after the Distribution Date, Rights Certificates will be mailed to
holders of record of the Common Stock as of the close of business on the Distribution Date.
Thereafter, the separate Rights Certificates alone will represent the Rights. Except as otherwise
determined by the Board of Directors, only shares of Common Stock issued prior to the Distribution
Date will be issued with Rights.

     In the event that an Acquiring Person becomes the beneficial owner of 15% or more of the then
outstanding shares of Common Stock (unless such acquisition is made pursuant to a tender or
exchange offer for all outstanding shares of the Company, at a price determined by a majority of
the independent directors of the Company to be fair and otherwise in the best interest of the
Company and its shareholders after receiving advice from one or more investment banking firms (a
“Qualifying Offer”)), each holder of a Right will thereafter have the right to receive, upon
exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the
Company), having a value equal to two times the Exercise Price of the Right. The Exercise Price is
the Purchase Price times the number of Units associated with each Right (initially, one).
Notwithstanding any of the foregoing, following the occurrence of an Acquiring Person becoming such
(the “Flip-In Event”), all Rights that are, or (under certain circumstances specified in the Rights
Agreement) were, beneficially owned by any Acquiring Person will be null and void. However, Rights
are not exercisable following the occurrence of a Flip-In Event until such time as the Rights are
no longer redeemable by the Company as set forth below.

     In the event that following the Stock Acquisition Date, (i) the Company engages in a merger or
business combination transaction in which the Company is not the surviving corporation (other than
a merger consummated pursuant to a Qualifying Offer); (ii) the Company engages in a merger or
business combination transaction in which the Company is the surviving corporation and the Common
Stock is changed or exchanged; or (iii) 50% or more of the Company’s assets or earning power is
sold or transferred, each holder of a Right (except Rights which have previously been voided as set
forth above) shall thereafter have the right to receive, upon exercise of the Right, common stock
of the acquiring company having a value equal to two times the Exercise Price of the Right.

     The Purchase Price payable, and the number of Units of Preferred Stock or other securities or
property issuable upon exercise of the Rights are subject to adjustment from time to time to
prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or
reclassification of, the Preferred Stock, (ii) if holders of the Preferred Stock are granted
certain

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rights or warrants to subscribe for Preferred Stock or convertible securities at less than the
current market price of the Preferred Stock, or (iii) upon the distribution to holders of the
Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends)
or of subscription rights or warrants (other than those referred to above).

     With certain exceptions, no adjustments in the Purchase Price will be required until
cumulative adjustments amount to at least 1% of the Purchase Price. No fractional Units will be
issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the
Preferred Stock on the last trading date prior to the date of exercise.

     At any time after the Stock Acquisition Date, the Board of Directors of the Company may
exchange the Rights (other than Rights owned by an Acquiring Person), in whole or in part, at an
exchange ratio equal to (i) a number of shares of Common Stock per Right with a value equal to the
spread between the value of the number of shares of Common Stock for which the Rights may then be
exercised and the Purchase Price or (ii) if prior to the acquisition by the Acquiring Person of 50%
or more of the then outstanding shares of Common Stock, one share of Common Stock per Right
(subject to adjustment).

     At any time until ten (10) days following the Stock Acquisition Date, the Company may redeem
the Rights in whole, but not in part, at a price of $0.001 per Right. Immediately upon the action
of the Board of Directors ordering redemption of the Rights, the Rights will terminate and the only
right of the holders of Rights will be to receive the $0.001 redemption price.

     Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder
of the Company, including, without limitation, the right to vote or to receive dividends. While the
distribution of the Rights will not be taxable to shareholders or to the Company, shareholders may,
depending upon the circumstances, recognize taxable income in the event that the Rights become
exercisable for Common Stock (or other consideration) of the Company as set forth above or in the
event the Rights are redeemed.

     Other than those provisions relating to the principal economic terms of the Rights, any of the
provisions of the Rights Agreement may be amended by the Board of Directors of the Company prior to
the Distribution Date. After the Distribution Date, the provisions of the Rights Agreement may be
amended by the Board in order to cure any ambiguity, to make changes which do not adversely affect
the interests of holders of Rights (excluding the interests of any Acquiring Person), or to shorten
or lengthen any time period under the Rights Agreement; provided, however, that no amendment to
adjust the time period governing redemption shall be made at such time as the Rights are not
redeemable.

     The Rights have certain anti-takeover effects, and will cause substantial dilution to a person
or group that attempts to acquire the Company in certain circumstances. Accordingly, the existence
of the Rights may deter certain acquirors from making takeover proposals or tender offers. The
Rights, however, are not intended to prevent a takeover, but rather are designed to enhance the
ability of the Board of Directors to negotiate with a potential acquiror on behalf of all of the
stockholders.

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     A copy of the Rights Agreement is being filed with the Securities and Exchange Commission as
an Exhibit to a Registration Statement on Form 8-A. A copy of the Rights Agreement is available
free of charge from the Company.

     This Summary of Rights does not purport to be complete and is qualified in its entirety by
reference to the Rights Agreement, which is incorporated herein by reference.

- 4 -

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